Emerging Market Links + The Week Ahead (January 13, 2025)

Mixue, China’s largest chain of milk tea and ice cream shops, has reached a new milestone (according to their latest Hong Kong IPO filing…) to become the largest F&B chain globally by store count (45,302 as of 30 September 2024). To put that in perspective, McDonald’s and Starbucks had about 43,000 and 40,199 stores respectively while Luckin Coffee (OTCMKTS: LKNCY) had 21,343 stores.

However, here are the typical Mixue outlets that can be found around Bukit Bintang – the shopping and entertainment district of Kuala Lumpur (the pics are from last January…):

In other words, small shops (meaning lower rent/overhead and minimal equipment and staff) with, I might add, reasonably priced drinks and ice cream plus they always seem to be coming up with new products or monthly specials to keep customers coming back – and spending less money at McDonald’s (McCafé) and Starbucks…

Finally, the Emerging Market ETF Launches and Emerging Market ETF Closures/Liquidations sections have been updated with pre-January 2024 launches and closures.

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🔬 Emerging Market Stock Pick Tear Sheets

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  • China stimulus fatigue, easing Asia-Pacific fundraising challenges, bonfire of the incumbent politicians, frontier market bonds, opportunities in Indian stocks, December + Q4 fund updates, etc.

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🇨🇳 Shein loses its shine on bumpy path to London listing (Bamboo Works)

• The fast fashion giant’s lack of transparency about its cotton sourcing could hurt its valuation in the long and turbulent journey to its IPO
• Shein’s reported plan to list in London as soon as April could face a new hurdle after British regulators grilled the company about its cotton sourcing
• Controversy about its business practices and rivalry with PDD Holdings (NASDAQ: PDD)’s Temu may force the fast fashion sensation to eventually consider listing in Hong Kong

🇨🇳 BYD (1211 HK): Vehicle Deliveries Up by 40% in 2024 (Smartkarma) $

• BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF)’s deliveries grew by 51% YoY in December 2024 and 41% in the year 2024.
• The Brazil event [Brazil shuts BYD factory site over ‘slavery’ conditions] will slow down overseas expansion, but overseas deliveries account for only 10% of total vehicles.
• We believe the stock has an upside of 39% and a price target of HK$356 for the next twelve months.

🇨🇳 Geely (175 HK): Deliveries Up by 32% in 2024 – BEV Supporting 2H24 (Smartkarma) $

• Geely Automobile Holdings (HKG: 0175 / FRA: GRU / OTCMKTS: GELYY / GELYF)’s sales volume grew by 32% in 2024 and management set a growth target of 25% for 2025.
• BEV boomed in 2H24 and will be the protagonist in 2025.
• We believe the overseas market will also be promising for Geely.

🇨🇳 Pentagon blacklisting of China’s EV battery maker puts US banks in bind (FT) $ 🗃️

• Involvement in Hong Kong secondary listing of Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750) raises reputational risks for Wall Street groups

🇨🇳 Smart Share Global (EM US): Trustar Capital-Sponsored MBO’s US$1.25 Per ADS Non-Binding Offer (Smartkarma) $

• On 6 January, [rented power bank provider] Smart Share Global Ltd (NASDAQ: EM) disclosed a non-binding proposal from a Trustar Capital-sponsored MBO at US$1.25 per ADS, a 74.8% premium to the undisturbed price of US$0.72.
• The offer is unattractive to the IPO price (US$8.50), average sell-side price targets (US$1.87) and historical trading ranges.
• Despite the light offer, the shareholder vote is done (two-thirds voting threshold) as the buyer consortium represents 64.0% of the voting power. A binding proposal will be forthcoming.

🇨🇳 Deep Dive: Sanhua Intelligent (002050.SZ) (Deep Fundamental Research)

• Stable cash cow + high-speed grower + large TAM new business; a quality company trading at 23x forward PE; Buy
• The products: Zhejiang Sanhua Intelligent Controls Co Ltd (SHE: 002050) produces various types of valves (including EEV, four-way valves, shut-off valves, globe valves, and solenoid valves) and microchannel heat exchangers for aircon manufacturers, as well as heating systems for dishwashers and coffee machines.
• Since 2023, Sanhua has ventured into the humanoid robotics space in collaboration with Tesla, developing expertise in actuator manufacturing. This initiative has the potential to create a new growth driver for the company in the medium to long term.

🇨🇳 Haitong Securities (6837 HK)/GTJA (2611 HK) Merger: The Home Stretch (Smartkarma) $

• The exchange ratio for the merger between Guotai Junan Securities Co Ltd (SHA: 601211 / HKG: 2611 / FRA: 153A / OTCMKTS: GUOSF) and Haitong Securities Co Ltd (SHA: 600837 / HKG: 6837 / OTCMKTS: HAITY / HTNGF) is 0.62x.
• The merger closing is subject to several effectiveness and implementation conditions. The latest update suggests that the remaining conditions are CSRC and HKEx approvals.
• The satisfaction of the remaining conditions is a formality. At the last close and for an end February payment, the gross/annualised spread is 3.2%/26.4%.

🇨🇳 Daqo New Energy | The Cheap Polysilicon Stock (Busy Investor Stock Reports)

• This article is a full analysis of Daqo New Energy (NYSE: DQ) as a business and potential for investment.
• 🎯Daqo operates in a commodity industry where low price is king and they are one of the lowest cost producers in the world.
• 🎯The polysilicon industry has a history of booms and busts. Currently it is likely at or near a trough in prices indicating the start of a new boom.
• 🎯The company has a massive $2.3B cash pile and no debt. They can wait out low prices while competitors go bankrupt leaving them to reap the rewards after.
• ⚠️The largest risk is the Chinese government stepping in with regulations to prevent the natural bust from happening. They could prop up weak players keeping supply higher and price low. This would cause profits to remain subdued but still there.
• 💰If a new boom cycle occurs and prices reach a level about 25% lower than during the recent peak Daqo could return over 500% or a 30%+ CAGR over the next 6 years.

🇨🇳 Bloks Group Likely To Price IPO at High End of Range: What To Expect From First Trading-Day? (Smartkarma) $

• Bloks Group Ltd (HKG: 0325), a founder-led toy maker and owner of trusted brand “Blokees”, will price its IPO this week. Shares are set to begin trading on January 10, 2025.
• I would expect strong first trading-day return as HK public offering was already 5,000+ times oversubscribed at high end of marketed price range.
• I believe investors are rationally optimistic about the company. Bloks Group IPO attracted a surge of retail investors, and the stock may skyrocket above IPO price on first trading-day.

🇨🇳 Bloks (325 HK): Global Index Inclusion Following IPO Lock-Up Expiry (Smartkarma) $

• Bloks Group Ltd (HKG: 0325) is expected to be assigned an index nationality of Hong Kong instead of China due to its incorporation in the Cayman Islands.
• The security is expected to be added at the September 2025 review following the 6-month IPO lock-up expiry which increases the fcap above the APAC threshold.
• The security is ineligible for the other global index until January 2026 because of the free float being below the minimum threshold of 15%.

🇨🇳 Bloks Group (325 HK): Bumper Listing; Index Inclusion Timeline (Smartkarma) $

• Bloks Group Ltd (HKG: 0325) was massively oversubscribed, traded 82% higher on Friday and closed its listing day 40% higher than the IPO price.
• Bloks Group (1850960D CH) now has a full market cap of US$2.7bn. However, lock-ups and cornerstone allocations result in a much lower free float.
• Index inclusions could take place in August and September, but the passive buying is a fraction of the number of shares that will come off lock-up expiry in early July.

🇨🇳 Henlius (2696 HK): Anxiety Creeping Back Ahead of the 22 January Vote (Smartkarma) $

• The vote on Fosun Pharma’s HK$24.60 offer for Shanghai Henlius Biotech (HKG: 2696 / OTCMKTS: SGBCF) is on 22 January. The gross spread widened after the initial tightening due to the precondition satisfaction.
• Several readers have enquired about my thoughts on the widening spread. Our conversations have raised several potential concerns that could explain it.
• I think these concerns are unwarranted, and the vote should pass. At the last close and for a 15 February payment, the gross/annualised spread is 4.7%/55.0%.

🇨🇳 GA Pack (468 HK): Shandong Xinjufeng’s Offer Gets a Boost as Mengniu Sells Down (Smartkarma) $

• China Mengniu Dairy Company (HKG: 2319 / FRA: EZQ0 / EZQ / OTCMKTS: CIADY / CIADF), Greatview Aseptic (HKG: 0468 / FRA: 8GA / OTCMKTS: GRVWF)‘s largest customer, has ceased to be a substantial shareholder. Mengniu opposes the Shandong Xinjufeng offer.
• This development suggests that Mengniu has low confidence in a management competing offer and will likely shift its business away from GA Pack.
• The stake sale will help the Shandong Xinjufeng Technology Packaging (SHE: 301296) offer turn unconditional as it will nudge minorities to tender, partly due to GA Pack’s uncertain outlook.

🇨🇳 CaoCao Pre-IPO: Scaling up but a Cash Infusion Is Required (Smartkarma) $

• CaoCao Inc (1646553D CH) is looking to raise up to US$300m in its upcoming Hong Kong IPO.
• It is a ride hailing platform in China originally incubated by Geely Group [Geely Automobile Holdings (HKG: 0175 / FRA: GRU / OTCMKTS: GELYY / GELYF)] connecting passengers and drivers to deliver consistent and high-quality ride experiences.
• In this note, we look at the firm’s past performance.

🇨🇳 LXJ International IPO Preview (Douglas Research Insights) $

• XJ International Holdings Co Ltd (HKG: 1765 / FRA: HE1) (knowns as Lao Xiang Ji or Home Original Chicken) is getting ready to complete its IPO in Hong Kong in 1H 2025.
• Founded in 1982 by Shu Congxuan, LXJ International specializes in traditional Chinese style chicken dishes. The company is one of the major local players in China’s fast food industry.
• LXJ’s solid growth in sales and profits in the past several years despite weak Chinese economy is a strong reflection of the company’s loyal customers in China.

🇨🇳 Fosun moves on from debt crisis with renewed focus on tourism, healthcare (Bamboo Works)

• The conglomerate is looking to take Fosun International (HKG: 0656 / FRA: FNI / OTCMKTS: FOSUF / FOSUY) and Shanghai Henlius Biotech (HKG: 2696 / OTCMKTS: SGBCF) private as its finances improve, helped by asset sales
• In his New Year’s speech, Fosun founder Guo Guangchang highlighted previously announced plans to privatize Fosun Tourism and Henlius
• The buyouts signal the sprawling group is moving on from an earlier debt crisis as its finances improve, helped by asset sales and debt reductions

🇨🇳 Blue Moon shadowed by aggressive promotional spending in slowing economy (Bamboo Works)

• Heavy spending on its livestreaming channels pushed the leading laundry detergent maker to its first-ever annual loss since its IPO in 2020
• Blue Moon Group Holdings Ltd (HKG: 6993 / OTCMKTS: BLUMY)’s revenue growth slowed to just 5.3% in the second half of last year, as it recorded a loss for the six-month period
• China’s leading laundry detergent maker is taking a blow from a slowing economy and the yuan’s depreciation, even as it spends aggressively on livestreaming e-commerce

🇨🇳 Mixue overtakes Starbucks as world’s largest F&B chain by store count (Momentum Works)

• Mixue, China’s largest chain of milk tea and ice cream, has become the largest F&B chain globally by store count.
• The company filed for a new IPO prospectus to the Hong Kong Stock Exchange on 1st of January. In the document, it revealed its total store count as 45,302 as of 30 September 2024.
• At the same time, McDonald’s and Starbucks had about 43,000 and 40,199 stores respectively. Within a year, Mixue had jumped from the 4th place to become the largest, globally.
• In comparison, Luckin Coffee (OTCMKTS: LKNCY) has 21,343 stores as of 30 September 2024.

🇨🇳 Hong Kong brews up bubble tea listings. But which ones are the sweetest? (Bamboo Works)

• Bubble tea chains Guming and Auntea Jenny took big steps forward on financial markets last Friday, as the Hong Kong Stock Exchange approved the former’s IPO and China’s securities regulator approved a similar IPO by the latter. That pair, together with sector leader Mixue, are all hoping to raise hundreds of millions of dollars by selling investors on China’s bubble tea craze. They will join Chabaidao (2555.HK) [Sichuan Baicha Baidao Industrial (HKG: 2555)] , which became the first of the country’s top four bubble tea chains to list with its Hong Kong IPO last April.

