Emerging Market Links + The Week Ahead (March 31, 2025)

Portfolio Armor via ZeroHedge has a piece (Is China About To Wreck U.S. Tech?) noting the following Tweet:

There were a number of interesting responses with the most thorough being a lengthy thread from tech entrepreneur, investor, and futurist Balaji Srinivasan:

His conclusion:

They will instead make their money by selling inexpensive AI-enabled hardware of increasing quality, from smart homes and self-driving cars to consumer drones and robot dogs.

Basically, China is trying to do to AI what they always do: study, copy, optimize, and then bankrupt everyone with low prices and enormous scale…

…In a reversal of last century, the West is going closed: closed source, closed markets, closed borders. For understandable reasons…

I should note that I am fairly happy with the results I am get for free from using Chinese AI – just like my parents and I (along with other Americans we personally know) have been fairly happy with what we have ordered so far from Temu…

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🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

• 🇰🇷 Korean Stock Picks (February 2024) Partially $
  • Inside South Korea’s 6-Hour Martial Law Chaos & President Yoon’s “Political Suicide” + tariffs + Korea’s Nextrade stock exchange debuts.
  • BH Co Ltd, HanAll Biopharma, Seegene, POSCO International & Seah Steel Holdings Corp, HYBE, Cosmax Inc, HMM, Yuhan Corp, DB Insurance, HD Hyundai Marine Solution, InBody, Samsung Life Insurance, LG Uplus, SK Telecom, KT Corp, Meritz Financial Group, Rainbow Robotics, Vatech, Hyundai Engineering & Construction, DL E&C Co Ltd, KB Financial Group, HD Hyundai Heavy Industries, KEPCO Plant Service & Engineering Co Ltd, T’Way Air & TWay Holdings Incorporation, Lotte Tour Development, Netmarble Corp, Classys, Kakao Corp, Hugel, Neowiz, Soop Co Ltd, Studio Dragon, Samsung Fire & Marine Insurance, CJ ENM Co Ltd, Vieworks, NCSoft Corp, Samyang Foods Co Ltd, Kakao Games, Krafton, CJ Logistics, Hanwha Aerospace, NAVER, Samsung Electronics, PharmaResearch Co Ltd, OCI Holdings, Shift Up Corp, APR Co Ltd, Hanwha Systems Co Ltd, Daewoong Pharmaceutical, SM Entertainment Co Ltd, Lotte Chemical, Magnachip Semiconductor Corp, L&F Co Ltd, LX International, Korea Aerospace Industries, Korean Air, HL Mando Corp, Shinhan Financial Group, SK Biopharmaceuticals, BNK Financial Group, Hyundai Glovis, Douzone Bizon, Hanwha Solutions, Hyundai Rotem, Samsung Heavy Industries, GS Engineering & Construction Corp, Young Poong Precision Corporation, Hana Financial Group, Samsung C&T Corp, Cosmecca Korea & Englewood Lab, Kakao Pay, Kiwoom Securities, Hyosung Heavy Industries Corp, Kumho Petrochemical, Hanmi Pharma, Pulmuone Corporate, LG CNS Co Ltd, Chong Kun Dang Pharmaceutical Corp, LG Chem, Dong-A ST Co Ltd & Hyundai Motor
• 🌐 EM Fund Stock Picks & Country Commentaries (March 30, 2025) Partially $
  • Local independent oil stocks, Taiwan trip report, L’Oréal, how will tariffs affect EM corporate bonds (Mexico) + small caps, navigating Trump 2.0, South America’s election cycle, fund updates, etc.

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📰🔬 Emerging Market Stock Picks / Stock Research

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

🌏 Asia

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🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 Tencent, Meituan, JD, Huya: Key Updates on China’s Tech Stocks (The Great Wall Street – Investing in China) $

Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) / Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) / JD.com (NASDAQ: JD) / Huya Inc (NYSE: HUYA)

• In this article, I’m reviewing a couple of recent developments in Chinese companies. But let me set expectations right away—this isn’t a forensic dissection of every line item in the earnings report. I’m not here to list every number or walk you through the full income statement. Instead, I’m focusing on what actually stood out to me: shifts in strategy, subtle signals from management, things that may have been overlooked, or that could matter more than they appear at first glance.
• This approach keeps things concise and focused. And as I’ll cover more companies later, I want to make sure we don’t get lost in the weeds. The goal here is clarity, not clutter.

🇨🇳 Chinese Tech Stocks Plunge From 3 Year High To Correction In Just 5 Days (ZeroHedge)

• Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF), which raised $5.5 billion in an upsized placement on Monday, tumbled 6.3%. The sale follows BYD’s $5.6 billion offering earlier this month. While the funding may benefit the companies over the longer term, shares are under immediate pressure due to increased supply and as they were sold at discount, analysts said.
• Elsewhere, Alibaba (NYSE: BABA) fell nearly 4% following its chairman’s warning on a potential bubble forming in AI datacenter construction. While Alibaba has been investing heavily in artificial intelligence, chairman Joe Tsai said he was “astounded by the type of numbers that’s being thrown around” in the United States.
• Another big decliner on Tuesday was Sunny Optical (HKG: 2382 / LON: 0Z4I / FRA: SXC / OTCMKTS: SOTGY / SNPTF), which plunged 10% after the company cautioned against a capacity glut. All 30 members of the Hang Seng Tech gauge ended in the red.

🇨🇳 In Depth: Taming the Wild West of China’s Supply Chain Finance (Caixin) $

• Tech behemoths Ant Group Co. Ltd., JD.com (NASDAQ: JD) and Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY), as well as automakers like BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF), have muscled in on the low-profile but critical world of supply chain finance (SCF), the system of company IOUs that keeps the wheels of business turning.
• Previously dominated by the country’s banks, SCF — which involves systems and technology that help businesses manage their cashflow to avoid liquidity problems and lower their financing costs — is now awash with electronic platforms. Many are owned by banks, but increasingly they are built independently by heavyweight enterprises such as BYD and state-owned grain giant COFCO Corp., and by third-party fintech companies.

🇨🇳 Growing profits, shrinking market share test ZTO’s strategy (Bamboo Works)

• The logistics provider’s market share fell as its parcel volume growth trailed the industry last year, signaling its profit-oriented development strategy was facing headwinds
• ZTO Express (NYSE: ZTO)’s parcel volume increased 12.6% last year to 34 billion units, slower than the industry growth rate
• The logistics company’s market share dropped from 22.9% in 2023 to 19.4% last year, falling below the 20% mark for the first time since 2020

🇨🇳 Dida reverses into revenue contraction, falling profits (Bamboo Works)

• The carpooling services provider’s revenue began to decline in the second half of last year, as it cited changing ‘travel consumption trends’
• Dida (HKG: 2559)’s revenue fell 8.6% in the second half of last year, reversing a 2% gain in the first half, as it felt the effects of China’s slowing economy and heightened competition
• The ride-sharing company’s declining fortunes contrasted with the much larger DiDi Global, whose revenue grew 7.5% last year, including 7% growth in the fourth quarter

🇨🇳 Horizon’s lead grows in smart driving race with new product rollouts (Bamboo Works)

• The provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) technology said its revenue rose 53.6% last year
• Horizon Robotics (HKG: 9660)’ revenue rose 53.6% last year, as its gross margin jumped nearly 7 percentage points to 77.3% on its shifting product mix
• The company forecasts cumulative shipments of its Journey series processing hardware will exceed 10 million units this year

🇨🇳 BYD (1211): Encouraging 2024 Result, But Close to Our Target After Two Buy Suggestions This Year. (Smartkarma) $

BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF)

• We believe the stock’s upside is very limited after two buy rating this year.
• In 2024, total revenue grew by 29% and total automobile sales grew by 41%.
• The gross margin of automobile improved more than one percentage point.

🇨🇳 BYD’s annual sales top $100bn for first time (FT) $ 🗃️

• Chinese electric vehicle company has benefited from rising demand for plug-in hybrids in its domestic market

🇨🇳 US car tariffs help Chinese EVs to race ahead (FT) $ 🗃️

• BYD’s technological advances show where the centre of innovation now lies

🇨🇳 Caixin Deep Dive: How BYD Is Transforming China’s Auto Market (Caixin) 11:13 Minutes

• Note: The conversation segment of this episode was generated using AI and has been edited for accuracy. It is based on this Caixin story:
• In Depth: How BYD Lowered the Bar for Buying a Smart Car in China
• Zhu Xi contributed to this podcast.

🇨🇳 Despite slumping revenue, Shanghai Refire cruises on government support (Bamboo Works)

• The company reported its revenue fell by 28% last year, led by a nearly 50% drop for its core hydrogen fuel cells
• Shanghai REFIRE Group Ltd (HKG: 2570)’s revenue fell last year, reflecting volatile conditions as China’s hydrogen energy sector remains in its early stages of development
• The hydrogen fuel cell maker’s stock has risen nearly 30% since its IPO and now trades at a high valuation multiple, mostly fueled by strong government support

🇨🇳 Taiwan accuses Chinese chipmakers of illegally poaching engineers (FT) $ 🗃️

• Beijing’s semiconductor champion Semiconductor Manufacturing International Corporation (SMIC) (HKG: 0981 / SHA: 688981 / FRA: MKN2) accused of posing as Samoa entity to evade foreign investment restrictions

🇨🇳 China’s “New” EUV Light Source (Asianometry)

• Social media is passing around an announcement that Huawei is testing a China-domestically developed EUV machine. This machine uses an EUV light source known as Laser-induced Discharge Plasma, or LDP. This is in contrast to ASML’s method, which is called the Laser Produced Plasma or LPP method. It is claimed that LDP is much more efficient than LPP. Smaller, simpler and with better energy efficiency. Has ASML just been DeepSeek’d? I have been asked to speak on this via email and Twitter. I guess I have to do it. There is so little out there about how this machine works, so I am not going to speculate. But people have tried LDP before and we can talk about that. Feel free to extrapolate from there. In today’s cope video, let’s take a look at the Laser-Induced Discharge Plasma EUV light source.

🇨🇳 Is China About To Wreck U.S. Tech? (Portfolio Armor via ZeroHedge)

• That’s what Balaji Srinivasan argues in the post below. First, for those unfamiliar with him, here’s why his opinion is worth considering here. In a nutshell, it’s because he combines deep technical expertise with a strong track record of predicting where technology is headed.
• Srinivasan is a tech entrepreneur, investor, and futurist known for his influential ideas at the intersection of technology, society, and decentralization. He was formerly the CTO of Coinbase and a General Partner at Andreessen Horowitz, one of Silicon Valley’s top venture capital firms. With a background in electrical engineering and a Ph.D. from Stanford, he’s been a vocal thought leader on trends like blockchain, AI, and the future of governance.
• What prompted Balaji’s post, was this question on X, about why China was essentially giving away its new AI models.

