Emerging Market Links + The Week Ahead (August 26, 2025)

I have finished an almond harvest and still have some things to do outside before leaving. Otherwise, I have cleared out my email inbox for this longer than usual post.

Two interesting pieces come from the Financial Times which has noted that EM companies are rushing to global debt markets as the risk premium over US treasuries falls to near 20-year low (🗃️) plus European investors are switching their attention to emerging market ETFs (🗃️). In addition, there are proposals in Korea to lower the top tax rate on dividend income from 35% to 25% – something that should help Korean stocks that pay good dividends.

$ = behind a paywall

$ = Behind a paywall / 🗃️ = Link to an archived article / ⛔ = Article archiving may not be working properly

🇯🇵 BNF — The God of Japanese Day Trading (The Pareto Investor)

• BNF, the legendary Japanese day trader, turned $16,000 into hundreds of millions with a contrarian strategy that defied market trends. Here’s how he did it.

🇯🇵 Carlit Co Ltd (4275) (East Asia Stock Insights)

• Niche monopoly defense player at 4.5x EV/EBIT

• Carlit Co Ltd (TYO: 4275) is a small Japanese conglomerate that happens to control a critical chokepoint: it is Japan’s monopoly producer of ammonium perchlorate (AP), a key material that’s needed to produce missiles and rockets.

• Carlit trades has a market cap of 32bn yen and has 4.5bn in net cash and 8.6bn of long-term investment securities. It trades at an EV/EBIT of 4.5x (FY27ce) or P/E of 10x (which becomes 6.3x after adjusting for net cash and investment securities). In today’s world, what do you think is an appropriate multiple for a monopoly defense player?

🇯🇵 Ibiden Q1 FY25: Strong Beat, Upgraded Outlook, Attractive Valuation (SmartKarma) $

• Results: Q1 FY25 sales grew +10.5% YoY with OP surging +56%, led by AI/data-center substrate demand and margin gains.

• Earnings Upgrade & Outlook: FY25–27 EPS/EBITDA raised 9–12% on stronger substrates and resilient ceramics, implying ~18–19% CAGR ahead.

• Valuations: Trading at 21× FY25E P/E and 5.9× EV/EBITDA, Ibiden Co Ltd (TYO: 4062 / FRA: IBI / OTCMKTS: IBIDF) offers structural growth at compressed multiples versus AI peers.

🇨🇳 China’s triple stock markets are too much of a good thing (FT) $ 🗃️

🇨🇳 Cover Story: China’s Stock Market Roars Back to Life — But Can It Outrun Economic Gravity? (Caixin) $

• A blistering rally has lifted Chinese stocks to their highest levels in nearly a decade, pushing total market capitalization above 100 trillion yuan ($13.9 trillion) for the first time. The surge has sparked a fierce debate over whether this is the dawn of a durable “slow bull” market or merely a speculative, emotion-driven upswing detached from grim economic realities.

🇨🇳 China Expands M&A Loan Policy to Support Minority Equity Deals (Caixin) $

• China is overhauling its merger and acquisition (M&A) loan framework, allowing banks to finance minority stake deals for the first time in a policy shift aimed at boosting corporate restructuring and investment.

• On Wednesday, the National Financial Regulatory Administration released a draft regulation on commercial bank M&A loans, opening the door for loans supporting “equity participation” transactions. These loans will support buyers acquiring stakes of at least 20% in target firms without taking control. If an investor already holds 20% or more, additional loans can be used to boost the stake further, provided each deal adds at least 5%.

🇨🇳 Overseas Investors Drawn to Stability of Chinese Bonds (Caixin) $

• Foreign investors are stepping up purchases of onshore Chinese bonds, drawn by their relatively stable returns, an executive at UBS Group AG’s asset management arm said.

• The trend emerged last year, and has grown prominent this year as U.S. tariff policy has cast a cloud over the economic growth prospects of the U.S. and the rest of the world, prompting many to consider non-U.S. dollar assets, said Raymond Gui, head of Asian fixed income at UBS Asset Management.

🇨🇳 JD.com Goes Supermarket Shopping in Hong Kong with Kai Bo Deal (Caixin) $

• JD.com (NASDAQ: JD / SGX: HJDD) has completed its acquisition of Hong Kong grocery chain Kai Bo Food Supermarket, marking the e-commerce giant’s formal entry into the city’s brick-and-mortar retail sector.