🇭🇰 Smithfield piques IPO investor appetite with turnaround story, low valuation (Bamboo Works)

• The leading U.S. pork producer returned to the black last year, following an overhaul to streamline its operations by Chinese owner WH Group Ltd (HKG: 0288 / FRA: 0WH / 0WHS / OTCMKTS: WHGLY / WHGRF)
• Leading U.S. pork producer Smithfield has filed for a U.S. IPO, which could raise more than $1 billion as Chinese owner WH Group floats 20% of the company’s shares
• The listing could attract strong investor interest due to its relatively low valuation and an overhaul that saw Smithfield return to profitability last year

🇭🇰 Samsonite: Look Beyond Flagship Brand And Travel Market (Seeking Alpha) $ 🗃️

• 🌐 Samsonite International SA (HKG: 1910 / FRA: 1SO / OTCMKTS: SMSOF) 🇱🇺 – World’s largest travel luggage company. 🇼 🏷️

🇭🇰 HK 第31部分; High dividend yields, pt.1 (Jam_invest)

• Ouch… there are just so many Hong Kong stocks on the high dividend yield screen …. surprise, surprise… this is going to be a multi-part series
• The three highest ranked divi stocks at least look decent enough to have a closer look;
  • Greentown Management Holdings Company (HKG: 9979 / OTCMKTS: GRMHF)
  • Topsports (HKG: 6110 / OTCMKTS: TPSRF)
  • Hang Lung Properties (HKG: 0101 / FRA: AOP / OTCMKTS: HLPPY / HLPPF)
• CITIC Telecom (HKG: 1883 / FRA: B7O)
• Midea Real Estate Holding (HKG: 3990 / FRA: MR9 / OTCMKTS: MREHF)
• These are 8 other double digit % divi stocks just on the first list alone…

🇹🇼 TSMC To Deliver A Robust Quarter (Seeking Alpha) $ 🗃️

• 🌐 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) – World’s largest dedicated independent (pure-play) semiconductor foundry. 🇼 🏷️

🇹🇼 Hon Hai: Consider Guidance Miss And EV Business Growth (Rating Downgrade) (Seeking Alpha) $ 🗃️

• 🌐 Hon Hai Precision Industry Co (TPE: 2317 / FRA: HHP2 / OTCMKTS: HNHPF) – Foxconn is the World’s largest electronics manufacturer. 🇼 🏷️

🇹🇼 Asian Dividend Gems: Nova Technology Corp (Asian Dividend Stocks) $

• Nova Technology Corporation (TPE: 6613) is a leading company in Taiwan in integrating water, gas, and chemical systems for high-tech industrial facilities.
• Nova Technology provides high dividend payout and excellent dividend yield. From 2019 to 2023, the company’s dividend payout and dividend yield averaged 71.7% and 7.2%, respectively.
• Nova Technology generates high levels of ROE. Its ROE improved from 23% in 2021 to 28.7% in 2022 and 30.3% in 2023.

🇨🇳 🇰🇷 US Defense Dept Designates Tencent and CATL as Military Companies – Impact on Korean Competitors (Douglas Research Insights) $

• The U.S. Department of Defense announced that it has added numerous Chinese companies including Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) and Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750) as companies that work with China’s military.
• This is likely to negatively impact Tencent and CATL’s prices in the next several weeks but positively impact on some of the major Korean rechargeable battery and gaming stocks.
• The higher probability scenario at this point is for Tencent and CATL to be officially included in the Chinese Military Industrial Complex list in the coming weeks.

🇰🇷 Hyundai pours $16.7bn into EV development at home as it braces for Trump tariffs (FT) $ 🗃️

Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF)

• World’s third-largest carmaker is grappling with tougher competition abroad and sluggish demand in South Korea

🇰🇷 Hyundai Motor Securities: FSS Approves A 200 Billion Won Capital Raise + Rising Real Estate PF Risk (Douglas Research Insights) $

• On 10 January, it was reported that Hyundai Motor Securities Co Ltd (KRX: 001500)‘s 200 billion won capital increase plan passed the Financial Supervisory Service’s review.
• Based on the recent revised report to the FSS, Hyundai Motor Securities disclosed that there is a risk of loss in domestic real estate PF and overseas real estate investment.
• The company’s decision to proceed with the capital raise is likely to weaken its share price to below its expected rights offering price of 6,640 won in the coming weeks.

🇰🇷 Coway: Doubling Total Shareholder Returns to 40% of Consolidated Net Income (Douglas Research Insights) $

• Coway (KRX: 021240) announced a significantly higher total shareholder return plan, nearly doubling total shareholder returns of consolidated net income from current 20% to about 40% in the next three years.
• Coway has low valuation multiples. It is currently trading at EV/EBITDA of 4.1x, P/E of 8.1x, and P/B of 1.4x based on 2025 consensus earnings estimates.
• We believe that the combination of improved shareholder returns and low valuation multiples are likely to lead to outperformance of Coway versus the market in the next 6-12 months.

🇰🇷 LG Corp Plans to Buy 250 Billion Won of LG Chem and LG Electronics + 2 Major LG Group IPOs in 2025 (Douglas Research Insights) $

• On 6 January, LG Corp (KRX: 003550 / 003555) announced that it plans to purchase 250 billion won worth of LG Electronics (KRX: 066570 / 066575 / FRA: LGLG / LON: 39IB) and LG Chem (KRX: 051910 / 051915) – Parent of LG Energy Solution (KRX: 373220) from 6 January to 7 March 2025.
• The share buybacks would represent 1.5% and 0.7% of LG Chem and LG Electronics’ market cap, respectively.
• Our base case NAV valuation analysis of LG Corp suggests implied NAV of 14.7 trillion won or NAV per share of 93,430 won, which is 25% higher than current price.

🇰🇷 Something is rotten in the state of Korea (Asian Century Stocks) $

• But the drama is more or less over.
• This was a break from the past. Yoon’s imposition of martial law was the first time it had happened since South Korea became a democracy in the 1980s.
• I think the biggest casualty of the episode will be the “Corporate Value Program”, which Yoon Suk Yeol championed as one of the main pillars in his campaign to attract foreign capital to South Korea. The government encouraged companies to outline plans to improve their market values. A Korea Value Up Index was launched, comprised of companies exhibiting global best practices.
• In the case of South Korea’s banks, they’re or less controlled by the regulator who sets their dividend policies and micro-manages their lending practices.
• When it comes to higher quality companies, many investors argue that SK Hynix (KRX: 000660) qualifies, as does NAVER (KRX: 035420 / OTCMKTS: NHNCF), LIG Nex1 Co (KRX: 079550), Coway (KRX: 021240), Samyang Foods Co Ltd (KRX: 003230), Korean Ratings and a few more.

🇰🇷 Doosan Corp – NAV Valuation Analysis Amid Index Rebalance Expectations (Douglas Research Insights) $

• Our NAV analysis of Doosan Corp (KRX: 000150) suggests an implied market cap of 3.9 trillion won or implied price per share of 235,039 won which is 17.2% lower than current price.
• Given the lack of upside relative to its NAV, we have a Negative View of Doosan Corp.
• Considering Doosan Group’s repeated corporate governance concerns in the past decade, our holdco discount estimate of 50% is probably generous.

🇰🇷 Chung Yong-Jin Will Receive 10% of E Mart Shares from His Mum to Become the Controlling Shareholder (Douglas Research Insights) $

• E-Mart (KRX: 139480)‘s Chairman Chung Yong-Jin will receive the entire 10% shares of E Mart held by his mum Lee Myung-Hee.
• After this transaction, Chung Yong-Jin will become the largest shareholder in E Mart with a 28.6% stake in the company.
• This is likely to positively impact E Mart. In Korea, when the final major ownership stake is transferred, there is often a positive boost to the share price.

🇰🇷 Orum Therapeutics Lowers IPO Price Range (Douglas Research Insights) $

• Orum Therapeutics (475830 KS) has lowered its IPO price range to 24,000 won to 30,000 won.
• The IPO offering amount will be between 60 billion won to 75 billion won. The expected market cap of the IPO is between 531 billion won to 664 billion won.
• Our updated valuation of Orum Therapeutics suggests implied target price of 24,939 won per share, which is 8% lower than the mid-point of the revised down IPO price range.

🇰🇷 LG CNS: Updated IPO Valuation Analysis (Douglas Research Insights) $

• According to our updated valuation analysis of [Digital Transformation (DX) Specialist] LG CNS, it suggests a base case implied market cap of 7.4 trillion won, representing target price of 76,383 won per share.
• Our base case valuation target price of 76,383 won is 23% higher than the high end of the IPO price range.
• We lowered our target price by 6%, mainly due to greater political risks arising from the recent cancelled martial law and ongoing impeachment of President Yoon.

🇰🇷 Initial Thoughts on the DN Solutions IPO (Douglas Research Insights) $

• [Machine tool industry] DN Solutions is planning to complete its IPO in Korea in 2025. The expected value of DN Solutions is estimated to be about 5 trillion won to 6 trillion won.
• DN Solutions’ revenue and operating profit increased at CAGR of 19.9% and 62.2%, respectively from 2020 to 2023.
• Currently, the largest shareholder of DN Solutions is GMT Holdings which has a 90.32% stake. DN Automotive (007340 KS) owns a 100% stake in GMT Holdings.

🇰🇷 DN Automotive NAV Valuation Analysis (Douglas Research Insights) $

• According to our NAV valuation analysis, it suggests NAV per share of 25,624 won for DN Automotive Corp (KRX: 007340) which is 35% higher than current price.
• We assumed DN Automotive’s estimated post IPO stake of DN Solutions (72.2% stake) would be worth about 4 trillion won.
• We used a very large holdco discount rate of 70%. DN Automotive is not a pure holdco company but a quasi holding company.

🇮🇩 Indonesia says $1bn offer from Apple not enough to lift iPhone 16 ban (FT) $ 🗃️

• Indonesia says $1bn offer from Apple not enough to lift iPhone 16 ban Minister says proposed AirTag factory would not help US tech giant meet local content rules on smartphone sales

🇸🇬 5 Singapore Stocks That Will Benefit from the Johor-Singapore Special Economic Zone (The Smart Investor)

• The signing of the landmark agreement comes after an MOU and two signing delays.
• For the MOU, both countries will work on boosting the cross-border flow of goods and people and are also exploring other initiatives such as a passport-free clearance system.
• Apart from ensuring the smoother flow of people and goods, the JS-SEZ is also expected to create 20,000 skilled jobs for people on both sides of the Causeway.
• The zone for business and investment also aims to support the expansion of 50 projects in the first five years, rising to 100 projects within the first decade.
• A wide range of Singapore companies look set to benefit from the JS-SEZ.
• One of them is Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF). The blue-chip contract manufacturer has a factory in Senai, Johor, and looks set to reap the benefits of the JS-SEZ.
• Top Glove Corporation (KLSE: TOPGLOV / SGX: BVA / OTCMKTS: TPGVF) is another beneficiary of the SEZ with two factories located in Johor.
• A third beneficiary is IHH Healthcare Bhd (KLSE: IHH / SGX: Q0F / OTCMKTS: IHHHF) which operates Gleneagles Hospital in Johor.
• Sim Leisure Group (SGX: URR) operates an indoor entertainment theme park called ESCAPE Johor Bahru in Paradigm Mall.
• A fifth Singapore company that will benefit is Old Chang Kee (SGX: 5ML). The snack producer has two retail outlets and a factory in Johor and plans to extend the range and volume of its food products manufactured there.

🇸🇬 CapitaLand Investment’s Global Ambitions: Can the Real Estate Giant Navigate a Challenging Market? (The Smart Investor)

• The blue-chip real estate giant has ambitious plans to go global. We look closely at how it plans to succeed.
• The blue-chip group’s global ambitions make it an interesting play for investors who are looking at promising stocks with latent potential.
• Capitaland Investment (SGX: 9CI / FRA: 5NU / OTCMKTS: CLILF)’s share price, however, dipped 17.1% in 2024 to end at S$2.62 amid a backdrop of macroeconomic uncertainty and high interest rates.
• Can the property giant successfully navigate these rough waters and emerge triumphant?
  • A mixed financial performance
  • Ambitious plans revealed
  • Encouraging business developments
  • Continued tough macroeconomic conditions
  • Get Smart: Slow and steady wins the race

🇸🇬 Keppel – Is there more to the Keppel O&M deal than meets the eye? (Corporate Monitor)

• This report aims to examine the rationale and structure of the transformative deal in February 2023 when Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) spun out its Offshore and Marine (“O&M”) division and merged it with Sembcorp Marine, leading to the creation of Seatrium Limited (SGX: S51 / FRA: S8N / OTCMKTS: SMBMF). At the same time as the merger/KOM combination, Keppel also undertook an AssetCo Transfer (see Circular to Keppel Shareholders dated 23 November 2022). This AssetCo transaction was selected because
  • (1) The substantial size, at S$4.4bn, was equivalent to 14% of Keppel’s assets or 37% of its shareholder equity as of Dec 2022
  • (2) Highly complex transaction with extremely generous financing terms granted by Keppel, which received no cash for selling legacy rigs at its carrying cost
  • (3) In less than 1 year, Keppel wrote off the perpetual securities it received as part of the transaction to “other comprehensive income”, but did not make any impairment for the vendor notes.
  • (4) In less than 2 years, Keppel announced it would take back control of the legacy rigs and raise a private fund to own and seek to monetize such assets.

