Emerging Market Links + The Week Ahead (March 3, 2025)

Earlier Monday, China bubble tea chain Mixue popped 47% on debut as Hong Kong IPO volumes rebound and many retail investors decided to get in on the debut of a familiar consumer name. Mixue is also now the largest F&B chain in the world as it lures cost-conscious Chinese customers with ice cream and drinks under $1.

Meanwhile, Luckin is consolidating its lead in China’s coffee wars as consumers reject pricey coffee in favor of cheap brews – leading to a weakened Starbucks to seek a strategic partner for its $1 billion China business…

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🇨🇳 Alibaba’s $53 Billion Bet on an AI and Cloud Expansion Windfall (Smartkarma) $

Alibaba (NYSE: BABA) is making a record-breaking bet on artificial intelligence (AI) and cloud computing, announcing on Monday that it will inject more than 380 billion yuan ($53 billion) into cloud and AI infrastructure over the next three years — more than its total capital expenditure over the past decade.

The Chinese tech giant said in a statement that the investment marks the largest private-sector commitment to cloud and AI hardware in China.

Since its 2014 initial public offering, Alibaba’s total capital expenditures from 2015 to 2024 have amounted to approximately 376 billion yuan.

🇨🇳 China’s Food Delivery War (The Great Wall Street – Investing in China) $

Why Meituan (HKG: 3690 / 83690 / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) thrives While Ele.ma Struggles and JD.com (NASDAQ: JD) is just faking it.

Nowhere is this more evident than in China’s $150 billion food delivery industry, where two giants—Meituan and Ele.ma—are locked in a battle driven not by flashy marketing slogans, but by the cold, hard mathematics of scaling. Meituan, commanding over 60% of the market, has long been profitable—perhaps even more than their filings would suggest, as they continue to burn money on new initiatives. Meanwhile, Ele.ma keeps hemorrhaging cash. The difference isn’t a matter of luck. It’s scale.

🇨🇳 A Hidden Opportunity in the Wake of the DeepSeek Craze (The Great Wall Street – Investing in China)

Who will benefit from the AI surge

Here’s where things get interesting. Tongdao Liepin Group (HKG: 6100 / FRA: 6WT / OTCMKTS: TGDLF), a Chinese online recruitment platform focused on high-quality white-collar talent (think MBAs, engineers, and PhDs), has been struggling in recent years. Its stock price? Down 90+%. Why? Well, because during the tech crackdown, the demand for high-end talent dried up. Companies scaled back their hiring, and Tongdao Liepin’s competitors—Boss Zhipin , 51job, and even Kuaishou—thrived by focusing on blue-collar roles. The workers you’d call when your dumplings are late.

But, as the tide turns, Tongdao finds itself in a sweet spot. Suddenly, SOEs and AI-hungry firms are desperate for the kind of top-tier talent Tongdao has on its platform. And despite its struggles, Tongdao remains profitable, with a balance sheet solid enough to make a Ming vase jealous (price-to-net-current-assets: 1.45). True, their capital allocation is a nightmare; after speaking with management and investor relations several times over the years, I’m still not impressed. But at this price? We’re not buying into their vision—we’re buying a mispriced lever to China’s AI talent boom.

🇨🇳 The town that welcomed a Chinese car plant — only for a ‘slavery’ scandal to hit (FT) $ 🗃️

Allegations of labour abuse on Brazil building site cast a shadow over BYD [BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) / BYD Electronic International Co Ltd (HKG: 0285)] ’s plan for its first car factory outside Asia

🇨🇳 The most undervalued consumer staples sector in the world: Chinese baijiu sector (Dragon Invest)

Betting on a reversal from a consumption downturn in the largest consumer market in the world

Penghua CSI Alcohol ETF (SSE:512690)

This ETF tracks the CSI Alcohol Index and is 80% composed of baijiu stocks with the other components being beer and wine stocks mostly. Investing in the sector allows us to own the entire sector at the cheapest valuations since 2013 while not being exposed to the whims of what individual players might be facing. If you believe like me that Chinese consumer spending will come back rapidly in the subsequent years and that like 2013, this glut in the baijiu sector is temporary, then this is perhaps the best opportunity in the entire Chinese stock market right now.

🇨🇳 JF SmartInvest makes roaring, yet vulnerable, comeback on China stock rally (Bamboo Works)

The investment educator’s net profit grew sharply last year, despite a large loss in the first half, amid strong demand for its products fueled by a bull run for Chinese stocks

JF SmartInvest Holdings (HKG: 9636) expects to report its net profit for 2024 rose 36% to 47% despite posting a large loss in the first half of the year

The impressive turnaround comes amid strong interest in trading Chinese stocks, which are rallying on a series of policy measures to stimulate the country’s economy

🇨🇳 EHang seals ‘flying car’ factory deal as orders spike (Caixin) $

Passenger-drone maker EHang Holdings (NASDAQ: EH) will boost its production capacity through a tie-up with a carmaker and a state-owned enterprise, as orders grow rapidly amid government support for the “low-altitude economy.”

The agreement will see EHang, Anhui Jianghuai Automobile Grup Corp Ltd (SHA: 600418) and Hefei Guoxian Holdings Co. Ltd. jointly establish a factory in Hefei to make pilotless electric vertical takeoff and landing (eVTOL) vehicles, EHang said in a statement Tuesday.

🇨🇳 ‘Revenge travel’ slowdown puts damper on Trip.com’s banner year (Bamboo Works)

After delivering impressive results for 2024, China’s leading online travel platform said it is confident of more growth in 2025

Trip.com (NASDAQ: TCOM) ’s reported its profit grew by a robust 72% last year to 17.1 billion yuan

The leading online travel agent’s revenue reached 12.7 billion yuan in the fourth quarter, up 23%

🇨🇳 Trip.com (TCOM) – is a dollar of profit from TCOM much more valuable than from EXPE? (Acid Investments)

Enter Trip.com (NASDAQ: TCOM), arguably the best travel OTA out there in the market, at least based of what I’ve been hearing from friends and family all over the world. This is also supported by Google Trends – notice how TCOM laps prior years bigly whilst Booking.com (BKNG) is more or less in line. Of course, this could be partially explained by BKNG’s scale of adoption but what is clear is that TCOM is on the rise.

As mentioned, TCOM can be simply thought of as a Chinese business – C-trip -, with a fast-growing international arm – Trip.com. As seen below, most of TCOM’s revenue is generated in China.

An interesting factoid, TCOM also owns 49% of Makemytrip (NASDAQ: MMYT), the largest OTA in the world’s most populous nation (India). You could say TCOM basically dominates the two most populous countries in the world…

🇨🇳 [Trip.com (TCOM US, BUY, TP US$74) Review]: Steady Domestic Supports for Venturing in Overseas (Smartkarma) $

Trip.com (NASDAQ: TCOM) reported C4Q24 revenue 5.4%/3.6% higher than our estimate/consensus, and non-GAAP operating profit 11.2%/6.2% higher than our estimate/consensus, supported by strong domestic travel rebound;

Even though C1Q25 margin guidance was soft due to commitment to overseas expansions and a couple of one-time events affecting outbound,

We keep the stock as BUY rating and keep TP at US$74/ADS.

🇨🇳 Trip.com (TCOM, 9961HK): 4Q24, Even Better Results, But Plunged as Expected (Smartkarma) $

Total revenue grew by 24% in 4Q24, higher than 19% we expected.

The stock price plunged in Hong Kong as we expect in our preview note.

However, we believe, any stock decline over 11% means overreacted.

🇨🇳 Airdoc Tech enjoys healing properties of medical AI rally (Bamboo Works)

Riding on the DeepSeek frenzy, medical imaging provider Beijing Airdoc Technology Co Ltd (HKG: 2251) has found favor with investors again after revamping its AI model, but will the recovery be short-lived?