🇨🇳 In Depth: U.S. Targets Chinese Shipping to ‘Resurrect’ Domestic Industry (Caixin) $

• U.S. President Donald Trump’s tariff storm is now rolling towards the global shipping and shipbuilding industries, and China’s majors are first in the firing line.
• Shipping executives worldwide recoiled when Trump vowed to “resurrect the American shipbuilding industry” in his first speech to Congress earlier this month — a dream they say could significantly increase logistics costs and trigger global supply chain chaos.

🇨🇳 Qifu shares rally as credit tech takes off (Bamboo Works)

• The loan services provider has delighted investors with bumper earnings and an upbeat outlook, only months after fighting off allegations that it overstates its profits
• Qifu Technology (NASDAQ: QFIN) – Lending platforms. reported a 46% jump in annual net profit, fueled by a strong fourth quarter
• The company said it had reduced its credit risks by using less of its own capital for lending

🇨🇳 Atour relies on network expansion to counter economic slowdown (Bamboo Works)

• The hotel operator’s revenue rose 55% last year, but it forecast the growth would slow to about half that level in 2025
• Atour Lifestyle Holdings (NASDAQ: ATAT)’s revenue rose 38.5% in the fourth quarter, mostly due to new hotel openings and strong growth for its retail business selling products like pillows and comforters
• The company forecast its retail business would grow at least 35% this year, marking a sharp slowdown from its 128% growth in 2024

🇨🇳 Fu Shou Yuan (1448.HK) – 2025 Outlook May Remain Sluggish Despite the Ugly 2024 Results (Smartkarma) $

• Fu Shou Yuan International Group (HKG: 1448 / OTCMKTS: FSHUF) had a sharp decline in performance in 2024. The performance in recent years has often missed management guidance, which makes us question the integrity of management.
• The “crisis” of Fu Shou Yuan has evolved from a short-term headwind to the failure of its long-term business model. Good dividends cannot conceal the problem of gloomy outlook.
• Valuation logic is undergoing a transformation – from a leading company with “high growth/stable cash flow” to a struggling company with “weak growth/questionable profit model”. 2025 performance may remain lower-than-expected.

🇨🇳 Ultraman lifts Bloks Group to new heights in first post-IPO report (Bamboo Works)

• The toymaker’s shares have nearly doubled since their January trading debut, as its revenue also more than doubled last year despite continuing losses
• Bloks Group Ltd (HKG: 0325) reported its revenue rose 156% in 2024, as it maintained strong growth in the second half of the year
• The company’s annual loss rose by 91.8%, but much of that was due to listing expenses and share-based compensation, and it was profitable on an adjusted basis

🇨🇳 Vesync (2148 HK): Scheme Vote on 23 April (Smartkarma) $

• Vesync (HKG: 2148 / OTCMKTS: VSYNF)’s IFA opines that the Yang family’s HK$5.60 cash offer is fair and reasonable. The IFA does not recommend the scrip option. The vote is on 23 April.
• Key conditions include approval by at least 75% of independent shareholders (<10% of independent shareholders rejection). The offer price is final.
• The vote is low-risk due to a lack of opposition. At the last close and for the 15 May payment, the gross/annualised spread is 2.9%/28.7%.

🇨🇳 Everest Medicines drives growth with AI-powered mRNA pipeline (Bamboo Works)

• The company said the U.S. FDA has cleared the IND application for its self-developed EVM14, a tumor-associated antigen vaccine
• The FDA has cleared Everest Medicines (HKG: 1952 / FRA: 6HN)’s EVM14 cancer vaccine application, and its EVM16 vaccine has been administered on the first patient under an investigator-initiated trial
• Everest Medicines has localized its own clinically validated advanced mRNA technology platform, which is now advancing a pipeline of innovative therapeutics

🇨🇳 CARsgen seeks cell therapy breakthrough but stays in the red for now (Bamboo Works)

• The developer of specialized cancer treatments is shifting from costly personalized therapy to more standardized options, but at the price of short-term financial pain
• The company launched its first CAR-T immunotherapy product last year, bringing in around 39 million yuan in revenue, although its losses still widened
• CARsgen Therapeutics Holdings Ltd (HKG: 2171 / OTCMKTS: CRTHF) is hoping to score a world first by adapting its complex therapy to target solid tumors, not just blood cancers

🇨🇳 Innovent Biologics Inc (1801 HK): 2024 Product Sales Jump 44% and Loss Narrows; Momentum to Continue (Smartkarma) $

• Innovent Biologics (HKG: 1801 / FRA: 6IB / OTCMKTS: IVBXF / IVBIY) has announced 2024 result, with total revenue increasing a whopping 52% YoY to RMB9,422M and net loss narrowing 91% YoY to RMB933M.
• On adjusted basis, the company reported maiden net profit of RMB332M compared with loss of RMB515M in 2023. Innovent is expected to become profitable on reported basis this year.
• Innovent aims to achieve RMB 20B product revenue in 2027, implying a CAGR of 34% and advance five pipeline assets to the global/multi-regional Phase 3 clinical trial stage by 2030.

🇨🇳 Wuxi Biologics (2269 HK): 2024 Revenue Meets Guidance; Poised for Accelerated Growth in 2025 (Smartkarma) $

• Wuxi Biologics (HKG: 2269 / OTCMKTS: WXXWY / OTCMKTS: WXIBF) has reported 2024 result, with revenue growing 10% YoY to RMB19B and net profit increasing 11% YoY to RMB4B. Revenue from non-COVID business increased 13% YoY.
• Total backlog reached $18.5B as of December 31, 2024, including $10.5B service backlog and $8.0B upcoming potential milestone fees, while the total backlog within three years stood at $3.7B.
• Wuxi Biologics guided for 12–15% YoY revenue growth for 2025. Revenue from continuing operation (excluding revenue from Ireland Vaccines) is expected to grow 17–20% YoY in 2025.

🇨🇳 Hygeia Healthcare Group (6078 HK): Slower Revenue Growth and Margin Deterioration Are Worrisome (Smartkarma) $

• Hygeia Healthcare Group (HKG: 6078) reported revenue growth of 9% YoY to RMB4,446 million, mainly driven by a 11% YoY growth in hospital business.
• Hygeia’s gross profit margin contracted 170bps YoY to 29.9%. Net profit decreased 13% on higher finance cost despite of income tax expenses being lower.
• Accelerated organic growth and strengthening of margins are crucial to boost valuation.

🇨🇳 ENN Energy (2688 HK): ENN Natural Gas’ Preconditional Cash/Scrip Offer (Smartkarma) $

• ENN Energy Holdings (HKG: 2688 / FRA: XGH / XGH0 / OTCMKTS: XNGSY / XNGSF) announced a pre-conditional privatisation from ENN Natural Gas Co Ltd (SHA: 600803)/ENN-NG comprising HK$24.50 cash per share + 2.9427 ENN-NG H Shares per ENN share.
• The appraised offer value is HK$80.00 (HK$82.35, including the 2024 dividend), which is a tad optimistic. My calculations suggest a realistic offer value range of HK$71.47-76.32.
• The offer is final. The precondition satisfaction is low-risk. A high AGM minority participation is a risk, but the scheme vote should pass as the offer terms are reasonable.

🇨🇳 Air China: Worth A Shot (Seeking Alpha) $ 🗃️

• 🌐 Air China (SHA: 601111 / HKG: 0753 / FRA: AD2 / LON: AIRC / OTCMKTS: AIRYY) – Flag carrier of the People’s Republic of China. 🇼

🇨🇳 In Depth: China gears up for overseas IPO bonanza (Caixin) $

• China’s back! The nascent overseas IPO revival that began in late 2024 is set to gather pace this year as companies including Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750), the world’s biggest maker of electric-vehicle batteries, and Chery Automobile Co. Ltd., one of China’s largest carmakers, queue up to raise money offshore.
• MIXUE Group (HKG: 2097), a leading Chinese bubble tea and drinks chain, saw its shares surge 43% to HK$290 ($37.30) on their debut in Hong Kong on March 3, underscoring the improvement in investor sentiment toward Chinese mainland companies. Later that week, tea-drinks maker Chagee Holdings Ltd obtained a filing confirmation notice from China’s securities regulator, giving it the go-ahead to pursue an IPO in the U.S.

🇨🇳 Forget the pearls and cheese, Chagee says, offering up simpler milk teas for U.S. investors (Bamboo Works)

• The premium tea chain has filed to list on the Nasdaq, reporting its revenue rose more than 20-fold between 2022 and 2024
• Chagee Holdings Ltd has filed for a New York IPO, becoming the first of China’s major premium tea chains to opt for a U.S. listing over the more popular Hong Kong
• The company’s revenue and profits have soared in the last two years on a major expansion, but the growth showed signs of slowing towards the end of last year

🇨🇳 Yunji rides robotics wave to Hong Kong IPO with A-list of backers (Bamboo Works)

• Digitization of China’s hospitality sector is boosting demand for related robots, providing fertile ground for the company’s products
• Yunji Technology has filed to list in Hong Kong, reporting its revenue grew nearly 70% last year
• The maker of robots for the hospitality sector boasts a star-studded list of early investors, including tech giants Alibaba and Tencent

🇭🇰 Jardine Matheson: China Still Faces Hurdles (Seeking Alpha) $ 🗃️

• 🌐 Jardine Matheson (SGX: J36 / FRA: H4W / OTCMKTS: JARLF) 🇧🇲 – Subsidiaries include Jardine Pacific, Jardine Motors, Hongkong Land, Jardine Strategic Holdings, DFI Retail Group, Mandarin Oriental Hotel Group, Jardine Cycle & Carriage & Astra International. 🇼

🇭🇰 DFI Retail Group Sells its Singapore Cold Storage and Giant Stores: What’s Next for the Pan-Asian Retailer? (The Smart Investor)

• The sale proceeds could be reinvested or paid out as a special dividend.
• DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY), or DFI, announced the sale of its Singapore food business to Macrovalue, a Southeast Asian retail conglomerate.
• Macrovalue will fully acquire DFI’s Singapore Food division which comprises 48 Cold Storage stores (branded under Cold Storage, CS Fresh, and Jason’s Deli) along with 41 Giant stores and two distribution centres.
• With this sale, DFI will now focus its time and resources on its Singapore Health and Beauty and Convenience store segments, represented by Guardian and 7-Eleven, respectively.
• What are the implications of this move and how should investors interpret this sale?
  • A sprawling network of stores
  • Sharpening its focus
  • A tough Food environment
  • Get Smart: More divestments coming up?

