Emerging Market Links + The Week Ahead (December 8, 2025)

As noted last week, Taiwan’s economy roars ahead on back of AI demand (🗃️) but Financial Times also notes that Taiwan’s AI boom leaves traditional manufacturers trailing (🗃️):

Diverging fortunes of technology and other sectors spark concern despite rapid growth in GDP

But Taiwanese manufacturers of more traditional products, such as car parts and machine tools, have been hit hard by hefty import tariffs imposed by US President Donald Trump and by a rise in the Taiwan dollar that has eaten into their profit margins.

Walking around Taipei for the first time since COVID, I am noticing new and ongoing high rise construction around the city. Not China property bubble levels of new construction as the construction I am seeing looks more sustainable with the most noticeable being two massive high-rises going up by or over the Airport MRT station by the Taipei Main Train Station (with one of the old city gates under restoration) and something getting built on a block of land next to Taipei 101:

The Asset has pointed out how Asian firms are adapting, stabilizing post-tariffs (🗃️) while the Financial Times has noted how US tariffs prompt surge in Chinese exports to south-east Asia (🗃️). This would be a two way street as California almond exports to Vietnam, etc. also surged during Trump’s last trade war (as Australia’s almond industry is much smaller) and then there are the reports of chips exported to Singapore that find their way to China.

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🌏 Asia

🌏 Emerging East Asia LCY bond market slows (The Asset) 🗃️

Growth in government and corporate bond issuance tapers off in third quarter

🌏 Asian firms adapting, stabilizing post-tariffs (The Asset) 🗃️

US policy in certain markets boosting short-term trade, with majority of Singapore firms optimistic

More than six months after the US announced its “liberation day” tariffs, firms in Asia are showing signs of adaption and stabilization, their concerns around revenue have eased and a new trade map is shaping up, according to a recent report.

Furthermore, certain markets in Asia report that recent trade policy shifts are boosting rather than hindering their short-term growth, finds the HSBC Global Trade Pulse Survey report, which also reveals that more than two in three ( 68% ) of Asian respondents feel more certain about the impact of trade policy than they did six months ago.

With the tariff dust beginning to settle, firms in Asia, the report shares, expect supply-chain disruption to have a slightly lower impact on revenue than six months ago. On average, Asian respondents forecast a 13% negative impact on revenue over the next two years, down from 18% in the report’s survey from approximately six months ago.

🌏 US tariffs prompt surge in Chinese exports to south-east Asia (FT) $ 🗃️

Washington’s greater protectionism spurs closer ties between Beijing and the region

In attempts to protect domestic manufacturers from being undercut by cheaper Chinese imports, some south-east Asian countries have tightened import rules and considered tariffs on certain goods.

But Liew said such actions were “piecemeal” and “stop-gap measures”. “The fundamental lesson is unavoidable: south-east Asian manufacturers must upgrade or be squeezed out,” she said. “China’s industrial ecosystem is far more innovative.”

🌏 Asia’s wealth growing faster than the systems that serve it (The Asset) 🗃️

Front office must be reimagined to turn it into a cohesive growth engine

In its report, The Future of Asia Wealth Management 2025: Front Office Reimagined, global consulting and technology firm Accenture warns that Asia’s wealth industry is falling behind. Clients now expect digital-first experiences, hyper-personalized advice, and seamless engagement, but many institutions are still stuck in legacy operating models.

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.4bn of Flows Post Capping (Dec 2025) (Smartkarma) $

The December rebalance of the Hang Seng family of indices will use today’s closing prices to cap the index constituent weights.

The net round-trip trade across all stocks across the five indices is estimated at HK$50bn (US$6.4bn). There is size to trade in a lot of stocks.

Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF) is the biggest buy due to HSIII Index inclusion and capping, while Alibaba (NYSE: BABA) is the biggest capping sell.

🇨🇳 KWEB Index Rebalance: 5 Adds & A Delete (Smartkarma) $

The December rebalance of the KraneShares CSI China Internet ETF (KWEB US) will take place at the close of trading on 12 December.

Alibaba Pictures, East Buy Holding Ltd (HKG: 1797 / OTCMKTS: KLTHF), Ping An Healthcare and Technology (HKG: 1833 / FRA: 1XZ / OTCMKTS: PANHF), XD Inc (HKG: 2400 / FRA: 3OE / OTCMKTS: XDNCF). and CaoCao Inc (HKG: 2643) will be added, while iQIYI (NASDAQ: IQ) will be deleted.

Short interest has increased in most adds recently and there could be some short covering following the announcement of the index inclusion.

🇨🇳 Alibaba Cloud Summit HK: The 2B AI Playbook with Qwen, Wan, and Enterprise Stack (AI Proem)

[Alibaba (NYSE: BABA)]

From Tongyi Lab to pharmacovigilance and smart cockpits. Blending large models, data platforms, and real-world use cases.

Walking into the Alibaba Cloud Summit in Hong Kong, I felt very far away from the AI conversations I just had in Singapore.

What the Hong Kong Cloud summit clicked for me was that Alibaba Cloud has always actually played the enterprise strategy, just one card at a time, and it’s now becoming clearer to everyone that the company is using those models as leverage to become the default 2B AI solutions provider.

🇨🇳 Cango looks past its bitcoin phase to a future as AI infrastructure operator (Bamboo Works)

After booming for much the first year in its pivot to bitcoin mining, the company is looking ahead to a future of creating a ‘global, distributed AI compute grid’

Cango (NYSE: CANG)’s revenue jumped 60.6% sequentially in the third quarter to $224.6 million, buoyed by the addition of new mining capacity and rising bitcoin prices

The company said it sees bitcoin mining as a “practical on-ramp” towards its eventual goal of building a global network of high-performance computing centers

🇨🇳 After finding profits, Zhihu faces new questions from AI onslaught (Bamboo Works)

The online knowledge community operator briefly achieved profitability in the first half of this year, but that momentum didn’t carry into the third quarter

Zhihu Inc (NYSE: ZH) reported its revenue fell 22% year-on-year in the third quarter, as it slipped back into the red after finding profits earlier this year

The operator of a knowledge-sharing community, often called the “Quora of China,” said its paid membership revenue for the quarter dropped 16% year-on-year

🇨🇳 Unisound AI IPO Lockup (9678.HK): ~US$1.6B Early Lockup Release for Co-Founders (Smartkarma) $

Unisound AI Technology Co Ltd (HKG: 9678), a Beijing-based AI solution provider focusing on the sales of conversational AI products and solutions, completed an initial public offering at HK$205/share in June.

The company raised HK$251M in its Hong Kong IPO, including additional net proceeds from the over-allotment shares issued upon the full exercise of the over-allotment option.

The stock peaked at HK$879.00 in September and fell ~41% over the next two months. The company’s early IPO lockup will expire on December 29, 2025.

🇨🇳 A Quiet Chinese Mobile Giant in Africa (Asianometry) 23:19 Minutes

Shenzhen Transsion Holdings (SHA: 688036) (傳音控股) is a Shenzhen company that has quietly grown a mobile phone empire in Africa. They are so low key that in January 2016, a Shenzhen government official remarked that he hadn’t known that a Chinese company was doing so well in Africa. After 15+ years, Transsion has sold hundreds of millions of phones in the continent thanks to smart products and good distribution. But changes are afoot. Competition is intensifying. And it is pushing them out of their comfort zone. In today’s video, let us talk about a unique Chinese mobile phone giant in Africa: Transsion.

🇨🇳 From Burn to Breakeven: NIO’s EV Playbook Gains Traction in China and Beyond (LongYield)

NIO Inc (NYSE: NIO)’s multi-brand lineup (NIO, ONVO, and FIREFLY) showcased at Auto Guangzhou 2025. The company has expanded its portfolio across premium, family, and compact EV segments to drive growth.

Key catalysts in 2026 could include: Margin improvement as cost-cutting initiatives fully materialize and newer models (with better economics) form a larger portion of sales.

🇨🇳 2026 High Conviction: Short NIO (NIO US/9866 HK) (Smartkarma) $

NIO Inc (NYSE: NIO) is a Chinese premium electric vehicle manufacturer listed on three exchanges.

NIO’s Q4 deliveries guidance was below expectations, and sales momentum is on a declining trend. Sustainably hitting its 20% gross margin target and achieving breakeven in 2026 seems a stretch.

NIO’s valuation is stretched, trading at a material premium to the median EV/Sales and growth-adjusted EV/Sales multiples of Chinese EV peers.

🇨🇳 BYD Overhauls Payment System as China Tightens Oversight (Caixin) $

China’s BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) is dismantling a massive digital payment system used to settle obligations to suppliers, marking a major shift in the country’s trillion-yuan shadow receivables market following a sweeping regulatory crackdown, Caixin has learned.

Since 2018, BYD has increasingly relied on Di Lian (迪链) vouchers — digital receivables certificates backed by the automaker’s own credit — as a key method of settling payments to suppliers. These instruments circulated within BYD’s vast supplier network or were discounted for cash, often through a factoring firm affiliated with BYD.

🇨🇳 Chart of the Day: Pony AI, WeRide Remain in the Red Despite Surging Revenue (Caixin) $

Two of China’s leading autonomous driving firms reported a jump in third-quarter revenue, fueled by rapid growth in their robotaxi businesses. But profitability remains out of reach as they plow funds into expansion.

Pony AI Inc (NASDAQ: PONY) posted revenue of $25.4 million, up 72% year-on-year, its third consecutive quarter of growth, according to its latest earnings report. The company’s robotaxi division stood out, with revenue surging 89.5% to $6.7 million, driven by a more than 200% jump in fare-based income.

🇨🇳 Waterdrop splashes back to revenue growth. But are investors listening? (Bamboo Works)

The insurance broker’s revenue rose 38.4% in the third quarter, boosted by a 20-fold increase for its young technical services business

Waterdrop (NYSE: WDH) looks set to return to strong revenue growth this year, ending three consecutive years of declines

The company’s new technical services segment is recording explosive growth, going from nearly nil last year to supplying 23% of its revenue in the third quarter

🇨🇳 GoFintech returns to the black, but sacrifices margins for big revenue jump (Bamboo Works)

The provider of stock brokerage and other financial services’ revenue surged more than 40-fold in the first half of its fiscal year, but its gross profit margin plummeted

GoFintech Quantum Innovation Ltd (HKG: 0290)’s revenue soared 47 times year-on-year in the six months to September, as it returned to profitability

The big revenue gain largely owed to new supply chain brokerage services, but margins for the new business are razor-thin

🇨🇳 Lufax Holding (LU): Governance Crisis or Fraud? (Asymmetric Capital)

From Rising Star to Red Flags: Understanding Lufax’s Turbulent Journey

Also Operationally, Lufax Holdings (NYSE: LU) is accelerating its pivot toward a full credit-risk-bearing model, moving away from its legacy dependence on third-party credit enhancement partners. This transition is already visible in the numbers as of Q3 2024.

The company is winding down the Lujintong and wealth management platform businesses.

Looking ahead, Lufax has a clear roadmap for scaling its new model, anchored by its 70%-owned consumer finance subsidiary, Ping An Consumer Finance (PPCF). The company’s 2026 Continuing Connected Transactions (CCTs) with Ping An affiliates set revenue caps of RMB 4.1 billion for General Services fees and RMB 2.4 billion for Guarantee Services fees, totaling RMB 6.5 billion.

🇨🇳 This stock will most likely re-rate, upside ~100%+ (Archetype Capital)

P/E = 3 for a High Margin, Capital Light, Cash Generator

The China Fintech lending sector has currently been oversold. The best of the bunch (undervalued + great business model) is Qifu Technology (NASDAQ: QFIN). The market is waaay too pessimistic, and the business fundamentals are fine. I expect this to re-rate 100%+.

I believe the sector-wide sell-off in Chinese fintech was caused by consumer-finance reforms, and investors being skittish on China in general. Yes- I have watched the China-Hustle. I am well aware of the reverse-merger scams that were run. I do not believe QFIN is a scam, but I do believe that many investors believe China to be completely ‘un-investable’ and I thank them, because its for that reason we can make money, reliably, investing in China.

A credit-tech platform. They connect financial institutions with consumers who need credit. One of their business segments provides the credit but they also generate revenue from service fees. QFIN provides the plumbing, scoring, and servicing and earns fees.

The loans are small, on average ~9000RMB or $1,200. To individuals and small to medium enterprises (SMEs). Exact portion is not disclosed.