Shares in Airdoc Tech jumped to an eight-month high after the company announced that its upgraded AI system had been integrated with DeepSeek’s model

The medical diagnostics company has been mired in net losses for five straight years, despite rising revenues

🇨🇳 Operating at just half capacity, Daqo looks to Beijing for policy support (Bamboo Works)

The polysilicon maker said plunging prices have begun to stabilize recently and could even rise over the next two months if Beijing announces new policy support

Daqo New Energy (NYSE: DQ)’s revenue fell nearly 60% in the fourth quarter, hit by falling polysilicon prices and the company’s own decision to sharply cut back its output

The company said prices have begun to stabilize on expectation of major policy support in China that could be announced in the next month

🇨🇳 Last orders: leading rice noodle chain to delist from Hong Kong (Bamboo Works)

Restaurant network Tam Jai International Co Ltd (HKG: 2217 / FRA: 29S) is being bought out by its Japanese parent after battling weak growth and a troubled expansion plan

The offer of HK$1.58 per share is nearly 76% above the pre-announcement market price but is a hefty 52.5% below the IPO price

The restaurant chain relied on the Hong Kong market for 94% of its revenue in the six months to the end of September

🇨🇳 Luckin consolidates lead in China’s coffee wars (Bamboo Works)

The company strengthened its position as China’s leading coffee chain in last year’s fourth quarter, as Starbucks looked for a new way forward in the ultra-competitive market

Luckin Coffee (OTCMKTS: LKNCY) reported strong triple-digit gains in its operating and net income in the fourth quarter, sparking an 8% rally in its shares

A weakened Starbucks is seeking a strategic partner for its $1 billion China business as consumers reject its pricey coffee in favor of cheap brews from its rivals

🇨🇳 Forget McDonald’s. This Chinese Fast-Food Chain Is Now the World’s Biggest (WSJ) $ 🗃️

Mixue lures cost-conscious customers with ice cream and drinks under $1 during China’s economic slump

🇨🇳 China bubble tea chain Mixue pops 47% on debut as Hong Kong IPO volumes rebound (Reuters) & Mixue shares surge in Hong Kong trading debut as investors flock to milk tea vendor (SCMP)

Shares of the Zhengzhou-based company changed hands at HK$262 each when trading commenced in Hong Kong, 29.3 per cent higher than their offer price of HK$202.50. They ended the day up 43 per cent at HK$290, outperforming the 0.3 per cent gain in the benchmark Hang Seng Index.

🇨🇳 Chinese consumer stocks are back in favour as Mixue rides Hong Kong IPO revival (SCMP)

Consumer stocks have gained 23 per cent this year, according to one Hang Seng yardstick, as DeepSeek helped with a broader market re-rating

🇨🇳 Mixue Group IPO Valuation Analysis (Douglas Research Insights) $

Mixue Group plans to complete its IPO, selling 17.1 million shares at the IPO price of HK$202.50 per share. The IPO is expected to start trading on 3 March.

Our base case valuation of Mixue Group is implied market cap of HKD 96 billion or target price of HKD 254, which is 26% higher than the initial IPO price.

Our valuation sensitivity analysis suggests a range of HKD 206 to HKD 308 per share for Mixue Group.

🇭🇰 Plover Bay Technologies (1523.HK) – A milestone year with strong growth and expanding opportunities (Pyramids and Pagodas)

Laying the foundation for sustainable growth and rewarding patience along the way

Plover Bay Technologies (HKG: 1523 / OTCMKTS: PBTDF), “Plover Bay”) with a market cap of approximately USD 739 million, experienced another stellar year with its FY24A annual results, showcasing a notable 24% revenue increase, exceeding the USD 100 million threshold (also known as the “valley of death”) to reach USD 117 million, while also realizing a 36% YoY growth in net profit, amounting to USD 38 million. This success is complemented by strategic partnerships, and ongoing innovation. With deepening collaborations, an expanding product line-up, and an emphasis on recurring revenues, Plover Bay is well-positioned for sustained growth in 2025 and beyond.

Plover Bay manufactures routers and sells subscriptions for always-on 5G connectivity, accessible from anywhere in the world. Put simply, the Company leverages satellites to deliver internet to far flung corners of the earth or for one-off use cases.

🇭🇰 We Doctor Holdings IPO: Some Thoughts on IPO Valuation Target Ahead of the Offering (Smartkarma) $

According to PHIP and Crunchbase, We Doctor’s most recently reported valuation was a ~$411M Series F led by HongShan Capital and Millennium Management at a ~$6.7B post-money valuation.

My ballpark estimates suggest that IPO valuation target may be below last round valuation. However, I do not expect a significant discount to Series F post-money valuation of ~$6.7B.

I think investors will ask what is the revenue growth trajectory ahead (FY25-FY28) and why gross profit margins can’t be higher? What is the path to positive free cash flow?

🇭🇰 Hong Kong Exchanges: Turning Positive With Favorable Outlook (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇭🇰 🇬🇧 Hong Kong Exchanges & Clearing (HKG: 0388 / 80388 / FRA: D9I / OTCMKTS: HKXCF) 🇭🇰 – Equity, commodity, fixed income & currency markets through its wholly owned subsidiaries: The Stock Exchange of Hong Kong Limited (SEHK), Hong Kong Futures Exchange Limited (HKFE) & London Metal Exchange (LME). 🇼 🏷️

🇲🇴 Sands China: Balancing Risks And Rewards Amid Macau’s Tourism Recovery (Seeking Alpha) $ 🗃️(?)

🇲🇴 Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) 🇰🇾 – Leading developer, owner & operator of multi-use integrated resorts & casinos in Macao. Holds 1 of 6 concessions or subconcessions permitted by the Macao government. Subsidiary of Las Vegas Sands (NYSE: LVS). 🇼 🏷️

🇲🇴 Macau recovery weaker than expected, but LVS credit supported also by robust trading in its Singapore ops: Fitch (GGRAsia)

“Slightly weaker-than-expected rebound” in the Macau casino market when nonetheless combined with “strong performance” in the Singapore casino market help support overall Las Vegas Sands (NYSE: LVS)’s ‘BBB–‘ with ‘Stable’ outlook credit rating.

That is according to a Friday memo from Fitch Ratings Inc.

The United States-based Las Vegas Sands (LVS) runs a collection of Macau casino complexes under its Hong Kong-listed Sands China Ltd unit; and in Singapore the group’s Marina Bay Sands property is one half of that city-state’s casino duopoly.

🇲🇴 Melco Resorts studying Thai market, a once-in-a-century opportunity, says CEO (GGRAsia)

“We’ve done a lot of studies, we’ve made a lot of trips, we’ve opened an office, we’ve done a whole bunch of stuff there [in Thailand],” said Mr Ho (pictured in a file photo). His comments were made on Thursday on a conference call with investment analysts following Melco Resorts & Entertainment Ltd (NASDAQ: MLCO)’ announcement of its fourth-quarter 2024 results.

“I think Thailand is a generational opportunity, probably happens once every century,” stated the CEO.

In his Thursday remarks, Mr Ho said any investment in Thailand would in likelihood be an “exception” to the group’s recently announced “asset-light strategy”.

🇲🇴 🇵🇭 Melco Resorts says exploring ‘strategic alternatives’ regarding involvement in City of Dreams Manila (GGRAsia)

International casino operator Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) says it is “evaluating potential strategic alternatives” in relation to its involvement in the operations of the City of Dreams Manila casino resort (pictured), in the Philippine capital. The announcement was made on Thursday, prior to the firm announcing its fourth-quarter results.

Melco Resorts’ core assets are based in Macau. The firm also operates a casino resort in Cyprus, and has plans to launch a casino operation in Colombo, Sri Lanka’s capital, later this year.

Melco Resorts Leisure (PHP) Corp, a subsidiary of Melco Resorts, manages and operates City of Dreams Manila based on an operating agreement with Premium Leisure and Amusement Inc, a subsidiary of Philippine-listed Belle Corp (PSE: BEL) .

🇲🇴 Galaxy Entertainment to send team to study Thailand market: Francis Lui (GGRAsia)

Francis Lui Yiu Tung (pictured), chairman of Macau casino operator Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) Group Ltd, says the company is sending a team to Thailand to study the potential of that market as a casino jurisdiction.

“We are conducting studies at the moment” regarding the Thai market, he said. “In the meantime, we still feel very bullish” about the potential of a Thai casino industry, Mr Lui added.

As GGRAsia reported last week, a licensing entity linked to Galaxy Entertainment has applied to the Macau government for several trademarks containing the words “Bangkok” or “Thailand”.

🇹🇼 Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News (Smartkarma) $

Nanya Technology Corp (TPE: 2408 / OTCMKTS: NNYAF) Soared in February on DRAM Recovery and Custom HBM News

Nanya’s Custom HBM Strategy & the Positive DRAM Market Outlook

Memory Monitor Universe: SK Hynix (KRX: 000660) & Micron Still Have Strong FY2025E Expected Growth; Nanya Tech Still Negative

🇹🇼 ChipMOS Results Shows Signs of a Shifting Semiconductor Market; Precarious Multiples: Underperform (Smartkarma) $

ChipMOS Technologies (TPE: 8150 / NASDAQ: IMOS) Revenue Growth for the 2024, but a Weak Fourth Quarter; Gross Margin Hammered

ChipMOS Sees Relative Weakness in Displays, Smartphones / Areas of Strength: Automotive and OLED

Underperform Rating — Falling Utilization and Conservative Capex Signal OSAT Industry Challenges

🇹🇼 LITE ON Comments Signal Continued Strength in Cloud/AIOT Ahead of Upcoming Nvidia Results (Smartkarma) $

Lite-On Technology Corp (TPE: 2301) Signals for Continued Strength in Cloud/AIOT Ahead of Upcoming Nvidia Results

Lite On’s 1Q25E Outlook Was Positive and Did Not Indicate A Near-Term Slowdown

Industry Take-Aways — Still No Signs of Acceleration on PC/Consumer… However Signals Cloud/AIoT Demand Healthy

🇰🇷 Warren Buffett’s Increased Stakes in Japanese Trading Houses – Impact on Korean Trading Companies (Douglas Research Insights) $

In this insight, we discuss how Buffett’s increased stakes in Japanese trading companies could positively impact Korean trading companies.