🇸🇬 Grab Holdings: Turning The Tide With Profitability Indicates A Buy (Seeking Alpha) $ 🗃️

• 🌏 Grab Holdings Limited (NASDAQ: GRAB) – Superapp in SE Asia for mobility, deliveries, & digital financial services to millions of Southeast Asians. 🇼 🏷️

🇸🇬 LVS to pay US$1bln for changes to MBS expansion project (GGRAsia)

• Casino operator Las Vegas Sands (NYSE: LVS) is to pay US$1 billion to the Singaporean authorities in return for changes to the expansion project for its existing Marina Bay Sands (MBS) casino complex in the city-state.
• The announcement follows an agreement between the property’s operator – Las Vegas Sands’ subsidiary Marina Bay Sands Pte Ltd – and the Singapore Tourism Board. The deal allows for the firm to increase the overall gaming area allocation for the expansion project, among other amendments.
• In return, “the additional upfront payment amount under the second supplemental agreement is currently anticipated to be approximately US$1 billion,” stated U.S.-listed Las Vegas Sands in a filling on Friday.

🇹🇭 Melco opens office in Bangkok, eyes investment opportunity (GGRAsia)

• Casino developer Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) has opened a representative office in Thailand’s capital, Bangkok (pictured), to explore new opportunities in the country, said the firm’s chairman and chief executive, Lawrence Ho Yau Lung.
• Melco Resorts runs casino complexes in Macau, as well as City of Dreams Manila in the Philippines, and City of Dreams Mediterranean in the Republic of Cyprus. The firm will also run casino operations at a Colombo, Sri Lanka, resort project, scheduled to “commence in mid-2025”.
• In September, Melco Resorts said it was “in the process of setting up a sales office” in the Republic of Cyprus. The company has already established similar sales offices “in Singapore, Hong Kong and the Philippines,” according to corporate information.
• While there is no timetable yet for casino resorts to open in Thailand, the prospect of enabling legislation being gazetted in the autumn will in likelihood mean that country will remain a focus for casino groups and investors during 2025.

🇮🇳 Anthem Biosciences Pre-IPO: High Visibility Powered by Differentiated Capabilities (Smartkarma) $

• Anthem Biosciences (1234D IN), a Contract Research, Development, and Manufacturing Organization, has filed DRHP for INR34B IPO. The proposed IPO will be only offer for sale, with no fresh issue.
• Anthem Biosciences is one of three CRDMOs that possess technological capabilities in India across ADCs, RNAi, peptides, and oligonucleotides, which are among the fastest growing in the pharmaceutical industry.
• Differentiated technological capabilities, large clientele, and exposure to commercialized molecules enhance our conviction on the sustainable growth prospect of the company. Industry backdrop is also favorable.

🇮🇳 HDFC Bank: Asia’s Compounding Machine Is Back On Track (Seeking Alpha) $ 🗃️

• 🇮🇳 HDFC Bank (NYSE: HDB) or Housing Development Finance Corp – One of India’s leading private banks. Nationwide distribution network. 🇼 🏷️

🇮🇳 Wipro Faces Demand Softness In Europe And Longer-Term Questions (Downgrade) (Seeking Alpha) $ 🗃️

🇮🇳 Wipro: Hard To Love (Seeking Alpha) $ 🗃️

• 🌐 Wipro Ltd (NYSE: WIT) – IT, consulting & business process services. 🇼 🏷️

🇰🇿 Kaspi.kz Has Flourished With Growth, But Long-Term Future May Depend On Overseas Expansion (Seeking Alpha) $ 🗃️

• 🇰🇿 KASPI (NASDAQ: KSPI / LON: 80TE / FRA: KKS) – Payments Platform, Marketplace Platform & Fintech Platform. 🇼

🇹🇷 Marti Technologies: A Lofty But Realistic Guidance To Positive Free Cash Flow In 2025 (Seeking Alpha) $ 🗃️

• 🇹🇷 Marti Otel Isletmeleri AS (IST: MARTI) – Hotels, motels, holiday villages, marinas, restaurants & other touristic facilities.

🇳🇦 Odd lots #9; Sintana Energy (Jam_invest) $

• A check-up on oil exploration Offshore Namibia
• Offshore Namibia looks destined to become the new major oil province. Sintana Energy Inc (CVE: SEI / OTCMKTS: SEUSF) looks like the best beta play to get exposure to additional exploration success in the region. The company has interests in 4 Petroleum Exploration Licenses (PELs) in the Orange Basin and 1 in the Walvis Basin. It shares these blocks with prominent operating partners such as Galp and Chevron, who will incur most of the cost burden.
• This week Shell, the license-holder on PEL-39, and the southern neighbor to Sintana’s PEL-83, announced it expects well write-offs of USD 400m. Every reason to do a check-up on Offshore Namibia. So I went through the conference call transcripts of the various players in the region, and a bunch of other info.

🇿🇦 Assessing Prosus’ Value After The Despegar Acquisition And Tencent’s Correction (Seeking Alpha) $ 🗃️

• 🌐 Prosus (AMS: PRX / JSE: PRX / FRA: 1TY / OTCMKTS: PROSY / PROSF) – Global investment group that invests & operates across sectors & markets with long-term growth potential. Majority-owned by South African MNC Naspers (JSE: NPN / FRA: NNWN / NNW0 / OTCMKTS: NAPRF / NPSNY). 🇼 🏷️

🇿🇦 Anglo American Platinum Should Perform Well If Platinum Rebounds In 2025 (Seeking Alpha) $ 🗃️

🇿🇦 Anglo American Platinum: Investment In Physical Platinum Offers Better Risk/Reward (Seeking Alpha) $ 🗃️

• 🌐 Anglo American Platinum (JSE: AMS / FRA: RPHA / RPH1 / OTCMKTS: AGPPF / ANGPY) – World’s largest primary producer of platinum. Subs. of Anglo American (LON: AAL / JSE: AGL / OTCMKTS: NGLOY). 🇼 🏷️

🇿🇦 Remgro: Maziv Deal Trust-Busted (Seeking Alpha) $ 🗃️

• 🌍 Remgro Ltd (JSE: REM / FRA: RE7 / OTCMKTS: RMGOF) – Investments in the healthcare, consumer products, financial services, infrastructure, industrial & media. 🇼

🇧🇷 NuBank: Exceptional Growth, Giant Moat, Fair Price! (Capitalist Letters)

• Nu Holdings (NYSE: NU) is the largest digital bank in the world yet it still has a long runway to grow. And its attractively valued now!
• Costco is 20 times larger and Amazon is freaking 500 times larger now than they were in 2001 at the time of the talks between Sinegal and Bezos.
• Nubank definitely has a comparable potential.
  • It’s active only in three countries now. There are 30 more only in Latin America.
  • Why wouldn’t it expand to the US where regulations are much more flexible?
  • Why wouldn’t it expand to developing Asian markets?

🇧🇷 StoneCo: Resilient Operations Despite Poor Macroeconomic Environment (Seeking Alpha) $ 🗃️

• 🇧🇷 StoneCo Ltd (NASDAQ: STNE) 🇰🇾 – Fintech. Financial technology & software solutions to merchants for eCommerce.

🇧🇷 XP Inc. (XP): The Charles Schwab of Brazil (Safe Harbor Stocks)

• Is Growth in XP Moderating?
• XP Inc (NASDAQ: XP) is a leading, technology-driven platform and trusted provider of low-fee financial products and services in Brazil. The company’s mission is to disintermediate the legacy model of traditional financial institutions by:
  • Educating new classes of investors
  • Democratizing access to a wider range of financial services
  • Developing new financial products and technology applications to empower clients
• The company operates in a similar way to Charles Schwab but in Brazil. XP provides (1) financial advisory services all types of retail and institutional clients in Brazil and (2) an open financial product platform for more than 800 investment products across various asset classes.

🇧🇷 Atlas Lithium Corporation Stock Could Be In The Buy Zone For 2025 (Seeking Alpha) $ 🗃️

• 🇧🇷 Atlas Lithium Corporation (NASDAQ: ATLX) – Exploration projects for lithium & other battery minerals in Brazil + nickel, rare earths, titanium, graphite, gold, diamond & industrial sand.

🇧🇷 Companhia Siderurgica: Limited Tariffs And Vertical Integration Could Multiply FCF (Seeking Alpha) $ 🗃️

• 🇧🇷 Companhia Siderurgica Nacional SA (NYSE: SID) – Fully integrated steel producer. 5 segments: Steel industry, mining, logistics, energy & cement. 🇼

🇧🇷 Vale S.A.: Cost Reduction & Efficiency in Iron Ore Production Driving Our Bullishness! – Major Drivers (Smartkarma) $

• Vale (NYSE: VALE)‘s third quarter 2024 results present a mixed picture, with notable progress and some ongoing challenges.
• New CEO Gustavo Pimenta highlighted the company’s strategic vision, focusing on operational efficiencies, portfolio enhancements, and stakeholder trust.
• These pillars aim to drive Vale back to a competitive position, emphasizing safety, cost efficiency, and quality.

🇧🇷 COPEL: Selling Below Book Value, But Brazil’s Macro Keeps It Grounded (Seeking Alpha) $ 🗃️

• 🇧🇷🅿️ Companhia Paranaense de Energia (COPEL) (BVMF: CPLE3 / CPLE5 / CPLE6 / NYSE: ELP / ELPC) – Generation, transformation, distribution, & sale of electricity. Concessions in the states of Paraná & Santa Catarina. 🇼

🇦🇷 Pampa Energia Gets Into Overvalued Territory In Hopes Of Argentinian Revolution (Seeking Alpha) $ 🗃️

• 🇦🇷 Pampa Energia Sa (NYSE: PAM) – Participates in power generation & transmission. 🇼 🏷️

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📰🔬 Further Suggested Reading

$ = behind a paywall / 🗃️ = Link to an archived article

🇨🇳 🇭🇰 TINA for China? (Globalstockpicking.com)

• There Is No Alternative was originally minted for other political motives but was famously revived to explain the environment with zero interest rates – TINA – you just had to buy equities. The question on my mind the past few weeks has been, has China now reached such a moment in time? So I wanted to share some random thoughts on the topic.
• My thesis is simple – Chinese has no alternative to look for yields except stocks and particularly Hong Kong:
  • Chinese property bubble has burst, it will be a long painful process before we see steady gains in the China property market.
  • Interest rates have collapsed during 2024, The 7-day reverse repo is at 1.5% and the 10 year Gov Bond yield is at 1.6%. Neither with short duration, bank account, or long duration (Wealth Management products) can Chinese get any yield.
  • Crypto is not easily accessible in China, left is basically gold, which is something Chinese do like but it’s not something to build a big portfolio solely on.
  • The stock market has been really weak in both Mainland and Hong Kong, so from a momentum perspective it might not seem attractive either. But when stocks are cheap something is else is attractive – dividend yields!
  • Mainland investors due to capital controls can’t access the outside world equity markets and buy products from other markets very easily. Hong Kong stands out as the only alternative.

🇨🇳 China corporate profits set for third year of declines (FT) $ 🗃️

• Oversupply drives intense competition that is undermining prices and profitability

🇨🇳 Rachel Reeves seeks to revive City of London links with China (FT) $ 🗃️

• Chancellor to promote closer ties between London and Shanghai stock exchanges while on Beijing trip

🇨🇳 In Depth: Why More Chinese Companies Are Getting Sued by Aggrieved Investors (Caixin) $

• Class-action lawsuits against listed companies are popular in the U.S. as a cost-effective way for investors to recover losses suffered from a drop in the price of their shares after wrongdoing such as false information disclosure is exposed.
• Yet in China, this type of civil lawsuit was not allowed until 2020, when the revised Securities Law went into effect. That gave shareholders the right, for the first time ever, to collectively sue companies for losses suffered as a result of corporate wrongdoing through a mechanism called representative action (代表人诉讼), a variation on the class-action lawsuit system used in developed markets.

🇨🇳 House of Huawei — inside China’s ‘most powerful company’ (FT) $ 🗃️

[Eva Dou’s House of Huawei]

• Eva Dou’s authoritative account of the secretive tech company that has become a flashpoint in US-China relations

🇨🇳 Chinese airlines rush into Europe as western carriers retreat (FT) $ 🗃️

• Ability to keep flying over Russia helps three big state-owned carriers undercut European rivals

🇨🇳 In Depth: Chinese Merchants Plow Cash Into Overseas Warehouses Amid Global E-Commerce Boom (Caixin) $

• China’s e-commerce merchants are investing ever more in overseas warehouses to keep pace with the booming cross-border trade and make deliveries more efficient.
• Driven by strong global demand, building or leasing these warehouses has become an essential part of the logistics strategies for Chinese merchants and the cross-border e-commerce platforms they do business on, as well as a major source of business for third-party warehousing providers.