🇨🇳 A strong quarter doesn’t make Yeahka a bargain (Bamboo Works)

The payment technology company posted impressive third-quarter results, yet its lofty valuation is limiting near-term upside for its stock

Yeahka (HKG: 9923 / FRA: 4YE / OTCMKTS: YHEKF)’s gross payment value surged 50% in the third quarter compared with the previous three months

The payment services provider’s stock trades at a forward price-to-earnings ratio around 30 times, signaling a premium valuation

🇨🇳 ICBC Executives Taken Away as Concerns Mount Over China’s Biggest Bank (Caixin) $

Two executives at Industrial and Commercial Bank of China (SHA: 601398 / HKG: 1398 / FRA: ICK / OTCMKTS: IDCBY / IDCBF) have been taken away by authorities, in a sign of mounting scrutiny at the world’s largest lender following the disappearance of a provincial branch head.

Fu Jianmin, a manager at the bank’s Guangdong branch, and Lü Hongxiao, a vice president at the Gansu branch, were recently taken away, sources familiar with the matter told Caixin.

The move comes just after Tao Biao, head of ICBC’s Yunnan branch, went missing last month, though no official investigation into Tao has been announced yet.

🇨🇳 In Depth: Shenzhen Gorged on Skyscrapers, Now It Faces a Commercial Property Glut (Caixin) $

Scores of glass-and-steel skyscrapers tower over Shenzhen, monuments to a two-decade surge of economic development. But the crowds of buildings surrounded by bustling streets hide a growing problem haunting the southern metropolis: swaths of vacant office space.

This is the paradox of modern Shenzhen — a symbol of China’s rapid technological ascent and a key growth engine of the Guangdong–Hong Kong–Macao Greater Bay Area, which is now feeling the after effects of a years-long construction boom colliding with an economic slowdown. By the end of the third quarter of 2025, the vacancy rate for its Grade A office space was around 30%, according to several real estate services firms.

🇨🇳 Vanke Seeks One-Year Extension on 2 Billion Yuan Note as Liquidity Tightens (Caixin) $

Vanke (SHE: 000002 / HKG: 2202 / FRA: 18V / OTCMKTS: CHVKF / CHVKY) has proposed a one-year extension on its 2 billion yuan ($282 million) mid-term note due in December, marking its first public debt deferral and signaling mounting financial strain even on one of China’s strongest state-backed developers.

According to documents reviewed by Caixin, Vanke’s “22 Vanke MTN004” bond would be pushed to mature on Dec. 15, 2026, with the coupon kept at 3%. All accrued and future interest would be repaid in full at maturity — with no compounding and no upfront cash payment.

🇨🇳 Analysis: Vanke’s Extension Plan Sparks Fresh Jitters in China’s Bond Market (Caixin) $

Vanke (SHE: 000002 / HKG: 2202 / FRA: 18V / OTCMKTS: CHVKF / CHVKY), long viewed as one of the country’s most reliable and conservatively run developers, has jolted the onshore bond market by proposing to extend repayment of a domestic bond coming due in mid-December.

The move has intensified concerns that even the sector’s strongest names are no longer insulated from the prolonged liquidity squeeze battering China’s real estate industry.

🇨🇳 Muyuan eyes global pig pen with Hong Kong IPO (Bamboo Works)

The world’s largest pork producer could raise up to $1 billion in a blockbuster listing that would be one of the largest by a consumer company this year

Muyuan Foods Co Ltd (SHE: 002714) has filed for a Hong Kong IPO, planning to use the proceeds to build a 3.2 billion yuan pig farm in Vietnam, its first outside China

The hog farming company has also found new growth with recent moves into the slaughtering and meat processing businesses

🇨🇳 JD Industrials IPO (7618 HK): Valuation Insights (Smartkarma) $

JD Industrials (7618 HK) is a leading industrial supply chain technology and service provider in China. It has launched an HKEx IPO to raise up to US$420 million.

I previously discussed the IPO in Jingdong Industrials (JDI) IPO: The Investment Case.

In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.

🇨🇳 TOP TOY IPO Valuation Analysis: Is TOP TOY The Next Breakout IPO in Hong Kong? (Smartkarma) $

TOP TOY is expected to IPO in 2026. The company has completed a ~$60M Series A round that was led by Temasek at a ~$1.3B post-money valuation in July.

In my insight, I discuss IPO valuation, update relative valuation table and examine competitive landscape among domestic and international toymakers.

TOP TOY revenue growth accelerated in 2025 coupled with improving profitability and growing free cash flows. TOP TOY was a major growth engine for MINISO Group Holding (NYSE: MNSO)’s business in 3Q.

🇭🇰 ANE (9956 HK): Tempting Fate Through an Unchanged Share Alternative Cap? (Smartkarma) $

The consortium has decided NOT to exercise its right to increase the [Investment holding company operates an express freight network in the less-than-truckload (LTL) market in China] ANE (Cayman) Inc (HKG: 9956) share alternative cap from 5.00% to 7.50% of outstanding shares.

The positive read-across is that it signals the consortium’s confidence that the vote will pass, as reflected in the quick decision not to lift the cap (deadline was 12 December).

The negative readacross is that shareholders requesting the scrip option likely exceeded the 7.5% upper threshold, and the consortium is hoping that these shareholders will instead take the mix option.

🇭🇰 Chow Tai Fook Jewellery Group Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Chow Tai Fook Jewelry Group (HKG: 1929 / FRA: 1CT / OTCMKTS: CJEWY / CJEWF) 🇰🇾 – Extensive retail network in China, Japan, Korea, SE Asia, USA & Canada. 🇼 🏷️

🇭🇰 DFI Retail Group Holdings Limited (DFIHY) Analyst/Investor Day – Slideshow (Seeking Alpha)

🌏 DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY) 🇧🇲 🇸🇬 – Well-known brands across food, convenience, health & beauty, home furnishings, restaurants & other retailing. Part of Jardine Matheson (SGX: J36 / FRA: H4W / OTCMKTS: JARLF). 🇼 🏷️

🇭🇰 Far East Consortium International Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Far East Consortium International Ltd (HKG: 0035 / FRA: FET / OTCMKTS: FRTCF) 🇰🇾 – Property development & investment, hotel operations & management, car park operations & facilities management, securities & financial product investment & gaming operations. 🇼 🏷️

🇲🇴 Macau’s November GGR best recovery rate from pre-pandemic times: analysts (GGRAsia)

The “beat goes on” said JP Morgan Securities (Asia Pacific) Ltd on Monday, referring to Macau’s official monthly casino gross gaming revenue (GGR) figures, which it said have exceeded market-consensus performance for seven out of 11 months so far this year.

The brokerage gave the assessment shortly after Macau announced November’s GGR. It came in at nearly MOP21.09 billion (US$2.63 billion), up 14.4 percent year-on-year.

November “very comfortably beat the (already moved-up) consensus of circa 10 percent year-on-year, which is impressive particularly considering the typically slow seasonality of the month,” wrote analysts DS Kim, Selina Li, and Lindsey Qian.

🇲🇴 SJM dividend prospects clouded by market share pressure, costs pledges: Seaport Research (GGRAsia)

SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY) – best-represented among Macau’s six gaming concessionaires in terms of traditional satellite casino business – could lose gaming market share in the remainder of 2025 and during 2026, suggests Seaport Research Partners.

That and other pressures including the slow ramp up of its Cotai resort, Grand Lisboa Palace and significant debt, cloud the outlook for it restarting a dividend programme on its Hong Kong-listed stock, according to Seaport senior analyst Vitaly Umansky.

Grand Lisboa and Casino Lisboa (pictured, right), the SJM group’s core properties on Macau peninsula, might not be able to hold onto former satellite business amid the rolling closure for the latter venues prior to January 1 next year, indicated Mr Umansky.

🇲🇴 Macau Legend’s shareholders nod capital reorganisation, pave way for rights issue (GGRAsia)

Shareholders in Hong Kong-listed hotel and leisure services business Macau Legend Development Ltd (HKG: 1680 / OTCMKTS: MALDF) have approved a board proposal for a capital reorganisation to enable a rights issue.

The company will also change its domicile from the Cayman Islands to Bermuda and reduce its share capital, according to proposals passed at an extraordinary general meeting on Tuesday.

The rights issue, according to previous information, aims to enhance the company’s capital structure and provide flexibility for future corporate actions.

The company announced in October a proposal for a rights issue, with the intention of raising circa HKD93.0 million (US$12.0 million). The net proceeds from the exercise – after deducting expenses – are estimated to be about HKD86.9 million, stated the firm.

🇹🇼 Taiwan

🇹🇼 Taiwan’s AI boom leaves traditional manufacturers trailing (FT) $ 🗃️

Diverging fortunes of technology and other sectors spark concern despite rapid growth in GDP

But Taiwanese manufacturers of more traditional products, such as car parts and machine tools, have been hit hard by hefty import tariffs imposed by US President Donald Trump and by a rise in the Taiwan dollar that has eaten into their profit margins.

🇹🇼 TSMC: Foundry Monopoly, Inelastic Demand, Robust Pricing Power, And Cheap Valuations (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: Unmatched Moat, Secular AI Tailwinds, And Still A Buy At Highs (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: An Underrated Gem In The AI Chip Era (Seeking Alpha) $ 🗃️

🇹🇼 Taiwan Semiconductor: I Don’t Think Growth Is About To End (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: The Demand Remains Unmet, And Prices Will Increase In 2026 (Seeking Alpha) $ 🗃️

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

🇹🇼 TCC Group Holdings Co., Ltd. 2025 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇼🅿️ TCC Group Holdings Co Ltd (TPE: 1101 / 1101B / OTCMKTS: TGBMF) or Taiwan Cement Corp – Cement, cement-related products & ready mix concrete. Cement, Electricity & Energy & Other segments. 🇼 🏷️

🇹🇼 Fubon Financial Holding Co., Ltd. (FUISF) Presents at JPMorgan Greater China Financial Tour – Slideshow (Seeking Alpha)

🌏🅿️ Fubon Financial Holding Co Ltd (TPE: 2881 / 2881B / 2881C / OTCMKTS: FUISF / FUIZF) – Financial products & services (Fubon Life, Taipei Fubon Bank, Fubon Bank (Hong Kong), Fubon Bank (China), Fubon Insurance, Fubon Securities & Fubon Asset Management). 🇼 🏷️

🇹🇼 Himax Technologies: Hold Until Profitability Stabilizes And Emerging Technologies Contribute Materially (Seeking Alpha) $ 🗃️

🇹🇼 Himax: A Relatively Fine Balance Of Tailwinds And Headwinds Support A Neutral Stance (Seeking Alpha) $ 🗃️

🌐 Himax Technologies (NASDAQ: HIMX) 🇰🇾 – Fabless semiconductor company providing display imaging processing technologies. 🇼

🇹🇼 First Financial Holding Co., Ltd. 2025 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 First Financial Holding Co Ltd (TPE: 2892) – Financial products & services in Taiwan, Asia, USA & internationally. 🏷️

🇰🇷 Korea

🇰🇷 A Review of Tender Offers in Korea in 2025 (Douglas Research Insights) $

In this insight, we review the major tender offers of Korean companies in 2025. Some of the major M&A tender offers in 2025 include HMM (KRX: 011200), Kolon Mobility Group [Kolon Corp (KRX: 002020 / 002025)], and Viol Co Ltd (KOSDAQ: 335890).

The tender offers have mostly been profitable for the investors in these targeted companies (especially those shareholders who owned these shares prior to the tender offer announcement).

What is also impressive is that even after the 1st day of trading (post tender offer announcement), there have been extra alpha for the following week.

🇰🇷 A Review of Korean Small Cap Gems in 2025 (Douglas Research Insights) $

In this insight, we review our Korean Small Cap Gem insights that we published in 2025. We published 18 Korea Small Cap Gem Series insights in 2025.

The 18 Korean Small Caps have generally performed well this year. They were up on average 17% and 45%, respectively one week and two weeks after the insights were published.

Some of the best performing stocks so far this year include Chunil Express Co Ltd (KRX: 000650), Aurora World Corp (KOSDAQ: 039830), Makus Inc (KOSDAQ: 093520), and Flitto Inc (KOSDAQ: 300080).

🇰🇷 2026 (”Year of the Horse”) Major IPOs Pipeline in Korea (Douglas Research Insights) $

This is our 11th “Annual Edition of the Major Korean IPOs Pipeline Preview” at Smartkarma.