🇭🇰 Sun Hung Kai Properties Continues To Deliver Good Results (Seeking Alpha) $ 🗃️

• 🇭🇰 🇨🇳 Sun Hung Kai Properties Ltd (HKG: 0016 / 80016 / FRA: SHG.F / OTCMKTS: SUHJY / SUHJF) 🇭🇰 – Premium quality residential estates, offices & shopping malls + property sales/rental, telecommunications (SmarTone, SUNeVision), hotel operations, transport & logistics, etc. 🇼

🇭🇰 AIA Group: A Great Growth Play In The Insurance Sector (Seeking Alpha) $ 🗃️

• 🌏 AIA Group (HKG: 1299 / FRA: 7A2 / OTCMKTS: AAIGF) 🇭🇰 – Largest publicly listed life insurance group in Asia-Pacific – operating in 18 markets. 🇼 🏷️

🇭🇰 🇰🇷 Shin Hwa World Ltd narrows 2024 loss, flags new US$146mln loan facility (GGRAsia)

• Hong Kong-listed Shin Hwa World Ltd (HKG: 0582), promoter of Jeju Shinhwa World (pictured), a resort with foreigner-only casino on the South Korean holiday island of Jeju, narrowed its net loss for 2024 by 5.4 percent.
• Such loss was just over HKD494.1 million (US$63.5 million) in full-year 2024, versus a loss of HKD522.4 million a year earlier, stated a filing on Friday.
• Revenue for last year rose by 3.7 percent year-on-year, to just over HKD1.07 billion.
• The firm said a reason for the improvement in its results was a “substantial increase” in revenue generated from the group’s gaming business.
• Gaming revenue in 2024 rose 349.7 percent from the prior year, to nearly HKD210.3 million. The gaming operation recorded a segmental loss of HKD139.3 million, an improvement on the HKD258.4-million loss recorded in 2023.

🇲🇴 Sands China repays US$1-bln parent loan three years early (GGRAsia)

• Macau-based casino group Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) says it has repaid “in full” on Thursday – more than three years early – a US$1-billion subordinated unsecured term loan from its United States-based parent, Las Vegas Sands (NYSE: LVS).
• The loan had been announced in July 2022, when Covid-related restrictions were still in place in Macau, affecting the city’s tourism market.

🇲🇴 Macau Legend loss balloons to US$80mln in 2024, auditor flags default on loan repayment (GGRAsia) $

• Hotel and casino services provider Macau Legend Development Ltd (HKG: 1680 / OTCMKTS: MALDF) reported a full-year 2024 loss of HKD622.6 million (US$80.0 million), compared to a loss of HKD4.9 million in the previous year.
• The firm promotes Macau Fisherman’s Wharf, a waterside hotel and entertainment complex including a satellite casino under the gaming licence of SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY), on the city’s peninsula.
• In a Friday filing to the Hong Kong Stock Exchange, Macau Legend said its revenue for 2024 rose by 4.3 percent year-on-year, to nearly HKD771.5 million
• According to Friday’s filing, the main reasons for the deterioration in the results included recognition of impairment losses in relation to non-financial assets held by the group’s investment projects in Macau and Cabo Verde, amounting to HKD376.2 million.
• In December Macau Legend had accused the government of the West African nation of Cabo Verde of committing an “offensive act” by unilaterally terminating in November a series of agreements with the firm for the development of a casino resort in Praia, that country’s capital.

🇲🇴 🇭🇰 Paradise Ent posts US$46mln profit in 2024, flags final dividend as Jay Chun again sole chairman (Douglas Research Insights) $

• Macau-based gaming equipment supplier and casino services firm Paradise Entertainment Ltd (HKG: 1180 / FRA: LIL3 / OTCMKTS: PDSSF) reported a profit attributable to its owners of just under HKD361.1 million (US$46.4 million) for full-year 2024. That was up 448.9 percent compared to a profit of HKD65.8 million in the prior year, according to a Thursday filing.
• The result was on revenue that rose 71.0 percent year-on-year, to HKD1.08 billion.
• Paradise Entertainment said its board declared a final dividend of HKD0.11 per share, amounting to HKD115.7 million. The dividend is to be paid on June 25.

🇲🇴 Success Universe posts US$12mln profit for 2024, down 45pct from prior year (GGRAsia)

• Success Universe Group Ltd (HKG: 0487), an investor in the Macau casino hotel Ponte 16 (pictured in a file photo), reported a net profit of just under HKD93.4 million (US$12.0 million) for full-year 2024, down 44.8 percent from the prior year.
• In a Friday filing to the Hong Kong Stock Exchange, the company said its revenue for 2024 fell by 49.6 percent year-on-year, to HKD51.4 million.
• In December, the firm flagged a gain of nearly HKD31.1 million from the disposal of part of its shares in electric car maker Tesla Inc.
• Success Universe is a joint venture partner – with a unit of casino concessionaire SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY) – in Ponte 16, a property located in Macau’s Inner Harbour district. The gaming venue is considered a “satellite” casino of SJM Holdings.

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🇹🇼 Taiwan

🇹🇼 TSMC: 2nm Is On Track For Mass Production (Seeking Alpha) $ 🗃️

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

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🇰🇷 Korea

🇰🇷 DoubleDown Interactive: A Cash Cow Trading For A Bargain (Seeking Alpha) $ 🗃️

• 🌐 DoubleDown Interactive (NASDAQ: DDI) – Developer of social casino games, casual games & mobile applications. 🇼 🏷️

🇰🇷 Hyundai Motor Group – $21 Billion Investment in the US [Where Will the Money Come From?] (Douglas Research Insights) $

• In the past week, one of the biggest stories in Korea has been the Hyundai Motor Group’s mega $21 billion investment in the United States.
• There is a real concern that Hyundai Motor may need to raise external capital to fund its US investments/share buybacks/dividends in 2027/2028.
• Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF) remains one of the most undervalued global auto companies. It is trading at P/E of 4.7x in 2025 and 4.5x in 2026.

🇰🇷 FSS Surprisingly Halts Hanwha Aerospace’s Rights Offering Capital Raise Temporarily (Douglas Research Insights) $

• After the market close on 27 March, the Financial Supervisory Service (FSS) surprisingly announced a temporary halt to the 3.6 trillion won rights offering capital raise of Hanwha Aerospace (KRX: 012450).
• The FSS has requested a correction report to the massive paid-in capital increase securities report submitted by Hanwha Aerospace on 20 March.
• While there could be a short term pop to Hanwha Aerospace’s stock tomorrow, we continue remain negative on Hanwha Aerospace over next 1 year mainly due to its stretched valuations.

🇰🇷 Bukwang Pharm Announces A Capital Raise of 100 Billion Won (Douglas Research Insights) $

• On 28 March, Bukwang Pharmaceutical Co Ltd (KRX: 003000) announced a capital raise of 100 billion won. Its share price fell by 13.3% today.
• The company plans to issue 30.2 million new shares (44% of outstanding shares). Expected rights offering price is 3,310 won (15.1% lower than current price).
• We are negative on Bukwang Pharm mainly due to excessive shareholding dilution from this rights offering as well as lack of valuation merits.

🇰🇷 Ecopro Materials: Announces A Capital Raise Worth 389 Billion Won (Douglas Research Insights) $

• Ecopro Materials (KRX: 450080) announced a capital raise worth 389 billion won. The company plans to issue 5.12 million new shares, representing 7.3% of its current outstanding shares (69.74 million).
• This capital raise is in the form of redeemable convertible preferred shares (RCPS). Conversion price of this RCPS is 75,974 won which is 9.9% higher than current price.
• Ecopro Materials’ share price is down 27% from 27 February 2025. We continue to remain negative on Ecopro Materials.

🇰🇷 Short Selling Resuming on 31 March in Korea – Stocks With Highest Short Selling Lending Balance (Douglas Research Insights) $

• Short selling balance in the Korean stock market was 62.4 trillion won as of 21 March 2025, up significantly from 47.2 trillion won three months ago.
• Among the stocks in KOSPI with high short selling balance and high lending balance ratios include Posco Future M Co Ltd (KRX: 003670), Yuhan Corp (KRX: 000100 / 000105), LG Energy Solution (KRX: 373220), and Hanwha Aerospace (KRX: 012450).
• Among the stocks in KOSDAQ with high short selling balance and high lending balance ratios include Ecopro BM Co Ltd (KOSDAQ: 247540), EcoPro (KOSDAQ: 086520), HLB Inc (KOSDAQ: 028300), and EO Technics Co Ltd (KOSDAQ: 039030).

🇰🇷 Korea Exchange Highlights 38 Companies That Could Be Delisted in 2025 (Douglas Research Insights) $

• On 26 March, Korea Exchange provided a list of 38 companies in KOSPI and KOSDAQ that are subject to delisting this year.
• These 38 companies have a combined market cap of 3.4 trillion won.
• Many of these companies have received ‘refusals of opinion’ from auditors in the audit report. Some of them also face charges of embezzlement and breach of trust.

🇰🇷 Lotte Global Logistics IPO Preview (Douglas Research Insights) $

• Lotte Global Logistics is getting ready to complete its IPO in KOSPI in May 2025. IPO price range is from 11,500 won and 13,500 won.
• At the high end of the IPO price range, the expected public offering amount is 202 billion won.
• According to the bankers’ valuation, the expected market cap after the IPO is 479 billion won to 562 billion won.

🇰🇷 D’Alba Global IPO Preview (Douglas Research Insights) $

• D’Alba Global is getting ready to complete its IPO in KOSPI in May 2025. IPO price range is from 54,500 won to 66,300 won per share.
• According to the bankers’ valuation, the expected market cap of the company will be 692 billion won to 842 billion won post IPO.
• D’Alba Global has one of the best growth rates for sales and operating profits among Korean cosmetic companies in the past four years.

🇰🇷 D’Alba Global IPO Valuation Analysis (Douglas Research Insights) $

• Our base case valuation is based on a P/E of 21.9x (40% premium to the comps) our estimated net profit of 58.9 billion won in 2025.
• We believe D’Alba Global should trade at a premium valuation to the comps due to higher sales and operating profit growth, higher ROE and operating margins than the comps.
• Our base case valuation of d’Alba Global target price of 101,609 won per share, which represents 53% higher than the high end of the IPO valuation range.