🇨🇳 Logistics groups move Chinese staff to help companies tackle Sino-US trade tensions (FT) $ 🗃️

• DHL, Ceva Logistics and Kuehne+Nagel are redeploying Mandarin speakers to help China’s manufacturers set up overseas

🇨🇳 China to subsidise rice cookers and microwaves to boost consumption (FT) $ 🗃️

• Beijing earmarks $11bn for expanded home appliance trade-in scheme amid concern over weak economic momentum

🇨🇳 China Expands Equipment Upgrade and Trade-In Subsidies by $11 Billion in 2025 (Caixin) $

• China is increasing its efforts to boost economic activity in 2025 with expanded subsidies for equipment upgrades and consumer product trade-ins, backed by a central government allocation of 81 billion yuan ($11 billion).
• The new measures aim to stimulate spending and modernize industries, building on the success of similar initiatives in 2024.
• The National Development and Reform Commission (NDRC) and the Ministry of Finance on Wednesday issued guidelines to extend support for equipment upgrades to new sectors, including electronic information, safety production and agricultural facilities.

🇹🇼 TWSE opens innovation board to retail investors (The Asset)

• TIB focus on start-ups, emerging industries, making Taiwan smart technology island
• The Taiwan Stock Exchange (TWSE) has unveiled its upgraded Taiwan Innovation Board (TIB), removing restrictions on qualified investors and opening the market to retail investors, with the aim of boosting market liquidity, increasing accessibility, positioning Taiwan as a regional leader in innovation and investment and, the TWSE says, “establishing the TIB as Asia’s premier platform for start-ups and emerging industries”.
• The TIB, launched in July 2021, was limited to qualified investors, such as institutional investors and entities with substantial trading experience and financial assets. The new framework removes these barriers, the exchange says, expanding access to Taiwan’s 13 million account holders, up from the original 300,000 qualified investors.

🇰🇷 5 Major Potential Policy Changes in the Korean Stock Market Pushed by the FSC in 2025 (Douglas Research Insights) $

• On 8 January, the Financial Services Commission (FSC) announced 5 major potential policy changes in the Korean stocks market which could get implemented in 2025.
• The mandatory lock-up periods for the institutional investors could result in the institutional investors that are active in Korean IPOs to reassess their trading strategies on newly offered issues.
• Choi Sang-Mok was the most important government official spearheading the numerous financial reforms in Korea. Now that he is the acting President, he is likely to accelerate these financial reforms.

🇰🇷 Korea Value Up Index: Winners and Losers in 2025 YTD (Douglas Research Insights) $

• In this insight, we discuss the details of the share price performances of the Korea Value Up Index (especially among the index constituents) this year.
• It appears that many traders are buying beaten up, higher beta stocks in Korea that were excessively pushed to much lower levels last year.
• Among the top 20 best performing stocks in the Korea Value Up Index this year, 15 of them (75% of the top 20 stocks) are listed on KOSDAQ.

🇸🇬 Singapore fund managers wary of geopolitics (The Asset)

• Despite concerns clouding 2025 outlook, many expect soft landing, lower interest rates
• Pointedly, 56% of fund managers responding to the IMAS Investment Managers’ Outlook Survey 2025 expect an increase in geopolitical conflicts, forecasting a significant impact on the global economy and financial markets. However, 52% of respondents are confident that central banks will successfully achieve a “soft landing”, and 75% expect the US Fed to cut interest rates by up to a 0.75 percentage points.
• The survey reflects insights from some of the world’s largest fund houses, collectively managing over US$35 trillion in assets, and this year’s edition received 52 responses from C-suite personnel across the industry.

🇸🇬 Singapore dollar bond market on a roll (The Asset)

• Currency’s stability draws global interest, particularly from Europe, offers opportunities
• After a bustling 2024, the Singapore dollar bond market kicked off 2025 with its first deal as Crédit Agricole brought its tier-2 subordinated bond to a market that is set to hit new heights this year on the back of the currency’s proven resilience to the political and economic volatility, as well as deepening capital depth catering to solid demand.
• Last year was a sizzling and hectic one for the market, which recovered from sagging numbers to hit a record level. Led by financial issuers, Singapore dollar-denominated bond issuance reached nearly S$31 billion (US$22.6 billion), increasing by more than half over 2023, according to data compiled by Singapore-headquartered digital banking and wealth management platform iFAST.

🇹🇭 Thailand’s cabinet approves bill to legalise casinos (GGRAsia)

• Thailand’s cabinet has approved in principle on Monday the Entertainment Complex Bill for casino liberalisation, said the country’s prime minister Paetongtarn Shinawatra.
• Under the government’s plan, the draft law would see gambling take place in large-scale entertainment complexes.
• The draft legislation will be scrutinised by the country’s Council of State before it is sent to the lower house of parliament for discussion and approval, the prime minister said after a weekly cabinet meeting.

🇦🇷 Argentina pays bondholders $4.3bn in key test for Javier Milei (FT) $ 🗃️

• Largest payment since 2020 restructuring boosts bond prices but challenging repayments loom

🇺🇾 Wealth Managers Flock to South American Beach Haven for the Rich (Bloomberg) $ 🗃️

• Punta del Este is becoming a magnet for foreign money in Uruguay. Health, real estate and airport projects are underway as a result.

🌐 Uranium prices hit record as thirsty AI data centres add to market squeeze (FT) $ 🗃️

• Industry pressured to build new conversion facilities to cover end of US import waiver and impact of Ukraine war

🌐 Quick Update on Asian Air Cargo Trends: No Signs of Market Tightness in These Numbers (Smartkarma) $

• Tracking Asian air cargo trends can uncover investment opportunities & offer read-throughs
• In November 2024, no clear signs of market tightness in data from Taiwanese, Chinese carriers
• A quick look at numbers from CX, SIA, LAX also suggests ample available cargo space

🌐 Container Shipping: Mean Reversion in 2025, Yes, but to WHICH Mean? (Smartkarma) $

• We expect container shipping profits to begin to revert to historical levels in 2025
• Between 2009 and 2019, Evergreen Marine Corp Taiwan Ltd (TPE: 2603)‘s mean OpInc margin was negative 0.8%
• We believe path to mean industry returns & near-term risks both misunderstood; AVOID

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📅 Earnings Calendar

Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):

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📅 Economic Calendar

Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).

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🗳️ Election Calendar

Frontier and emerging market highlights (from IFES’s Election Guide calendar):

• Croatia Croatian Presidency 2025-01-12 (d) Confirmed 2024-12-29
• Ecuador Ecuadorian National Assembly 2025-02-09 (d) Confirmed 2023-08-20
• Ecuador Ecuadorian Presidency 2025-02-09 (d) Confirmed 2023-10-15
• Cayman Islands Referendum 2025-04-30 (d) Confirmed
• Cayman Islands Cayman Legislative Assembly 2025-04-30 (d) Confirmed 2021-04-14
• Philippines Philippine Senate 2025-05-12 (d) Confirmed 2022-05-09
• Philippines Philippine House of Representatives 2025-05-12 (d) Confirmed 2022-05-09
• Poland Polish Presidency 2025-05-18 (d) Confirmed 2020-07-12
• Côte d’Ivoire Ivorian Presidency 2025-10-25 (d) Confirmed 2020-10-31
• Chile Chilean Chamber of Deputies 2025-11-16 (d) Confirmed 2021-11-21
• Chile Chilean Presidency2025-11-16 (d) Confirmed 2021-12-19
• Chile Chilean Senate 2025-11-16 (d) Confirmed 2021-11-21

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📅 Emerging Market IPO Calendar/Pipeline

Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):

Zhengye Biotechnology Holding Limited ZYBT Kingswood Capital Partners, 1.5M Shares, $4.00-4.00, $6.0 mil, 1/7/2025 Priced

We are a business-to-business (“B2B”) information technology (“IT”) business solutions provider. (Incorporated in the British Virgin Islands)

Through our two PRC subsidiaries, Guangzhou Sanyi Network and Guangzhou 3E Network, we started as a business that focuses on integrated software solutions in the property management and exhibition services spaces, but expanded our software solution offering to reach across a variety of industries and sectors, including food establishments, real estate, exhibition & conferencing, and clean energy utilities.

Our business includes two main portfolios, namely, the software development portfolio and exhibition and conference portfolio, and the proportion of revenue from each of these two main portfolios was 99.9% and nil in the six months ended December 31, 2023, respectively, 98.6% and 1.4% in the year ended June 30, 2023, respectively, and 86.0% and 12.6% in the year ended June 30, 2022, respectively.

Guangzhou Sanyi Network primarily serves our software development and exhibition and conference portfolios, while Guangzhou 3E Network primarily focuses on expanding into the clean energy sector.

As an IT business solution provider, we take pride in our technical acumen in delivering software solutions for our business customers. The key pillar of our growth story and the primary engine of our growth is the development of custom software solutions for our customers.

For the six months ended December 31, 2023, and the years ended June 30, 2023, and June 30, 2022, our main products under our custom software solutions offering include software products developed for property management companies and restaurant management. Customers can choose to buy a basic version with minimal alterations or customize additional functions to suit their needs.

As a young company with limited operating history and limited customer base, we are constantly looking for opportunities to develop new customers and expand into new business areas. The solar energy sector, for example, is an area with significant government support and business opportunities. In 2022, after studying the potential of the market for management system used by solar energy power plants, the Company decided to develop a management software for distributed photovoltaic power plants with designed power generation capacity under 10 megawatts or management companies that manage distributed solar power plants of that size. Our designed system allows management to access it via a mobile device or a PC to monitor power plants in single or multiple locations. The program provides functions ranging from equipment fault alerts, repair and maintenance, power generation monitoring, push notifications, to record keeping.

Under our exhibition and conference service portfolio, we provide software solutions and help our exhibition and conferencing partners in the design, planning, execution and delivery of exhibitions and conferences. Our services include software support for entrance gates, ticketing machines and ticket readers. The service contracts we sign with customers are usually designed for a fixed period covering the set-up time plus the exhibition or conference period.

In addition to software solutions, we provide exhibition and conference services and equipment to exhibition or conference organizers. The services include providing personnel required to manage the equipment. The equipment includes entrance gates, ticketing machines, ticket readers and facial recognition equipment. We may also sell hardware to our customers, primarily to incentivize our customers to use our software.

Note: Net income and revenue are in U.S. dollars for the year that ended June 30, 2024.

(Note: 3 E Technology Group Limited priced its micro-cap IPO at $4.00 – the low end of its $4.00-to-$6.00 price range – and slightly upsized the IPO to 1.25 million shares – adding 500,000 shares to the 1.2 million shares in the prospectus – and raised $5.0 million on Wednesday morning – Jan. 8, 2025 – before the U.S. stock market’s opening bell.)

(Note: 3 E Technology Group Limited cut its IPO’s size to 1.2 million shares – from 3.0 million shares initially – at a price range of $4.00 to $6.00 – to raise $6.0 million, according to an F-1/A filing dated July 1, 2024. Background: 3 E Technology Group filed its F-1 on Dec. 21, 2023.)

3 E Network Technology Group Limited MASK Craft Capital/ Boustead Securities, 1.3M Shares, $4.00-4.00, $5.0 mil, 1/8/2025 Priced

We are a business-to-business (“B2B”) information technology (“IT”) business solutions provider. (Incorporated in the British Virgin Islands)

Through our two PRC subsidiaries, Guangzhou Sanyi Network and Guangzhou 3E Network, we started as a business that focuses on integrated software solutions in the property management and exhibition services spaces, but expanded our software solution offering to reach across a variety of industries and sectors, including food establishments, real estate, exhibition & conferencing, and clean energy utilities.

Our business includes two main portfolios, namely, the software development portfolio and exhibition and conference portfolio, and the proportion of revenue from each of these two main portfolios was 99.9% and nil in the six months ended December 31, 2023, respectively, 98.6% and 1.4% in the year ended June 30, 2023, respectively, and 86.0% and 12.6% in the year ended June 30, 2022, respectively.

Guangzhou Sanyi Network primarily serves our software development and exhibition and conference portfolios, while Guangzhou 3E Network primarily focuses on expanding into the clean energy sector.

As an IT business solution provider, we take pride in our technical acumen in delivering software solutions for our business customers. The key pillar of our growth story and the primary engine of our growth is the development of custom software solutions for our customers.