This insight features 40 of the biggest potential IPOs in Korea in 2026.

Some of the largest potential IPOs in Korea in 2026 include CJ Olive Young, DN Solutions, Dunamu, Goodai Global, K Bank, Kurly, Musinsa, SK On, SK Ecoplant, and Sono International.

🇰🇷 A Review of Our IPO Calls in 2025 (Douglas Research Insights) $

In this insight, we review our IPO calls in 2025. The accuracy rate of our calls on the IPOs this year was 64%.

The overall sentiment on IPOs in Korea have improved in the second half of this year, paying the way for some completions of major IPOs in Korea in 2026.

LG CNS Co Ltd (KRX: 064400) and Seoul Guarantee Insurance Co (KRX: 031210) were two of the largest IPOs in Korea in 2025. Some of the best performing IPOs in Korea in 2025 include Nota Inc (KOSDAQ: 486990) and AimedBio.

We made 42 investment calls in 2020, 37 in 2021, 19 in 2022, 23 in 2023, and 23 in 2024, and 28 in 2025 (as of 6 December 2025). The accuracy rates of our calls on the IPOs from 2017 to 2025 are as follows:

🇰🇷 Paradise Co’s November casino sales up 12pct y-o-y to US$55mln (GGRAsia)

Paradise Co Ltd (KOSDAQ: 034230), an operator in South Korea of foreigner-only gaming venues, said its casino sales in November rose 11.6 percent year-on-year to KRW80.33 billion (US$54.7 million). Judged sequentially, such sales grew 10.6 percent, the firm stated in a Tuesday filing to the Korea Exchange.

🇰🇷 GKL’s November sales top US$28mln, up 13pct from a year earlier (GGRAsia)

Grand Korea Leisure Co Ltd (KRX: 114090), an operator in South Korea of foreigner-only casinos, reported on Tuesday casino sales of nearly KRW41.75 billion (US$28.4 million) for November, up 12.9 percent year-on-year. Judged sequentially, last month’s tally rose 46.2 percent.

🇰🇷 Samsung turns to M&A in its fight for an AI edge (FT) $ 🗃️

[Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF)]

South Korean group creates acquisition unit to compete in race to supply advanced memory chips

🇰🇷 Doosan Bobcat: To Acquire the Controlling Stake & Conduct Tender Offer for Wacker Neuson? (Douglas Research Insights) $

According to numerous local media, Doosan Bobcat (KRX: 241560) is pursuing the acquisition of a controlling stake in Wacker Neuson Se (WAC GR), a German based compact construction equipment company.

Doosan Bobcat is apparently discussing a plan to acquire approximately 60% of Wacker Neuson. There are also discussions to secure the remaining shares of the company through a tender offer.

Wacker Neuson has a market cap of 1.46 billion EUR (2.5 trillion won) and the acquisition value for a 100% stake is expected to be more than 5 trillion won.

🇰🇷 Hong Ra-Hee To Give 1.8 Million Shares of Samsung C&T to Her Son Lee Jae-Yong (Douglas Research Insights) $

It was reported that Hong Ra-Hee plans to give all of her 1,808,577 shares in Samsung C&T Corp (KRX: 028260 / 02826K) (1.06% stake) to her son Lee Jae-Yong on 2 January 2026.

After this stake transfer, Lee Jae-Yong’s stake in Samsung C&T will rise to 20.82% and Hong Ra-Hee will no longer have any stake in Samsung C&T.

Higher ownership of Samsung C&T by Lee Jae-Yong will likely place a bigger focus on Samsung C&T, especially on its importance as a quasi-holding company of the entire Samsung Group.

🇰🇷 2026 High Conviction Idea: SK Inc (Douglas Research Insights) $

Three main reasons why SK Inc (KRX: 034730 / 03473K) is our high conviction in 2026 include mandatory cancellation of treasury shares, deep discount to NAV, and the end of divorce for Chairman Chey.

SK Inc has 17.98 million shares in treasury, representing 24.8% of outstanding shares. Among the stocks included in KOSPI200, this is one of the highest percentage of treasury shares.

Our NAV valuation analysis suggests NAV of 28 trillion won or NAV per share of 386,469 won. This represents a 46% upside to its current price.

🌏 SE Asia

🇲🇾 Hibiscus Petroleum Berhad 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Hibiscus Petroleum Berhad (KLSE: HIBISCS) – Malaysia’s first listed independent oil & gas exploration & production company focused on enhancing production from mature assets. UK, Malaysia, Australia, & Vietnam. 🏷️

🇲🇾 Telekom Malaysia Berhad 2025 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇾🏛️ Telekom Malaysia Bhd (KLSE: TM / OTCMKTS: MYTEF) – Broadband services, data, fixed line, pay television & network services. 🇼

🇲🇾 IHH Healthcare Berhad 2025 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

🌏 IHH Healthcare Bhd (KLSE: IHH / SGX: Q0F / OTCMKTS: IHHHF) – One of the world’s largest healthcare networks, with 83 hospitals in 10 countries – including Malaysia, Singapore, Turkiye and India. 🇼 🏷️

🇲🇾 CIMB Group Holdings Berhad 2025 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

🌏 CIMB Group Holdings Bhd (KLSE: CIMB / OTCMKTS: CIMDF) – Various banking products & services. 🇼 🏷️

🇲🇾 Petronas Gas Berhad 2025 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇾 Petronas Gas Bhd (KLSE: PETGAS / OTCMKTS: PNAGF) – Gas processing, gas transportation, regasification & utilities. 🇼

🇲🇾 Genting recommended for downstate New York full casino licence (GGRAsia)

Genting New York LLC is one of three sets of investors that have been recommended to receive a downstate New York casino licence in the United States.

That is according to a Monday announcement by the New York Gaming Facility Location Board, which voted 5-0 in favour of the three finalists that remained in the race. The ultimate decision is for the New York State Gaming Commission, and is expected before year-end.

Last month, Genting New York’s parent, Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY), affirmed that the Resorts World New York City (RWNYC) complex in the borough of Queens – currently offering electronic gaming – could become a fully-fledged casino and “begin operations as early as March 2026”.

🇲🇾 Privatisation of Genting Malaysia remains unlikely, says CreditSights (GGRAsia)

Credit and market research provider CreditSights Inc says it continues to view the privatisation of Malaysian casino firm Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY) as “unlikely”, following the closure of the takeover bid from its parent, Genting Bhd.

In mid-October, Genting Bhd made a circa US$1.59-billion offer to acquire all shares in Genting Malaysia that it didn’t already own, aiming to delist the unit from Bursa Malaysia. At the time, the parent held a 49.99-percent stake in the casino firm.

But Genting Malaysia is to remain listed, after the parent’s bid fell short of the 75-percent threshold needed to trigger delisting from Bursa Malaysia.

In a Monday filing with the bourse, Genting Bhd said that as of 5pm on December 1, it had managed to secure a 73.13-percent interest in the Genting Malaysia at the close of its offer.

🇲🇾 ‘Complex’ for Genting Bhd to take Gen Malaysia private, despite on-market share buys: Nomura (GGRAsia)

Even though Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY) has moved closer to the 75.0 percent share-ownership threshold that might permit it to take private its casino-operator unit Genting Malaysia Bhd, the situation “remains complex,” suggested a Thursday note from banking group Nomura.

“Under Malaysian regulations, reaching 75 percent would allow Genting [Bhd] to convene a shareholder meeting and make a reasonable exit offer to remaining holders,” wrote analysts Tushar Mohata and Alpa Aggarwal. They were referring to the potential move by the parent to take Genting Malaysia off Bursa Malaysia.

“However, the delisting can be defeated if more than 10 percent of [Genting Malaysia] shareholders object, and an independent advisor would evaluate the exit offer,” added the analysts.

🇸🇬 Sea: A Puzzling Dip And A Tremendous Buying Opportunity (Seeking Alpha) $ 🗃️

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

🇸🇬 Wave Life Sciences: Being Realistic, There Is Still So Much To Prove (Seeking Alpha) $ 🗃️

🌐 Wave Life Sciences Ltd (NASDAQ: WVE) – Clinical-stage biotech RNA medicines platform.

🇸🇬 CapitaLand Ascendas REIT (ACDSF) Presents at UBS Global Real Estate CEO/CFO Conference – Slideshow (Seeking Alpha)

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

🇸🇬 Grab: Data, Dominance, And A $7B War Chest (Seeking Alpha) $ 🗃️

🇸🇬 Grab Holdings: Southeast Asia’s Super-App Capitalizing On Region’s Growth Potential (Seeking Alpha) $ 🗃️

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

🇸🇬 3 Cash-Rich Small Cap Stocks Offering Passive Income (The Smart Investor)

We dive into three financially strong small-cap companies that are maintaining high cash reserves while actively returning passive income to shareholders.

QAF Ltd (SGX: Q01)

QAF Limited is a bread-and-butter dividend play in every sense, focused on food manufacturing and distribution across Southeast Asia and Australia.

SBS Transit (SGX: S61)

For retirees seeking steady passive income, SBS Transit offers exposure to essential public services.

The group runs Singapore’s Northeast and Downtown rail lines alongside numerous bus packages.

Valuetronics Holdings (SGX: BN2 / FRA: GJ7)

Valuetronics isn’t a household name, but this integrated electronics manufacturer is busy pivoting its business toward higher-value segments.

Get Smart: Follow the Cash, Not Just the Yield

🇸🇬 Keppel at Multi-Year Highs: Can Its Growth Story Continue? (The Smart Investor)

Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF)’s share price is at multi-year highs, driven by its strategic shift into renewables and data centres, but can its growth momentum continue in the face of industry risks?

With Keppel’s stock price up by more than 200% over the past five years, it’s fair for investors to ask whether this growth story can continue.

Look at me now

The old Keppel divided its business into four segments.

Apart from O&M – which accounted for 60% of revenue and 31% of net profit in 2015 – it also had property, infrastructure, and investment arms.

Today, these have been slimmed to three main segments: infrastructure, real estate, and connectivity.

Growth Drivers

Risks & Challenges

Conclusion – Get Smart: heed the transformation

🇸🇬 Beyond the Numbers: What a Site Visit Reveals About a Business That Investors Might Miss (The Smart Investor)

A site visit offers insights investors can’t get from reports. Using StarHub (SGX: CC3 / FRA: RYTB / OTCMKTS: SRHBY / SRHBF) as a real-world example, we show how on-the-ground investment research reveals the forces behind a company’s results.

Recently, I visited StarHub, one of Singapore’s major telco companies, for a behind-the-scenes look at its operations for a behind-the-scenes look at its operations. The experience helped me connect what I see in the financials with the operational realities that sit underneath.

StarHub’s Latest Numbers: What They Say and What They Miss

Why Understanding Management Matters More Than Ever

What a Site Visit Reveals That Reports Can’t

Cost Cutting Looks Different When You Hear the Details

Consumer Competition Feels More Intense Up Close

Enterprise and Cybersecurity Are Important, But Inherently Uneven

The Real Takeaway for Investors

Get Smart: The Case for Going Beyond the Spreadsheet

🇸🇬 3 Singapore Stocks Ready to Rally as 2025 Wraps Up (The Smart Investor)

As markets approach year-end, these three Singapore stocks could see renewed momentum driven by improving fundamentals and upcoming catalysts.

Lendlease Global Commercial REIT (SGX: JYEU / OTCMKTS: LLGCF): Riding the Tourist Recovery

Lendlease Global Commercial REIT, or Lendlease, is a local REIT that owns a portfolio of retail and commercial properties.

NTT DC REIT (SGX: NTDU): Pure Data Centre Exposure with High Yield

Recently listed on 14 July 2025, NTT DC REIT, or NTT, offers investors exposure to data centre growth.

Centurion Accommodation REIT (SGX: 8C8U): Essential Housing with an Attractive Yield

Centurion Accommodation REIT, or CAREIT, is another relatively new listing. It is Singapore’s first pure-play accommodation REIT that offers exposure to purpose-built accommodation (PBA) for both workers (PBWA) and students (PBSA).

Conclusion – Get Smart: Positioning for a Strong Finish

🇸🇬 3 Under-the-Radar Singapore Stocks that Beat the STI in November 2025 (The Smart Investor)

These 3 under-the-radar Singapore stocks beat the STI in Nov 2025. Find out how small-caps can crush the market benchmark.