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🌏 SE Asia

🌏 Jardine Cycle & Carriage: Cyclical And Heavier Industries Exposed To Chinese Competition (Seeking Alpha) $ 🗃️

• 🌏 Jardine Cycle & Carriage (SGX: C07 / FRA: CYC) – SE Asia focused investment holding company under Jardine Matheson (SGX: J36 / FRA: H4W / OTCMKTS: JARLF). 50.1% interest in Astra International (IDX: ASII / FRA: ASJA / OTCMKTS: PTAIF) – largest independent auto group in SE Asia. Vietnam: 26.6% in Truong Hai Group Corporation (THACO), 34.8% in Refrigeration Electrical Engineering Corporation (REE) & 10.6% in Vietnam Dairy Products (HOSE: VNM) or Vinamilk. Thailand: 25.5% of Siam City Cement (SCCC) (BKK: SCCC / OTCMKTS: SICUF). Cycle & Carriage + 49.9%-owned Tunas Ridean in Indonesia. 🇼 🏷️

🇰🇭 🇭🇰 NagaCorp annual profit dips 38pct amid Russia project impairment, though revenue up as Cambodia tourism rises ( )

• Net profit for 2024 at Cambodian casino resort operator NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF) fell by 38.3 percent year-on-year, though group revenue was up 5.5 percent from the previous year.
• Such annual net profit was US$109.6 million, compared to US$177.7 million in 2023. The decline was “primarily attributable” to a non-cash impairment loss of US$89.1 million recognised on the group’s casino construction project at Primorye, near the Russian Pacific port city of Vladivostok.
• The Hong Kong-listed firm has a long-life casino monopoly in the Cambodian capital Phnom Penh, where it runs the NagaWorld casino resort (pictured).

🇮🇩 Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer (Smartkarma) $

• Sinarmas Land Ltd (SGX: A26) has disclosed a voluntary unconditional offer from the Widjaja family at S$0.31 per share, a 12.7% premium to the undisturbed price of S$0.275 (24 March).
• The offer is unattractive compared to historical trading ranges and implies a 74.0% discount to the last reported NAV per share of S$1.191 (30 June 2024).
• The offer has not been declared final. As the Widjaja family aims to privatise Sinarmas, a bump is likely to secure the required minority acceptances.

🇵🇭 Cebu Air: Upgrade To Strong Buy On Cash Flow Performance (Rating Upgrade) (Seeking Alpha) $ 🗃️

• 🌏 Cebu Air Inc (OTCMKTS: CEBUF / CEBUY) – Operating flights to over 60 domestic & international destinations across 14 countries. 🇼

🇵🇭 Robinsons Retail: Strong 2024 Performance Despite The Promotional Retail Environment (Seeking Alpha) $ 🗃️

• 🇵🇭 Robinsons Retail Holdings (PSE: RRHI / OTCMKTS: RRETY) – Multi-format retailer. Subs. of JG Summit Holdings (PSE: JGS / OTCMKTS: JGSHF / JGSMY). 🇼

🇵🇭 Asian Dividend Gems: Asian Terminals Inc (Asian Dividend Stocks) $

• Backed by DP World Inc (DFM: DPW), Asian Terminals Inc (PSE: ATI / OTCMKTS: AISNF) is one of the largest owners and operators of ports and related infrastructure in the Philippines.
• We are impressed with the company’s excellent financials including consistent profit margins and free cash flow, strong market share, and execution of its business strategies.
• It also trades at cheap valuations with solid dividends and it has also been buying back shares.

🇵🇭 Maynilad readies IPO, potentially Philippines’ biggest (The Asset) 🗃️

• First Pacific-backed water utility’s offering includes sale of common shares to public
• Maynilad is majority-owned by Manuel V. Pangilinan’s Metro Pacific Investments Corporation (PSE: MPIC), which is the Philippine infrastructure arm of Hong Kong-based First Pacific Co Ltd (HKG: 0142 / FRA: FPC / OTCMKTS: FPAFY / FPAFF), a listed company controlled by Indonesian tycoon Anthoni Salim. First Pacific has interests in telecommunications, power, toll roads and water utilities across Asia. Through MPIC, it is a key player in the Philippine utilities sector.

🇸🇬 SATS: Cargo And Food Businesses’ Prospects Are Favorable (Seeking Alpha) $ 🗃️

• 🌐 SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) – Aviation food services provider + ground handling & cargo services. 🇼

🇸🇬 New Podcast: Keppel Infrastructure Trust (KIT) – An Erosion of Trust (Corporate Monitor) 11:40 Minutes

• This report [Keppel Infrastructure Trust (KIT) – An Erosion of Trust] issued by CML critically examines the external management structure prevalent in Singapore’s REIT and Business Trust sector, specifically focusing on Keppel Infrastructure Trust (SGX: A7RU / OTCMKTS: KPLIF) and its manager, Keppel Infrastructure Fund Management (KIFM). The analysis highlights the inherent conflicts of interest arising from this model, where the manager’s fees may not align with unitholder returns, exemplified by KIT’s revised fee structure that led to significantly higher fees for KIFM despite declining organic business performance. The report questions the accretiveness of acquisitions, the use of debt to fund distributions, and the lack of a high watermark in the performance fee, suggesting potential disadvantages for unitholders. Furthermore, it raises concerns about board independence and the broader implications of Keppel’s asset management ambitions on its listed trusts.

🇸🇬 BOC Aviation: Airplane Lessors Remain Attractive (Seeking Alpha) $ 🗃️

• 🌐 BOC Aviation (HKG: 2588 / FRA: 8BO) – Global aircraft operating leasing company. Singapore HQ. 🇼

🇸🇬 Singapore Post: Sell This Ugly Duckling (Seeking Alpha) $ 🗃️

• 🌏 Singapore Post Limited (SGX: S08 / FRA: SGR / OTCMKTS: SPSTY / SPSTF) – Singapore’s postal service provider to a global company with operations in 13 markets. eCommerce logistics solutions (warehousing, fulfilment, last mile delivery & international freight forwarding). 🇼 🏷️

🇸🇬 ST Engineering’s Investor Day 2025: 5 Things Investors Need to Know (The Smart Investor)

• The engineering firm has seen its share price attain new all-time highs as it sets ambitious goals for 2029.
• Just last week, Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) released its Investor Day 2025 slides which detailed the progress of its 2021 goals.
• Management also released updated objectives for 2029 for the group and all three divisions.
• Let’s dive into the five things you need to know about the engineering group’s latest Investor Day.
  • Ambitious five-year targets
  • Commercial Aerospace: a favourable long-term outlook
  • Urban Solutions & Satcom (USS): Aim to grow smart city revenue to S$4.5 billion
  • Defence & Public Security (DPS): A wide spectrum of opportunities
  • A progressive dividend growth plan

🇸🇬 Frasers Centrepoint Trust Acquires Northpoint South Wing for S$1.17 Billion: 5 Things You Need to Know (The Smart Investor)

• The retail REIT is now equipped to conduct asset enhancements now that it owns the entire Northpoint Mall.
• Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT, is on the acquisition trail again.
• The retail REIT announced the acquisition of Northpoint City’s South Wing for S$1.17 billion from its sponsor Frasers Property Ltd (SGX: TQ5 / FRA: 1IQ / OTCMKTS: FSRPF) to increase its exposure to the largest mall in the northern part of Singapore.
• The purchase will be funded by an equity fundraising exercise which comprises a private placement, a preferential offer, debt financing, and the potential issuance of subordinated perpetual securities.
• Let’s dig further into this billion-dollar acquisition – here are five things that investors should know about.
  • The largest prime suburban mall in the northern region
  • Unlocking multiple potential growth avenues
  • A boost from new developments and an influx of residential supply
  • Solidifies FCT’s position as the #1 suburban retail landlord
  • DPU-accretive transaction
  • Get Smart: An EGM and fundraising exercise

🇹🇭 Thailand cabinet passes casino draft bill, keeps US$1.5mln wealth test for locals, but PM says details not final (GGRAsia)

• Thailand’s cabinet has kept in place within the country’s casino-legalisation bill a THB50-billion (US$1.5-million) bank deposit requirement for locals to play in such facilities. A THB5,000 entry fee for locals also remains in the draft.
• Prime Minister Paetongtarn Shinawatra – who on Wednesday survived a no-confidence vote in parliament – told reporters following Thursday’s cabinet session that the details of the law were not final as parliament would have the final say.
• The wealth test for locals had been inserted into an earlier draft in February by the country’s legal advisory body, the Council of State. A number of commentators spoken to by GGRAsia in February had mentioned the limit would significantly shift the focus of the casino policy.

🇻🇳 VinFast Auto: A High-Risk, High-Reward EV Play (Seeking Alpha) $ 🗃️

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

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🇮🇳 India / South Asia / Central Asia

🇦🇿 Anglo Asian Mining: Path To A Medium-Sized Copper Mine Clearly Mapped Out (Seeking Alpha) $ 🗃️

• 🇦🇿 Anglo Asian Mining PLC (LON: AAZ / FRA: A4A / OTCMKTS: AGXKF) – Portfolio of copper, gold & silver production assets in western Azerbaijan.

🇮🇳 Indians shift to gold investments as local equities flounder (FT) $ 🗃️

• Boom in gold ETFs fuels purchases of asset long loved by domestic investors as prices hit record

🇮🇳 Foreign investors shift from Indian stocks to bonds (The Asset) 🗃️

• Despite Nifty 50 losing streak, growth story still strong as punters chase returns

🇮🇳 The Beat Ideas: InterGlobe Aviation- Growth Via Fleet Expansion and International Ambitions (Smartkarma) $

• Interglobe Aviation Ltd (NSE: INDIGO / BOM: 539448) placed a record aircraft order and announced plans to double its size by 2030, including entry into long-haul international routes via Airbus A350s.
• This signals a shift from being a low-cost, short-haul leader to a global aviation player aiming for 40% international capacity by FY30.
• IndiGo is no longer just a domestic LCC story: its scale, global ambitions, and diversification make it a long-term structural compounder in aviation.

🇮🇳 Tata Motors: Is the Worst Finally Over? A Turnaround & Demerger Play (Smartkarma) $

• The Chinese slowdown and JLR’s ICE phase-out pressure near-term margins, but Indian PV growth and EV leadership offer a strong domestic counterbalance.
• Tata Motors (NSE: TATAMOTORS / BOM: 500570 / LON: 0LDA) is demerging its Commercial Vehicle and Finance arms to sharpen focus and unlock value across its core Passenger Vehicle and JLR businesses.
• Tata Motors is transitioning from a cyclical turnaround story to a long-term structural play on India’s mobility and global EV transformation.

🇮🇳 APL Apollo Tubes (APAT IN) Stepping up the Gas on Capacity Expansions (Smartkarma) $

• Apl Apollo Tubes (NSE: APLAPOLLO / BOM: 533758) has raised its capex guidance to accelerate growth in high-margin, value-added products (VAP) and new segments like heavy structural tubes, pre-engineered buildings, and solar structures.
• Margins have recovered from Q2 lows but remain subdued due to weak steel prices. Sales volumes have grown at an 18% CAGR.
• Trading at 65x TTM P/E vs. a 5-year average of 50x. A strong execution track record and RoCE >25% provide confidence in growth execution.

🇮🇳 Innova Captab’s Jammu Expansion Update (Smartkarma) $

• Innova Captab Ltd (NSE: INNOVACAP / BOM: 544067) has commissioned a new 11-acre manufacturing facility in Jammu, with capacity for 10.7 bn tablets and 562 mn LVP/respules.
• The plant adds new dosage forms and therapy areas (Penicillin, Penum) and enables strategic domestic-export capacity balancing, with potential ROIC >20%.
• This is not just a capacity bump, it positions Innova for premium exports, higher utilization, and long-term revenue scale-up to INR 14–16Bn from Jammu alone.