• The Beijing-based company announced the deal’s completion on Friday, saying the move will allow Kai Bo to tap into JD.com’s robust supply chain to expand its omni-channel operations. In turn, JD.com will gain a stronger foothold in the Greater Bay Area’s fresh food supply chain.

🇨🇳 Alibaba (9988 HK): Expected Earnings-Day Swings and Options Market View (Smartkarma) $

• Alibaba (NYSE: BABA) will announce quarterly results on Friday, August 29, 7:30 p.m. Hong Kong Time. The timing is crucial for options expiries in HK and the US.

• Highlight: The options market provides estimates for the anticipated price move. Implied volatility is projected to decline post-event; this Insight maps the resulting term structure.

• Why Read: Get the expected move and a view of the post-event volatility term structure.

🇨🇳 Pinduoduo Q2 2025: Why the Headline Numbers Mislead (The Great Wall Street)

🇨🇳 What should retailers do to defend against Temu? (Momentum Works)

• On Monday (25 Aug), when Temu parent PDD Holdings (NASDAQ: PDD) or Pinduoduo first released its 2025 Q2 earnings – investors were excited. The pre-market share price surged 11% on better than expected adjusted operating profit margin, even though revenue growth was modest.

• Investor expectations had been high – in the five trading days prior to the release, the share price had risen close to 6%.

• However, in the earnings call, the management emphasised at least three times that the current level of profit is “not sustainable”, and this quarter’s results “do not represent the long term trend”.

• As the earnings call did not provide much additional information on the business, we would just share a few thoughts about PDD (including Pinduoduo, Duoduo Grocery and Temu) over the last few weeks:

🇨🇳 PDD (PDD): 2Q25, Impacted by High Comparison Base and Overseas Expansion (Smartkarma) $

• Transaction services revenue was stagnant due to high comparison base.

• The gross margin declined significantly due to the overseas expansion.

• However, we believe revenue growth and margins will be stable in the long run.

🇨🇳 Tencent: The Art of Boring Brilliance (The Great Wall Street)

• Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) earnings Q2 2025 WeChat ads games cloud AI

• Tencent has become so predictable, so relentlessly competent, that it’s almost dull to analyze them quarter after quarter. But in China, where management missteps are a national sport and regulatory tripwires are everywhere, that kind of dullness is a superpower.

• As always, I’m not here to dissect every revenue line or margin delta. I try to focus on what genuinely stood out to me—especially things that, in my view, are under-articulated or buried beneath the usual surface-level commentary.

🇨🇳 Didi and Meituan Clash in Brazil as Food Delivery Battle Goes to Court (Caixin) $

• Chinese tech rivals DiDi Global (OTCMKTS: DIDIY) and Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) are taking their feud to Brazilian courts, intensifying competition in one of Latin America’s most contested food delivery markets.

• On Aug. 19, Didi’s local unit 99Food sued Meituan’s overseas delivery brand Keeta in a São Paulo court, alleging trademark infringement and unfair competition. The filing came only five days after Keeta accused 99Food of signing merchants to exclusive contracts and using cash advances to block cooperation with rivals.

🇨🇳 KS / Kuaishou (1024 HK): 2Q25, Op Profit Up by 35% YoY, 91% Upside (Smartkarma) $

Kuaishou Technology (HKG: 1024 / 81024 / LON: 0A74 / OTCMKTS: KUASF / KSHTY)

• The growth rate of GMV (Gross Merchandise Value) rose to 18% YoY in 2Q25 from 15% YoY in 1Q25.

• The operating margin improved to 13% in 2Q25 from 11% in 2Q24 so that operating profit increased by 35% YoY in 2Q25.

• We conclude an stock upside of 91% for the next twelve months. Buy.

🇨🇳 China’s No. 2 chip foundry to absorb chipmaking sibling in state-backed consolidation (Caixin) $

• Hua Hong Semiconductor (SHA: 688347 / HKG: 1347 / FRA: 1HH / OTCMKTS: HHUSF), the Chinese mainland’s second-largest contract chip manufacturer, is moving to acquire a controlling stake in a sister company, a deal in line with Beijing’s drive to consolidate and streamline the country’s semiconductor sector.