CSE Global Ltd (SGX: 544 / FRA: XCC / OTCMKTS: CSYJY / CSYJF): Total Returns of 14.5%

The systems integrator CSE Global delivered a huge win for investors, racking up a massive 14.5% total return in November.

CSE Global provides mission-critical solutions – electrification, communications, and automation – across 15 countries.

The Hour Glass (SGX: AGS): Total Returns of 7.7%

In a challenging retail environment, The Hour Glass (THG) proved that luxury defies gravity, delivering a strong 7.7% return.

Delfi Limited (SGX: P34 / OTCMKTS: PEFDF): Total Returns of 3.1%

You might grab a SilverQueen chocolate bar for a snack, but in November, the manufacturer Delfi Ltd offered a quiet treat for investors, delivering a 3.1% return.

Get Smart: Don’t Dismiss the Underdogs

🇸🇬 3 Blue Chip Losers for November 2025: Bargain or Red Flag? (The Smart Investor)

Three major Singapore blue-chip stocks stumbled in November, forcing investors to question if they offer a discount or signal a deeper red flag.

Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF): Total Returns -7.1%

Sembcorp Industries, the energy and urban solutions giant, posted a discouraging -7.1% return in November.

Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF): Total Returns -5.8%

Mapletree Industrial Trust (MIT) saw its unit price fall by -5.8% in November, driven by a mixed quarterly report.

Thai Beverage PCL (SGX: Y92 / OTCMKTS: TBVPF / TBVPY): Total Returns -5.2%

Thai Beverage, Southeast Asia’s major drinks company, fell 5.2% after reporting a mixed set of results for FY2025.

Get Smart: Opportunity or Value Trap?

🇸🇬 3 Best-Performing REITs in November 2025 (The Smart Investor)

Centurion, AIMS APAC and FLCT emerged as November 2025’s best-performing REITs, outpacing the market with resilient portfolios and steady fundamentals.

Centurion Accommodation REIT (SGX: 8C8U): Total Returns 9.4%

New listings often bring a spark of excitement to the bourse, and Centurion Accommodation REIT is no exception.

AIMS APAC REIT (SGX: O5RU / OTCMKTS: ACIRF): Total Returns 6.2%

Industrial REITs have long been a favourite for defensive investors, and AIMS APAC REIT (AA REIT) showed us why in November.

Frasers Logistics & Commercial Trust (SGX: BUOU / OTCMKTS: FRLOF): Total Returns 2.1%

Frasers Logistics & Commercial Trust (FLCT) came within a whisker of the index, delivering a 2.1% return for November.

This heavyweight, with S$6.9 billion in assets under management across five developed countries, reported a mixed bag for its fiscal year ending 30 September 2025 (FY2025).

🇸🇬 3 Blue-Chip Stocks that Beat the STI for November 2025 (The Smart Investor)

November saw three Singapore blue-chip leaders beat the STI with standout performance powered by resilient fundamentals and strategic growth execution.

Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel: Total Returns 12.4%

Jardine Matheson (SGX: J36 / FRA: H4W / OTCMKTS: JARLF): Total Returns 9.5%

The diversified conglomerate, Jardine Matheson Holdings, delivered a strong 9.5% total return, fuelled by a remarkable turnaround in its first-half 2025 results (1H2025).

Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY): Total Returns 8.1%

OCBC, one of Singapore’s financial giants, delivered a strong 8.1% total return, confirming its status as a resilient blue-chip anchor in a challenging interest rate environment.

Get Smart: Execution is Everything

🇸🇬 3 Singapore REITs That Could Raise Their DPU in 2026 (The Smart Investor)

Find out which Singapore REITs may lift their DPU in 2026 as fundamentals recover and sponsor support stays strong.

CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF)

CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF)

CapitaLand Ascendas REIT (CLAR, SGX: A17U) remains a cornerstone of the industrial and logistics ecosystem across Singapore, Australia, Europe and the United States.

Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF)

Frasers Centrepoint Trust (FCT, SGX: J69U) remains Singapore’s suburban retail anchor, a steady and familiar presence in residents’ day-to-day spending patterns.

Why 2026 Could Be the Turning Point

🇸🇬 3 REITs Yielding More Than 6%. Should You Buy? (The Smart Investor)

Three REITs boast yields above 6%. Find out if their payouts are sustainable and if they deserve a spot in your portfolio.

CapitaLand China Trust (SGX: AU8U / OTCMKTS: CLDHF) – China-focused Retail & Business Park Landlord

CapitaLand China Trust (CLCT) is Singapore’s largest China-focused REIT.

The REIT’s portfolio is spread across different asset classes such as retail, business parks, and logistics facilities.

Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF) – Data Centre & Industrial REIT

Mapletree Industrial Trust (MIT) is an industrial-focused REIT with exposure to the data centres segment as well as Hi-Tech Buildings and Business Space and General Industrial Buildings.

United Hampshire US REIT (SGX: ODBU / OTCMKTS: UNHRF) – Essential & Necessity Retail

United Hampshire US REIT, or UHREIT, owns a portfolio of 20 predominantly grocery-anchored and necessity-based properties along with two self-storage properties.

What Makes a 6% Yield Safe — or Risky?

Get Smart: These REITs Deserve More Attention

🇹🇭 Data centres dominate Thai 2025 real estate investment (The Asset) 🗃️

Market also experiences resilient industrial assets, shifting hotel investment sentiment, evolving ESG standards

Amid global headwinds and many unexpected events in 2025, real estate investment in selected sectors is strong in Thailand, chief among them, data centres, according to a recent analysis.

Data centres have become the standout asset of 2025, driven by rising demand from cloud service providers, AI-related infrastructure requirements and stronger regional interest in Thailand as a digital hub, finds the analysis report by real estate firm JLL Thailand, which adds that investor sentiment remains positive, supported by the long-term fundamentals of the asset in Thailand.

🇹🇭 Advanced Info Service Public Company Limited (AVIFY) Presents at Bank of America ASEAN Conference 2025 – Slideshow (Seeking Alpha)

🇹🇭 Advanced Info Services PCL (BKK: ADVANC / SGX: TADD) – Operates Mobile Communication Service with 5G & 4G technology. 🇼 🏷️

🇹🇭 TTW Public Company Limited (TTAPY) Presents at Opportunity Day Q3/2025 – Slideshow (Seeking Alpha)

🇹🇭 TTW PCL (BKK: TTW / TTW-F / OTCMKTS: TTAPF) or Thai Tap Water Supply PCL – Fully-integrated water management (water production & wastewater treatment). 🇼

🇹🇭 Ratch Group Public Company Limited 2025 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

🌏 Ratch Group PCL (BKK: RATCH / RATCH-F / OTCMKTS: RGPCF) – Holdco. Fossil fuel-based power generation, renewable, electricity & energy + infrastructure & healthcare businesses. 🏷️

🇹🇭 Electricity Generating Public Company Limited (EYUBY) Presents at Opportunity Day Q3/2025 – Slideshow (Seeking Alpha)

🌏🇺🇸 Electricity Generating PCL (BKK: EGCO / EGCO-F / FRA: ECGF / OTCMKTS: EYUBY) – Independent Power Producer. 🏷️

🇻🇳 Opinion | New developments in Vietnam’s casino policies for local gamblers (GGRAsia)

On November 26, 2025, the government of Vietnam issued Resolution No. 8/2025/NQ-CP to extend and expand the pilot programme allowing Vietnamese citizens who meet certain conditions to gamble at three integrated casino resorts in Vietnam:

Corona Resorts & Casino Phu Quoc (An Giang Province) – Effective immediately, and continuing an ongoing pilot programme that started in 2019.

The Grand Casino Ho Tram (Ho Chi Minh City) – New pilot programme for five years starting November 26, 2025.

Van Don Integrated Casino & Tourism Complex (Quang Ninh Province) – New pilot programme for five years from the date the casino receives its licence.

🇮🇳 India / South Asia / Central Asia

🇮🇳 India’s blockbuster labour reforms (FT) $ 🗃️

The government’s changes promise to liberalise the country’s vast jobs market

🇮🇳 The Beat Ideas: Dodla Dairy: A Story of Value Added Products & Premiumisation (Smartkarma) $

Dodla Dairy Ltd (NSE: DODLA / BOM: 543306) is entering a new growth phase with its Maharashtra plant, OSAM integration, premium value-added products, and stronger Africa operations, supported by a solid procurement network.

With over 94% direct milk sourcing, better farmer yields through Orgafeed, and a rising VAP mix, Dodla is building a high-return, self-funded growth model.

As capex peaks and free cash flows inflect post-FY27, Dodla is transitioning into a structurally compounding dairy platform with improving mix, margins, and regional balance.

🇮🇳 Zydus Lifesciences: The PBC Catalyst, From Generics Volume to Specialty Value (Smartkarma) $

Zydus Lifesciences Ltd (NSE: ZYDUSLIFE / BOM: 532321) is shifting its business from US generics toward sustained, high-margin revenue. This growth is driven by its specialty pipeline, chronic Indian business, and MedTech.

The successful Phase 2(B)/3 trial of Saroglitazar for Primary Biliary Cholangitis (PBC) is the key near-term catalyst, promising a long-duration, high-margin revenue stream in the US specialty market.

The transition to an innovation-led portfolio evidenced by robust pipeline, strong chronic growth in India, and the MedTech acquisition positions Zydus for a potential re-rating as earnings quality improves.

🇮🇳 The Beat Ideas: NLC India-A 1.17 Lakh Crores Capex, Renewable Focus (Smartkarma) $

NLC India Ltd (NSE: NLCINDIA / BOM: 513683) has outlined a transformative Rs. 1.17 lakh crore capex plan and guided to a 42% PAT growth from FY26E to FY28E.

This dual-pronged strategy balances India’s persistent base-load thermal power need with an aggressive pivot towards 10 GW of renewable energy by FY30.

The substantial planned capacity additions and robust financial guidance suggest NLCIL is poised for material earnings expansion, necessitating a fresh look at long-term valuation multiples.

🇮🇳 The Beat Ideas: Ambuja Cements From Consolidation to Cost Leadership – Unpacking the 155 MTPA Plan (Smartkarma) $

Ambuja Cements (NSE: AMBUJACEM / BOM: 500425) has raised its FY28 capacity target to 155 million tonnes per annum and secured the acquisition of Jaiprakash Associates’ (JAL) cement business.

This aggressive scale-up, underpinned by a target cost reduction of INR 550/t and a green power push, is expected to drive EBITDA to INR 15000/t over FY26-28E.

ACEM’s integrated strategy of inorganic growth and operational efficiency suggests a strong re-rating potential, justifying a deeper review of core fundamentals.

🇮🇳 2026 High Conviction Idea: ‘Delhivery’ India’s Largest Full-Range Logistics Platform (Smartkarma) $

Delhivery Limited (NSE: DELHIVERY / BOM: 543529) has consolidated its leadership position in Express Parcel segment through ‘Ecom Express’ acquisition. We believe this is a cash-cow business with consistent mid-teens industry growth and sustainable 16-18% margins.

Express PTL business is taking off along with the industry cycle. Supported by Delhivery’s tech stack and deep infrastructure, it is ready to corner market share with margin expansion.

We estimate 15% revenue CAGR, translating to an EBITDA range of 1,000-1,300cr for FY28 (vs 376cr in FY25). With Net cash of 4,200cr, stock trades at EV/EBITDA of 20-25x.

🇮🇳 Wakefit Innovations IPO: Blending Digital DNA With Offline Ambition (Smartkarma) $

Wakefit Innovations’ INR 1,288.89 crore IPO signaling the pivot of India’s largest D2C home brand toward institutional funding for accelerated omnichannel expansion.

The fund utilization is heavily skewed towards offline growth and brand building, confirming a strategic shift from pure-play digital to a capital-intensive, integrated retail model.

While the model mitigates supply chain risk through vertical integration, we must weigh the past profitability volatility and strategic roadmap for capturing India’s rapidly formalizing home and furnishings sector.

🇮🇳 Wakefit Innovations Ltd IPO- Forensic Analysis (Smartkarma) $

Wakefit Innovations (1684049D IN) ‘s INR 12.9 bn IPO is a combination of fresh issue worth INR 3.8 bn and OFS component worth INR 9.1 bn.

Wakefit is among the top 3 companies in the organised mattress market and has been growing much faster than its rival B2C companies.

Wakefit’s turnaround in profitability in H1FY26 however relies on other income, inventory changes and A&P spends. Moreover, stagnant provisions for loyalty, and slow moving inventory warrant attention

🇮🇳 Meesho – Potential Play on Value E-Commerce (Smartkarma) $

Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers

We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers

IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).