🇮🇳 How SEBI’s Expiry Date Proposal Could Halt BSE’s Market Share Erosion? (Smartkarma) $

• SEBI’s March 27 proposal suggests standardising expiry dates: Thursdays for BSE Ltd (NSE: BSE) or Bombay Stock Exchange and Tuesdays for National Stock Exchange (NSEIN IN) .
• NSE’s previous strategic expiry days aimed at better liquidity, marginalising BSE’s Tuesday expiry, potentially impacting it’s trading volumes.
• Post-Consultation was released, NSE faces a setback, deferring its planned monday expiry shift for Nifty contracts, indirectly protecting BSE from market share erosion.

🇮🇳 Tata Steel (TATA IN): Scaling Up Domestic Operations, Easing EU Drag (Smartkarma) $

• Tata Steel Ltd (NSE: TATASTEEL / BOM: 500470)’s India business is poised for multi-year volume expansion, backed by ample land availability across three key locations.
• Losses from UK and Netherland operations set to ease. UK operations are under transitioning phase from BF to EAF. Discussions are on with the Netherlands govt.
• Valuations: Tata Steel trades at 6.5x EV/EBITDA based on estimated FY26 EBITDA. Stock has outperformed local indices and could likely continue.

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🌍 Middle East

🇮🇱 Ituran: Correction Continues With Strong Momentum (Seeking Alpha) $ 🗃️

• 🌐 🇧🇷 Ituran Location And Control Ltd (NASDAQ: ITRN) – Leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. 🇼 🏷️

🇮🇱 Mobileye: Volkswagen Announcement Is A Step In The Right Direction (Seeking Alpha) $ 🗃️

• 🌐 Mobileye Global (NASDAQ: MBLY) – Advanced driver assistance systems (ADAS) & autonomous driving technologies. 🇼

🇮🇱 Kenon Holdings: Recent Developments Prompt Me To Change My Assessment (Seeking Alpha) $ 🗃️

• 🌐 Kenon Holdings Ltd (NYSE: KEN) – Investments in Zim Integrated Shipping Services (NYSE: ZIM), and OPC Energy Ltd (TLV: OPCE / OTCMKTS: OPCEF) (power generation). Spin off from Israel Corporation (TLV: ILCO / OTCMKTS: IRLCF). Singapore HQ. 🇼

🇦🇪 Yalla: Undervalued Cash Machine Set For Double-Digit Growth (Seeking Alpha) $ 🗃️

• 🌍 Yalla Group (NYSE: YALA) – Online social networking & gaming. Voice-centric group chat platform (Yalla) & casual gaming application (Yalla Ludo).

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🌍 Africa

🌍Africa Oil Corp. Starts Its Double-Digit Dividend (Seeking Alpha) $ 🗃️

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

🇿🇦 Anglo American Platinum: With A Leaner Cost Base, Waiting For An Uptick In Commodity Prices (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). 🇼 🏷️

🇿🇦 Gold Fields: No Longer A Spectator In The Gold Rush (Seeking Alpha) $ 🗃️

• 🌐 Gold Fields (JSE: GFI / NYSE: GFI) – One of the world’s largest gold mining firms. 9 operating mines in Australia, Peru, South Africa & Ghana (including the Asanko JV) & 2 projects in Canada & Chile. 🇼 🏷️

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🌍 Eastern Europe & Emerging Europe

🌍 Reinet – the forgotten child of the Rupert family (Undervalued Shares)

• Johann Rupert is South Africa’s richest man with a USD 14bn fortune.
• He is globally known for his control of luxury goods company Richemont (SWX: CFR / JSE: CFR / FRA: RIT1).
• Based out of Luxembourg, there is another holding company that he keeps control of: Reinet Investments SCA (AMS: REINA / JSE: RNI), a EUR 6.6bn entity. Despite its shared trading in Amsterdam, Luxembourg, and South Africa, hardly anyone has ever heard of it.
• A billion-euro exit from one of its investments is making it timely to take a closer look.
• Reinet is an investment holding that was created in 2007 as a result of restructuring the family fortune.
• In 2007, changes in tax laws made it necessary for Richemont to spin off its stake in BAT. In a complex manoeuvre, this stake was moved to another entity, Reinet, which then distributed most (but not all!) BAT shares to its shareholders.
• Reinet got rid of 90% of its stake in BAT by distributing the shares, but it held on to the rest. Its stock was listed on what is Euronext-Amsterdam today, and it also trades on the Johannesburg Stock Exchange and the Luxembourg Stock Exchange.

🇵🇱 Asseco Poland: Value Gap Closed (Seeking Alpha) $ 🗃️

• 🌐 Asseco Poland SA (WSE: ACP / LON: 0LQG / OTCMKTS: ASOZF) – Federation of companies engaged in IT & operates in 61 countries worldwide. 🇼 🏷️

🇵🇱 CD Projekt: Looking Back, Phantom Liberty Outperformed (Seeking Alpha) $ 🗃️

• 🇵🇱 CD Projekt SA (WSE: CDR / FRA: 7CD / 7CD0 / OTCMKTS: OTGLY / OTGLF) – Development of videogames & global digital distribution. 🇼 🏷️

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🌎 Latin America

🌎 Despegar.com: B2B Expansion, But Caution Due To Investigations In Brazil (Seeking Alpha) $ 🗃️

• 🌎 Despegar.com Corp (NYSE: DESP) – #1 online travel company in Latin America. Koin is their Brazil-based BNPL & consumer lending services platform. 🏷️

🌎 MercadoLibre: Near Its Lowest Valuation Ever (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: Strong Investment Proposition (Seeking Alpha) $ 🗃️

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

🇦🇷 Telecom Argentina: Acquisition Setback And Overvaluation Hold Back Progress (Seeking Alpha) $ 🗃️

• 🇦🇷 🇵🇾 🇺🇾 Telecom Argentina SA (NYSE: TEO) – Leading telco & entertainment company + operations in Paraguay & Uruguay. 🇼 🏷️

🇧🇷 Braskem Q4: Challenging But Opportune Scenario For Patient Investors (Seeking Alpha) $ 🗃️

• 🌐🅿️ Braskem SA (NYSE: BAK / BVMF: BRKM3 / BRKM5 / BRKM6) – Largest petrochemical company in Latin America. Controlled by Novonor (Odebrecht SA). 🇼 🏷️

🇧🇷 Petrobras: High Dividend Value (Seeking Alpha) $ 🗃️

🇧🇷 Petrobras’ Double Digits Dividend Story Remains Compelling Here – Reiterate Buy (Seeking Alpha) $ 🗃️

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

🇧🇷 Some Key Reasons To Short Ambev Stock (Seeking Alpha) $ 🗃️

• 🌎 Ambev (NYSE: ABEV) – Brazilian brewing company now merged into Anheuser-Busch Inbev SA (NYSE: BUD). 🇼

🇧🇷 Nu Holdings: Short-Term Forex Drag, Long-Term Profit Machine (Seeking Alpha) $ 🗃️

🇧🇷 Nu Holdings: Credit Woes Cloud A Bright Future (Seeking Alpha) $ 🗃️

🇧🇷 Nu Holdings: A Cash Cow In The Making (Seeking Alpha) $ 🗃️

🇧🇷 Nu Holdings Dominates, But The Real Opportunity Lies In The Dips (Seeking Alpha) $ 🗃️

🇧🇷 Nubank Could Become The Next Global Super App (Seeking Alpha) $ 🗃️

🇧🇷 Nu Holdings: Misunderstood Growth Story (Seeking Alpha) $ 🗃️

🇧🇷 Nu Holdings: A Golden Buying Opportunity (Seeking Alpha) $ 🗃️

• 🌎 Nu Holdings (NYSE: NU) – Digital banking platform / fintech. 🇼

🇧🇷 Sabesp Q4: Privatization Is Making The Company More Agile Every Quarter (Rating Upgrade) (Seeking Alpha) $ 🗃️

• 🇧🇷🏛️👼🏻 Companhia de Saneamento Básico do Estado de São Paulo – SABESP (BVMF: SBSP3) – Water & sewage service provider in São Paulo State. 🇼

🇲🇽 Vista Energy: Sound Fundamentals And Valuation Have Room For Expansion (Seeking Alpha) $ 🗃️

• 🇦🇷 🇲🇽 Vista Energy (NYSE: VIST / FRA: 1CIA / BMV: VISTAA)’s – Mexico HQ’d. Main asset in Argentina is the largest shale oil & shale gas play under development outside North America. 🏷️

🇲🇽 Mexico slides towards recession amid Trump turmoil (FT) $ 🗃️

• Growth slows sharply as changing tariff regime and domestic reforms deter investors

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🌐 Global

🌐 Nebius Group: One Big Reason To Rethink The Buys (Rating Downgrade) (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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📅 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):

• Ecuador Ecuadorian Presidency 2025-04-13 (d) Confirmed 2025-02-09
• 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

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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):

UY Scuti Acquisition Corp. UYSCU Maxim Group, 5.0M Shares, $10.00-10.00, $50.0 mil, 3/31/2025 Priced

(Incorporated in the Cayman Islands)

We are a newly organized blank check company. We intend to search for target companies in Asia, including the People’s Republic of China, Hong Kong and Macau.

(Note: UY Scuti Acquisition Corp. priced its SPAC IPO on Friday, March 28, 2025, in sync with the terms in its prospectus: 5.0 million units at $10.00 each to raise $50.0 million. Each unit consists of one share of stock and the right to acquire one-fifth of a share upon the consummation of its initial business combination. Background: UY Scuti Acquisition Corp. disclosed the terms for its SPAC IPO on Feb. 11, 2025, in an S-1 filing: The company is offering 5.0 million units at $10.00 each to raise $50.0 million.)

Bgin Blockchain Ltd. BGIN Chardan/ The Benchmark Company, 6.3M Shares, $7.00-9.00, $50.0 mil, 4/1/2025 Tuesday

We make cryptocurrency mining equipment. Our focus is on alternative currencies. (Incorporated in the Cayman Islands)

Through our operating subsidiaries, we are a digital asset technology company based in Singapore, Hong Kong, and the U.S. with proprietary cryptocurrency-mining technologies and a strategic focus on alternative cryptocurrencies.

For the fiscal year ended December 31, 2022, we generated substantially all of our revenue from cryptocurrency mining. Since April 2023, we have generated revenue from selling mining machines designed by us, and sales of mining machines contributed approximately 85.43% and 65.71% of our total revenue for the fiscal year ended December 31, 2023, and the six months ended June 30, 2024, respectively.