For the six months ended December 31, 2023, and the years ended June 30, 2023, and June 30, 2022, our main products under our custom software solutions offering include software products developed for property management companies and restaurant management. Customers can choose to buy a basic version with minimal alterations or customize additional functions to suit their needs.

As a young company with limited operating history and limited customer base, we are constantly looking for opportunities to develop new customers and expand into new business areas. The solar energy sector, for example, is an area with significant government support and business opportunities. In 2022, after studying the potential of the market for management system used by solar energy power plants, the Company decided to develop a management software for distributed photovoltaic power plants with designed power generation capacity under 10 megawatts or management companies that manage distributed solar power plants of that size. Our designed system allows management to access it via a mobile device or a PC to monitor power plants in single or multiple locations. The program provides functions ranging from equipment fault alerts, repair and maintenance, power generation monitoring, push notifications, to record keeping.

Under our exhibition and conference service portfolio, we provide software solutions and help our exhibition and conferencing partners in the design, planning, execution and delivery of exhibitions and conferences. Our services include software support for entrance gates, ticketing machines and ticket readers. The service contracts we sign with customers are usually designed for a fixed period covering the set-up time plus the exhibition or conference period.

In addition to software solutions, we provide exhibition and conference services and equipment to exhibition or conference organizers. The services include providing personnel required to manage the equipment. The equipment includes entrance gates, ticketing machines, ticket readers and facial recognition equipment. We may also sell hardware to our customers, primarily to incentivize our customers to use our software.

Note: Net income and revenue are in U.S. dollars for the year that ended June 30, 2024.

(Note: 3 E Technology Group Limited priced its micro-cap IPO at $4.00 – the low end of its $4.00-to-$6.00 price range – and slightly upsized the IPO to 1.25 million shares – adding 500,000 shares to the 1.2 million shares in the prospectus – and raised $5.0 million on Wednesday morning – Jan. 8, 2025 – before the U.S. stock market’s opening bell.)

(Note: 3 E Technology Group Limited cut its IPO’s size to 1.2 million shares – from 3.0 million shares initially – at a price range of $4.00 to $6.00 – to raise $6.0 million, according to an F-1/A filing dated July 1, 2024. Background: 3 E Technology Group filed its F-1 on Dec. 21, 2023.)

Mint Inc. Ltd. MIMI Benjamin Securities/ Prime Number Capital, 1.8M Shares, $4.00-4.00, $7.0 mil, 1/10/2025 Priced

We are a holding company. Our subsidiary performs interior design services and fit out work for commercial and luxury residential properties in Hong Kong. (Incorporated in the British Virgin Islands)

We offer interior design services and fit out work. Our clients include the owners and management of retail stores, offices and other commercial properties, and luxury residential properties.

Founded in 2018, we are a Hong Kong-based interior design and fit out works provider. We have a strategic focus on providing integrated and industry-specific interior design and fit out works for commercial properties. Our work encompasses offices (different industries) and various kinds of retail stores with a view to reflect our customers’ corporate values and conceptualizing our customers’ brands. Our commercial projects cover internationally renowned retail stores, F&B (food and beverage) outlet chains, and the offices and other premises of a premier charitable organization in Hong Kong. We also provide integrated interior design and fit out works for luxury residential properties in order to enhance both the aesthetics and functionality of the interior space.

Our projects can be broadly categorized into (i) Design services, in which we develop and create tailor-made interior design proposals; and (ii) Design and fit out services, in which we undertake overall project management, coordination and quality control, and supervise fit out works carried out by our subcontractors, complemented by other services such as repair and maintenance works and procurement of furniture and fit out materials, etc.

Industry Background

Interior design and fit out market refers to the market that offers integrated services aimed at visually and functionally enhancing the interior environment of buildings, with a primary objective to create habitable space that cater to the needs and comfort of the occupants. Interior design and fit out works are defined as the process to visually and functionally enhance the ambience of interior space. It generally includes design and decorating works ranging from design drawings, site works, and post-design consultancy and supervisory services performed by professional practitioners. Based on the types of buildings, interior design and fit out works services market can be divided into residential sector, commercial sector, industrial sector, community facilities sector, government institutions sector and others.

Competitive Landscape

The interior design and fit out market in Hong Kong is highly fragmented. In 2022, there were approximately two thousand establishments, with more than seven thousand individuals engaged in various aspects of the interior design and fit out works market in Hong Kong. Due to its highly fragmented nature, the interior design and fit out industry currently has no major leading players identified.

Note: Net income and revenue are for Fiscal Year 2024 – the 12 months that ended March 31, 2024.

(Note: Mint Inc. Ltd. priced its micro-cap IPO at $4.00 – the low end of its $4.00-to-$5.00 price range – and priced 1.75 million shares – the same number of shares in the prospectus – to raise $7.0 million on Wednesday night, Jan. 8, 2025. Mint’s stock is expected to start trading on Friday, Jan. 10, 2025, on the NASDAQ. The U.S. stock market will be closed on Thursday, Jan. 9, 2025, for the funeral of former President Jimmy Carter, who was the 39th president of the United States.)

(Note: Mint filed its F-1 on Sept. 4, 2024, and disclosed the terms for its IPO: 1.75 million shares at a price range of $4.00 to $5.00 to raise $7.88 million. Background: Mint submitted confidential IPO documents to the SEC on Dec. 22, 2023.)

FBS Global Ltd. (New Filing December 2024) FBGL WallachBeth Capital, 2.3M Shares, $4.50-5.00, $10.7 mil, 1/13/2025 Week of

(Note: FBS Global Ltd. revived its IPO plans with a new F-1 filing on Dec. 5, 2024. Background: This filing followed the company’s withdrawal of its previous IPO plans in a letter to the SEC dated Nov. 4, 2024, stating that the company did not intend to pursue the IPO. FBS Global’s path to going public began in mid-September 2022 when the Singapore company submitted confidential IPO documents to the SEC.))

(Note on corporate structure: The predecessor of our principal operating company was incorporated on March 9, 1996, in Singapore under the name Finebuild Systems Pte Ltd. Pursuant to a restructuring that took effect on August 2, 2022, FBS Global Limited, an exempted company incorporated in the Cayman Islands, through its wholly owned subsidiary, Success Elite Developments Limited, a company incorporated in BVI, became the ultimate holding company of our current principal operating subsidiary referred to herein as FBS SG. (Incorporated in the Cayman Islands) )

From its beginning as a construction company since 1996, FBS SG has developed into a premier integrated engineering company that provides a full suite of construction and engineering services. These services include the supply of building materials and precast concrete components, recycling of construction and industrial wastes, research, and development, as well as pavement consultancy services.

We are an established interior design and build (also referred to as “fit-out”) specialist in Singapore with a track record of over 20 years in institutional, residential, commercial and industrial building projects. Our scope of services comprises design, supply and installation of ceilings, partitions, timber deck, carpet, lead lining, acoustic wall panel, built-in furnishing, carpentry and mechanical & electrical services of a building. We also undertake main construction and building works projects.

**Note: Net loss and revenue are in U.S. dollars (converted from Singapore’s currency) for the 12 months that ended June 30, 2024.

(Note: FBS Global Ltd. revived its IPO plans with a new F-1 filing dated Dec. 5, 2024, in which it kept the same terms from its original IPO filing: The company plans to offer 2.25 million shares at a price range of $4.50 to $5.00 to raise $10.69 million.)

(Note: FBS Global Ltd. withdrew its IPO filing in a letter to the SEC dated Nov. 4, 2024, stating that the company did not intend to pursue the IPO.)

(Note: FBS Global Ltd. revived its micro-cap IPO and disclosed its revised terms on Aug. 13, 2024, in an F-1/A filing: The company increased the number of shares to 2.25 million – up from 1.88 million shares – and raised the lower end of its price range to $4.50 – up from $4.00 – so the new price range is $4.50 to $5.00 – to raise $10.69 million. The company named WallachBeth Capital as its sole book-runner, replacing Eddid Securities USA.)

(Note: FBS Global Ltd. postponed its IPO in April 2024, when it had been expected to price its micro-cap initial public offering on or around April 13, 202r. Background: FBS Global Ltd. says its assumed IPO price is $4.00 – the low end of its $4.00-to-$5.00 price range – on 1.875 million shares, according to an F-1/A filing dated Feb. 23, 2024. Background: FBS Global Ltd. cut its IPO’s size to 1.875 million shares – down from 2.75 million shares – and set the price range at $4.00 to $5.00 to raise $8.44 million, according to an F-1/A filing dated Dec. 29, 2023. In that Dec. 29, 2023, filing with the SEC, FBS Global Ltd. also disclosed that it has changed its sole book-runner to Eddid Securities USA from Pacific Century Securities.)

(Note: FBS Global Ltd. filed an F-1/A dated July 27, 2023, in which it trimmed the size of its IPO to 2.75 million shares – down from 3.75 million shares – at US$4.00 to raise $11.0 million. The number of shares – 2.75 million – will all be offered by the company – and this is the same as in the previous prospectus (F-1/A) filed on June 26, 2023. The difference: The selling stockholder’s 1.0 million shares are not highlighted in the July 27, 2023, prospectus. However, in the July 27, 2023, filing, there is a note that the selling stockholder still intends to sell up to 1.0 million shares. Background: FBS Global Ltd. filed an F-1/A on June 26, 2023, and updated its financial statements for the year ended Dec. 31, 2022. FBS Global Ltd. filed its F-1 on Jan. 30, 2023, and disclosed terms for its IPO: 3.75 million (3,750,000) shares at US$4.00 to raise $15.0 million. Of the 3.75 million shares in the IPO, the company is offering 2.75 million shares and the selling stockholder is offering 1.0 million shares. FBS Global Ltd. will NOT receive any proceeds from the sale of the selling stockholder’s shares. FBS Global Ltd. filed confidential IPO documents on Sept. 13, 2022.)

Haoxin Holdings Ltd HXHX Craft Capital Management/WestPark Capital, 2.0M Shares, $4.00-6.00, $10.0 mil, 1/13/2025 Week of

We are a provider of temperature-controlled truckload service and urban delivery services in China with over 19 years of experience in the transportation industry. (Incorporated in the Cayman Islands)

We started our urban delivery service business in 2003 and started expanding our business into temperature-controlled truckload service in 2016. We currently conduct all of our operations through our subsidiaries, Ningbo Haoxin, Zhejiang Haoxin, Longanda and Haiyue, and have experienced a steady growth in our business in recent years. The goods we take charge of transporting focus on factory logistics, which include electronic devices, chemicals, fruit, food and commercial goods. After continuous development, we have been recognized and accredited by the China Federation of Logistics and Purchasing as a 3A-Grade transportation service provider.

As of June 30, 2022, we operated a truckload fleet with 70 tractors, 155 trailers and 61 vans, 20 tractors and 4 vans of which are under capital lease.

We mainly provide transportation services with our large and medium-sized temperature-controlled logistics transportation vehicles, and charge our customers based on mileage. In addition to temperature-controlled truckload services, we also provide urban delivery services with our medium-sized vans to customers who have short-distance, intra-city delivery needs. The sales revenue generated from temperature-controlled truckload service accounts for about 80.3% and the urban delivery service accounts for approximate 19.7% out of our total sales revenue in June 30, 2022. The sales revenue generated from temperature-controlled truckload service accounts for about 75.5% and the urban delivery service accounts for approximate 24.5% out of our total sales revenue in 2021. We optimize the loading of the vehicles on the forward and return journeys to reduce costs.

We adopt high standards for our own services and provide customers with high-quality, safe and standardized services. We also use a digitized management system in which temperature control can be accessed throughout the whole transportation process through advanced vehicle GPS positioning and real-time temperature monitoring system. We also pay special attention to safe operation and conduct regular safety training and emergency drills to enhance our drivers’ safety awareness. Additionally, we have installed safety systems and warning systems on each vehicle to reduce likelihood of accident.

We plan on consolidating the products that we transport and build cold temperature warehouses to reduce costs. We also plan to obtain relevant qualifications for pharmaceuticals and incorporate medicine transportation into our daily business. We will aim to strengthen informatization construction to integrate the existing vehicle dispatching system and temperature control to build a system to improve efficiency.

Our mission is to become the most reliable and sustainable transportation company that specialize in temperature-controlled truckload services in China by offering punctual, cost-effective, capable and intelligent transportation services, while maintaining a sizeable fleet of transportation vehicles of our own as well as reliable subcontracting arrangements.

**Note: Net income and revenue figures are in U.S. dollars for the 12 months that ended Dec. 31, 2023.

(Note: Haoxin Holdings Ltd. filed an F-1/A dated Sept. 20, 2024, and cut its IPO to 2.0 million shares – down from 3.0 million shares initially – and kept the price range at $4.00 to $6.00 – to raise $10.0 million. In that F-1/A filing, Haoxin Holdings named Craft Capital Management as its lead left joint book-runner to work with WestPark Capital. Background: Haoxin Holdings Ltd. filed its prospectus and disclosed terms for its IPO in an F-1/A filing dated Feb. 10, 2023. The original sole book-runner was Univest Securities. Haoxin Holdings filed confidential IPO documents with the SEC on Sept. 9, 2022.)