🌍 Middle East

🌍 Jumia Resurrected: The Local Playbook Beating Global Giants in Africa this Holiday Season (Hunterbrook)

For almost a decade, Jumia Technologies (NYSE: JMIA) had been the poster child for tech bro hubris exported to the wrong latitude. Dubbed the “Amazon of Africa” at its 2019 IPO, the company burned through over a billion dollars trying to push a Western model of door-to-door convenience onto a continent with struggling infrastructure and strapped budgets — led by armchair executives in Dubai and Paris.

The stock lost more than 95% of its value, from over $60 in February 2021 to under $2 in April 2025.

Compounding Jumia’s challenges, the Chinese e-commerce giants Temu and Shein descended upon Africa, armed with deep pockets and aggressive algorithms. The picture for Jumia seemed bleak. “Nobody thought we would make it through winter,” the company’s CEO told Hunterbrook in an interview.

But after a corporate coup, the sweeping removal of the old growth-at-all-costs regime, and a pivot that forced executives to relocate to Africa and rebuild the company around what customers actually wanted, Jumia is back.

🇮🇱 Teva’s pivot continues – highlights from Jeffries Healthcare conference (Kontra Investments)

Why the anti-TL1a hype is real

At the Jefferies London Healthcare Conference last week, Teva Pharmaceutical Industries Ltd (NYSE: TEVA) didn’t just present quarterly numbers. They continued to rewrite the identify of the company; from generics to novel pharma. For years, the market has viewed Teva primarily as a generic drug manufacturer burdened by debt – something discussed several times here for the readers that have followed along. But the narrative emerging is different. The talk in London focused on a particular part of the pivot to growth; one specific asset doing some heavy lifting: Duvakitug (TEV-’574).

Is this asset a true valuation multiplier, or just another “me-too” drug in a crowded immunology space?

🇹🇷 Turkcell: Pain Today For More Prosperity Tomorrow (Seeking Alpha) $ 🗃️

🇹🇷 🇧🇾 Turkcell Iletisim Hizmetleri AS (NYSE: TKC) – Converged telecommunication & technology services provider. 🇼

🇦🇪 Wynn says two thirds of US$5.1bln budget for UAE project ‘spent or fully bought out’ (GGRAsia)

Global casino operator Wynn Resorts Ltd (NASDAQ: WYNN) says it has spent or “fully bought out” US$3.4 billion of the total budget for the under-construction Wynn Al Marjan Island casino resort (pictured) in the United Arab Emirates (UAE). That represents circa 66.7 percent of the US$5.1 billion price tag for the property, according to a Thursday presentation.

The casino group, parent of Macau casino concessionaire Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF), held on Thursday an analyst and investor tour to the UAE, to discuss the market there, and the Wynn Al Marjan Island project.

🌍 Africa

🇿🇦 Araxi Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🌍 Araxi Ltd (JSE: AXX) – Diversified financial technology.

🇿🇦 Vodacom Group Limited (VDMCY) Vodacom Group Limited – M&A Call – Slideshow (Seeking Alpha)

🌍 Vodacom Group (JSE: VOD / OTCMKTS: VODAF / VDMCY) – Telecommunications, digital and financial services. Subs. of Vodafone Group Plc (LON: VOD / NASDAQ: VOD). 🇼

🇿🇦 Sappi Limited (SPPJY) Discusses Proposed Joint Venture to Combine European Graphic Paper Businesses – Slideshow (Seeking Alpha)

🇿🇦 Sappi Limited (SPPJY) Shareholder/Analyst Call – Slideshow (Seeking Alpha)

🌐 Sappi (JSE: SAP / FRA: SPI / SPIA / OTCMKTS: SPPJY) – South African pulp & paper company with global operations. 🇼 🏷️

🇿🇦 MTN Group Offers Opportunity, But It’s Not An Easy Pick (Seeking Alpha) $ 🗃️

🌍 MTN Group (JSE: MTN / FRA: LL6 / LL6A / OTCMKTS: MTNOY / MTNOF) – Among the largest mobile network operator in the world & the largest in Africa. 🇼 🏷️

🌍 Eastern Europe & Emerging Europe

🇭🇺 Gedeon Richter PLC 2025 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇺 Gedeon Richter (FRA: RIG2) – Manufactures 200+ drugs (original, generic & licensed products) in almost every therapeutic area. Focuses on the central nervous system, cardiovascular & gynaecological products. 🇼 🏷️

🇵🇱 LIvechat Software SA (LCHTF) Presents at WOOD’s Winter Wonderland EMEA Conference – Slideshow (Seeking Alpha)

🇵🇱 Text SA (WSE: TXT / LON: 0QTE / FRA: 886 / OTCMKTS: LCHTF) – Develops & distributes communication software for businesses worldwide. It offers LiveChat, ChatBot, KnowledgeBase & HelpDesk. 🇼 🏷️

🇵🇱 Globe Trade Centre S.A. 2025 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

🌍 Globe Trade Centre SA (WSE: GTC / FRA: G91) – Real estate investor & developer (office & retail). 🇼

🇵🇱 Asseco Poland S.A. 2025 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇵🇱 CD Projekt S.A. 2025 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇵🇱 InPost: Still Plenty Of Reasons To Stay Bullish (Seeking Alpha) $ 🗃️

🌍 InPost SA (AMS: INPST / LON: 0A6K / FRA: 669) – Specializes in parcel locker service + courier, package delivery & express mail service. 🇼 🏷️

🌎 Latin America

🌎 Latin America as the Last Asymmetric Bet, Part 2 (TheOldEconomy Substack) $

Event Driven Macro 101

Welcome to Part 2 of my series of Latin American adventures. In Part 1, I explored the region’s structural advantages

Today’s focus is on Latin America as an even-driven macro opportunity. In other words, how (not) to bet on LatAm dynamics. Originally, I planned two chapters, but during the process, ideas for a third episode emerged. So, Part 3 of our LatAm adventure will come online in January 2026.

🌎 What is the Most Asymmetric Bet in LatAm: Brazil, Chile, or Colombia? (TheOldEconomy Substack)

November LatAm Report: The EV Edition

South American indexes closely track the global leaders, South Korea (EWY), Greece (GREK), and Spain (EWP). The distribution across LatAm countries has not changed much; Colombia and Peru are recording >60% gains. Brazil (EWZ), Mexico (EWW), and Chile (ECH) are in the middle, with YTD gains of about 50% to 55%. The laggard is Argentina (ARGT), with 12.5% gains, underperforming even the S&P500. In short, 2025 is a great year for emerging markets connoisseurs. Besides LatAm, a case in point is South Africa (EZA) with 61.8% YTD gains.

As noted, performance is not evenly distributed. However, this fact should not surprise anyone. For example, the Colombian market, and to some degree, the Chilean one, today is where Argentina was in the 2021-2022 period, of course, without the rampant inflation and unbearable debt burden. As a reference point, the Argentine bull market has entered its third phase, whereas Colombia and Chile are just starting.

🌎 Deep Dive Brief: Mercado Libre’s Flywheel – Part II (Expanse Stocks)

Understanding the Flywheel and The Moat That’s Building Latin America’s Digital Economy

In Part I, we explored the history and cultural DNA that forged MercadoLibre (NASDAQ: MELI) into a Latin American powerhouse. If you missed Meli’s origin story here is the link:

🔗 Deep Dive Brief: Mercado Libre’s Origin Story – Part I

In this second part, we turn to the engine itself: its fully integrated business model, the competitive moats that protect it, the growth drivers that lie ahead along with a DCF model that capture Meli’s intrinsic value.

For long-term investors, the beauty of Mercado Libre is not just in its individual parts, but in how they combine to create a self-reinforcing flywheel.

🌎 Mercado Libre Sees Surge in Chinese Sellers Diversifying From U.S. (Caixin) $

Chinese merchants are flooding into Latin America’s largest e-commerce platform MercadoLibre (NASDAQ: MELI), as rising trade frictions with the U.S. and slowing growth in established markets push merchants to seek new sources of demand.

The number of Chinese sellers on the platform has recorded triple-digit growth over the past two years, the company told Caixin. Interest from China accelerated from mid-2025 amid changes in U.S. tariff policy and mounting uncertainty over future trade rules, according to Lidia Wu, who leads MercadoLibre Inc.’s China cross-border self-fulfillment operations.

🌎 dLocal: A Rare Blend of Growth and Value (Bullseye Picks)

Despite strong 52% revenue growth, Dlocal (NASDAQ: DLO)’s stock price dropped 10% after Q3 earnings. At just 24x EBITDA, dLocal represents a rare combo of growth and value

Investment Thesis: Due to dLocal’s strong TPV and revenue growth, regulatory moat, and strong balance sheet, I give dLocal a STRONG BUY rating, with a price target of $20.50, presenting 52% upside.

dLocal (NASDAQ:DLO) is not an exciting or highly hyped company. As a transnational payment processor, there’s nothing exciting about it. This presents a great opportunity. The market is pricing in low growth, despite dLocal’s proven, strong, and sustainable growth.

🌎 DLocal Valuation Model (Bullseye Picks)

We know that Dlocal (NASDAQ: DLO) is growing quickly. The TTM PE ratio doesn’t do justice how undervalued dLocal is. Here is how we can test it

Earlier today I posted a deep dive on dLocal, but I felt the valuation section was missing some quantitative analysis of different factors that influence the valuation.

If you have not read the initial deep dive, I strongly suggest you do that now to get a better grip on dLocal’s business model and financials.

Here was the initial valuation section of the deep dive (the full post can be found here):

🌎 Ternium Hit Hard By Trade-Driven Market Issues, But Not Out Of The Game (Seeking Alpha) $ 🗃️

🌎 Ternium S.A. (NYSE: TX) 🇱🇺 – Manufactures & processes steel products (including for oil & gas) with 18 production centers in Argentina, Brazil, Colombia, United States, Guatemala & Mexico. Subs. of Argentine-Italian conglomerate Techint. 🇼 🏷️

🌎 Millicom: Careful After Years Of Undervaluation (Seeking Alpha) $ 🗃️

🌎 Millicom (NASDAQ: TIGO) – Fixed & mobile, telecommunications services, cable & satellite TV, mobile financial services & local content such as music & sports in Latin America. 🇼 🏷️

🇦🇷 Pampa Energia: The Turning Point In Argentina’s Most Resilient Energy Player (Seeking Alpha) $ 🗃️

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

🇦🇷 Lithium Americas Corp. (LAC:CA) Presents at Citigroup 2025 Basic Materials Conference – Slideshow (Seeking Alpha)

🇦🇷 🇺🇸👼🏻 Lithium Americas (NYSE: LAC) – Focused on advancing lithium projects in Argentina & USA to production. 🇼 🏷️

🇧🇷 Gerdau: Too High In This Macro (Rating Downgrade) (Seeking Alpha) $ 🗃️

🌎🅿️ Metalurgica Gerdau SA (BVMF: GOAU3 / GOAU4) – Leading global steel producer & the largest producer of long steel in the Americas. 🇼 🏷️

🇧🇷 Suzano S.A. (SUZ) Presents at JPMorgan Brazil Opportunities Conference – Slideshow (Seeking Alpha)

🌐 Suzano SA (BVMF: SUZB3 / NYSE: SUZ) – Largest paper & pulp company in Latin America. 🇼

🇧🇷 AXIA Energia: Buy Given Significant +25% Capital Return Expected (Seeking Alpha) $ 🗃️

🇧🇷🅿️ Centrais Elétricas Brasileiras SA (NYSE: EBR / EBR.B / BVMF: ELET3 / ELET5 / ELET6) or Eletrobras – Electric power holding company. Largest generation & transmission company in Brazil. 🇼

🇧🇷 Sabesp: Good Potential In A Conservative Industry (Seeking Alpha) $ 🗃️

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

🇧🇷 CI&T: Investor-Friendly Capital Allocation, But Iffy Revenue Growth And AI Caution (Seeking Alpha) $ 🗃️

🌐 CI&T Inc. (NYSE: CINT) – Digital transformation consulting & engineering services company. 🇼

🇧🇷 Raia Drogasil S.A. (RADLY) Analyst/Investor Day – Slideshow (Seeking Alpha)

🇧🇷 Raia Drogasil (BVMF: RADL3 / OTCMKTS: RADLY) – Largest pharmacy chain in Brazil + one of the 10 largest digital retail platforms in the country. 🇼 🏷️

🇧🇷 Afya’s Q3 2025 And Investor Day Provide More Data On Undergraduate Competition Increasing (Seeking Alpha) $ 🗃️

🇧🇷 Afya (NASDAQ: AFYA) – Bertelsmann backed medical education & digital health services group in Brazil. Delivering an end-to-end physician-centric ecosystem. 🏷️

🇧🇷 B3’s Q3 Was Pressured By Derivatives, But The Name Remains Resilient (Seeking Alpha) $ 🗃️

🇧🇷 B3 SA – Brasil, Bolsa, Balcão (BVMF: B3SA3 / FRA: YBV0 / OTCMKTS: BOLSY) – São Paulo Stock Exchange (Bovespa), Brazilian Mercantile & Futures Exchange (BM&F) & CETIP. 🇼

🇨🇴 Grupo Cibest: The Re-Rating Story Isn’t Done Yet (Seeking Alpha) $ 🗃️

🌎🅿️ Grupo Cibest SA (NYSE: CIB / BVC: PFBCOLOM) fmr. Bancolombia – First Colombian financial institution listed on the NYSE. It provides banking products & services in Colombia, Panama, Puerto Rico, El Salvador, Bermuda & Guatemala. 🇼 🏷️

🇨🇴 GeoPark: High Potential, But Still A Long Way To Go After Its Landing In Vaca Muerta (Seeking Alpha) $ 🗃️

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

🇲🇽 MXF: Stellar 2025, But Possible Slowdown In 2026 (Seeking Alpha) $ 🗃️

🇲🇽 The Mexico Fund (NYSE: MXF) – Closed-end fund.