In addition, we look back at the past five years and compare how the major Korean trading companies have performed relative to their Japanese counterparts.

In Korea, we believe that the following 5 major Korean trading companies (Posco International Corp (KRX: 047050), Hanwha Corporation (KRX: 000880), LX International (KRX: 001120), Samsung Corp, and Hyundai Corp (KRX: 011760)) could continue to outperform the market.

🇰🇷 POSCO Holdings: A Value Stock With Consistent Profitability (Seeking Alpha) $ 🗃️

🌐 POSCO Holdings (NYSE: PKX) – Integrated steel producer. 6 segments: Steel, Trading, Construction, Logistics & Others, Green Materials & Energy & Others. 🇼 🏷️

🇰🇷 POSCO Int & Seah Steel Holdings: Key Beneficiaries of Trump’s Plan to Develop Alaskan Gas Fields (Douglas Research Insights) $

Posco International Corp (KRX: 047050) and Seah Steel Holdings Corp (KRX: 003030) are two key beneficiaries of the Trump administration’s efforts to significantly increase the Alaskan gas fields.

The initial estimated cost of this massive project is about $44 billion for the pipeline and related infrastructure.

Despite recent rallies, the valuations of POSCO International and Seah Steel Holdings remain attractive.

🇰🇷 What Is NPS Buying and Selling in the Korean Stock Market in 2025 So Far? (Douglas Research Insights) $

KOSPI and KOSDAQ are up 10.2% and 14%, respectively YTD, outperforming S&P 500 is up 2.2% in the same period. so far.

One of the big drivers of higher share prices of Korean stock market this year has been the strong net buying by the NPS.

Some of the major stocks that have been net purchased by the NPS so far this year include Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF), SK Hynix (KRX: 000660), LG Energy Solution (KRX: 373220), Hyundai Engineering & Construction (KRX: 000720 / 000725), and Samsung Biologics (KRX: 207940)…

🇰🇷 Ecopro Materials: Seeking 300 Billion Won in Additional Capital Raise (Douglas Research Insights) $

It has been reported in the local media that Ecopro Materials (KRX: 450080) is seeking about 300 billion won in additional capital which represents about 5% of its market cap.

There could be concerns about dilution associated with this capital raise which could result in share price decline. The company is currently considering on issuing RCPS for this capital raise.

There could be additional concerns about potential dilution associated with this capital raise which could result in further share price decline for Ecopro Materials.

🇰🇷 Seoul Guarantee Insurance IPO Bookbuilding Results Analysis (Douglas Research Insights) $

The majority of the investors placed orders at 26,000 won, which is the lower end of the IPO price range (26,000 won to 31,800 won).

SGIC held internal discussions to set the public offering price at 26,000 won. The final price (which is likely to be 26,000 won) will be revealed on 4 March.

Our updated base case valuation of SGIC is base case target price of 28,925 won per share. Given the lack of upside, we have a negative view of this deal.

🇰🇷 Dozn IPO Preview (Douglas Research Insights) $

Dozn is getting ready to complete its IPO in Korea in March 2025. The company plans to offer 2.5 million shares in this IPO.

The IPO price range is from 10,250 won to 12,500 won per share and the offering amount ranges from 26.2 billion won to 31.2 billion won.

Founded in 2017, Dozn is emerging as a prominent business-to-business (B2B) digital solution service provider in Korea…

🇲🇾 GEN Malaysia posts US$102.5mln 4Q loss, ends year in profit but down 42.3pct on 2023 (GGRAsia)

Global casino operator Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF) swung to a MYR457.90-million (US$102.5-million) loss in the fourth quarter, it said in a Thursday filing to Bursa Malaysia.

That compared to a MYR569.16-million profit in the third quarter, and a MYR 239.64-million profit in the fourth quarter 2023.

For the whole of 2024, the business had a profit of nearly MYR251.28 million, though that was down 42.3 percent year-on-year. Full-year revenue was MYR10.91 billion, up 7.1 percent year-on-year.

Analyst Samuel Yin Shao Yang added: “The earnings shortfall was due to Genting UK and Resorts World New York City, where higher staff cost caused their fourth-quarter EBITDA [earnings before interest, taxation, depreciation and amortisation] to fall 47 percent quarter-on-quarter and 39 percent quarter-on-quarter.”

The analyst further noted: “Genting Malaysia may bid for a Thai casino licence separately from sister company, Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY),” referring to the operator of the Resorts World Sentosa casino complex in Singapore.

🇲🇾 Malaysia Continues to Be an Attractive Investment Destination (The Smart Investor)

Here are some reasons why he believes Malaysian stocks can deliver.

A booming stock market

For starters, Malaysia’s stock market experienced a boom last year, with a whopping 55 initial public offerings (IPOs).

These IPOs were also a sharp jump from the 32 back in 2023.

It was also the highest number of listings that Bursa Malaysia Bhd (KLSE: BURSA / OTCMKTS: BSMAF) has welcomed in nearly two decades.

Large population with buoyant consumer sentiment

Well-known brands

There’s Dutch Lady Milk Industries Bhd (KLSE: DLADY) which offers an extensive range of milk-based products ranging from fresh milk to yoghurt drinks.

Ajinomoto (Malaysia) Berhad (KLSE: 2658) allows you to own a slice of the business that manufactures and sells food seasoning products.

There are other well-known brands whose shares you can find on the Malaysian stock exchange such as Carlsberg Brewery Malaysia Bhd (KLSE: CARLSBG), thereby giving you a chance to own a slice of the familiar brands that you encounter daily.

Get Smart: Dividends galore

🇵🇭 Philippines’ Belle Corp declares dividend amid resilient 2024 performance: CEO (GGRAsia)

The board of Philippine-listed Belle Corp (PSE: BEL) has approved the declaration of a cash dividend amounting to PHP0.06 (US$0.001) per share.

The dividend will be paid to shareholders on record as of March 7. The payment is expected to be made on March 21, the firm said in a filing on Monday, following the board’s decision on Friday.

Belle said it expects the total dividend payment to amount to PHP582.0 million.

Belle’s subsidiary Premium Leisure Corp gets a share of gaming revenue from Philippine casino resort City of Dreams Manila, run by a unit of Melco Resorts & Entertainment Ltd (NASDAQ: MLCO).

🇸🇬 4 Singapore Stocks That Will Benefit from the SG60 Budget (The Smart Investor)

Prime Minister Lawrence Wong delivered his Budget 2025 speech on 18 February and also announced a slew of goodies to celebrate Singapore’s 60^th anniversary (SG60).

The government will dish out SG60 vouchers that can be claimed in the same way as CDC vouchers – these can be spent at eligible hawker stalls, coffee shops, and supermarkets.

Here are four Singapore businesses that stand to benefit from these SG60 vouchers.

Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) operates one of the largest supermarket chains in Singapore and has 74 outlets spread across the island.

DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY) is a pan-Asian retailer with more than 11,000 outlets across 13 countries and territories.

Jumbo Group (SGX: 42R) is a food and beverage company renowned for its chilli crab.

Kimly Ltd (SGX: 1D0) operates a network of 86 food outlets, 176 food stalls, and several restaurants and food kiosks under the Tonkichi and Tenderfresh brands.

🇸🇬 Sea Limited Is Still Undervalued (Seeking Alpha) $ 🗃️

🌏 Sea Limited (NYSE: SE) – 3 core businesses: Garena (global online games developer & publisher), Shopee (largest pan-regional e-commerce platform in SE Asia & Taiwan), SeaMoney (leading digital payments & financial services provider in SE Asia). 🇼 🏷️

🇸🇬 Deep dive into Grab ($GRAB) (The Finance Corner)

Grab Holdings Limited (NASDAQ: GRAB)

Southeast Asia’s first decacorn ($10 billion company)

The company has a dual-class share structure.

Each Class A share carries one vote, and each Class B share carries 45 votes.

This structure allows Anthony Tan to have more than 50% of the voting power while owning less than 4% of all outstanding shares.