• Trading of Hua Hong Semiconductor in Shanghai was halted Monday as the company unveiled plans to purchase a controlling stake in Shanghai Huali Microelectronics Corp. (Huali Micro) through a mix of newly issued stock and cash. The transaction, announced late Sunday, still requires board and regulatory approvals.

🇨🇳 AI Chipmaker Cambricon Inches Closer to Becoming China’s Priciest Stock (Caixin) $)

• Shares of Chinese AI chipmaker Cambricon Technologies Corp (SHA: 688256) surged Monday, bringing the company to the brink of unseating Kweichow Moutai (SHA: 600519) as the most expensive stock on China’s A-share market.

• Cambricon’s stock closed up 11.4% on Monday at 1,384.93 yuan ($191.07) per share, just shy of the fiery liquor-maker Kweichow Moutai, which closed at 1,490.33 yuan. The chip company’s shares have more than doubled since mid-July and have climbed over 562% since September 2024. The rally has pushed Cambricon’s price-to-earnings ratio to 4,463 times, far exceeding Moutai’s 20 times.

🇨🇳 Apple supplier Luxshare seeks Hong Kong listing to boost trade war defenses (Caixin) $)

• Luxshare Precision Industry (SHE: 002475), a major Chinese assembler of Apple Inc.’s iPhones, has applied for a listing on the Hong Kong Stock Exchange, joining a wave of Chinese technology firms turning to international capital markets as they navigate growing geopolitical and trade pressures.

• The Shenzhen-listed company submitted its application and preliminary prospectus on Monday, according to a company announcement. Luxshare did not disclose how much it intends to raise or the expected size of the offering.

🇨🇳 XPeng’s EV Tech to Power Volkswagen’s Gas and Hybrid Lineup in China (Caixin) $

• Volkswagen AG is deepening its partnership with XPeng (NYSE: XPEV) to bring the Chinese electric-car maker’s advanced digital systems to Volkswagen’s gasoline and hybrid models in China, extending a technology alliance that had originally targeted electric vehicles (EVs).

• The companies began collaborating in April 2024 to develop a next-generation electronic and electrical architecture for Volkswagen’s EVs in China, with the goal of beginning mass production of the first Volkswagen-brand vehicle built with the CEA platform in 2026.

🇨🇳 In Depth: Li Auto pins its all-electric hopes on new SUV (Caixin) $

• Electric-vehicle (EV) maker Li Auto (NASDAQ: LI) is back for a second attempt at breaking into China’s hyper competitive pure electric car market. This time, the company has pinned its hopes on an SUV, the Li i8, after its so-called multipurpose vehicle (MPV) flopped.

• The Beijing-based carmaker, founded in 2015, made its name with extended-range hybrids, an early bet that distinguished it from China’s fast-growing, saturated new-energy vehicle (NEV) sector and helped it become the first among the country’s EV upstarts to turn an annual profit in 2023.

🇨🇳 Dongfeng Motor (489 HK): DFM’s Attractive Privatisation Offer (Smartkarma) $

• Dongfeng Motor Group Co Ltd (HKG: 0489 / FRA: D4D / D4D0 / OTCMKTS: DNFGF / DNFGY) disclosed a pre-conditional privatisation by merger by absorption by Dongfeng Motor Corporation, along with a proposed distribution and listing of VOYAH shares.

• The offer comprises HK$6.68 + 0.3552608 VOYAH H Shares per H Share, which is valued at HK$10.85 per H Share, a 81.7% premium to the last close price.

• The vote is low risk as the offer is attractive. It values the remaining business at a premium multiple, and the appraised value of HK$11.735 per VOYAH share is conservative.

🇨🇳 China’s Robotaxi Race Moves Fast: Latest Developments with Baidu and Pony.ai (The Great Wall Street) $

• A follow-up on my earlier piece: rapid changes, first hand comparisons, and what Baidu (NASDAQ: BIDU)’s earnings reveal about its AI ambitions

• Last week I wrote that Baidu’s robo-taxis weren’t yet operational in Shanghai Pudong, despite their otherwise confident press releases. Here it is in case you missed it.

• Inside China’s Robotaxi Boom

• This week, I already rode in one.