🌐 Global

🌐 Nebius: Hypergrowth, Early-Stage AI Cloud Leader With Upside Potential (Seeking Alpha) $ 🗃️

🌐 Nebius: A Sober Look At The Math Behind The $9 Billion Target (Seeking Alpha) $ 🗃️

🌐 Nebius Stock: The Market Is Missing A Huge 2026 ARR Growth Surge (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. 🇼 🏷️

🌐 Nebius – A Misunderstood Company (Darius Dark Investing)

An In-Depth Analysis

The investment case for Nebius Group NV (NASDAQ: NBIS) is not as speculative as many may think. It is grounded in hard assets and irrevocable contracts. We are looking at a company with a market cap of ~$21 billion, with a confirmed backlog of over $20 billion from investment-grade counterparties. It is led by a founder, Arkady Volozh, who has already built one $30 billion technology giant from scratch and has now successfully migrated the intellectual core of that empire to the West.

The market is seemingly obsessed with the company’s Russian origins and the complexity of its divestiture from Yandex. This fails to account for the present reality: Nebius is now a Dutch-headquartered, Nasdaq-listed, audit-cleared entity that serves as an infrastructure partner to the US hyperscalers. The complexity discount is the opportunity. As the company executes on its massive build-out in Vineland, New Jersey, and operationalises its contracts, this discount will close, likely driving a re-rating that could see the stock double or triple from its current levels. This report will review the bear case, assess the hidden value in its engineering stack, and demonstrate why Nebius could be a very compelling investment, something I did not expect when initially researching for this article.

🌐 Nebius Group: Valuation Model (Deepdive’s Substack)

Nebius Group NV (NASDAQ: NBIS) has exploded onto the scene of AI infrastructure, rapidly becoming a favourite of retail investors captivated by its staggering growth prospects and the promise of being the new AWS of the AI era. The company’s narrative is built on bedrock: securing multi-billion-dollar deals with Microsoft (up to $19.4 billion) and Meta Platforms ($3 billion), contracts that validate Nebius as a critical sold-out provider of high-performance GPU capacity, and on foundational excellence provided by their engineering team.

Yet, after an astronomical run-up in 2025, the stock has endured a sell-off, plummeting over 30% from its October highs.

🌐 Nebius Group (NBIS): Updated Valuation Model Post-Q3 Results (MVC Investing)

Earlier this month, Nebius Group NV (NASDAQ: NBIS) reported its Q3 results.

You can find my detailed review here:

As you’ll notice, the company significantly raised its capacity expansion estimates, so it’s time to update my Valuation Model based on the new information available.

It’s always a great sign of execution when you have to repeatedly raise your previous assumptions to reflect reality, and that’s exactly what has been happening with Nebius ever since I started covering it in January.

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

📅 Economic Calendar

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

🗳️ Election Calendar

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

Hong Kong Hong Kong Legislative Council 2025-12-07 (d) Confirmed 2021-09-05
Chile Chilean Presidency 2025-12-14 (d) Confirmed 2025-11-16
Myanmar Myanmar House of Representatives 2025-12-28 (t) Confirmed 2020-11-08
Myanmar Myanmar House of Nationalities 2025-12-28 (t) Confirmed 2020-11-08

📅 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):

JM Group Ltd. JMG Webull/Prime Number Capital, 3.8M Shares, $4.00-5.00, $17.0 mil, 12/9/2025 Tuesday

(Incorporated in the British Virgin Islands)

We are a merchandise wholesaler, based in Hong Kong. We serve clients in mainland China as well as in Hong Kong, Australia, the U.S. and Mexico.

The majority of our revenue is driven by sales of electronics, home goods and tools, seasonal décor and party supplies, sports and outdoor goods, and toys and games for the years ended Sept. 30, 2024 and Sept. 30, 2023, as well for the years ended March 31, 2025, and March 31, 2024.

Note: Net income and revenue are for the 12 months that ended March 31, 2025.

(Note: JM Group Ltd. filed its F-1 for its micro-cap IPO in August 2025 and disclosed the terms: 3.8 million shares at a price range of $4.00 to $5.00 to raise $17 million, if priced at the $4.50 mid-point of its range. )

SFIDA X SFDX ThinkEquity, 1.0M Shares, $5.00-6.00, $5.5 mil, 12/12/2025 Friday

(Incorporated in Japan)

We offer website design, development and numerous other IT (information technology) services.

Based on our management philosophy of “causing transformation through challenges,” we provide web development, system integration, and IT consulting solutions to a comprehensive range of clients – from Japanese small and medium-sized enterprises (“SMEs”) to large domestic businesses in varied industries. Consistent with our aim to “provide services that connect people to people and people to companies,” we offer targeted solutions through web development, IT technical support, and IT strategy planning customized to the sizes of enterprises spanning various industries in Japan.

Through SFIDA X, we provide our “WebDX Consulting Business” (“DX” stands for “digital transformation”) that offers optimal solutions utilizing the Internet, Internet technology, and artificial intelligence (“AI”) to solve various problems faced by small and medium-sized enterprises and to support their business operations.

In addition, we have three wholly owned subsidiaries: Style Free, Inc. (“Style Free”), Berkeley Consulting, Inc. (“Berkeley Consulting”), and HEAT POINT, Inc. (“HEAT POINT”).

Style Free operates our “System Integration Business” that provides IT technical support services for system development projects and contracted system development, mainly for large companies.

Berkeley Consulting provides our “IT Consulting Business”, which helps our large enterprise clients transform their businesses through IT strategy planning, conceptual support, project management, and utilization of Robotic Process Automation (“RPA”) for large enterprises.

HEAT POINT, our new wholly owned subsidiary established in April 2024, mainly provides video production and web production solutions to small and medium-sized companies.

Note: Net income and revenue are in U.S. dollars (converted from Japanese yen) for the year that ended Dec. 31, 2024.

(Note: SFIDA X disclosed the terms for its IPO: 1.0 million American Depositary Shares (ADS) at a price range of $5.00 to $6.00 to raise $5.5 million – in an F-1/A filing dated June 2, 2025. Each ADS equals one ordinary share. Background: SFIDA X filed its F-1 – without disclosing terms – on Dec. 23, 2024.)

AIGO Holding Ltd. AIGO Eddid Securities USA, 2.0M Shares, $4.00-6.00, $10.0 mil, 12/15/2025 Week of

(Incorporated in the Cayman Islands)

We are a consumer products provider well established in Southern Europe with global operations that extend into geographic regions including Europe, Asia, North America, Latin America, and Africa. In 2024, we generated revenue from approximately 40 countries and regions in four continents.

We primarily offer consumers lifestyle products through our various sales channels, with a particular focus on four main product categories: (i) lighting products; (ii) electrical products; (iii) household appliances; and (iv) pet products. Since 2019, we have also been developing and offering IoT-related consumer products.

We have three proprietary brands, namely, AIGOSTAR^®, nobleza^® and Taylor Swoden^®, each of which has its distinct product lines, marketing strategies and intended consumers. As of December 31, 2024, we had a 115-member R&D team that is dedicated to research and development of new products tailored to customer needs as well as the development of our IT system. We generate recurring revenue from certain core products as well as revenue from new products we offer to the market.

We sell our products through both offline and online channels. Our offline customers are mainly business entities, including local community stores and/or high-end boutiques, shopping malls, supermarkets and distributors, who purchase products from us, either by directly placing orders with us or through our proprietary apps designed specifically for our offline customers to place orders efficiently, and on-sell them to end consumers. Our online customers are generally users who purchase products directly from us through third-party E-commerce platforms and our proprietary AigoSmart App.

Note: Net income and revenue are in U.S. dollars for the year that ended Dec. 31, 2024.

(Note: AIGO Holding Ltd. is offering 2 million shares at a price range of $4.00 to $6.00 to raise $10 million, according to its F-1 filing dated Aug. 21, 2025.)

ALE Group Holding Limited ALEH D. Boral Capital (ex-EF Hutton), 1.5M Shares, $4.00-6.00, $7.5 mil, 12/15/2025 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.)

DT House Ltd. DTDT American Trust Investment Services, 2.0M Shares, $4.00-5.00, $9.0 mil, 12/15/2025 Week of

(Incorporated in the Cayman Islands)

We are a Cayman Islands exempted company with operations conducted by our subsidiaries in the UAE and Hong Kong. DT House is the holding company of UHAD, UHHK and UFox, all being our wholly-owned subsidiaries. Our headquarters are located in the UAE, and we commenced with the establishment of UHHK in 2020. We provide corporate consultancy services encapsulating environmental, social and governance-related aspects (commonly known as “ESG”) to enterprises and corporations with the purpose of unlocking greater business resiliency and sustainable cost savings along with revenue generating opportunities. As part of our corporate consultancy services around the ESG thematic, we provide travel-related services for leisure travelers into the UAE, which includes primarily the sale of tourism attractions tickets.

Our corporate consultancy services are provided in the UAE and Hong Kong. ESG is an emerging managerial concept for enterprises and corporations. Through technology integration, our corporate consultancy services offer customized hassle-free solutions to clients, from developing the knowledge and acknowledging the importance of ESG criteria, to formulating internal ESG self-assessments and practices, identifying ESG-related risks and opportunities, implementing cost-effective ESG policies and solutions, and eventually to capitalizing on potential ESG-related market opportunities and strategies. Our clients consist of public companies in the United States and Hong Kong, as well as small and medium-sized enterprises and private corporations in the UAE, Hong Kong and southeast Asia. We leverage upon emerging technologies to drive growth, optimize operations, and create new value streams for our clients. We have our own AI driven, cloud-based software program, and will continue to develop such program so that it can interact with various databases, collect relevant data, and use the data collected to perform self-determined tasks to meet predetermined goals (commonly known as “AI Agent”), which enables clients to retrieve, analyze, compare and evaluate ESG performance of themselves, their competitors and other market participants.