Skyline Builders Group Holding SKBL Dominari Securities, 1.5M Shares, $4.00-4.00, $6.0 mil, 1/13/2025 Week of

Through our subsidiary, Kin Chiu Engineering, we offer construction services for roads and drainage projects in Hong Kong. (Incorporated in the Cayman Islands)

Kin Chiu Engineering, our subsidiary, is an approved public works contractor. The company works mostly as a subcontractor. However, it is qualified to serve as a main contractor.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended March 31, 2024.

(Note: Dominari Securities is the book-runner with Revere Securities acting as the co-manager. Dominari and Revere replaced the original sole book-runner, Pacific Century Securities, according to Skyline Builders Group’s SEC filings.)

Smart Logistics Global Ltd. SLGB Benjamin Securities/Prime Number Capital, 1.0M Shares, $5.00-6.00, $5.5 mil, 1/13/2025 Week of

We are a holding company whose operating subsidiary in China manages a business-to-business logistics provider, focused on the transportation of industrial raw materials. (Incorporated in the Cayman Islands)

Note: Net income and revenue are for the 12 months that ended June 30, 2024.

(Note: Smart Logistics Global Ltd. filed an F-1/A dated Dec. 6, 2024, and updated its financial statements through the period ending June 30, 2024. Background: Smart Logistics Global Ltd. filed an F-1/A dated Nov. 20, 2024, and disclosed the terms of its IPO: The company is offering 1 million shares at a price range of $5.00 to $6.00 to raise $5.5 million. Background: Smart Logistics Global Ltd. filed its F-1 for its IPO on Oct. 4, 2024, with estimated IPO proceeds of $10 million.)

Uni-Fuels Holdings Limited UFG R.F. Lafferty & Co., 2.1M Shares, $4.00-4.00, $8.4 mil, 1/14/2025 Tuesday

We are a service provider of marine fuels solutions, headquartered in Singapore. (Incorporated in the Cayman Islands)

We market, resell and broker marine fuels products such as very low sulfur fuel oil (“VLSFO”), high sulfur fuel oil (“HSFO”), and marine gas oil (“MGO”). We offer these products to shipping companies and marine fuels suppliers worldwide in-port and offshore. In addition, we may from time to time provide shipping related services to our customers including but not limited to the arrangement of ship agents, ship provisions and marine fuels surveyors. We provide value to our customers by leveraging on our global supply network and market solutions facilitated by our integrated capabilities.

We operate an integrated business model where we serve our customers through two operating models, sales of marine fuels solutions and brokerage (i.e. acting as intermediary between marine fuels suppliers and customers for a commission). In the sales model, we control and manage the customer relationship throughout the entire transaction and provide value-added solutions such as trade credit, financing, risk management, market intelligence and operational expertise. In the broker model, we refer the customer to a third-party supplier in exchange for a brokerage fee. In a sales transaction, we manage and guarantee the supply of marine fuels to the customer while we procure the marine fuel, including its delivery, from a third-party supplier. In a brokerage transaction, the third-party supplier will manage and guarantee the supply of marine fuels to the customer.

During the two years ended Dec. 31, 2023, we have arranged for marine fuel supply (under both our reselling and brokerage business) at 103 geographical ports worldwide, of which 35.9% of the supplies were carried out in South East Asia, 27.2% in North East Asia, 8.7% in South Asia, 8.7% in North America, 7.8% in Europe, 3.9% in South America, 3.9% in Middle East, 2.9% in Africa and 1.0% in Central America.

During the two years ended Dec. 31, 2023, we have arranged for marine fuel supply to 88 customers, of which 77.3% are based in South East Asia, 15.9% in North East Asia, 4.6% in Europe and 2.3% in Middle East. Our customers are mainly shipping companies operating in market sectors such as bulk, tanker, offshore, container, general cargo, tug and barge, car carrier, cruise, yacht and dredging. Our customers also include other marine fuel suppliers operating in similar capacity as our Group.

Our Industry

Marine fuels supply, also commonly known as bunkering, is the process of supplying marine fuels products to ships. Bunkering is an essential aspect of the shipping industry that ensures a ship has the necessary fuel to operate at sea. Marine fuels supply is a fuel logistics business that operates within the broader framework of the maritime transportation sector. The supply of marine fuels plays a vital role is facilitating global trade by providing marine fuels to ships trading around the world. It is an industry that is closely influenced by factors such as global trade volumes, economic growth, shifting trade patterns, and regulatory changes that govern the marine fuels industry.

Marine fuel, also commonly known as bunker fuel(s) or bunker(s), refers to fuel consumed by ship engines. The process of supplying marine fuels is most frequently delivered by bunker barges to the receiving vessels. The supply of marine fuels can also be delivered by road trucks and less frequently by pipelines at berths.

The marine fuels industry comprises a diverse range of stakeholders, ranging from marine fuels suppliers and shipping companies to port authorities and regulatory bodies. The supply chain infrastructure of the marine fuels industry includes refineries, oil tankers, storage terminal, and bunker barges.

The commercial participants in the marine fuels supply ecosystem generally include the following parties: (1) physical distributors, (2) resellers, and (3) brokers.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended June 30, 2024.

(Note: Uni-Fuels Holding Limited cut its IPO’s size and price to 2.1 million shares – down from 3.0 million shares initially – at $4.00 – the low end of its previous price range of $4.00 to $5.00 – to raise $8.4 million, according to an F-1/A filing dated Nov. 27, 2024.)

(Note: Uni-Fuels Holdings Limited filed its F-1 on Oct. 25, 2024, and disclosed the terms for its IPO: 3.0 million shares at a price range of $4.00 to $5.00 to raise $13.5 million. Background: Uni-Fuels Holdings Limited filed confidential IPO documents with the SEC on May 3, 2024.)

Diginex Ltd. DGNX Dominari Securities/ Revere Securities, 2.3M Shares, $4.00-6.00, $11.3 mil, 1/20/2025 Week of

(Incorporated in the Cayman Islands)

DSL is the wholly owned subsidiary of Diginex Limited. Accordingly, Diginex Limited owns 100% of DSL and all of DSL’s business lines and subsidiaries.

DSL is an impact technology business that helps organizations to address the some of the most pressing Environmental, Social and Governance (“ESG”), climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action. Our products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. The Group’s principal executive office is in Hong Kong where the CEO, CFO and CTO are based. The Hong Kong office is in a co-working shared space facility with 9 seats and the Hong Kong based employees operate under a hybrid model as they work both from the office and from home with the majority of working hours spent working from home. There is also an executive office in Monaco that is used by the Chairman and COO. DSL has subsidiaries in the United Kingdom and United States, however the subsidiary in the United States is inactive. DSL also outsources a component of IT development and maintenance support to engineers in Vietnam.

Our customers include Coca-Cola, HSBC, Unilever and Reckitt, whose brands include Woolite.

DSL has built several accessible, affordable and intelligent products to help democratize sustainability and offers multiple supporting services to complement the product suite.

DSL’s suite of products includes the following:

digninexESG: is an accredited Hong Kong Monetary Authority award winning cloud based ESG platform that offers end to end reporting from topic discovery, data collection to collaborative report publishing. Our diginexESG platform is ISO-27001 Certified (an international standard to manage information security), official partner of Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), World Economic Forum and signatory of the United Nations Principles of Responsible Investment (UN PRI).

The diginexESG platform guides companies through the entire ESG journey; from materiality assessment & stakeholder engagement, framework & indicator selection, the data collection and collaboration process, report creation, validation and ultimately report publishing. By leveraging machine learning and data analytics, diginexESG is able to drive material efficiencies in the reporting process, and the blockchain-enabled audit trail, whereby a record of each data activity is created and stored on a blockchain, provides greater transparency in the data thus increasing its value. Originally targeted specially at Small and Medium Sized Enterprises (SMEs) around the world who are new to ESG reporting and lack the budget or bandwidth to engage with traditional and often expensive consultants, diginexESG has increased its feature set to include functionality that also targets larger companies with more complex organizational structures. diginexESG has also been adopted by global commercial banks like HSBC to help engage with their diverse customer base at scale.

diginexLUMEN: allows companies to execute comprehensive supply chain risk assessments about working conditions within the supply chain. Supplier information is validated against worker feedback and automated risk calculations enables companies to prioritize issues for mitigation and prevention of adverse impacts and improvement efforts.

diginexLUMEN focuses on broad data collection through complex inter-jurisdictional supply chains with a specific focus on social governance issues such as forced labor due diligence, gender risk and child labor risk. Through the collection of data from suppliers and validation by workers, diginexLUMEN relies on proprietary algorithms to generate risk scores to help companies identify which parts of their supply chain require greater scrutiny. The platform then auto-generates corrective action plans which allow the brands and suppliers to work together to remedy potentially problematic areas and reduce the risk score.

diginexAPPRISE: is a multilingual application that collects standardized, actionable data related to working conditions directly from workers in global supply chains. Through tailored question sets, companies can deploy surveys directly to workers in their supply chain on a variety of topics such as responsible recruitment, gender equality and pulse check living and working conditions. The worker voice tool was initially developed by the United Nations University Institute in Macau (UNU-IIST) in partnership with The Mekong Club – an organization working with the private sector to bring about sustainable practices against modern slavery, and was acquired by DSL on December 14, 2021.

diginexAPPRISE is available both as a standalone tool and also fully integrated into diginexLUMEN.

diginexCLIMATE: is a proprietary carbon footprint calculator based on the GHG protocols that is currently available as an integrated part of the diginexESG platform. This allows companies to seamlessly calculate their Scope 1, 2 and 3 carbon footprint as part of their overall ESG reporting journey. Scope 1 are those direct emissions that are owned or controlled by a company, whereas scopes 2 and 3 indirect emissions are the result of the activities of the company but occur from sources not owned or controlled by it.

DSL also offers the following complementary services:

diginexADVISORY: is a service offered by DSL as a complement to the suite of DSL software license sales. diginexADVISORY provides clients strategy and advisory support at every stage of the sustainability journey, including assurance solutions for credible reporting. We also offer custom framework creation for clients who need more complex reporting templates or who want to set a benchmark for others in their industry. As part of diginexADVISORY we also develop and run one-off or programmatic training sessions covering a range of topics from a general introduction to ESG to complex carbon accounting and emissions.

diginexPARTNERS: is a service whereby DSL develops white label versions of both diginexESG and diginexLUMEN for companies who then want to run either diginexESG or diginexLUMEN as an extension of their own service offering. This service often requires custom technology work up front for our clients that generates initial revenue as well as ongoing service and maintenance licenses which generate ongoing recurring revenue.

In addition, DSL develops custom software platforms as part of a project consortiums for organizations like the United States Department of State, United States Department of Labor, and the United Nations.

diginexMANAGEDSERVICES: is service to be offered by DSL to provide oversight and support to clients in operationalizing the rollout of our software products within their organizational structure or supplier base. This service can include training and education, onboarding, data collection and analysis, as well as general on-going support. We will be offering this kind of vertical integration as a service from 2024 onwards and expect it to become an important part of our overall product and service offering.

As of June 2024, DSL has a current headcount of 30, among which 21 are employees in Hong Kong and United Kingdom and 9 are contractors based in France, Germany, Spain, USA, Canada, Dubai, Mexico and Australia.

Note: Net loss and revenue are for the fiscal year that ended March 31, 2024.

(Note: Diginex Ltd. filed its F-1 for its IPO on Sept. 11, 2024, and disclosed the terms – 2.25 million shares at a price range of $4.00 to $6.00 to raise $11.25 million. Background: Diginex submitted confidential IPO documents to the SEC on Feb. 12, 2024.)

Fitness Champs Holdings Ltd. FCHL Bancroft Capital LLC, 2.0M Shares, $4.00-5.00, $9.0 mil, 1/20/2025 Week of

(Incorporated in the Cayman Islands)

We believe we are a leading sports education provider in Singapore based on the following: (i) in 2023, we were the largest service provider of the SwimSafer Program based on the number of assessment bookings, accounting for approximately 30% of market share; and (ii) we are one of the few swim education providers in Singapore that provides both services to students under training programs funded by the Singapore Government and provision of customized private swimming training services.