Our subsidiaries design and sell mining machines equipped with our proprietary 8nm or 12nm ASIC chips under different series dedicated to the mining of KAS coins, ALPH coins, RXD coins, and ALEO coins. These machines are available for purchase only through our website, iceriver.io. Customers may view and place orders for machines they intend to purchase directly through the website, and have the option to enroll in our miner hosting services, through which we operate and manage mining machines on customers’ behalf in return for service fees. Customers purchasing machines sold by our subsidiaries are primarily based in Hong Kong, the U.S. and Southeast Asia. For the fiscal year ended December 31, 2023, and the six months ended June 30, 2024, we sold an aggregate of 67,998 and 47,252 mining machines, respectively, to customers across the world. As of the date of this prospectus, we host a total of 4,020 machines on behalf of our customers, of which 2,969 are in operation at our mining farm located in York, Nebraska, and a hosting facility in Coon Rapids, Iowa, and 1,051 are stored in our warehouse in Beatrice, Nebraska.

As our subsidiaries produce cryptocurrencies through their mining operations, they exchange cryptocurrencies mined for fiat currency on a regular basis to generate cash flow to fund our subsidiaries’ business operations. We attribute our substantial growth since our inception to our competitive advantages in our subsidiaries’ research and development capacities, our experienced and visionary management team, and our strategic focus on alternative cryptocurrency mining. According to the Frost & Sullivan Report, alternative cryptocurrencies refer to cryptocurrencies other than Bitcoin and Ethereum. Alternative cryptocurrencies are generally considered to have more growth potential with higher risks compared to large-capitalization cryptocurrencies. To mitigate such risks and maximize profit potential, our subsidiaries adopt a flexible approach to mining operations by using their proprietary cloud-based mining machine management software to monitor mining results on a daily basis and, on an as-needed basis, adjust the ratio of cryptocurrencies to be mined.

We believe that the strong design of our mining machines and the research and development capabilities of our subsidiaries represent key competitive strengths that afford us the ability to conduct cryptocurrency mining with greater computing power and power efficiency. Our subsidiaries fully rely on their self-designed mining machines for their daily cryptocurrency mining operations. To date, through our subsidiaries, we have designed 26 and put into use 14 different models of cryptocurrency mining machines, each specifically adapted and dedicated to alternative cryptocurrency mining.

As of the date of this prospectus, our subsidiaries own a total of 48,277 mining machines for operation purposes, of which 34,390 are in operation, 11,475 are not operated and are stored in mining farms and hosting facilities in the U.S. or our warehouses in Hong Kong and Beatrice, Nebraska, and 2,412 are currently being detained by U.S. Customs and Border Protection (“U.S. Customs”) and are now the subject of re-export proceedings. See also “Business — Legal Proceedings.” Through our subsidiaries, we currently manage and operate some of our mining machines in the U.S. at mining farms owned by our subsidiaries in Omaha, Nebraska, and York, Nebraska. The remaining mining machines are hosted by third-party hosting service providers at four different locations in the States of Iowa, Texas, West Virginia and Ohio. As of the date of this prospectus, other than 425 mining machines located in our warehouse in Hong Kong, all the mining machines owned by our subsidiaries are located in the U.S. See “— Growth Strategies — Improving and Integrating Our Business Model to Encompass a Value Chain.”

We strive to continuously develop and implement technological improvement into our subsidiaries’ mining process. The technological cornerstone of our subsidiaries’ cryptocurrency mining operations is their proprietary cloud-based mining machine management software, which is used at all of the mining farms in which our subsidiaries maintain and operate mining machines, and allows them to make timely and informed decisions as to the use and management of their mining machines.

Since September 2023, we have been operating a mining pool, currently dedicated to mining five cryptocurrencies, through which we generate income by receiving crypto coins as rewards and deducting a percentage of such rewards as pool fees from payouts to pool participants. See “— Mining Pool.”

For the fiscal years ended December 31, 2022, and December 31, 2023, and the six months ended June 30, 2024, the company’s business operations were heavily dependent upon KAS coins. See “Risk Factors — Risks Related to Our Business and Industry — Our business operations are heavily dependent upon the stability and popularity of KAS coins” and “Industry — Total Market Capitalization of Cryptocurrencies — KAS.”

(Note: Bgin Blockchain Ltd. filed its FWP (free writing prospectus) on March 20, 2025, for its IPO: 6.3 million shares at a price range of $7.00 to $9.00 to raise $50.0 million.)

WF International (China) WXM The Benchmark Company/ Axiom Capital Management, 1.4M Shares, $4.00-4.00, $5.6 mil, 4/1/2025 Tuesday

(Incorporated in the Cayman Islands)

WF International is a holding company. As a holding company with no material operations of its own, WF conducts substantially all of its operations through our PRC subsidiaries, primarily Shanyou HVAC, which started its business in Chengdu, China in 2009.

We are principally engaged in the provision of supply, installation, fitting-out and/or maintenance services for HVAC systems, floor heating systems, and water purification systems. We have provided the supply, installation and fitting-out services for HVAC systems for large-scaled commercial projects, such as the International Finance Square HVAC projects across China, Chengdu Vanke Charm City, Chengdu Raffles Plaza, Chengdu Yinshi Plaza, Chengdu Metro No. Ten Line, and Panzhihua Jinhai Hotel.

Since 2017, we have diversified our range of services or products to encompass heating and water purification solutions. Our offerings now include sales, installation, fitting-out, and/or maintenance services of HVAC systems, floor heating systems and water purification systems in the high-end fully furnished residential projects.

Our current primary focus is on collaborating with property development companies that offer high-end fully furnished homes and pursuing contracts in industrial projects. We provide these clients with comprehensive electromechanical solutions for HVAC systems, floor heating systems and water purification systems. This approach has positioned us as an integrated supplier of both electromechanical products and installation services.

We are driven by an experienced management team. Led by our CEO, Ke Chen, our business operation has formed a strong customer base in Chengdu and has expanded to neighboring cities including Meishan City and Mianyang City in Sichuan province, China. With the expansion of our customer base, the demand for our services has grown in recent years. We generate revenues primarily through contracting services consisting of sales of products and provision of services. During the fiscal year ended September 30, 2024 and 2023, our revenues were approximately $15.5 million and $15.3 million, respectively. We generated net income of approximately $1.0 million and $1.5 million for the fiscal year ended September 30, 2024 and 2023, respectively.

We derive our income from three main sources: construction projects (including equipment sales and installation services), sale of products, and installation, maintenance and repair services. Our primary products for sale are central air conditioners to commercial clients.

Note: Net income and revenue are in U.S. dollars (converted from China’s currency) for the fiscal year that ended on Sept. 30, 2024.

OMS Energy Technologies, Inc. OMSE Roth Capital Partners, 5.6M Shares, $8.00-10.00, $50.0 mil, 4/2/2025 Wednesday

(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.

We primarily conduct our business through our subsidiaries (i) OMS (Singapore), (ii) OMS (Saudi Arabia), (iii) OMS (Indonesia), (iv) OMS (Thailand), (v) OMS (Malaysia Holding), (vi) OMS (Malaysia OpCo) and (vii) OMS (Brunei), operating in Singapore, Saudi Arabia, Indonesia, Thailand, Malaysia and Brunei, respectively. Furthermore, through our localization efforts in collaboration with the various governments, we operate manufacturing facilities and warehouses across these six jurisdictions that we operate in. For further information, please refer to the section entitled “Business — Real Property” in the prospectus.

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.)

Great Restaurant Development Holdings Limited (The) HPOT Dominari Securities/Revere Securities, 1.4M Shares, $4.00-6.00, $7.0 mil, 4/3/2025 Week of

(Incorporated in the Cayman Islands)

We operate a multi-award-winning Chinese restaurant chain. We specialize in various types of Specialty Chicken Hotpot under the brand name “The Great Restaurant (一品雞煲火鍋)” in Hong Kong. As of the date of this prospectus, we operate seven restaurants in our chain, out of which three are located in the New Territories, three in the Kowloon Peninsula and one on Hong Kong Island. We have over 12 years of experience in the restaurant services industry in Hong Kong and utilize one food factory to support our operations.

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

(Note: The Great Restaurant Development Holdings Limited cut its IPO’s size to 1.4 million shares – down from 2.0 million shares in the original SEC filing – and kept the price range at $4.00 to $6.00 – to raise $7.0 million, according to its F-1/A filing dated March 3, 2025. Background: Dominari Securities is the “lead left” book-runner, joining the original sole book-runner, Revere Securities, on the cover of the prospectus.)

J-Star Holding Co., Ltd. YMAT Maxim Group, 1.3M Shares, $4.00-5.00, $5.6 mil, 4/3/2025 Week of

As a holding company with no material operations of our own, our operations are conducted through our subsidiaries in the People’s Republic of China (the “PRC”), Taiwan, Hong Kong and Samoa, with our headquarters in Taiwan, and such structure involves unique risks to investors, as the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time. (Incorporated in the Cayman Islands)

Our Predecessor Group was established in 1970 and we have accumulated over 50 years know-how in material composite industry. We develop and commercialize the technology on carbon reinforcement and resin systems. With decades of experience and knowledge in composites and materials, we are able to apply our expertise and technology on designing and manufacturing a great variety of lightweight, high-performance carbon composite products, ranging from key structural parts of electric bicycles and sports bicycles, rackets, automobile parts to healthcare products. According to the industry report commissioned by us and prepared by Frost & Sullivan, we are one of the major global leading players in the carbon fiber bicycle parts industry and carbon fiber racket parts industry.

We primarily generate revenue through three divisions and revenue streams, namely (i) sales of bicycles parts of sports bicycle and electric bicycle; (ii) sales of rackets for use in tennis, badminton, squash and beach tennis; and (iii) sales of other products, which mainly include structural parts of automobile, other sporting goods and healthcare products. Our bicycle parts and rackets are mainly supplied directly or indirectly to branded customers located in Switzerland, France, Italy, the Netherlands, Germany and Japan and they market and distribute their products worldwide. Other customers who rely on our new products, such as automobile parts and healthcare products, are mainly located in Australia, Canada and Japan.

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

(Note: J-Star Holding Co. Ltd. cut its IPO’s size to 1.25 million shares – down from 2.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $5.63 million in an F-1/A filing dated Aug. 2, 2024; in that same filing, the company said that Maxim Group is the new sole book-runner, replacing EF Hutton. Background: J-Star Holding Co. Ltd. reduced the size of its IPO again – to 2.0 million shares – down from 2.5 million shares – and kept the price range at $4.00 to $5.00 – to raise $9.0 million in an F-1/A filing dated June 13, 2024. In that June 13, 2024, filing, J-Star Holding Co. Ltd. disclosed that EF Hutton is the new sole book-runner, replacing the previous joint book-running team of Maxim Group LLC and Freedom Capital Markets.)