🇸🇬 Singapore Airlines: Too Inconsistent For Investment (Seeking Alpha) $ 🗃️

🌐 Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF) – Flag carrier of Singapore. 20+ subsidiaries e.g. SIA Engineering Company (SGX: S59 / FRA: O3H / OTCMKTS: SEGSF). 🇼 🏷️

🇸🇬 DBS Group Holdings Delivers Another Record Profit In 2024 (Seeking Alpha) $ 🗃️

🇸🇬 DBS Group: Management Ramps Up Capital Returns (Seeking Alpha) $ 🗃️(?)

🌏 DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) – Financial services group in Asia with a presence in 19 markets: Greater China, Southeast Asia & South Asia. 🇼 🏷️

🇸🇬 China Yuchai’s Valuation Looks Tempting, But Weak Cash Flow Says Otherwise (Seeking Alpha) $ 🗃️

🌏 China Yuchai International Limited (NYSE: CYD) 🇧🇲 – Diesel & natural gas engines for trucks, buses & passenger vehicles, marine, industrial, construction, agriculture & generator set applications. Subs. of Singapore-based Hong Leong Asia Ltd (SGX: H22 / FRA: HOM). 🇼

🇸🇬 CapitaLand Ascendas REIT: Consider Both Short-Term And Mid-Term Prospects (Rating Downgrade) (Seeking Alpha) $ 🗃️

🌐 CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF) – Business Space & Industrial REIT. Australia, Europe, Singapore, USA & UK. 🇼 🏷️

🇸🇬 SIA Engineering Company: High Growth With Expensive Valuation (Seeking Alpha) $ 🗃️(?)

🌐 SIA Engineering Company (SGX: S59 / FRA: O3H / OTCMKTS: SEGSF) – Subs. of Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF)

🇻🇳 VinFast Auto: Safety Net To Unlock Asia’s EV High Growth Potential (Seeking Alpha) $ 🗃️

🇻🇳 VinFast: A Critical Growth Year (Seeking Alpha) $ 🗃️

🌐 VinFast Auto Ltd. (NASDAQ: VFS) – Design & manufacture of EVs, e-scooters, e-buses & parts. 🇼

🇮🇳 Krsnaa Diagnostics Limited Q3FY25 Update: Radiology, Pathology, and Expansion in Retail (Smartkarma) $

Krsnaa Diagnostics (NSE: KRSNAA / BOM: 543328) Q3 FY25 Revenue increased by 10% YoY, with PAT up by 50%, driven by strong performance in radiology and pathology, and expansion in retail and collection centers.

Robust financial and operational improvements, despite some project delays, highlight the company’s effective cost management and strategic expansion, positioning it well for future market growth.

The company aims to expand its retail network to 500 touchpoints and target to expand partnerships with hospitals, nursing homes, and laboratories to 1,000 by FY26.

🇮🇳 The Beat Ideas: Manappuram Finance: Gold Loan Growth, Ashirwad IPO Play (Smartkarma) $

Manappuram Finance Ltd (NSE: MANAPPURAM / BOM: 531213) is a leading Indian NBFC specializing in gold loans, offering financial services to lower socio-economic backgrounds with 5,286 branches across India.

The RBI had barred the microfinance arm Aashirwad Micro Finance from sanctioning and disbursing loans due to non-compliance. Company is planning for IPO and intended to raise INR 1500 Crore.

Manappuram is committed to growing its secured lending portfolio, including gold loans and other secured assets and anticipates overall growth of 15%-18% in the consolidated loan book.

🇮🇳 The Beat Ideas: Solara Active Pharma Science~ Turnaround & Value Unlocking Via Demerger (Smartkarma) $

Refocusing on the core business with the promoter stepping back on the board & demerger. Also focusing on value-added products and reducing debt from rights issues & internal accruals.

Solara Active Pharma Sciences Ltd (NSE: SOLARA / BOM: 541540) had issues in getting US FDA approvals for the Visakhapatnam facility & pricing pressure on the key product Ibuprofen.

The CRAMS and high-potent API segments have the potential to generate significant value over the next 4-5 years through the addition of new customers.

🇮🇳 The Beat Ideas: Greaves Cotton- Demerging The Cash Cow From Mobility Business (Smartkarma) $

Greaves Cotton Ltd (NSE: GREAVESCOT / BOM: 501455) is raising funds by separately listing its mobility arm, enabling better focus and execution for the segment.

Company is guiding for 30,000Cr topline by 2030 with 13-15% margins excluding mobility segment.

The company’s core business remains profitable and on a growth path. New funds will improve the mobility arm’s operations and support current business growth would be from ongoing capex investments.

🇮🇳 The Beat Ideas: What Is Inside Jio Financial Services? (Smartkarma) $

Jio Financial Services (NSE: JIOFIN / BOM: 543940) has launched a robust digital ecosystem with its flagship JioFinance app, enhancing its tech-driven financial service offerings.

The digital-first strategy minimizes legacy constraints, enabling personalized financial solutions that significantly boost efficiency and competitive advantage.

This evolution redefines traditional banking, positioning JFSL as a versatile, technology-led powerhouse for sustainable growth in India’s financial sector.

🇮🇳 Post Demerger Outlook: OneSource Specialty Pharma- India’s First Multi-Modality CDMO (Smartkarma) $

Onesource Specialty Pharma Ltd (NSE: ONESOURCE / BOM: 544292) has transitioned from a niche player to a multi-modality CDMO powerhouse through strategic restructuring, rapid revenue expansion, and aggressive capacity building.

With a projected INR1,400 crore revenue in FY25 (INR173 crore in FY24) and shifting from MSA to CSA contracts, OS is stabilizing its revenue model, tapping into high-growth segments.

By leveraging a first-mover advantage in GLP-1, regulatory strength, and a $100 million capex plan, OS is positioning itself to become a billion-dollar global CDMO leader within the next 3-4Yrs.

🇮🇳 Adani revives US investment plans as Trump moves fuel hopes (FT) $ 🗃️

US president’s actions have fuelled expectations in group that cases against Gautam Adani will collapse

🇮🇳 HDFC Bank’s Future: Walking A Tightrope (Seeking Alpha) $ 🗃️ (?)

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

🇰🇿 Kaspi | Fin-Tech Super-App Business (Rock and Turner Investment Analysis)

Ever wish you found Amazon or Mercado Libre Before they traded at High Multiples?

Enter KASPI (NASDAQ: KSPI / LON: 80TE / FRA: KKS). This company quietly transitioned from the London Stock Exchange to a U.S. listing in January 2024, with little fanfare. Backed by a world-class management team with a two-decade track record of outstanding results, Kaspi is still in the early stages of its long-term growth journey—making it a company worth paying attention to.

🌍 Africa Oil Corp.’s Earnings Spell Opportunity (Seeking Alpha) $ 🗃️

🌍 Africa Oil Corp (TSE: AOI / STO: AOI / FRA: AFZ / OTCMKTS: AOIFF) – Oil & gas exploration & production + exploration & appraisal assets in Africa.

🇿🇦 A Deep Dive into Sibanye ($SBSW): Unlocking a 5x Upside on PGM Prices (Undervalued and undercovered)

High-Cost Assets, High Reward: Why a Price Spike Magnifies Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) ’s Gains

Key points:

High Leverage to PGM Prices: With around 70% of revenue from PGMs, Sibanye-Stillwater’s legacy high-cost operations offer substantial upside if prices rebound.

Strategic U.S. PGM Assets: U.S. mines and recycling operations are particularly valuable, given geopolitical uncertainties around palladium supply and potential trade issues with Russia.

Sum-of-the-Parts Approach: From gold and PGMs to uranium and other minerals, various segments contribute to Sibanye’s valuation, offering both downside protection and significant upside.

🇿🇦 Sibanye Stillwater: Deep Value Play, But Don’t Buy Yet (Seeking Alpha) $ 🗃️

🌐 Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) – World’s largest primary producers of platinum, palladium & rhodium & is a top-tier gold producer. Projects & investments across 5 continents. 🇼 🏷️

🇬🇧 Panthera Resources – multi-bagger legal claim? (Undervalued Shares)

What got investors excited wasn’t Panthera Resources PLC (LON: PAT)‘ gold prospects in West Africa, but an old legal claim against the Republic of India.

Aspects of this claim date back over 20 years, which is why the market had long forgotten about it.

In 2004, Panthera Resources and India signed an agreement for the company to prospect for gold in Bhukia in the Rajasthan region. Following its initial work, Panthera Resources located a potential 1.7m ounces – a remarkable find in its own right, and all the more remarkable given that the company had only prospected on 10% of the area. There were concrete indications to suspect that this could be a world-class gold mining district that extended far beyond the initial find.