In June 2024, we commenced our travel-related services by acquiring UFox. UFox is a company principally engaged in travel-related services in the UAE, with the particular emphasis of eco-friendly and sustainable travel practices. UFox maintains close business relations with various organizations in the MENA Region such as the Union of Overseas Chinese in Saudi Arabia. We believe that our travel-related services could potentially bring about a synergistic effect with our corporate consultancy services if we follow the same set of ESG principles in both segments. Our current plan is to design travel programs based on the sustainable travel concept, such as alternative transport modes with lower carbon footprints and partnering with eco-friendly hotels. Knowledge and experience gained from our design of travel programs would be useful when we develop sustainable travel policies for our corporate consultancy services clients. The cross-over between low carbon footprint travel programs and sustainability business practices would reduce the average development costs of our projects. It also broadens the scope and strengthen the quality of our consultancy in fostering responsible and impactful ESG business strategies and practices for our corporate customers. Through UFox, we started to provide travel-related services for leisure travelers in the UAE. We offer segmented travel-related services to our customers, which includes primarily the sale of tourism attractions tickets. The destinations of the travel-related services offered by us are primarily within the UAE. We offer customizable hassle-free sustainable travel experience to customers. Customers can choose to customize their own tours depending on their demands and requirements and subscribe to services on segmented basis. Currently, we only have limited business activities of travel-related services due to our short operating history of several months in this sector. The major customers of our travel-related services are two online leisure travel platforms, namely, Trip.com Group Limited (Nasdaq: TCOM) and Fliggy international platform (fliggy.com, a member of Alibaba Group (NYSE: BABA) and an online marketplace of tourism products) that connect us with independent travelers for the sales and marketing of our travel products and services. Other customers of ours include travel companies, travel agencies, tour operators, booking agents, as well as other corporations and institutes, which currently contribute an insignificant portion of our revenue from travel-related services. In the future, we hope to expand the clientele of this segment to include retail leisure travelers and clients from our corporate consultancy services, and the scope of this segment to include other types of travel-related services, such as airfreight ticketing, tour guiding, hotel booking and transportation booking, and arrangement of packaged tours.

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

(Note: DT House Ltd. increased its IPO’s size to 2.0 million shares – up from 1.875 million shares initially – and kept the price range at $4.00 to $5.00 – to raise $9.0 million, according to its most recent F-1/A filing. DT House Ltd. has also named American Trust Investment Services as the sole book-runner, replacing Revere Securities. Background: DT House Ltd. filed its F-1 on March 3, 2025, and disclosed the terms for its IPO: The company is offering 1.875 million shares at a price range of $4.00 to $5.00 to raise $8.44 million, if priced at the mid-point of its range.)

ELC Group Holdings Ltd. ELCG D. Boral Capital (ex-EF Hutton), 1.9M Shares, $4.00-6.00, $9.4 mil, 12/15/2025 Week of

(Incorporated in the Cayman Islands)

We are a manpower service provider based in Singapore. Manpower service providers (“MSP”) serve as a bridge between job seekers and businesses to meet each other’s recruitment needs. Typically, MSPs create a platform whereby employers can list job opportunities and recruit individuals looking to secure full, temporary or part-time employment meeting their respective criteria. For companies, MSPs assist the recruitment process to meet particular staffing needs, saving companies time, money, and effort. For job seekers, MSPs help them find an appropriate job matching their skill sets as quickly as possible, and exposing them to more opportunities through their vast network.

Our customers fall into a wide range of industries, including warehouse and logistics, food and beverage, cleaning, manufacturing, retail and events. To provide better service to our customers, we pay close attention to the changing needs of our customers, including new developments in their respective industries, which helps us anticipate the specific roles and skills that they will need. We believe this attention to detail gives us a significant competitive advantage and improves customer loyalty.

We have developed a proprietary platform that connects job seekers and employers through a unique matching program using specific character and skill recognition matrices. Our platform operates a comprehensive database that records the skill preferences and requisite applicant characteristics of our business customers and the job criteria of job seekers, thereby reducing reliance on subjective human analysis which can be extremely time consuming and inefficient. While many MSPs offer similar services, we believe our model is more specifically focused on our customers’ individual criteria, therefore we tend to deliver a more tailored approach, rather than providing a one-size-fits-all service.

Job Seekers – We believe we stand out to job seekers in two important ways: (i) we have developed a mobile app to enable clients real-time access to the data and therefore opportunities, and (ii) we are the first manpower provision company operating with an app platform in Singapore that is compensating part-time workers on the very same day they finish their jobs.

We have artificial intelligence (“AI”) technology integrated into our “EL Connect App” to create a positive user-friendly experience for part-time job seekers.

Employers – For employers, in addition to the EL Connect App, we have also developed our “Taskforce App.” Our TaskForce App is a smart platform to digitalize building and property operations management. Our TaskForce App integrates internet of things (“IoT”) sensors, facial recognition systems and robotics into facilities and workforce management in buildings and properties. TaskForce App bridges the gap between the employees of our customers, such as site supervisors who oversee property management, and contractors or crews of our customers, who perform individual duties and tasks, addressing inefficiencies in traditional and paper-based processes of property management. Our TaskForce App seeks to achieve optimal performance and productivity for our customers by enabling their employees to have real-time monitoring of facilities and workforce management and providing them instant access to a variety of information ranging from attendance records of contractors or crews to real-time usage of consumable supplies in a facility. This has become an invaluable tool to our customers which has prompted us to monetize its application by opening it up to customer subscriptions and licensing, which we expect will become a growing revenue stream.

We derive our revenue primarily from the following sources: (i) manpower supply services – which provides part-time manpower to customers on our employment and recruitment portal “EL Connect Mobile”; (ii) manpower contracting services – which provides cleaners for cleaning services; (iii) software as a service (“SaaS”) sales, which grants users the right to access our “Taskforce” app; (iv) software licensing sales, which grants clients the right to use the Taskforce app customized to their specific requests (updates and maintenance included); and (v) project management services.

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

(Note: ELC Group Holdings Ltd. increased its IPO’s size again – this time to 1.87 million shares – up from 1.7 million shares – and kept the price range modest at $4.00 to $6.00 – to raise $9.35 million, according to an F-1/A filing dated Aug. 25, 2025.)

(Note: ELC Group Holdings Ltd. raised the size of its IPO to 1.7 million shares – up from 1.25 million shares originally – and kept the price range at $4.00 to $6.00 – to raise $8.5 million. Background: ELC Group Holdings Ltd. disclosed the terms for its small IPO – 1.25 million shares at a price range of $4.00 to $6.00 – to raise $6.25 million, if priced at the $5.00 mid-point of its range, according to an F-1/A filing dated June 27, 2025. Initial Filing: ELC Group Holdings Ltd. filed its F-1 on March 4, 2025.)

HW Electro Co., Ltd. (NASDAQ-New Filing) HWEP American Trust Investment Services/WestPark Capital, 4.2M Shares, $4.00-4.00, $16.6 mil, 12/15/2025 Week of

We are the first company in Japan to obtain a license plate number for imported electric light commercial vehicles. We are the second company and also one of the three companies that sell electric light commercial vehicles in Japan as of the date of this prospectus. (Incorporated in Japan)

The electric light commercial vehicles we sell belong to the category of “light commercial vehicles,” which are commercial carrier vehicles with a gross vehicle weight of no more than 3,500 kilograms.

We commenced selling and delivering two models of electric light commercial vehicles, ELEMO and ELEMO-K, in Japan in April 2022 and July 2022, respectively, and have been working with Cenntro, our cooperating manufacturer, to produce them under our brand, “ELEMO,” in its factory in Hangzhou, China. ELEMO is the first electric vehicle we sell and (it) is the second electric light commercial vehicle that has ever been sold in Japan since the commencement of sales of MINICAB-MiEV in December 2011, which was the first electric light commercial vehicle produced by Mitsubishi Motors Corporation. Since June 2023, we have commenced the sales of a new model called “ELEMO-L,” a van-type electric vehicle that could be used for commercial and recreational camping purposes, which we expect may enable us to increase consumer market penetration.

Under our Exclusive Basic Transaction Agreement dated March 31, 2021 with Cenntro (the “Exclusive Basic Transaction Agreement”), Cenntro manufactures ELEMO, ELEMO-K, ELEMO-L, and other electric vehicles under the specifications designated by us in their manufacturing factories in China and delivers the electric vehicles to the ports in China designated in the individual agreement for a particular order. We arrange for the shipment from these ports to the Port of Yokohama or other designated ports in Japan. Upon arrival, we transport the vehicles to our research laboratory located in Chiba, Japan, for inspection, and then send them to our business partners’ facilities, Anest Iwata’s factory in Fukushima, Japan, and TONOX’s factories in Kanagawa, Japan. The specialists of Anest Iwata, a Tokyo Stock Exchange-listed company that specializes in industrial machinery, supplies, and components, and TONOX, a Japanese commercial vehicle manufacturer, modify the vehicles to comply with the regulations and standards for the Japanese market, install the accessories, and undertake the inspection in accordance with our instructions. After the inspection and modifications, we deliver the electric vehicles to the governmental vehicle inspection office, the National Agency for Automotive and Land Transportation Technology, for individual imported vehicle inspection, and the local land transportation office for registration. Upon completion of the individual imported vehicle inspection and registration, we conduct the final inspection in our research laboratory located in Chiba, Japan, and deliver the electric light commercial vehicles to the customers.

Since the inception of our operation, we have been leveraging the customizability and adjustability of our electric light commercial vehicles to attract corporations in different industries and local governments that have varying needs from their departments in Japan. During the fiscal years ended September 30, 2023 and 2022, we sold and delivered 52 and 16 electric light commercial vehicles to 14 and 11 customers, respectively.

Note: Net loss and revenue figures are in U.S. dollars (converted from Japanese yen) for the fiscal year that ended Sept. 30, 2024.

(Note – New IPO Plans: HW Electro Co., Ltd. filed an F-1 dated May 8, 2025 – the same date that it withdrew its previous IPO plans in a letter to the SEC. In the new IPO document – the F-1 dated May 8, 2025 – HW Electro Co., Ltd. disclosed that it is offering 4.15 million American Depositary Shares (ADS) at an assumed IPO price of $4.00 to raise $16.6 million. American Trust Investment Services and WestPark Capital are the joint book-runners.)

(Background on Previous IPO plans: Registration Withdrawn on May 8, 2025 – A.C. Sunshine and Univest Securities were the joint book-runners. Note: HW Electro Co., Ltd. filed an F-1MEF to increase its IPO’s size at pricing by 200,000 shares, according to a filing dated Jan. 24, 2025. Note: HW Electro Co., Ltd. filed an F-1/A to increase its IPO’s size to 4.0 million ADS – up from 3.75 million ADS – and increase the assumed IPO price to $4.00 – up from $3.00 – to raise $16.0 million – up from $11.25 million initially – according to an F-1/A filing dated Dec. 23, 2024. In that same filing, AC Sunshine Securities was added as the lead left joint book-runner to work with Univest Securities as the other joint book-runner, and the IPO’s proposed venue was changed to the NASDAQ from the NYSE – American Exchange, with the proposed symbol changed to “HWEP” from “HWEC”. Note: HW Electro Co., Ltd. filed its new F-1 (prospectus) on April 26, 2024, disclosing plans for its IPO and its listing of American Depositary Shares (ADS) on the NYSE – American Exchange: 3.75 million ADS at an assumed IPO price of $3.00 per ADS. Each ADS represents one ordinary share. Background: HW Electro Co., Ltd. withdrew its previous IPO plans that called for a listing on the NASDAQ with a different proposed symbol.)

Monkey Tree Investment Ltd. MKTR Craft Capital Management/Revere Securities, 1.6M Shares, $4.00-5.00, $7.0 mil, 12/15/2025 Week of

(Incorporated in the Cayman Islands)

We run English learning centers for children in Hong Kong.

We offer children’s language classes – mostly in English – and some in Mandarin. We serve students ages 3 to 14 through our 20 learning centers in Hong Kong that offer classes in phonics, reading, grammar, writing, conversation and preparation for exams.

We have licensed the “Monkey Tree” brand to other operators that run another 38 centers in Hong Kong.

Note: Net income and revenue are in U.S. dollars for the year that ended March 31, 2025.

(Note: Monkey Tree Investment Ltd. named Craft Capital Management as its lead left underwriter in an F-1/A filing dated Oct. 21, 2025 – to work with Revere Securities. Background: Monkey Tree Investmenet Ltd. disclosed its IPO terms on Aug. 15, 2025, in an F-1 filing: The company is offering 1.6 million shares at a price range of $4.00 to $5.00 to raise $7.0 million, according to its F-1 filing dated Aug. 15, 2025.)

Riku Dining Group RIKU Eddid Securities USA, 2.3M Shares, $4.00-6.00, $11.3 mil, 12/15/2025 Week of

(Incorporated in the Cayman Islands)

We operate and franchise Japanese-style restaurants in Canada and Hong Kong:

In Canada – Ajisen Ramen is our franchise. We run four restaurants and we franchise nine more restaurants across Ontario.

In Hong Kong – We have seven restaurants under three franchised brands – Yakiniku Kakura, Yakiniku 802 and Ufufu Cafe.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended March 31, 2025.