• For paying subscribers, I share my first-hand experience of Baidu and Pony AI Inc (NASDAQ: PONY)’s service. Which one felt smarter? What stood out? And how one subtle feature from Pony hints at what the future of autonomous fleets might actually look like.

• I also discuss Baidu’s latest earnings and what it reveals about their position in the AI race.

🇨🇳 What’s Up (& Up) With Shandong Hi-Speed (412 HK)? (Smartkarma) $

• Back on the 18th Feb 2025, Shandong Hi-Speed Holdings Group Ltd (HKG: 0412 / FRA: HRI) (SHS) closed its unconditional Offer for Shandong Hi-Speed New Energy Group Ltd (HKG: 1250). Shortly thereafter, SHS’ share price took off.

• SHS is now up 190% in the past six months. And ~1800% since Covid.

• What gives? It’s not index related. And forward earnings do not justify the move. This looks like a bubble. Short interest is on the move.

🇨🇳 Smart Share Global (EM US): Hillhouse Crashes The Party. And Rightfully So (Smartkarma) $

• Nearly seven months after receiving a preliminary non-binding proposal, Smart Share Global Limited (NASDAQ: EM) announced on the 1st August a firm Offer had been entered into.

• The Offeror consortium, led by Mars Guangyuan Cai, Chairman and CEO, made an Offer of US$1.25/ADS, a 74.8% premium to last close; but ~20% below net cash + short-term investments.

• Now Hillhouse has thrown its hat into the ring with a US$1.77/ADS NBIO. Smart Share’s special committee of independent directors should engage.

🇨🇳 MMG reports soaring output from Peru copper mine (Caixin) $

• Chinese miner MMG Ltd (HKG: 1208 / FRA: OMS1 / OTCMKTS: MMLTF) saw a dramatic surge in output at its Las Bambas copper mine in Peru in the first half of this year, helped by its efforts to improve its rocky relationship with locals.

• In the six months through June, the mine produced about 210,000 tons of copper, up 67% year-on-year, with revenue from the project jumping 60% to
  $2 billion, according to the company’s latest earnings report. Las Bambas accounted for nearly three-fourths of MMG’s total first-half revenue, which rose 47% to $2.8 billion.

🇨🇳 Chart of the Day: China’s solar majors fall deeper into the red (Caixin) $

🇨🇳 A-Living gets tough on debt arrears to claw back into profit (Bamboo Works)

• The property manager (A-Living Smart City Services (HKG: 3319 / FRA: 1V0 / OTCMKTS: ALVSF)) has cracked down on late payments for its services and taken steps to insulate itself from the debt woes of its embattled parent

• The company has predicted a swing from a deep loss to a profit of up to $56 million for the first half of the year

• A range of measures has been introduced to limit the financial fallout from its indebted parent, the property developer Agile Group Holdings Ltd (HKG: 3383 / FRA: A8P / OTCMKTS: AGPYF / AGPYY)

🇨🇳 Chinese developers expect greater first half losses (Caixin) $

• Several Hong Kong-listed Chinese property giants said they expect deepening losses for the first half of the year, as they delivered fewer houses, saw their margins shrink and their assets lost value.

• Country Garden (HKG: 2007 / OTCMKTS: CTRYF / OTCMKTS: CTRYY) predicts its net loss will come in between 18.5 billion yuan ($2.6 billion) and 21.5 billion yuan, compared with a 15.1 billion yuan deficit last year, according to a Friday exchange filing.

🇨🇳 China’s Rental Market Flooded with Listings as Rents Continue to Slide (Caixin) $

• China’s rental housing market is facing an unusual squeeze this summer: listings are soaring while rents keep falling, underscoring a supply glut that landlords are struggling to absorb.

• Market data released on Aug. 19 by property research firm China Real Estate Information Corp. (CRIC) showed that in July, the number of individually owned rental units in 55 major cities surged to 618,000 — up 12.2% from a year earlier and 7% from June, the highest level in nearly three years. Yet rents have fallen for 11 straight months, averaging only 31.65 yuan ($4.4) per square meter per month.

🇨🇳 China’s cities offer rent-free industrial parks in battle to lure startups (Caixin) $

• China’s biggest cities are offering companies free rent in industrial parks as they compete to lure startups and advanced manufacturers, igniting what local officials are calling a “city war” for top-tier enterprises.