Subsequently, the potential gold reserve turned out to be nearer to 7m ounces, putting Bhukia into the big league globally. However, Panthera Resources never got to develop and exploit the resource. The State of Rajasthan and the Republic of India didn’t allow the company to follow through on the agreement they had signed – in effect, expropriating the company.

🌎 MercadoLibre: Potential Dip Buying Opportunity Ahead – Performance Metrics Continue To Impress (Seeking Alpha) $ 🗃️

🌎 MercadoLibre (NASDAQ: MELI) – Uruguay HQ’d. The largest online commerce & payments ecosystem in Latin America. 🇼 🏷️

🇦🇷 Banco BBVA Argentina: Why Banks Are Not The Best Option For The Argentine Play (Seeking Alpha) $ 🗃️

🇦🇷 Bbva Argentina (NYSE: BBAR) – Subsidiary of Banco Bilbao Vizcaya Argentaria S.A. (NYSE: BBVA). Retail & corporate banking to a broad customer base, including individuals, SMEs & large companies. 🇼 🏷️

🇧🇷 Petrobras Q4 Earnings: Unpacking The Latest Concerns (Seeking Alpha) $ 🗃️

🌐🏛️ Petrobras (NYSE: PBR / PBR-A / BCBA: PBR / PETR4) or Petróleo Brasileiro SA – Explores, produces & sells oil & gas. 🇼

🇧🇷 Global Poultry Prices May Be Peaking, But BRF Should Be Getting More Credit (Seeking Alpha) $ 🗃️

🌐 BRF Brasil Foods SA (NYSE: BRFS / BVMF: BRFS3) – Brazilian food processing company with 30+ brands in its portfolio. 🇼 🏷️

🇧🇷 Azul’s Flight To Recovery: Merger, Deleverage, And Survival (Seeking Alpha) $ 🗃️ (?)

🇧🇷 Azul Sa (NYSE: AZUL / BVMF: AZUL4) – Scheduled air transportation services in Brazil. 🇼 🏷️

🇧🇷 Why Investors Are Sleeping On Inter’s Long-Term Potential (Seeking Alpha) $ 🗃️

🇧🇷 Inter & Co Inc (BVMF: INBR32 / NASDAQ: INTR) – Holding company of Inter Group & indirectly holds all of Banco Inter’s shares. Inter is a Super App providing financial & digital commerce services. 🏷️

🇧🇷 Sigma Lithium: Share Price Building Momentum, Expecting A 2025 Recovery (Seeking Alpha) $ 🗃️

🇧🇷 Sigma Lithium Corporation (CVE: SGML) – Exploration & development of lithium deposits in Brazil. 🏷️

🇧🇷 Azul Confirmed 85% Dilution But Might Still Not Cover Interest, A Clear Pass (Seeking Alpha) $ 🗃️ (?)

🇧🇷 Azul Sa (NYSE: AZUL / BVMF: AZUL4) – Scheduled air transportation services in Brazil. 🇼 🏷️

🇧🇷 [FREE] Nu Holdings (NU) Investment Thesis Statement (Schwar Capital)

Nu Holdings (NYSE: NU)‘ 15%+ drop today appears overstated in our view, presenting an asymmetric investment opportunity in NU, a high-quality business with excellent growth prospects. Our thesis is built around the following three points:

Nu is taking advantage of a unique market opportunity in Latin America’s highly concentrated banking sector, driving exceptional growth and superior unit economics

The market is overly focused on short-term metrics rather than Nu’s extraordinary long-term growth potential

Strong moat characteristics create significant downside protection

Overall, our analysis suggests that Nu Holdings’ current valuation does not fully reflect its strong fundamentals offering a compelling entry point for long-term investors.

🇨🇴 GeoPark: One Founder Was Right (Seeking Alpha) $ 🗃️ (?)

🌎 GeoPark Ltd (NYSE: GPRK / LON: 0MDP / FRA: G6O) – Leading independent Latin American oil & gas explorer in Colombia, Ecuador, Chile & Brazil. 🏷️

🇲🇽 FEMSA: Q4 Rebound In Proximity America’s Growth Is Encouraging – Maintain Buy Rating (Seeking Alpha) $ 🗃️

🇲🇽 FEMSA Languishing As Consumer Activity Slows And Capex Deployments Continue (Seeking Alpha) $ 🗃️(?)

🇪🇺 Fomento Economico Mexicano SAB de CV (NYSE: FMX) – Operates OXXO (a small-format store chain), OXXO Gas (retail service stations) Valora (operator of convenience & foodvenience in 5 countries in Europe) & Coca-Cola Femsa SAB de CV (NYSE: KOF). 🇼 🏷️

🇲🇽 Orbia’s Market Are Challenged And The Name Offers Very Attractive Valuations (Seeking Alpha) $ 🗃️

🇲🇽 Orbia Advance Corporation SAB de CV (BMV: ORBIA / FRA: 4FZ / OTCMKTS: MXCHF) – Polymer Solutions (Vestolit & Alphagary), Building & Infrastructure (Wavin), Precision Agriculture (Netafim), Connectivity Solutions (Dura-Line) & Fluorinated Solutions (Koura) sectors. 🇼 🏷️

🇵🇦 First Quantum Steps Up Campaign to Reopen Panama Copper Mine (Bloomberg) 🗃️

‘The needle has moved’ on public opinion, mine executive says

Still, the company is yet to sit down with President Mulino

First Quantum (TSE: FM / FRA: IZ1 / OTCMKTS: FQVLF) has been pursuing a multipronged approach to revive its operation ever since. The company sought arbitration through the International Chamber of Commerce in Miami, and has pursued a challenge under a free trade agreement between Panama and Canada. Meanwhile, it’s been trying to win over Panamanians through a public relations push that included offering daylong public visits to the mine and, this week, extending the outreach to international media.

🌐 Nebius Group: Q4 Not As Bad As It May Seem At First Glance (Seeking Alpha) $ 🗃️

🌐 Nebius: The Earnings Miss Shouldn’t Bother You (Seeking Alpha) $ 🗃️

🌐 Nebius Group NV (NASDAQ: NBIS) – AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼 🏷️

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📰🔬 Further Suggested Reading

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

🇨🇳 In Depth: Chinese local governments foresee heightened fiscal pressure (Caixin) $

Chinese local governments anticipate greater fiscal pressure in 2025, with many setting conservative revenue targets for the year, as they face economic hurdles including persistently weak prices and an ailing property market.

The Chinese mainland’s 31 provincial-level regions posted widely diverging performance in their 2024 general public budget (GPB) revenues, with five showing year-on-year declines, 23 posting growth rates between 0.2% and 6.6%, and three pulling off double-digit growth, according to Caixin’s analysis of government reports.

🇨🇳 China’s small exporters look for plan B as Trump quashes trade loophole (FT) $ 🗃️

Tax exemption that provides crucial lifeline to thousands of businesses set to disappear

🇭🇰 As Hong Kong stocks surge, foreign investors stay on sidelines (Caixin) $

Hong Kong’s stock market is having a moment, but questions remain about whether the current rally will last as many foreign investors with longer time horizons have so far stayed on the sidelines.

As of Wednesday, Hong Kong’s benchmark Hang Seng Index was up 21% year-to-date, with a separate index tracking the city’s tech stocks up 37%.

The rally has been propelled by two events: the rise of the Chinese artificial intelligence (AI) company DeepSeek, and President Xi Jinping’s meeting last week with Chinese tech moguls and other private business leaders.

🇰🇷 Greater Scrutiny by the FSC on Rights Offerings and IPOs That Could Destroy Shareholder Value (Douglas Research Insights) $

On 27 February, the Financial Supervisory Service (FSC) announced that it plans to give greater scrutiny on rights offerings and IPOs in Korea that could potentially destroy shareholder value.

Overall, these attempts to improve the rights offerings and IPOs in Korea appear to be a step in the right direction.

However, these measures are likely to negatively impact new rights offerings and IPOs in 2025. Various trading strategies involving rights offerings and new IPOs may need to be revised.

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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):

📅 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).