We offer general swimming lessons to children and adults, with ladies-only swimming lessons available, as well as aquatic sports classes such as water polo, competitive swimming and lifesaving. We believe in imparting the correct swim stroke techniques and skills to all of our students so that they can learn to swim within the shortest time span in a variety of strokes, ranging from freestyle, breaststroke, butterfly, survival backstroke and side kick. We are one of the largest providers of swimming lessons to children enrolled in public schools under the MOE (Ministry of Education) in Singapore through the SwimSafer program. We have been offering private swimming lessons to children, youth and adults under our brand “Fitness Champs” since 2012. We aim to make swimming an enjoyable and affordable sport for children and adults, for water safety and as a way of keeping fit and healthy.

Note: Net income and revenue are for the 12 months that ended June 30, 2024.

(Note: Fitness Champs Holdings Limited filed its F-1 on Sept. 9, 2024, and disclosed the terms for its IPO – 2.0 million shares at a price range of $4.00 to $5.00 to raise $9.0 million.)

iOThree Ltd. IOTR Eddid USA/Network 1 Financial Securities, 2.6M Shares, $4.00-6.00, $13.1 mil, 1/20/2025 Week of

We provide the maritime industry with digital solutions. (Incorporated in the Cayman Islands)

We are a leading provider of maritime digital technologies including satellite connectivity and digitalization solutions in Singapore focused on facilitating the maritime industry towards digital transformation. Based on the Frost & Sullivan Report, as of March 31, 2024, we ranked fifth in the Singaporean market based on revenue from the provision of maritime connectivity and digital solutions with a market share of approximately 6.2%. Our company was established to adopt an innovative approach towards the management of solutions accustomed to contemporary needs and drive the digital evolution in the maritime industry.

We have two operating segments: (i) satellite connectivity solution, and (ii) digitalization and other solutions. In the satellite connectivity solution segment, we offer integrated satellite connectivity solution through the provision of satellite connectivity services and the sales and/or lease of satellite network equipment and devices for shipboard network management. In the digitalization and other solutions segment, we are involved in designing digital solutions, providing IT support, and providing shipboard support services for IT and OT applications enablement.

Our digitalization platform — “Just A Really Very Intelligent System” (“JARVISS”) — has been specifically designed to support enhanced integrated solutions, asset optimization and delivery of secured critical applications globally. It hosts a fleet of native applications developed by us as well as third party applications, consolidating essential functions such as IoT and vessel management. Our unique platform seamlessly integrates these applications, simplifying maritime operations and fostering unprecedented efficiency and leads us to be a pioneer of integrated maritime connectivity and digital solution providers. For further details regarding JARVISS, see the section entitled “Business — Our flagship solution — JARVISS”. In addition to JARVISS, our portfolio of digital solutions also encompasses our “V.Suite” solutions, which currently consist of V.SIGHT AI camera surveillance, V.SION AR smart glasses, V.IoT shipboard monitoring and analytics, V.SECURE cybersecurity, and V.WEATHER route optimization, as well as a new ERP system — “Future Ready Intelligent Digital Assistant System” (“FRIDAY”). For details, see the sections entitled “Business — V.Suite” and “Business — FRIDAY”.

Note: Revenue of $8.57 million is in U.S. dollars for Fiscal Year 2024, which ended March 31, 2024.

Note: iOThree Ltd. reported a Fiscal Year 2024 net loss of US$4,446 – an amount too small for the financial chart below.

(Note: iOThree Ltd. disclosed in an F-1/A filing dated Dec. 20, 2024, that Eddid Securities has been named as a new joint book-runner – in the lead left position – to work with Network 1 Financial Securities.)

(Note: iOThree Ltd. cut its IPO’s size by reducing the number of shares to 2.63 million shares (2,625,000 shares) – down from 3.7 million shares originally – and keeping the price range at $4.00 to $6.00 – to raise $13.13 million ($13.125 million), if priced at the $5.00 mid-point, according to to an F-1/A filing dated Oct. 11, 2024. Of the 2.63 million shares in the IPO, the company is offering 2.13 million shares (2,125,000 share) and the selling shareholders are offering an aggregate of 500,000 ordinary shares. The company will not receive any proceeds from the sale of the selling shareholders’ shares. )

(Note: In that F-1/A filing dated Oct.11, 2024, iOThree Ltd. also updated its financial statements for FY 2024 and named Network 1 Financial Securities as its new sole book-runner, replacing Eddid Securities. Background: iOThree Ltd. filed its S-1 on Jan. 24, 2024. The Singapore-based company submitted confidential IPO documents to the SEC on Oct. 19, 2023.)

LZ Technology Holdings LZMH Benjamin Securities/ D. Boral Capital (ex-EF Hutton), 1.5M Shares, $4.00-6.00, $7.5 mil. 1/20/2025 Week of

We are a holding company whose operating subsidiaries provide advertising services in China. (Incorporated in the Cayman Islands)

The Company is an information technology and advertising company. Its operations are organized primarily into three business verticals: (i) Smart Community, (ii) Out-of-Home Advertising, and (iii) Local Life.

Smart Community. The Company provides intelligent community building access and safety management systems through access control monitors and vendor-provided SaaS platforms. The Company’s intelligent community access control system makes resident access to properties simpler. As of June 30, 2024, approximately 72,773 of the Company’s access control screens had been installed in over 4,000 residential communities, serving over 2.7 million households.

Out-of-Home Advertising. The Company offers clients one-stop multi-channel advertising solutions. Capitalizing on the Company’s network of monitors that span approximately 120 cities in China such as Shanghai, Beijing, Guangzhou, Shenzhen, Nanjing, Xiamen, Hefei, Dalian, Ningbo, Chengdu, Hangzhou, Wuhan, Chongqing, Changsha, the Company’s Out-of-Home Advertising services help merchants display advertisements in a variety of formats across its intelligent access control and safety management system. Advertisements are placed on the monitors and within the SaaS software. Residents are exposed to these advertisements each time they enter and exit community buildings or open the SaaS software. This level of visibility serves as a highly effective means of advertising, assisting merchants in effectively promoting their brands and accelerating their product sales. Moreover, the Company partners with other outdoor advertising providers to maximize coverage by placing the advertisements on the partners’ numerous displays in public transportation, hotels and other settings as well as deploying posters at events. This broad approach provides clients with a truly comprehensive out-of-home advertising solution.

Local Life. The Company connects local businesses with consumers via online promotions and transactions. With its strong technological capabilities, the Company helps local restaurants, hotels, tourist companies, retail stores, cinemas and other merchants offer deals and coupons to consumers on social media platforms such as WeChat, Douyin (the Chinese version of TikTok) and Xiaohongshu. The Local Life vertical bridges the businesses’ need for product sales and promotions and the consumers’ need for dining, shopping, entertainment, tourist attractions and other local services. In addition, deals from local businesses can also be displayed on the access control screens. In this way, clients of the Company’s Local Life services can also reach the Smart Community residents, leveraging the Company’s access control screens’ extensive coverage and high exposure potential. Since early 2023, we have embarked on executing the strategy of deepening engagement with merchants and manufacturers within our Local Life space through facilitating retail sales of diversified goods and services, including beverages, groceries and travel packages.

The Company reports financial results in one segment. Currently, a substantial portion of the Company’s revenues are generated from advertising and promotional activities, namely by the Out-of-Home Advertising and Local Life verticals. Revenues from Smart Community, which mainly consist of product sales of access control devices and service fees, contribute only a small portion to the Company’s total revenues. Thus, the Smart Community revenues are grouped with other miscellaneous revenue sources, such as advertising design and production and social media account operations, under the catch-all category titled “Other Revenues” in the description of the Company’s revenues.

For the years ended December 31, 2022 and 2023, the Company had a total of 247 and 255 customers, respectively, who entered into contracts with the Company to purchase the Company’s products and services. For the six months ended June 30, 2024 and 2023, the Company had a total of 168 and 102 customers, respectively, who entered into contracts with the Company to purchase the Company’s products and services. The Company, however, has derived a large portion of its revenues from a few customers. For the years ended December 31, 2022 and 2023, the Company’s top three customers collectively accounted for approximately 84.4% and 24.2% of its total revenue, respectively. For the six months ended June 30, 2024, the Company’s top three customers collectively accounted for approximately 33.2% of its total revenue.

Note: Net loss and revenue are in U.S. dollars (converted from China’s currency) for the 12 months that ended June 30, 2024.

(Note: LZ Technology Holdings cut the size of its IPO to 1.5 million shares – down from 10.0 million shares previously – and kept the price range at $4.00 to $6.00 – to raise $7.5 million, according to an F-1/A filing dated Oct. 30, 2024.)

ALE Group Holding Limited ALEH Dawson James Securities/D. Boral Capital (ex-EF Hutton), 1.3M Shares, $4.00-6.00, $6.3 mil, 1/27/2025 Week of

We are a holding company incorporated in the BVI with all of our operations conducted in Hong Kong by our wholly owned subsidiary, ALE Corporate Services Ltd., also known as ALECS. (Incorporated in the British Virgin Islands)

We provide accounting and corporate consulting services to small and medium-sized businesses. Our services include financial reporting, corporate secretarial services, tax filing services and internal control reporting. Our business is operated through our wholly owned subsidiary, ALE Corporate Services Ltd. (ALECS), a Hong Kong company incorporated on June 30, 2014. Our goal is to become a one-stop solution for all the accounting, corporate consulting, taxation and secretarial needs of small and medium enterprises operating in Asia and the U.S.

**Note: Net income and revenue figures are in U.S. dollars (converted from Hong Kong dollars) for the fiscal year that ended March 31, 2024.

(Note: The company disclosed that E.F. Hutton was named the sole book-runner – replacing Prime Number Capital – according to an F-1/A filing dated March 26, 2024.)

Baiya International Group BIYA Cathay Securities/ Revere Securities, 2.5M Shares, $4.00-6.00, $12.5 mil, 1/27/2025 Week of

(Incorporated in the Cayman Islands)

We, Baiya International Group Inc. (“Baiya”), are an offshore holding company. As a holding company, we have no material operations and conduct all of our operations in China through the VIE, Shenzhen Gongwuyuan Network Technology Co., Ltd. (“Gongwuyuan”), and its subsidiaries, collectively, “PRC operating entities”. We entered into a series of Contractual Arrangements with the VIE and certain shareholders of Gongwuyuan, and this structure involves unique risks to investors. See “Risk Factors — Risks Relating to Doing Business in China” for more information. Neither we nor our direct and indirect subsidiaries own any equity interests in the PRC operating entities.

Gongwuyuan started to provide job matching services in 2017. In November 2019, Gongwuyuan began developing its cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions on the Gongwuyuan Platform to supplement its offline job matching services and started to position itself as a SaaS-enabled HR technology company by introducing its Gongwuyuan Platform in the flexible employment marketplace. We have been and will continue to strategically develop and improve the Gongwuyuan Platform with product features that work together with our traditional offline service model to improve the job matching and HR related services in the flexible employment marketplace.

Currently our business focuses on four (4) primary services: (i) job matching services; (ii) entrusted recruitment services; (iii) project outsourcing services; and (iv) labor dispatching services in the flexible employment market within China, primarily in the core manufacturing regions including the Pearl River Delta and Yangtze River Delta region. With respect to labor dispatching services, however, we are strategically reducing this service, considering the negative gross profit historically. Gongwuyuan plans to pursue its business growth by continuing to supplement its existing offline service model by introducing and integrating its Gongwuyuan Platform to provide better services in the flexible employment market throughout China. In addition, we plan to improve our services by continuing to develop and integrate digital technologies including crowdsourcing, big data and artificial intelligence to enhance the Gongwuyuan Platform. We believe these efforts will allow us to provide sufficient job matching and one-stop SaaS-enabled HR solutions to Customers, Employing Companies and workers in the flexible employment marketplace throughout China.

Note: Net loss and revenue are for the 12 months that ended June 30, 2024.

(Note: Baiya International Group cut its IPO’s size to 2.5 million shares – down from 3.0 million shares initially – and kept the price range at $4.00 to $6.00 to raise $12.5 million, according to an F-1/A filing dated Sept. 10, 2024. In that same SEC filing, Cathay Securities was added as the “lead left” joint book-runner to work with Revere Securities.)

BeLive Holdings BLVE R.F. Lafferty & Co., 1.8M Shares, $4.00-4.00, $7.0 mil, 1/27/2025 Week of

BeLive Holdings is a holding company with no material operations of its own. It conducts its operations of providing live commerce and shoppable short videos through its indirect wholly owned subsidiaries, BeLive Singapore and BeLive Vietnam. (Incorporated in the Cayman Islands)

Our mission is to be an industry leader in designing, developing and providing technology solutions for live commerce and shoppable short videos.

Our Operating Subsidiaries are BeLive Singapore, which was incorporated on June 18, 2014, under the laws of Singapore, and BeLive Vietnam, which was incorporated on June 16, 2021, under the laws of Vietnam, and which has been a wholly owned subsidiary of BeLive Singapore since incorporation. Through our Operating Subsidiaries, BeLive Cayman primarily engages in the development and provision of live commerce and shoppable short videos solutions.