• Since March, Shenzhen, Hangzhou, Guangzhou, Huizhou and Suzhou have all launched “zero-rent” policies, waiving lease costs for two to five years in selected state-owned industrial parks. The programs aim to cutting expenses for tech firms and fill empty space left after years of overbuilding.

🇨🇳 Shengjing Bank (2066 HK): Privatisation on the Cards? (Smartkarma) $

• Shengjing Bank Co Ltd (HKG: 2066 / FRA: 6SY) entered a trading halt “pending the publication of an announcement pursuant to the Hong Kong Code on Takeovers and Mergers.”

• It is likely that the SASAC of Shenyang Municipal People’s Government, the largest shareholder, is seeking to privatise Shengjing.

• Precedents point to a voluntary conditional offer and delisting proposal. My estimated offer price range is HK$2.00-HK$2.80, a 75.4%-145% premium to the last close.

🇨🇳 Shengjing Bank (2066 HK): A Light Conditional VGO and Delisting Proposal (Smartkarma) $

• Shengjing Bank Co Ltd (HKG: 2066 / FRA: 6SY) disclosed a voluntary conditional offer and delisting proposal by Shenyang SASAC at HK$1.32 per H Share, a 15.8% premium to the undisturbed price.

• The key conditions are H Shareholder approval of the delisting and a minimum acceptance condition (50% of outstanding and 90% of H Shares). The offer has NOT been declared final.

• The offer is unattractive compared to precedent transactions, peer multiples and historical trading ranges. The satisfaction of the minimum acceptance condition is the key risk.

🇨🇳 Caixin Deep Dive: Why China’s Banks Are Hunting for Fortunes Stashed Abroad (Caixin) $ 8:003 Minutes

🇨🇳 Work in progress: East Buy reinvents itself – again (Bamboo Works)

• The former educator-turned-livestreaming e-commerce company is trying to become an online version of discount specialist Sam’s Club with its own private label business

• East Buy Holding Ltd (HKG: 1797 / OTCMKTS: KLTHF) returned to profitability in the six months to May, buoying investor optimism about its latest business model

• Declining revenue, profit and GMV in the recently minted e-commerce company’s latest fiscal year show its new business model is still a work in progress

🇨🇳 Clearing regulatory air lifts RLX back to healthy growth (Bamboo Works)

• The vaping company reported its revenue rose 40% in the second quarter, helped by a new acquisition in Europe, as it explores other smokeless products

• RLX Technology (NYSE: RLX)’s revenue and non-GAAP profit grew 40% and 35%, respectively, in the second quarter, as it made further strides in its global expansion with a European acquisition

• The company is exploring entering other emerging areas in the smokeless market with its development of an oral nicotine product

🇨🇳 Labubu frenzy sends Pop Mart profits and shares soaring (FT) $ 🗃️

• Chinese toy company’s better than expected results may allay analyst concern over sustainability of its sales surge

• The global popularity of the furry elf doll Labubu helped Pop Mart International Group (HKG: 9992 / FRA: 735 / OTCMKTS: PMRTY / POPMF)’s sales more than triple in the first six months of the year.

• The Chinese toy company’s sales jumped to Rmb13.9bn ($1.93bn), while net profit soared almost 400 per cent to Rmb4.6bn, beating the company’s own forecasts of “at least” 350 per cent given last month. Overseas sales accounted for about 40 per cent of sales.

🇨🇳 Labubu carries Pop Mart stock to all-time high (Caixin) $

• Shares of Pop Mart International Group (HKG: 9992 / FRA: 735 / OTCMKTS: PMRTY / POPMF) hit an all-time high after the Chinese toymaker posted strong half-year earnings, fueled by frenzied demand for its Labubu plushies in the United States and other overseas markets.

• The Hong Kong-listed company’s profit soared 385.6% year-on-year to nearly 4.7 billion yuan ($654.9 million) in the first half of 2025, while revenue jumped 204.4% to almost 13.9 billion yuan, according to a stock exchange filing on Tuesday.

🇨🇳 China’s changing tastes buffet western brands as Ant Group faces old headwinds (Bamboo Works) 17:06 Minutes

🇨🇳 Yum China: Focus On Innovation & Customer Engagement to Foster Solid Growth Channels Via Advanced Digital Capabilities! (Smartkarma) $

• YUM China (NYSE: YUMC) reported strong financial results for Q2 2025, marked by new record levels in revenue, operating profit, and operating margin.