🗳️ Election Calendar

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

Greenland Greenland Diet 2025-03-11 (d) Confirmed 2021-04-06
Cayman Islands Referendum 2025-04-30 (d) Confirmed
Cayman Islands Cayman Legislative Assembly 2025-04-30 (d) Confirmed 2021-04-14
Romania Romanian Presidency 2025-05-04 (d) Confirmed 2024-12-08
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
Venezuela Venezuelan National Assembly 2025-05-25 (d) Date not confirmed 2020-12-06
Macau Chinese Legislative Council (Macau) 2025-09-21 (t) Date not confirmed 2021-09-12
Côte d’Ivoire Ivorian Presidency 2025-10-25 (d) Confirmed 2020-10-31
Argentina Argentinian Chamber of Deputies 2025-10-26 (t) Date not confirmed 2023-10-22
Argentina Argentinian Senate 2025-10-26 (t) Date not confirmed 2023-10-22
Czech Republic Czech Chamber of Deputies 2025-10-31 (t )Date not confirmed 2021-10-08
Chile Chilean Chamber of Deputies 2025-11-16 (d) Confirmed 2021-11-21
Chile Chilean Presidency 2025-11-16 (d) Confirmed 2021-12-19
Chile Chilean Senate 2025-11-16 (d) Confirmed 2021-11-21
Singapore Singaporean Parliament 2025-11-30 (t) Date not confirmed 2020-07-10
Hong Kong Hong Kong Legislative Council 2025-12-31 (t) Date not confirmed 2021-09-05

📅 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):

Sagtec Global Ltd. SAGT The Benchmark Company, 1.8M Shares, $4.00-4.50, $7.4 mil, 3/4/2025 Tuesday

Our business was originally incorporated in Malaysia in 2018, and is principally involved in the provision of customizable software solutions encompassing several types of software such as a smart ordering system, Speed +, which is a smart solutions application software for the food and beverage industry.

The Speed+ software is installed onto our existing Point of Sale (POS) machines, which are sourced from third-party suppliers. These POS machines, equipped with Speed+, are then leased to clients, providing a seamless and integrated solution for efficient order management and transaction processing. We also offer customizable software and application development for table ordering, QR ordering and self-service kiosk ordering.

Our products and services such as our smart ordering system, Speed +, as well as any software and application development for table ordering, QR ordering and self-service kiosk ordering, are marketed to the bulk of our customers in Malaysia, who belong to the food and beverage (“F&B”) industry. However, the customizable nature of our software and application development services which further extends to customer relationship management and invoicing software is offered to businesses across different industries, with a focus on F&B but also extending to other industries such as Geotechnology, beauty products and property consulting.

Apart from our product, Speed+, we also sell food ordering kiosk machines designed to improve the dining experience for both customers and businesses. These kiosk solutions combine innovative technology with user-friendly interfaces, allowing patrons to effortlessly browse menus, customize orders, and make secure payments. They are designed to improve efficiency, reduce labor costs, and gather valuable data on customer preferences and ordering patterns.

Beyond the F&B industry, we serve a broader clientele as a trusted partner. Our software development services showcase our commitment to understanding and addressing the unique needs of our clients. Our experienced software development team creates tailored solutions, often starting with a comprehensive software development blueprint in the form of a white paper. Whether it involves developing applications or addressing complex software development projects, our in-house programmers bring over a combined 14 years of experience and expertise. For specialized or complex projects, we collaborate with trusted outsourcing partners to ensure our clients have access to the right skills and resources.

In a digital age where social media plays a crucial role in brand presence, we offer social media management services. Responsible for overseeing the social media accounts of Key Opinion Leaders (KOLs) and influencers, we attempt to ensure that these digital influencers maintain a current and engaging online presence. By leveraging data analysis, including demographic data, comments, post likes, and other metrics, we fine-tune content strategies in order to obtain the maximum impact. We further provide additional products and services through the sale of power-bank charging stations through our majority owned subsidiary, CL Technologies. Recognizing the trend in demand for portable power-bank charging for mobile devices, we have developed additional expertise in providing power-bank charging stations across 300 locations in Malaysia, working with shopping malls, parks and other public areas.

Our expertise extends beyond software development. We also offer a comprehensive data management service. By efficiently handling clients’ incoming raw data, including tasks like sorting, filtering, and reorganizing data within servers, we help clients easily access the information they need, streamlining their operations and decision-making. ne 30, 2023 and June 30, 2024, our data management services contributed 28.47% and 12.74% of our revenue, respectively.

For the year ended December 31, 2023, business in Malaysia contributed to 100% of our Group’s revenue. We also believe that our financial results reflect our strong market position.

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

(Note: Sagtech Global Ltd. is offering 1.75 million shares at a price range of $4.00 to $4.50 to raise $7.44 million, according to its F-1/A filing dated Jan. 27, 2025.)

OMS Energy Technologies, Inc. OMSE Roth Capital Partners, 5.6M Shares, $8.00-10.00, $50.0 mil, 3/7/2025 Friday

(Incorporated in the Cayman Islands)

We are a growth-oriented manufacturer of surface wellhead systems, or SWS, and oil country tubular goods, or OCTG products used in the oil and gas industry. These products are primarily used for both onshore and offshore oil exploration and production, or E&P activities in the Asia Pacific and the Middle Eastern and North Africa (MENA) Regions.

Our customers often operate in geographic locations where the operating environment requires wellheads, casing and tubing materials capable of meeting exact standards for temperature, pressure, corrosion, torque resistance and abrasion. Our products have been designed, manufactured and certified with the American Petroleum Standards (API) and International Organization of Standardization (ISO). Through our comprehensive and technologically advanced portfolio of SWS and OCTG, we are able to serve as a single-source supplier for our customers and respond to their demand for products. Our operations benefit from our broad, strategically positioned geographic footprint, which supports our ability to supply our (i) Specialty Connectors and Pipes and (ii) Surface wellhead and Christmas tree allowing us to serve our customers operating in the Asia Pacific and MENA Regions.

We have finishing facilities in close proximity to some of our top end-users’ E&P operations, for example, we have facilities in Saudi Arabia where our largest client, Saudi ARAMCO Oil is located, which allows us to provide our customers with customized technical solutions and to synchronize our production and logistics with evolving demands.

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

(Note: OMS Energy Technologies, Inc. is offering 5.56 million ordinary shares (5,555,556 ordinary shares) at a price range of $8.00 to $10.00 to raise $50.0 million, according to its S-1/A filings.)

Eastern International ELOG Maxim Group LLC, 1.6M Shares, $4.00-5.00, $7.2 mil, 3/10/2025 Week of

We handle domestic and cross-border logistics. (Incorporated in the Cayman Islands)

We, through Suzhou TC-Link, provide domestic and cross-border professional logistics services, including project logistics and general logistics for our clients. Suzhou TC-Link was established on January 9, 2006, in Jiangsu Province, China.

Our project logistics services mainly include construction project logistics and special cargo logistics for large or precision equipment. Construction project logistics range from a certain stage or the entire process of construction projects, including purchase, packaging, storage, loading and unloading, transportation, fixation, installation of the equipment and machinery for construction as well as other related logistics services.

We primarily provide our logistics solution services for new energy projects (including wind power turbine, photovoltaic, renewable energy storage, etc.), chemical equipment, engineering and infrastructure construction projects (including roads and bridges, tunnel construction). Special cargo logistics for large or precision equipment refer to logistic services to the manufacturers or purchasers of special and customized large and/or precision equipment, such as stamping machines, lathe, aircraft engines, and others. We study the operations of our clients, analyze their logistics needs and provide them with specific solutions which will improve the cost efficiency and achieve higher services’ quality). We have provided logistics services in China for wind power turbine projects which were exported to numerous countries, including Vietnam, the UAE, Australia, South Africa and Chile.

Our general logistics services refer to the transportation, warehousing, loading and unloading, and distribution of ordinary products. For instance, we provide logistic services for household appliances manufacturers, including the transportation of goods from manufacturing factories to warehouses, and to distributors’ warehouses nationwide, according to customers’ instructions. Delivery can be made in whole truckload or less than truckload. We have built a network with subsidiaries and offices in Suzhou, Wuxi, Yancheng, Chengdu, Chongqing, Guangzhou, Shenzhen, Kunming and Mohan, covering most major cities and areas in China.

The company has offered its cross-border logistics services since 2019, with the focus mainly on inland transportation and railway transportation between Mainland China and Southeast Asia countries for cargoes such as bulk commodities, electronic products, tires, new energy equipment and other machinery. For example, we completed transportation from Laos to China of 707 units of 40ft containers, 914 units of 20ft containers and 244 units of open top containers for rubber, iron ore, barley and Cassava starch in 2022. We also provided service for the shipment of washing machines through the China-Europe Railway Express to Europe.

The company owns 20 trucks. We have cooperative relationships with other owners and drivers for over 2,000 trucks for domestic long-distance transportation and less-than-carload (shipments of) goods. When we receive orders and projects, we make inquiries to these drivers/owners and ask them to provide a fee estimate for the job. If they provide a reasonable price or their prices are less than the cost of using our own trucks, we will engage these drivers to undertake the transportation.

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

(Note: Eastern International filed its F-1 on Sept. 3, 2024, disclosing terms for its micro-cap IPO: 1.6 million shares at a price range of $4.00 to $5.00 to raise $7.2 million, if priced at the $4.50 mid-point of its range. Background: Eastern International submitted confidential IPO documents to the SEC on March 22, 2024.)