Our Group’s history began in 2014 when we launched a social streaming mobile application with a focus on empowering users to share their lives while interacting with their audience in real time.

Recognizing a significant potential in e-commerce, we redirected our focus in 2018 towards business-to-business and providing live commerce and shoppable short videos solutions (“BeLive Solutions”) to international retail companies and e-commerce marketplaces. Our BeLive Solutions enable our customers to leverage the power of interactive and immersive live and video commerce to their online business and enable our customers to curate unique videos that may also be aired real-time as they are simultaneously being recorded, for anytime instant replay. We categorize our BeLive Solutions into(i) an enterprise-grade White Label solution (“BeLive White Label Solution”) which is customized to meet a customer’s unique requirements and which can be integrated into their existing internal system and (ii) a cloud-based software-as-a-service (SaaS) solution (“BeLive SaaS Solution”) for customers who are looking for a quick and cost-effective live commerce and shoppable short video solution without the necessity of building their own infrastructure and technology stack.

On June 9, 2023, as part of a reorganization prior to the listing, BeLive BVI acquired all of the shares of BeLive Singapore from FTAG Ventures Pte. Ltd, a controlling shareholder, Kenneth Teck Chuan Tan, and several other minority shareholders in exchange for shares of BeLive Cayman in the same proportion as their respective shareholdings in BeLive Singapore. Upon completion of such reorganization, BeLive Singapore became a wholly owned subsidiary of BeLive BVI.

Note: Net loss and revenue are in U.S. dollars (converted from Singapore dollars) for the 12 months that ended June 30, 2024.

(Note: BeLive Holdings cut its IPO’s size to 1.75 million shares – down from 3.0 million shares – and reduced the assumed IPO price to $4.00 – the bottom of its previous price range of $4.00 to $6.00 – to raise $7.0 million, according to an F-1/A filing dated Oct. 30, 2024.)

(Note: Unless otherwise noted, the share and per share information in this prospectus reflects a 5-for-1 reverse stock split (the “Reverse Split”) of our outstanding Ordinary Shares effective as of February 18, 2024.)

(Note: BeLive Holdings filed its F-1 on July 10, 2024, and disclosed the terms for its IPO: The Singapore-based company is offering 3.0 million shares at a price range of $4.00 to $6.00 to raise $15.0 million. Background: BeLive Holdings submitted confidential IPO documents to the SEC in December 2023.)

Decent Holding Inc. DXST Craft Capital/D. Boral Capital (ex-EF Hutton), 1.5M Shares, $4.00-4.50, $6.4 mil, 1/27/2025 Week of

We are a holding company with no material operations of our own. We conduct our operations in China through our subsidiary, Shandong Dingxin Ecology Environmental Co., Ltd., which is our PRC Operating Subsidiary (“Decent China” or “Operating Subsidiary.” (Incorporated in the Cayman Islands)

We specialize in providing industrial wastewater treatment, ecological river restoration and river ecosystem management, as well as microbial products that are used for water quality enhancement and pollutant removal, through our Operating Subsidiary, Shandong Dingxin Ecology Environmental Co., Ltd. Our main services and products include (1) wastewater treatment, (2) river water quality management, and (3) microbial products that are used for water quality enhancement and pollutant removal. For the fiscal year ended October 31, 2023, our revenue primarily comes from (1) provision of wastewater treatment service, representing approximately 25.49% of our revenue; (2) provision of river water quality management service, representing approximately 46.39% of our revenue; and (3) sale of microbial products, representing approximately 28.03% of our revenue.

We have an in–house research and development (“R&D”) team with members possessing technical expertise in engineering and chemistry as well as a sharp business sense that we believe can accurately capture and meet our customers’ needs. As of the date of this prospectus, we own 12 patents and 9 software copyrights.

We have received a number of industry awards and certifications recognizing our success and achievements, including the “Yantai City Industrial Design Center” awarded by the Yantai Municipal Bureau of Industry and Information Technology in 2022, the “Yantai New Special Expertise Enterprise” awarded by the Yantai Municipal Bureau of Industry and Information Technology in 2022, the “High-Tech Enterprise” awarded by the Shandong Provincial Department of Science and Technology, Shandong Provincial Department of Finance, and Shandong Provincial Taxation Bureau of the State Administration of Taxation in 2019 and 2022, the “Shandong Province ‘One Enterprise, One Technology’ Innovative Enterprises” awarded by the Shandong Provincial Bureau of Small and Medium Enterprises in 2015.

Management Team

Mr. Dingxin Sun is the founder, Chairman of the Board and director of the Company. He has accumulated substantial experience in entrepreneurship in the past two decades, during which he founded multiple companies in Shandong, including Yantai Dingxin Environmental Limited, Yantai Sunshine Gymnastic Limited, Yantai Tongqu Wanxiang Cultural Entertainment Limited. Mr. Sun also worked at Sinopec Yantai branch and served as the general manager of the office, where he was responsible for the retail business of more than 200 gas stations under Sinopec. While at Sinopec Yantai branch, he carried out extensive reform of the business model and compensation model of the Yantai branch and successfully boosted the revenue of gas stations.

Ms. Dingyan Sun is the director of our company. She is the sister of Mr. Dingxin Sun. Ms. Sun has 19 years of experience in accounting. Currently, she is serving as the director and cashier of Decent China, where she is responsible for handling and managing the day-to-day cash flow of the company, including tasks such as cash withdrawals, payments, deposits, and maintaining cash ledgers. Previously from December 2020 to November 2021, she served as the manager of Yantai Development Zone Xingshun Petroleum Co., Ltd. where she was responsible for the overall management of the company’s daily operations, including but not limited to gasoline and diesel fuel retailing, bulk customer delivery and financial accounting. From November 2004 to November 2020, she worked as the accountant of Yantai Development Zone Xingshun Petroleum Co., Ltd and was mainly responsible for the day-to-day operations of the gas station, including accounting documents, account statements, oil settlement, expense review and reimbursement, and other financial duties..

Haicheng Xu is our CEO. Since 2012, Mr. Xu has been working for Decent China as the general manager, responsible for all business docking, market development and sales. He is responsible for expanding the business scope and managing ongoing projects, selecting suppliers and implementing safety control. Prior to joining Decent China, Haicheng XU has held managerial positions at Yantai Huaqiao Hotel, Bohai Ferry Group Co., Ltd. and Yantai Dingxin Cargo Limited from 2000 to 2011, where he acquired industrial knowledge and substantial management experience.

Francis Zhang has been our CFO since September 2024. Mr. Zhang was the Chief Financial Officer and Director of Jiuzi Holdings Inc (Nasdaq: JZXN) from August 2020 to August 2024. Prior to joining Jiuzi Hoildings, Inc., from February 2019 to July 2020, he served as the Executive Director of Shanghai Qianzhe Consulting Co., Ltd, where he was mainly responsible for overseas M&A projects, and follow-on investments and management of newly formed financial holding groups. From June 2013 to January 2019, he served as the Deputy General Manager of Tebon Innovation Capital Co., Ltd, where he was responsible for business development and asset management. From May 2012 to May 2013, he was the Senior Manager of the Investment Department at Sanhua Holding Group, during which he was in charge of overseas M&A projects, new financial investments, and post-investment management. From May 2010 to May 2012, Mr. Zhang was the Investment & Asset Management Supervisor at China Calxon Group Co., Ltd.’s Capital Management Centre. He handled private placement of newly listed companies, took charge of other capital market financing access, and reviewed and appraised operating investment projects. From August 2006 to May 2010, he served as the Assistant Manager of the Investment Banking Department of KPMG Advisory (China) Limited, where he engaged in several auditing and financial advisory projects, which included public-listed companies and IPO projects.

Note: Net income and revenue are for the fiscal year that ended Oct. 31, 2023. (in U.S. dollars converted from China’s currency)

(Note: Decent Holding Inc. filed its F-1 on Oct. 4, 2024, and disclosed the terms for its IPO: 1.5 million shares at a price range of $4.00 to $4.50 to raise $6.38 million.)

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🏁 Emerging Market ETF Launches

Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:

• 12/24/2024 – FT Vest Emerging Markets Buffer ETF – December – TDEC – Options
• 11/19/2024 – Fidelity Fundamental Emerging Markets ETF – FFEM – Equity
• 11/19/2024 – Fidelity Enhanced Emerging Markets ETF – FEMR – Equity
• 11/13/2024 – Dimensional Emerging Markets ex China Core Equity ETF – DEXC – Equity
• 10/07/2024 – First Trust WCM Developing World Equity ETF – WCME – Active, equity
• 09/20/2024 – FT Vest Emerging Markets Buffer ETF – September – TSEP – Options
• 09/11/2024 – Polen Capital Emerging Markets ex-China Growth ETF – PCEM – Equity
• 09/04/2024 – Macquarie Focused Emerging Markets Equity ETF – EMEQ – Active, equity
• 09/04/2024 – iShares MSCI Emerging Markets Value Factor ETF – EVLU – Equity
• 09/04/2024 – iShares MSCI Emerging Markets Quality Factor ETF – EQLT – Active, equity
• 09/04/2024 – SPDR S&P Emerging Markets ex-China ETF – XCNY – Equity, ex-China
• 08/13/2024 – Simplify Gamma Emerging Market Bond ETF – GAEM – Active, Bond, Latin America
• 08/13/2024 – Janus Henderson Emerging Markets Debt Hard Currency ETF – JEMB – Currency
• 07/01/2024 – Innovator Emerging Markets 10 Buffer ETF – EBUF – Equity
• 05/16/2024 – JPMorgan Active Developing Markets Equity ETF – JADE – Equity
• 05/09/2024 – WisdomTree India Hedged Equity Fund – INDH – Equity, India
• 03/19/2024 – Avantis Emerging Markets ex-China Equity ETF – AVXC – Active, equity, ex-China
• 03/15/2024 – Polen Capital China Growth ETF – PCCE – Active, equity, China
• 03/04/2024 – Simplify Tara India Opportunities ETF – IOPP – Active, equity, India
• 02/07/2024 – Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares – XXCH – Equity, leveraged, China
• 01/11/2024 – Matthews Emerging Markets Discovery Active ETF – MEMS – Active, equity, small caps
• 01/10/2024 – Matthews China Discovery Active ETF – MCHS – Active, equity, small caps

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🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

• 10/10/2024 – Pacer CSOP FTSE China A 50 ETF – AFTY
• 09/26/2024 – American Century Emerging Markets Bond ETF – AEMB
• 09/19/2024 – KraneShares S&P Pan Asia Dividend Aristocrats Index ETF – KDIV
• 09/19/2024 – KraneShares CICC China 5G & Semiconductor Index ETF – KFVG
• 09/05/2024 – Amplify Emerging Markets FinTech ETF – EMFQ
• 07/27/2024 – iPath GEMS Asia 8 ETN – AYTEF
• 05/23/2024 – Defiance Israel Fixed Income ETF – CHAI
• 05/17/2024 – Global X Next Emerging & Frontier ETF – EMFM
• 03/25/2024 – Global X MSCI Nigeria ETF – NGE
• 03/21/2024 – VanEck Egypt Index ETF – EGPT
• 03/14/2024 – KraneShares Bloomberg China Bond Inclusion Index ETF – KBND
• 03/14/2024 – KraneShares China Innovation ETF – KGRO
• 03/14/2024 – KraneShares CICC China Consumer Leaders Index ETF – KBUY
• 03/13/2024 – Xtrackers MSCI All China Equity ETF – CN
• 03/13/2024 – Xtrackers MSCI China A Inclusion Equity ETF – ASHX
• 02/16/2024 – Global X MSCI China Real Estate ETF – CHIH
• 02/16/2024 – Global X MSCI China Biotech Innovation ETF – CHB
• 02/16/2024 – Global X MSCI China Utilities ETF – CHIU
• 02/16/2024 – Global X MSCI Pakistan ETF – PAK
• 02/16/2024 – Global X MSCI China Materials ETF – CHIM
• 02/16/2024 – Global X MSCI China Health Care ETF – CHIH
• 02/16/2024 – Global X MSCI China Financials ETF – CHIX
• 02/16/2024 – Global X MSCI China Information Technology ETF – CHIK
• 02/16/2024 – Global X MSCI China Consumer Staples ETF – CHIS
• 02/16/2024 – Global X MSCI China Industrials ETF – CHII
• 02/16/2024 – Global X MSCI China Energy ETF – CHIE
• 02/14/2024 – BNY Mellon Sustainable Global Emerging Markets ETF – BKES
• 01/26/2024 – The WisdomTree Emerging Markets ESG Fund – RESE

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Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).

I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.

Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.

Emerging Market Links + The Week Ahead (January 13, 2025) was also published on our Substack.

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