(Note: Riku Dining Group disclosed the terms for its IPO in an Oct. 8, 2025, filing with the SEC: The company is offering 2.25 million shares at a price range of $4.00 to $6.00 to raise $11.25 million. Background: Riku Dining Group filed its F-1 for its IPO in September 2025 without disclosing the terms. Estimated IPO proceeds are $16 million.)

Ultratrex UTX Craft Capital Management, 1.3M Shares, $4.00-6.00, $6.3 mil, 12/15/2025 Week of

(Incorporated in the Cayman Islands)

We make marine environmental cleanup and dredging machinery.

We provide environmental solutions that rely on amphibious machinery, aquatic weed harvesters and dredgers.

Environmental cleanup projects, habitat restoration and land reclamation make up most of our projects. We serve customers mostly in Southeast Asia, the Middle East and some parts of Europe.

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

(Note: Ultratrex is offering 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million, according to its F-1/A filings.)

PressLogic PLAI American Trust Investment Services, 1.8M Shares, $4.00-6.00, $9.0 mil, 1/5/2026 Week of

(Incorporated in the Cayman Islands)

We provide digital marketing services to companies in Hong Kong and Taiwan. Our content marketing solutions include a digital marketing solution segment, which offers editorial content, influencer marketing and display advertising, along with advertisements. We run nine proprietary media brands with over 12 million subscribers and followers, including nine websites, five apps, 11 Facebook fanpages, 11 Instagram profiles and eight YouTube channels, as of the date of this prospectus.

Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the 12 months that ended June 30, 2025.

(Note: PressLogic filed its F-1/A on Oct. 14, 2025, and disclosed the terms of its small IPO: The company is offering 1.8 million shares at a price range of $4.00 to $6.00 to raise $9.0 million, if priced at the mid-point of its range. Background: PressLogic filed its F-1 to go public in September.)

🏁 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:

09/13/2025 – WisdomTree Asia Defense Fund – WDAF
08/12/2025 – Neuberger Berman Emerging Markets Debt Hard Currency ETF – NEMD
07/15/2025 – OTG Latin America ETF – OTGL
06/21/2025 – FT Vest Emerging Markets Buffer ETF June – TJUN
06/18/2025 – AB Emerging Markets Opportunities ETF – EMOP
06/05/2025 – Harbor Emerging Markets Equity ETF – EPEM
06/03/2025 – Russell Investments Emerging Markets Equity Active ETF – ZJUN
05/30/2025 – Emerging Markets Equity Active ETF – REMG
05/16/2025 – Harbor Emerging Markets Select ETF – EMES
04/02/2025 – Goldman Sachs India Equity ETF – GIND
03/21/2025 – FT Vest Emerging Markets Buffer ETF – March – TMAR
02/25/2025 – Touchstone Sands Capital Emerging Markets ex-China Growth ETF – TEMX
02/19/2025 – abrdn Emerging Markets Dividend Active ETF – AGEM
02/14/2025 – GMO Beyond China ETF – BCHI
02/06/2025 – PLUS Korea Defense Industry Index ETF – KDEF
01/04/2025 – Simplify China A Shares PLUS Income ETF – CAS
12/24/2024 – FT Vest Emerging Markets Buffer ETF – December – TDEC – Options
11/19/2024 – Fidelity Fundamental Emerging Markets ETF – FFEM – Equity
11/19/2024 – Fidelity Enhanced Emerging Markets ETF – FEMR – Equity
11/13/2024 – Dimensional Emerging Markets ex China Core Equity ETF – DEXC – Equity
10/07/2024 – First Trust WCM Developing World Equity ETF – WCME – Active, equity
09/20/2024 – FT Vest Emerging Markets Buffer ETF – September – TSEP – Options
09/11/2024 – Polen Capital Emerging Markets ex-China Growth ETF – PCEM – Equity
09/04/2024 – Macquarie Focused Emerging Markets Equity ETF – EMEQ – Active, equity
09/04/2024 – iShares MSCI Emerging Markets Value Factor ETF – EVLU – Equity
09/04/2024 – iShares MSCI Emerging Markets Quality Factor ETF – EQLT – Active, equity
09/04/2024 – SPDR S&P Emerging Markets ex-China ETF – XCNY – Equity, ex-China
08/13/2024 – Simplify Gamma Emerging Market Bond ETF – GAEM – Active, Bond, Latin America
08/13/2024 – Janus Henderson Emerging Markets Debt Hard Currency ETF – JEMB – Currency
07/01/2024 – Innovator Emerging Markets 10 Buffer ETF – EBUF – Equity
05/16/2024 – JPMorgan Active Developing Markets Equity ETF – JADE – Equity
05/09/2024 – WisdomTree India Hedged Equity Fund – INDH – Equity, India
03/19/2024 – Avantis Emerging Markets ex-China Equity ETF – AVXC – Active, equity, ex-China
03/15/2024 – Polen Capital China Growth ETF – PCCE – Active, equity, China
03/04/2024 – Simplify Tara India Opportunities ETF – IOPP – Active, equity, India
02/07/2024 – Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares – XXCH – Equity, leveraged, China
01/11/2024 – Matthews Emerging Markets Discovery Active ETF – MEMS – Active, equity, small caps
01/10/2024 – Matthews China Discovery Active ETF – MCHS – Active, equity, small caps

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

05/20/2025 – KraneShares Dynamic Emerging Markets Strategy ETF – KEM
05/20/2025 – KraneShares MSCI All China Index ETF – KALL
04/08/2025 – First Trust TCW Emerging Markets Debt ETF – EFIX
02/14/2025 – Global X MSCI Emerging Markets Covered Call ETF – EMCC
01/06/2025 – iShares Frontier and Select – FM
10/10/2024 – Pacer CSOP FTSE China A 50 ETF – AFTY
09/26/2024 – American Century Emerging Markets Bond ETF – AEMB
09/19/2024 – KraneShares S&P Pan Asia Dividend Aristocrats Index ETF – KDIV
09/19/2024 – KraneShares CICC China 5G & Semiconductor Index ETF – KFVG
09/05/2024 – Amplify Emerging Markets FinTech ETF – EMFQ
07/27/2024 – iPathGEMS Asia 8 ETN – AYTEF
05/23/2024 – Defiance Israel Fixed Income ETF – CHAI
05/17/2024 – Global X Next Emerging & Frontier ETF – EMFM
03/25/2024 – Global X MSCI Nigeria ETF – NGE
03/21/2024 – VanEck Egypt Index ETF – EGPT
03/14/2024 – KraneShares Bloomberg China Bond Inclusion Index ETF – KBND
03/14/2024 – KraneShares China Innovation ETF – KGRO
03/14/2024 – KraneShares CICC China Consumer Leaders Index ETF – KBUY
03/13/2024 – Xtrackers MSCI All China Equity ETF – CN
03/13/2024 – Xtrackers MSCI China A Inclusion Equity ETF – ASHX
02/16/2024 – Global X MSCI China Real Estate ETF – CHIH
02/16/2024 – Global X MSCI China Biotech Innovation ETF – CHB
02/16/2024 – Global X MSCI China Utilities ETF – CHIU
02/16/2024 – Global X MSCI Pakistan ETF – PAK
02/16/2024 – Global X MSCI China Materials ETF – CHIM
02/16/2024 – Global X MSCI China Health Care ETF – CHIH
02/16/2024 – Global X MSCI China Financials ETF – CHIX
02/16/2024 – Global X MSCI China Information Technology ETF – CHIK
02/16/2024 – Global X MSCI China Consumer Staples ETF – CHIS
02/16/2024 – Global X MSCI China Industrials ETF – CHII
02/16/2024 – Global X MSCI China Energy ETF – CHIE
02/14/2024 – BNY Mellon Sustainable Global Emerging Markets ETF – BKES
01/26/2024 – The WisdomTree Emerging Markets ESG Fund – RESE

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

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

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

Emerging Market Links + The Week Ahead (December 8, 2025) was also published on our Substack.

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(Incorporated in the British Virgin Islands)

We are a merchandise wholesaler, based in Hong Kong. We serve clients in mainland China as well as in Hong Kong, Australia, the U.S. and Mexico.

The majority of our revenue is driven by sales of electronics, home goods and tools, seasonal décor and party supplies, sports and outdoor goods, and toys and games for the years ended Sept. 30, 2024 and Sept. 30, 2023, as well for the years ended March 31, 2025, and March 31, 2024.

Note: Net income and revenue are for the 12 months that ended March 31, 2025.

(Note: JM Group Ltd. filed its F-1 for its micro-cap IPO in August 2025 and disclosed the terms: 3.8 million shares at a price range of $4.00 to $5.00 to raise $17 million, if priced at the $4.50 mid-point of its range. )

(Incorporated in Japan)

We offer website design, development and numerous other IT (information technology) services.

In addition, we have three wholly owned subsidiaries: Style Free, Inc. (“Style Free”), Berkeley Consulting, Inc. (“Berkeley Consulting”), and HEAT POINT, Inc. (“HEAT POINT”).

Style Free operates our “System Integration Business” that provides IT technical support services for system development projects and contracted system development, mainly for large companies.

Berkeley Consulting provides our “IT Consulting Business”, which helps our large enterprise clients transform their businesses through IT strategy planning, conceptual support, project management, and utilization of Robotic Process Automation (“RPA”) for large enterprises.

HEAT POINT, our new wholly owned subsidiary established in April 2024, mainly provides video production and web production solutions to small and medium-sized companies.

Note: Net income and revenue are in U.S. dollars (converted from Japanese yen) for the year that ended Dec. 31, 2024.

(Incorporated in the Cayman Islands)

We are a consumer products provider well established in Southern Europe with global operations that extend into geographic regions including Europe, Asia, North America, Latin America, and Africa. In 2024, we generated revenue from approximately 40 countries and regions in four continents.

Note: Net income and revenue are in U.S. dollars for the year that ended Dec. 31, 2024.

(Note: AIGO Holding Ltd. is offering 2 million shares at a price range of $4.00 to $6.00 to raise $10 million, according to its F-1 filing dated Aug. 21, 2025.)

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)

**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.)

(Incorporated in the Cayman Islands)

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

(Incorporated in the Cayman Islands)

We have artificial intelligence (“AI”) technology integrated into our “EL Connect App” to create a positive user-friendly experience for part-time job seekers.

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

(Note: ELC Group Holdings Ltd. increased its IPO’s size again – this time to 1.87 million shares – up from 1.7 million shares – and kept the price range modest at $4.00 to $6.00 – to raise $9.35 million, according to an F-1/A filing dated Aug. 25, 2025.)

We are the first company in Japan to obtain a license plate number for imported electric light commercial vehicles. We are the second company and also one of the three companies that sell electric light commercial vehicles in Japan as of the date of this prospectus. (Incorporated in Japan)

The electric light commercial vehicles we sell belong to the category of “light commercial vehicles,” which are commercial carrier vehicles with a gross vehicle weight of no more than 3,500 kilograms.

Note: Net loss and revenue figures are in U.S. dollars (converted from Japanese yen) for the fiscal year that ended Sept. 30, 2024.

(Incorporated in the Cayman Islands)

We run English learning centers for children in Hong Kong.

We offer children’s language classes – mostly in English – and some in Mandarin. We serve students ages 3 to 14 through our 20 learning centers in Hong Kong that offer classes in phonics, reading, grammar, writing, conversation and preparation for exams.

We have licensed the “Monkey Tree” brand to other operators that run another 38 centers in Hong Kong.

Note: Net income and revenue are in U.S. dollars for the year that ended March 31, 2025.

(Incorporated in the Cayman Islands)

We operate and franchise Japanese-style restaurants in Canada and Hong Kong:

In Canada – Ajisen Ramen is our franchise. We run four restaurants and we franchise nine more restaurants across Ontario.

In Hong Kong – We have seven restaurants under three franchised brands – Yakiniku Kakura, Yakiniku 802 and Ufufu Cafe.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended March 31, 2025.

(Incorporated in the Cayman Islands)

We make marine environmental cleanup and dredging machinery.

We provide environmental solutions that rely on amphibious machinery, aquatic weed harvesters and dredgers.

Environmental cleanup projects, habitat restoration and land reclamation make up most of our projects. We serve customers mostly in Southeast Asia, the Middle East and some parts of Europe.

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

(Note: Ultratrex is offering 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million, according to its F-1/A filings.)

(Incorporated in the Cayman Islands)

Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the 12 months that ended June 30, 2025.

🏁 Emerging Market ETF Launches

🚽 Emerging Market ETF Closures/Liquidations

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