(Background: J-Star Holding Co. Ltd. cut its IPO to 2.5 million shares – down from 4.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $11.25 million, according to an F-1/A filing dated Sept.19, 2023.)

(Note: J-Star Holding Co. Ltd. cut its IPO to 4.0 million shares – down from 5.375 million shares – and set the price range at $4.00 to $5.00 – an upward adjustment from its previous assumed IPO price of $4.00 – to raise $18.0 million, in an F-1/A filing dated Feb. 8, 2023. The downsizing represented a 16.3 percent cut in J-Star’s estimated IPO proceeds, which were $21.5 million under the previous terms. J-Star also disclosed a change in the bankers running its IPO, in the Feb. 8, 2023, F-1/A filing: Maxim Group LLC and Freedom Capital Markets are the joint book-runners, replacing ViewTrade Securities, which previously was the sole book-runner. Background: J-Star upsized its IPO in an F-1/A filing dated Sept. 2, 2022: 5.375 million shares at $4.00 – up from 5.25 million shares at $4.00 in a previous filing on Aug. 19, 2022. Under the new terms, the IPO’s proceeds are estimated at $21.5 million – or $500,000 more than the previous terms. J-Star Holding Co. Ltd. disclosed terms for its IPO in an F-1/A filing dated July 13, 2022: 3.75 million ordinary shares at $4.00 each to raise $15.0 million. J-Star Holding filed an F-1/A dated May 26, 2022, with financial information for the fiscal year ended Dec. 31, 2021. The company filed its F-1 on March 21, 2022, after submitting confidential IPO paperwork on Sept. 30, 2021.)

Jyong Biotech Ltd. (Revived IPO)MENSJoseph Stone Capital LLC, 2.7M Shares, $7.50-8.50, $21.7 mil, 4/3/2025 Week of

*Note: The stock in this IPO is being issued by the holding company. (Incorporated in the Cayman Islands)

We are a science-driven biotechnology company based in Taiwan and are committed to developing and commercializing innovative and differentiated new drugs (plant-derived) mainly specializing in the treatment of urinary system diseases, with an initial focus on the markets of the U.S., the EU and Asia (primarily Taiwan and mainland China).

Since our inception in 2002, we have been dedicated to the research and development of new drugs with high safety and efficacy. Through 20 years of efforts, we have built integrated capabilities that encompass all key functionalities of drug development, including early-stage drug discovery and development, clinical trials, regulatory affairs, manufacturing and commercialization. Leveraging our strong research and development capabilities and proprietary platform, we have been developing a series of drug candidates, including one core drug candidate at NDA stage, one clinical-stage key drug candidate and other preclinical-stage drug candidates. Among our drug candidates, we have filed the new drug application, or NDA, for MCS-2 in the U.S. One of our clinical-stage key drug candidates, PCP, is in the Phase II trials stage in Taiwan. Another preclinical-stage key drug candidate, IC, is under preclinical studies.

Our pipeline features three innovative and differentiated new drug candidates, and we are developing them for (i) the treatment of benign prostate hyperplasia/lower urinary tract symptoms, or BPH/LUTS, (ii) prostate cancer prevention, and (iii) the treatment of interstitial cystitis, respectively.

MCS-2: MCS-2 is our new drug candidate developed for unmet medical needs of BPH/LUTS treatment. MCS-2 is expected to be our core product in the future. MCS-2 is a softgel containing patented active pharmaceutical ingredients of carotenoid chylomicrons. MCS-2 contains carotenoids, and we have further developed MCS-2 formulation using chylomicrons, a type of lipoprotein particles in human body, for the improvement of bioavailability. MCS-2 has a powerful antioxidant capacity and can reduce inflammatory cytokines. It takes effect by reducing oxidative stress and inflammation and has a dose-response effect. We have completed the four Phase III clinical trials for MCS-2 in the U.S. and Taiwan, including two pivotal trials and two open-label extension study trials. The pooled study results of our phase III clinical trials on MCS-2 show that the primary endpoint (namely, the change in the total scores derived from the International Prostate Symptom Score system, or I-PSS, which is a validated, reproducible scoring system that measures severity of lower urinary tract symptoms and responses to therapeutics) has reached statistical significance and exhibited safety profile. We submitted a new drug application of MCS-2 using Active Pharmaceutical Ingredient-1, or API-1, to the U.S. FDA in December 2021 and received a filing confirmation letter from U.S. FDA on February 22, 2022. However, after reviewing our application materials, the U.S. FDA has suggested us to identify an additional resource for API-1, in case of a short supply of API-1. After a due research and development, we have identified Active Pharmaceutical Ingredient-2, or API-2, an ingredient that has the same composition of API-1, the patent of which is owned by us. We have submitted the comparative data of API-1 and API-2 for U.S. FDA’s review. Once the U.S. FDA requires us to conduct any specific additional study after finishing the review, we may submit the relevant study data to the U.S. FDA by the end of 2024. BPH/LUTS is the most common urinary tract disease in the middle-aged male population. According to Frost & Sullivan, the global prevalence of BPH increased from 88.4 million in 2017 to 94.2 million in 2020, representing an increase of 6.5%. The global BPH drugs market increased from US$3.7 billion in 2017 to US$4.1 billion in 2020, representing a CAGR of 4.6%. We are establishing a strong sales and marketing team that is expected to consist of employees with rich experience in relevant areas and our target markets, and plan to work with both domestic and international business partners to seize the great market opportunities and to help more patients reduce their distress caused by BPH/LUTS and drug side effects caused by chemical drugs.

PCP: PCP is our key new drug candidate developed for the prevention of prostate cancer. Similar to MCS-2, PCP works through its mechanism of antioxidant and anti-inflammatory. PCP contains several types of patented active pharmaceutical ingredients of carotenoid chylomicrons that reduce oxidative stress and inflammatory cytokines (IL-6), both of which are main causes of many chronic inflammatory diseases. PCP and MCS-2 are essentially the same in terms of composition of active ingredients, dosage form, strength and route of administration; however, they are different drug candidates targeting different indications. We are conducting phase II clinical trials of PCP in Taiwan. Prostate cancer begins when cells in the prostate gland start to grow out of control. In general, the more quickly prostate cells grow and divide, the more chances there are for mutations to occur. According to Frost & Sullivan, the global prevalence of prostate cancer increased from 10.0 million in 2017 to 11.2 million in 2020, representing a CAGR of 3.9%. The global prostate cancer market increased from US$9.7 billion in 2017 to US$12.6 billion in 2019, representing a CAGR of 9.1%. In addition, the prostate-specific antigen abnormal population, or PSA abnormal population, representing men over 40 years old with a prostate-specific antigen test value of 4.0 ng/ml or higher, is exposed to a high risk of prostate cancer. From 2015 to 2020, the total number of PSA abnormal populations in the U.S., Taiwan and China increased from 5.0 million to 5.3 million.

IC: IC is our additional key new drug candidate which is composed of polysorbate loaded micelles as nanocarriers which can be used in the intravenous injection and intravesical instillation. The micelles enhance the bioavailability by prolonging the duration of stay in the bladder and increase the penetration of drug across the bladder wall. IC/BPS, refers to a bladder pain disorder that is often associated with voiding symptomatology and other systemic chronic pain disorders.

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

(Note: Jyong Biotech Ltd. increased its IPO’s size to 2.67 million shares – up from 2.33 million shares – and kept the price range at $7.50 to $8.50 – to raise $21.36 million, according to an F-1/A filing dated March 11, 2025. Background: Jyong Biotech Ltd. is offering 2.33 million shares (2,328,921 shares) at a price range of $7.50 to $8.50 to raise $18.64 million, according to its F-1/A filing on Feb. 6, 2025. The company has also changed its proposed stock symbol to “MENS” for its revived IPO – a switch from its previous symbol of “JYB” for its original IPO plans. Jyong Biotech Ltd. filed a new F-1 in 2024 without disclosing terms; estimated IPO proceeds are about $30.0 million. This is a NASDAQ listing – a change from the NYSE – American listing, which was the original venue. Joseph Stone Capital LLC is the new sole book-runner.)

(Note: Jyong Biotech Ltd. withdrew its plans for an IPO in an SEC letter dated Dec. 20, 2023. The F-1 (prospectus) was filed on Aug. 17, 2023. In subsequent filings, the estimated proceeds were about $40 million. Spartan Capital was the sole book-runner for this original IPO, which was withdrawn in December 2023.)

(Note: Jyong Biotech Ltd. filed its F-1 on Aug. 17, 2023, without disclosing terms for its IPO. The Taiwan-based company filed confidential IPO documents with the SEC on March 16, 2023.)

Kandal M. Venture Ltd. FMFC Dominari Securities/Revere Securities, 2.0M Shares, $4.00-5.00, $9.0 mil, 4/3/2025 Week of

(Incorporated in the Cayman Islands)

Through FMF, our operating subsidiary, we are a contract manufacturer of affordable luxury leather goods with our manufacturing operations in Cambodia. We primarily manufacture handbags, such as shoulder bag, crossbody bag, tote bag, backpack, top-handle handbag, satchel, and other smaller leather goods, such as wallets. Our customers are well-known global fashion brands that are headquartered in the United States.

With our craftsmanship and extensive knowledge of the leather goods manufacturing process, our product engineers convert our customers’ vision and design into leather goods products. Our products are primarily affordable luxury products that are made of leather and/or other materials.

Our Competitive Strengths

We believe the following competitive strengths differentiate our operating subsidiary from its competitors:

• Having long-term and strong business relationships with renowned global fashion brands but we cannot assure continued good relationships with them, and they are not obligated in any way to continue placing orders with us at the same or increasing levels, or at all;

• Having long-term collaborative relationships with our suppliers but their services are susceptible to fluctuations in pricing, timing, and quality, and we have limited control over their operations and compliance with regulations as we do not have long-term contracts with them;

• Having extensive understanding of leather goods manufacturing process, up-to-date machinery and efficient management resulting in competitive pricing while maintaining quality and high efficiency; and

• Having experienced management team with extensive knowledge of the leather goods manufacturing industry where we operate but we cannot assure the retention of key executives and personnel necessary to maintain or expand our business, and the loss of any member of our management team could negatively impact our business plan and expansion.

Our Strategies

We aim to accomplish our business objective, further strengthen our market position and continue to be a competitive manufacturer of leather goods by pursing the following key strategies:

• Broadening our customer base by expanding our geographical market reach to other key markets, including the European markets but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results;

• Enhancing our production capacity but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results; and

• Establishing a new design and development center for enhancing our product development capabilities but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results.

Corporate History and Structure

KMV is a holding company registered and incorporated in the Cayman Islands, and is not a Cambodian operating company. As a holding company with no material operations, we conduct our core business operations in Cambodia through our operating subsidiary, FMF.