Epsium Enterprise Ltd. EPSM Benjamin Securities/ D. Boral Capital (ex-EF Hutton), 1.3M Shares, $4.00-5.00, $5.6 mil, 3/10/2025 Week of

(Incorporated in the British Virgin Islands)

We are a holding company incorporated under the laws of British Virgin Islands. As a holding company with no material operation of its own, we conduct substantially all our operations through an indirect Macau subsidiary, Companhia de Comercio Luz Limitada in Macau, or Luz. Luz is an 80%-owned subsidiary of Epsium Enterprise Limited in Hong Kong, or Epsium HK. Mr. Son I Tam, our CEO, CFO, Chairman, principal shareholder, and the founder of Epsium and Luz directly holds (i) 89.996% ownership interest in Epsium, (ii) 19% interest in Epsium HK, and (iii) 20% ownership interest in Luz.

Luz is an import trading and wholesaler of primarily alcoholic beverages in Macau. Through Luz, we import and sell a broad range of premium beverages, primarily alcoholic beverages and, in 2022, a small quantity of tea and fruit juice. The alcoholic beverages we sell include Chinese liquor, French cognac, Scottish whiskey, fine wine, Champagne, and other miscellaneous beverage alcohol. Sales of Chinese liquor is by far our most significant operations, and we are a top wholesaler of high-end Chinese liquor in Macau. We operate only in Macau.

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

(Note: Epsium Enterprise Ltd. increased its IPO’s size to 1.25 million shares – up from 1.0 million shares – and cut the price range to $4.00 to $5.00 – down from $5.00 to $7.00 – to raise $5.63 million, according to an F-1/A filing dated Feb. 3, 2025.)

(Note: Epsium Enterprise Ltd. made a change in its joint book-running team, according to an F-1/A filing dated Jan. 8, 2025: D. Boral Capital (formerly known as EF Hutton) was named as a joint book-runner, replacing Prime Number Capital, to work with Benjamin Securities. Background: This is a micro-cap IPO – just 1.0 million shares at a price range of $5.00 to $7.00 to raise $6.0 million.)

Ruanyun Edai Technology Inc. RYET AC Sunshine Securities, 3.8M Shares, $4.00-5.00, $16.9 mil, 3/10/2025 Week of

We are not a Chinese operating company but a Cayman Islands holding company with no operations. (Incorporated in the Cayman Islands)

**Note: The ordinary shares offered in this (initial public) offering are shares of our offshore holding company, Ruanyun Edai Technology Inc., instead of shares of the VIE or its subsidiaries in China. (From the prospectus – See link to the prospectus in the chart below.)

We are a data driven artificial intelligence, or A.I., technology company focused on kindergarten through year twelve, or K-12 education in China. We bring technology to schools, and we are committed to reforming the traditional Chinese education and learning model by facilitating schools, teachers and students with new teaching, learning, and assessment methods in the A.I. era.

We believe the road to college should come with directions. Our mission is to help each K-12 student understand their specialty and find their way to higher education and future success. We believe we have one of the most comprehensive online learning ecosystems covering all K-12 subject fields and grade levels, one of the largest academic exercise question banks that is designed and built for interactive learning, and one of the most advanced A.I. algorithms that power such questions, all of which are accessible online and on demand.

As of Nov. 30, 2022, our online academic exercise question bank has accumulated more than 10 billion test data generated by approximately 14.26 million students from more than 27,000 schools and we have issued over 298 million evaluation reports. With the continuous collection and analyzing of students’ online learning data, our A.I. algorithms are constantly expanding and upgrading, reaching an evaluation accuracy rate of 97% (based on our own calculations), allowing us to provide students with tailored and effective learning strategies. We believe that, in time, our online learning platform will be proven revolutionary in affecting the advancement of China’s K-12 education system.

As of Nov. 30, 2022, approximately 14.26 million students use Jiangxi Ruanyun to collect their daily homework exercise data, prepare for a test or attend the Academic Proficiency Assessment, which is an official assessment across all subjects taught in schools, conducted by the Education Testing Authority in China. This allows us to understand each student better and enables us to help them reach the next level of educational success with an effective strategy, every step of the way.

We value our proprietary technologies and strong research and development capabilities, which we believe differentiate us from other companies in our industry. As of the date of this prospectus, we have an intellectual property portfolio consisting of 11 patents (9 of which have been registered and 2 are pending) and 23 trademarks filed with the PRC State Intellectual Property Administration, 50 copyrights registered with the PRC State Copyright Bureau, and 8 domain names.

Over the last decade, our A.I. learning platform has expanded from learning to assessment in school to A.I application, services and hardware. We believe we are a trend-setter in reforming the traditional education model in China using the technological progress brought about by the advent of A.I. technology. We believe we are the only educational A.I. company in China that serves both everyday learning and Academic Proficiency Test in school. We provide computerized testing for China’s Academic Proficiency Test, or ATP, which is equivalent to the SAT in China. Our everyday learning to official assessment model allows us to expand into a range of personalized “online” services and “offline” products for students in high demand.

We currently sell our products and services through two primary product lines, namely our SmartExam® solution and SmartHomework® solution. Our SmartHomework® solution delivers personalized learning solutions for students to study more effectively. Teachers can adjust instructions for students based on their specific needs. In addition, our SmartExam® solution helps deliver China’s Academic Proficiency Test, which is required in China for obtaining a high-school diploma, in computer-based format. We also provide self-learning solutions and smart-devices, such as smart printer / smart headset for everyday study and test preparation.

*Note – Re corporate structure: We conduct substantially all of our operations in the People’s Republic of China, or the PRC or China, through Jiangxi Ruanyun, the variable interest entity (VIE) and its subsidiaries. We do not have any equity ownership of the VIE. Instead, we have the power to direct the activities and receive the economic benefits and absorb losses of the VIE’s business operations through certain Contractual Arrangements (as defined in the prospectus) and the VIE is consolidated for accounting purposes. This structure involves unique risks to investors. This VIE structure is used to provide contractual exposure through the Contractual Arrangement to foreign investment in Chinese-based companies where Chinese law prohibits direct foreign investment in the operating companies.

*Note: Under the Contractual Arrangements, cash is transferred among the Company, Rollingthunder Technology (Jiangxi) Co., Ltd, or our WFOE, Soft Cloud and the VIE. (See the prospectus – link in the chart below – for details on cash transfers, financial statements and other disclosures pertinent to the IPO).

**Note: Net loss and revenue figures are in U.S. dollars for the fiscal year that ended March 31, 2024.

(Note: Ruanyun Edai Technology Inc. filed a new F-1 on Aug. 30, 2024, and disclosed terms for its IPO: The company is offering 3.75 million shares at a price range of $4.00 to $5.00 to raise $16.88 million. The new filing declared that AC Sunshine Securities is the new sole book-runner; under the previous plans, Univest Securities and AC Sunshine Securities were slated to be joint book-runners.)

(Note: The SEC declared that Ruanyun Edai Technology’s IPO filing was abandoned in February 2024 because the company had not updated the filing in a long time. Background: Ruanyun Edai Technology Inc. filed its F-1 on Dec. 29, 2022. The Cayman Islands-incorporated holding company submitted confidential IPO paperwork to the SEC on Aug. 31, 2021.)

Top Win International Ltd. TOPW Dominari Securities/ Revere Securities, 2.7M Shares, $4.00-6.00, $13.3 mil, 3/17/2025 Week of

Through our Operating Subsidiary in Hong Kong, Top Win International Trading Limited, we are a wholesaler engaged in trading, distribution, and retail of luxury watches of international brands.

As the purveyor of fine watches, we source luxury products directly or indirectly from authorized dealers, distributors, and brand owners, located in Europe, Japan, Singapore, and other locations, and sell them to our customers, comprising independent watch dealers, watch distributors, and retail buyers within the watch industry. Our strategic location in Hong Kong positions us advantageously within the Asia-Pacific luxury market. This region has seen significant growth in demand for luxury goods, driven by rising disposable incomes and a growing appreciation for high-quality, branded products. We currently offer a selection of over 30 internationally renowned watch brands, including Blancpain, Breguet, Cartier, Chopard, Hermes, IWC, Jaeger, Rolex, Omega, and Longines. We primarily trade watches within the price range of $1,900 to $7,500 with our target customers being middle to high-income earners.

(Note: Top Win International Ltd. is offering 2.66 million shares at a price range of $4.00 to $6.00 to raise $13.3 million, according to its SEC filings.)