On April 5, 2017, FMF is the Group’s key operating subsidiary and was established under the laws of Cambodia to engage in the business of leather goods manufacturing. FMF’s skilled craftsmanship and high-quality manufacturing capabilities are the cornerstones of the Group’s operations and reputation, allowing us to attract business from leading global brands. Customers issue letters of authorization directly to FMF which grant FMF the right to produce and export leather goods using their trademarks, and they frequently visit the production site of FMF located in Cambodia to inspect orders and conduct quality checks. PFL was incorporated under the laws of Hong Kong on November 3, 2016 as a trading company for the Group’s material procurement and customer invoicing.

Note: Net income and revenue are in U.S. dollars (converted from Cambodia’s currency) for the 12 months that ended March 31, 2024.

(Note: Kandal M. Venture Ltd. trimmed its small-cap IPO’s size to 2.0 million shares – down from 2.8 million shares originally – and kept the price range at $4.00 to $5.00 – to raise $9.0 million, according to its F-1/A filing dated Feb. 18, 2025.)

(Note: Dominari Securities and Revere Securities are the new joint book-runners, replacing the original book-running team of Cathay Securities and WestPark Capital.)

MasterBeef Group MB Dominari Securities/Revere Securities, 2.0M Shares, $4.00-5.00, $9.0 mil, 4/3/2025 Week of

MasterBeef Group is the holding company that runs 12 Taiwanese hotpot and barbecue restaurants in Hong Kong. (Incorporated in the Cayman Islands)

Our mission is to serve quality and value-for-money Taiwanese cuisine to our customers.

We are a full-service restaurant group in Hong Kong, specializing in Taiwanese hotpot and Taiwanese barbecue. As of the date of this prospectus, through our Hong Kong Operating Subsidiaries, we operate 12 restaurant outlets under our Master Beef and Anping Grill brands. Our Group’s revenue is primarily generated from the Hong Kong Operating Subsidiaries’ operation of our Master Beef and Anping Grill restaurant outlets in Hong Kong. According to the Frost & Sullivan Report, in 2023, our Master Beef brand ranked first among the specialty hotpot restaurant chain brands and Taiwanese hotpot restaurant chain brands in Hong Kong in terms of revenue, and our Group comprising our Master Beef and Anping Grill brands ranked first in the overall Taiwanese cuisine market in Hong Kong with a market share of approximately 9.7% in terms of revenue.

Our Group’s history began in 2019 when our founders, namely Ms. Oi Wai Chau, Ms. Oi Yee Chau, Ms. Tsz Kiu So, Mr. Ka Chun Lam and Mr. Shing Yan Lee, identified the untapped potential of the mid-range Taiwanese hot pot market in the highly competitive dining scene of Hong Kong. They decided to capitalize on this opportunity by establishing a semi-self-service hotpot brand called “Master Beef Taiwanese Hotpot All You Can Eat” which focused on providing high-quality hotpot experiences with reasonable prices. The brand’s first restaurant was unveiled at King Wah Centre in Mong Kok in Kowloon, Hong Kong and quickly gained popularity which we believe was due to us providing authentic Taiwanese hotpot experience and excellent value for the money.

We subsequently expanded during the COVID-19 pandemic period and established multiple brands, namely Anping Grill, Chubby Bento, Chubby Noodles and Bao Pot, diversifying its operations into Taiwanese grill, Taiwanese bento, Taiwanese noodles and Taiwanese stone pot. To streamline the corporate structure and recalibrate business strategies and resources, on May 14, 2024, the Group disposed of its operations in Chubby Bento, Chubby Noodles and Bao Pot to Galaxy Shine Company Limited and Thrivors Holdings Limited, our principal shareholders. Immediately prior to the disposal, we were operating three Chubby Bento outlets, two Chubby Noodles outlets and one Bao Pot outlet in Hong Kong. For the pro forma impact on our historical financial data, see “Unaudited Pro Forma Condensed Consolidated Financial Information”.

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

(Note: Dominari Securities is the new lead joint book-runner, according to an F-1/A filing dated Jan. 22, 2025, and it will work with Revere Securities, initially named as the sole book-runner in MasterBeef’s previous SEC filings.)

(Note: MasterBeef Group disclosed the terms for its IPO in an F-1/A filing dated Nov. 27, 2024: The company is offering 2.0 million shares at a price range of $4.00 to $5.00 to raise $9.0 million, if the IPO is priced at the $4.50 mid-point of its range. Background: MasterBeef Group filed its F-1 on Nov. 12, 2024, without disclosing the terms, and indicated that it intends to raise up to about $8 million.)

Ruanyun Edai Technology Inc. RYET AC Sunshine Securities, 3.8M Shares, $4.00-5.00, $16.9 mil, 4/3/2025 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, 4/3/2025 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: Net loss and revenue are in U.S. dollars for the 12 months that ended June 30, 2024.

(Note: Top Win International Ltd. is offering 2.664 million shares at a price range of $4.00 to $6.00 to raise $13.325 million, according to its F-1/A filing dated March 10, 2025.)

Phoenix Asia Holdings Ltd. PHOE D. Boral Capital (ex-EF Hutton), 1.6M Shares, $4.00-6.00, $8.0 mi, l4/4/2025 Friday

(Incorporated in the Cayman Islands)

We operate as a holding company. We operate our business primarily through our indirectly wholly-owned Operating Subsidiary, Winfield Engineering (Hong Kong) Limited. We mainly engage in substructure works, such as site formation, ground investigation and foundation works, in Hong Kong. To a lesser extent, we also provide other construction services such as structural steelworks. We mostly undertake substructure work in the role of subcontractor for the six months ended September 30, 2024, and the fiscal years ended March 31, 2024, and March 31, 2023.

Winfield Engineering (Hong Kong) Limited was founded in 1990. Over our 30 years of operating history, we have focused on substructure works, serving as a subcontractor and building up significant expertise and a strong track record. Substructure refers to the foundation support system constructed beneath ground level. We take great pride in our capability to effectively address substructure works challenges during the completion of our works. In 2023, we were awarded with a public project for a major trunk road, which involves marine grouting works and the project is expected to be completed in late-2025. This project further demonstrates our versatility and commitment to delivering high-quality substructure solutions.

Through our Operating Subsidiary, we are mainly engaged in public sector and private sector projects in Hong Kong. In 2023, we were awarded with an infrastructure project for the redevelopment of a riding school with an initial contract sum of over HKD24.4 million (USD3.1 million), which is expected to be completed in mid-2025.

As of the date of this prospectus, Winfield Engineering (Hong Kong) Limited is (i) a Registered Specialist Contractor under the sub-registers of foundation works, site formation works and ground investigation field works categories maintained by the Buildings Department of Hong Kong; and (ii) a Registered Subcontractor under foundation and piling (sheet piles, bored piles, driven piles, diaphragm walls, micro piles and hand-dug caisson) and general civil works (earthwork and ground investigation) of the Registered Specialist Trade Contractors Scheme of the Construction Industry Council of Hong Kong.

We, through our Operating Subsidiary, have achieved significant growth in our business. For the fiscal years ended March 31, 2024 and 2023, our total revenue derived from substructure and other construction services was approximately USD5.8 million and USD2.2 million, respectively. The number of customers with revenue contribution to us was 18 for the fiscal year ended March 31, 2023 and 11 for the fiscal year ended March 31, 2024.

According to the Census and Statistic Department, between 2014 and 2023, the construction industry in Hong Kong maintained growth with a compounded annual growth rate of 1.53%. Driven by (i) sustained supply of residential units and urban renewal program; (ii) the Government’s funding support in innovative constructive methods and new technologies; (iii) the Government’s continuous effort in enhancing rail connectivity, which requires extensive substructure works; and (iii) rapid advancement in technology to optimize productivity and reduce costs such as the building information management and industrialized building system, it is expected that the Hong Kong civil engineering industry will continue to grow.

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

ALE Group Holding Limited ALEH D. Boral Capital (ex-EF Hutton), 1.5M Shares, $4.00-6.00, $7.5 mil, 4/7/2025 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: D. Boral & Company (formerly E.F. Hutton) is the sole book-runner. Background: 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.)

Megan Holdings Ltd. MGN D. Boral Capital (ex-EF Hutton), 2.5M Shares, $4.00-6.00, $12.5 mil, 4/7/2025 Week of

We are a company principally engaged in the development, construction and maintenance of aquaculture farms and related works. (Incorporated in the Cayman Islands)

Our operations are based in Malaysia. Since our inception in 2020, we have strived to establish ourselves as a trusted and experienced provider of shrimp farm-related maintenance services in Malaysia. As of the date of this prospectus, we have been carrying out a series of upgrading and maintenance work projects for aquaculture farms, all of which are located in Tawau, Sabah, Malaysia. This constitutes 71.8%, 43.7% and 15.5% of our revenue for the financial years ended December 31, 2021, 2022 and 2023, respectively. Besides that, we also carried out upgrading work for a pineapple plantation farm located at Kota Tinggi, Johor, Malaysia in 2022 and 2023. This constituted nil, 25.3% and 22.6% of our revenue for the financial years ended December 31, 2021, 2022 and 2023, respectively.

Complementary to our upgrading and maintenance services, we also assist customers with the design and development of new farms. As of the date of this prospectus, we are currently involved in the development and construction of a shrimp hatchery center in Semporna, Sabah, Malaysia, where we have been engaged to undertake the construction of hatchery buildings and related functional facilities. We are also assisting in the development of a 111-acre shrimp farm at Tawau, Sabah, Malaysia. The design and development of new farms comprised 22.2%, 16.4% and 61.7% of our revenue for the financial years ended December 31, 2021, 2022 and 2023, respectively. From time to time, we also assist our customers in sourcing for building materials and machinery available for rental for use on their farms. This comprised 6.0%, 14.6% and 0.2% of our revenue for the financial years ended December 31, 2021, 2022 and 2023, respectively.

With our wide suite of services and diverse revenue streams, we are well-positioned to serve customers as a one-stop center for their aquaculture and agriculture needs.

Note: Net income and revenue are in U.S. dollars (converted from the Malaysian ringgit) for the 12 months that ended Dec. 31, 2023.

(Note: Megan Holdings Ltd. adjusted its small IPO’s price range back to the original level of $4.00 to $6.00 – and kept the size at 2.5 million shares – to raise $12.5 million, according to an F-1/A filing dated March 11, 2025.)

(Background: Megan Holdings Ltd. doubled its small IPO’s size – to 2.5 million shares – up from 1.25 million shares originally – and trimmed the price range to $4.00 to $5.00 – pulling back from the original $4.00-to-$6.00 price range – to raise $11.25 million, according to an F-1/A filing dated Feb. 20, 2025. Previously: Megan Holdings Ltd. filed its F-1 on Aug. 8, 2024, and disclosed the terms for its micro-cap IPO: 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million. Megan Holdings did not name an underwriter in its F-1 filing.)

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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 (March 31, 2025) was also published on our Substack.

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