Waton Financial Ltd. WTF Cathay Securities, 5.0M Shares, $4.00-6.00, $25.0 mil, 3/17/2025 Week of

We are a holding company. (Incorporated in the British Virgin Islands)

We are a provider of securities brokerage and financial technology services primarily through our Hong Kong subsidiaries, Waton Securities International Limited, or WSI, and Waton Technology International Limited, or WTI.

WSI is principally engaged in the provision of (i) securities brokerage services for securities listed on the Hong Kong Stock Exchange, including shares under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, the New York Stock Exchange (NYSE) and the Nasdaq Stock Market, margin financing services and other ancillary services through WSI’s electronic trading platform to its corporate and individual brokerage customers and bond distribution services; and (ii) software licensing and related support services including the licensing of trading platform APP, upgrades and enhancements, maintenance and other related services to financial institutions. Since September 2023, WTI has provided software licensing and related support services in order to focus on the expertise of operations and service areas. WSI has developed and provided Broker Cloud solutions to securities brokers with the combination of software licensing and related support services, securities brokerage services, margin financing services and other related services, where securities broker customers are provided with a perpetual on-premise licensed trading platform APP and optional related support services, with the front-, middle- and back-office operation functions and securities trading function where securities trading orders can be cleared and settled through WSI.

Founded in 1989, WSI is an established integrated securities broker in the Hong Kong financial services industry. WSI is licensed to conduct Type 1 (dealing in securities), Type 4 (advising on securities), Type 5 (advising on futures contracts) and Type 9 (asset management) regulated activities under HKSFO in Hong Kong. WSI is a Hong Kong Stock Exchange participant and holds one Hong Kong Stock Exchange trading right. WSI provides securities brokerage services through WSI’s integrated electronic trading platform, which is easy to access, use, and deposit to WSI’s customers. The trading platform can be accessed through WSI’s APP, which provides WSI’s customers with a seamless and secured trading experience. WSI offers its customers comprehensive brokerage and value-added services, including trade order placement and execution, account management, and customer support. WSI further provides its customers with market data, news and research, so as to help them make well-informed investment decisions. WSI has accumulated a corporate and individual customer base across the globe, including a securities brokerage company in New Zealand known as Wealth Guardian Investment Limited (“WGI”), which is a related party of the Company. We derived a substantial portion of revenues from WGI, which accounted for approximately 39.5% and 81.5% of our total revenues in the fiscal years ended March 31, 2024 and 2023, respectively, and approximately 68.0% and 98.2% of our total revenues for the six months ended September 30, 2024 and 2023, respectively. See “Related Party Transactions” and “Risk Factors — Risks Related to Our Subsidiaries’ Business and Industry — We derived a substantial portion of revenue from WGI, a single related party customer”. By capitalizing on its customer base, WSI commenced to provide bond distribution services by acting as a manager, a placement agent or a non-syndicate capital market intermediary, to procure subscribers to subscribe and pay for bonds in principal amounts during the fiscal year ended March 31, 2024 and for the six months ended September 30, 2024. As of September 30, 2024, WSI had more than 5,800 securities brokerage customers who opened trading accounts with WSI, 59 of which are corporate customers who opened corporate accounts and three of which are introducing broker customers who opened omnibus accounts. The remaining portion of the securities brokerage customers are individual customers whoopened individual accounts and typically trade through WSI’s trading platform APP. As of the same date, WSI had over 600 active customers, who were registered customers with assets in their trading accounts. We generate brokerage and commission income from WSI’s securities brokerage, bond distribution and other ancillary services and interest income from WSI’s margin financing services, and our brokerage and commission income and interest income which amounted to approximately US$9.4 million and US$2.3 million, and accounted for approximately 93.4% and 39.9% of our total revenues, for the fiscal years ended March 31, 2024 and 2023, respectively, and amounted to approximately US$1.8 million and US$1.9 million, and accounted for approximately 61.3% and 83.7% of our total revenues, for the six months ended September 30, 2024 and 2023, respectively.

Leveraging on WSI’s accumulated industry knowledge on the needs of small and medium-sized securities brokers and operational experience in online brokerage over the years, WSI started to develop the provision of fintech solutions in trading platform APP software licensing and related support services targeting the securities brokers and securities-related financial institutions in April 2021. We are a pioneer of business-to-business fintech services in the Asia-Pacific region to offer one-stop brokerage software solutions to small and medium-sized brokers, according to Frost & Sullivan Limited, or Frost & Sullivan. WSI provides one-stop, integrated and customized software solutions to develop trading platform APP that covers the front-, middle- and back-office operations of securities brokerage business such as electronic trade order placing, customer relationship management and operational data management, in addition to the business-to-business securities order clearing and settlement services provided by WSI in the Broker Cloud solutions, which enables the securities broker customers to digitalize and streamline their business operations, and interact with the financial market more efficiently. As of September 30, 2024, March 31, 2024 and 2023, WSI and WTI provided software licensing and related support services to a total of five, three and five securities brokers and securities-related financial institutions, respectively, including WGI, which is a related party of the Company. See “Related Party Transactions” and “Risk Factors — Risks Related to Our Subsidiaries’ Business and Industry — We derived a substantial portion of revenue from WGI, a single related party customer”. We generate software licensing and related support service income from WSI’s and WTI’s software licensing and related support services, which amounted to approximately US$1.4 million and US$3.5 million, and accounted for approximately 13.7% and 60.1% of our total revenues for the fiscal years ended March 31, 2024 and 2023, respectively, and amounted to approximately US$1.1 million and US$0.7 million, and accounted for approximately 38.7% and 29.0% of our total revenues, for the six months ended September 30, 2024 and 2023, respectively. WSI and WTI have outsourced the software licensing and related support services to Shenzhen Jinhui Technology Co., Ltd., a related party of the Company. See “Related Party Transactions” and “Risk Factors — Risks Related to Our Subsidiaries’ Business and Industry — WSI and WTI are dependent on a single related party supplier, Shenzhen Jinhui Technology Co., Ltd., an information technology company and a related party controlled by Mr. Zhou Kai, our Chairman of the Board, Director, Chief Technology Officer and shareholder, for providing software development and related support services”.

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

(Note: Waton Financial Ltd. is offering 5.0 million shares at a price range of $4.00 to $6.00 to raise $25.0 million.)

🏁 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

🚽 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 – iPathGEMS 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

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 (March 3, 2025) was also published on our Substack.

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For the year ended December 31, 2023, business in Malaysia contributed to 100% of our Group’s revenue. We also believe that our financial results reflect our strong market position.

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

(Note: Sagtech Global Ltd. is offering 1.75 million shares at a price range of $4.00 to $4.50 to raise $7.44 million, according to its F-1/A filing dated Jan. 27, 2025.)

(Incorporated in the Cayman Islands)

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

(Note: OMS Energy Technologies, Inc. is offering 5.56 million ordinary shares (5,555,556 ordinary shares) at a price range of $8.00 to $10.00 to raise $50.0 million, according to its S-1/A filings.)

We handle domestic and cross-border logistics. (Incorporated in the Cayman Islands)

We, through Suzhou TC-Link, provide domestic and cross-border professional logistics services, including project logistics and general logistics for our clients. Suzhou TC-Link was established on January 9, 2006, in Jiangsu Province, China.

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

(Incorporated in the British Virgin Islands)

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

(Note: Epsium Enterprise Ltd. increased its IPO’s size to 1.25 million shares – up from 1.0 million shares – and cut the price range to $4.00 to $5.00 – down from $5.00 to $7.00 – to raise $5.63 million, according to an F-1/A filing dated Feb. 3, 2025.)

We are not a Chinese operating company but a Cayman Islands holding company with no operations. (Incorporated in the Cayman Islands)

**Note: The ordinary shares offered in this (initial public) offering are shares of our offshore holding company, Ruanyun Edai Technology Inc., instead of shares of the VIE or its subsidiaries in China. (From the prospectus – See link to the prospectus in the chart below.)

**Note: Net loss and revenue figures are in U.S. dollars for the fiscal year that ended March 31, 2024.

Through our Operating Subsidiary in Hong Kong, Top Win International Trading Limited, we are a wholesaler engaged in trading, distribution, and retail of luxury watches of international brands.

(Note: Top Win International Ltd. is offering 2.66 million shares at a price range of $4.00 to $6.00 to raise $13.3 million, according to its SEC filings.)

We are a holding company. (Incorporated in the British Virgin Islands)

We are a provider of securities brokerage and financial technology services primarily through our Hong Kong subsidiaries, Waton Securities International Limited, or WSI, and Waton Technology International Limited, or WTI.

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

(Note: Waton Financial Ltd. is offering 5.0 million shares at a price range of $4.00 to $6.00 to raise $25.0 million.)

🏁 Emerging Market ETF Launches

🚽 Emerging Market ETF Closures/Liquidations

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