• The company’s dual-focused strategy emphasizing both same-store sales and system sales growth has yielded significant results.

• Notably, overall same-store sales grew by 1%, driven by a 17% increase in same-store transactions at Pizza Hut and 5% system sales growth at KFC.

🇨🇳 How KFC navigates China’s food delivery wars (Momentum Works)

• Providing compelling value to customers instead of buying top line growth

• It’s earnings season again, with companies reporting their Q2 financials. Among those attracting particular attention this time are China’s leading F&B groups.

• Luckin Coffee (OTCMKTS: LKNCY) and YUM China (NYSE: YUMC) have already released their Q2 results. Luckin is the largest coffee chain in China by store count and revenue, while Yum China – which operates KFC, Pizza Hut, and other brands – remains the country’s largest restaurant group.

• How do these two companies, with very different DNAs, adapt their strategies in a China where delivery and digital platforms dominate?

🇨🇳 Pop Mart (9992 HK): Revenue Up by 204%, Margin Up by 17 PPT, 64% Upside (Smartkarma) $

• In 1H25, Pop Mart International Group (HKG: 9992 / FRA: 735 / OTCMKTS: PMRTY / POPMF)’s revenue surged by 204% YoY with all major business lines growing significantly.

• We believe the operating margin will improve strongly in 2025 and rise slightly in 2026.

• The P/E band suggests an upside of 64% for the end of 1H265. Buy.

🇨🇳 Baiyunshan serves up high dividend in lieu of vanilla results (Bamboo Works)

• Profits from the company’s Great Health segment rose 14% in the first half of 2025, primarily driven by strong results for its popular Wanglaoji herbal tea

• Guangzhou Baiyunshan Pharmaceutical Holdings (SHA: 600332 / HKG: 0874 / FRA: GU5 / OTCMKTS: GZPHF)’s revenue fell in the first half of this year due to weakness in its Great Southern traditional Chinese medicine segment

• The company is taking its popular Wanglaoji herbal tea drinks overseas as the brand faces intense competition at home

🇨🇳 Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead (Smartkarma) $

• Wuxi Biologics (HKG: 2269 / OTCMKTS: WXXWY / OTCMKTS: WXIBF) logged solid performance in 1H25, with revenue growing 16% YoY to RMB10B and net profit increasing 55% YoY to RMB3B. Revenue from continuing operations grew 20%.

• Total backlog reached $20B as of June 30, 2025, including $11B service backlog, while the total backlog within three years stood at $4B, enhancing near-term revenue visibility.

• The company raised 2025 revenue growth target to 14–16% YoY from 12–15% YoY earlier. This indicates 2H25 revenue to be RMB11,524M, up 14% YoY and 16% HoH.

🇨🇳 Investors pile into CANbridge stock but can the rally last? (Bamboo Works)

• The maker of drugs for rare diseases has enjoyed an explosive rise in its share price, helped by a partnership deal and Chinese moves to widen access to costly therapies

• A drug distributor bought an equity stake in the company as part of a strategic cooperation agreement, easing Canbridge Pharmaceuticals Inc (HKG: 1228 / FRA: MF1)’s cash flow woes

• Even with increased prospects in China, the drug producer needs to target overseas markets to boost its revenue potential

🇭🇰 🇨🇳 Hong Kong preferred listing destination for China biotechs (The Asset) 🗃️

• Strong policy support leads to more pharm listings as of August this year than all of last year

• China’s pharmaceutical industry has seen significant development over the past three years, with its leading companies increasingly seeking to go public to raise capital and Hong Kong emerging – particularly amid rising geopolitical risks – as their ideal listing destination on the back of the city’s regulatory support, valuation advantages, strong secondary market performance and access to a global base of institutional investors.

• In total, 14 pharmaceutical and medical device companies, as of August this year, have listed on the Hong Kong Stock Exchange ( HKEX ), surpassing the full-year total of 12 listings in all of 2024. Additionally, 36 relevant companies, data from Choice show, are currently in the IPO pipeline.

🇭🇰 🇨🇳 Mainland regulators trip up Ant Group – again (Bamboo Works)

• Hong Kong’s Bright Smart Securities and Commodities Group Ltd. (HKG: 1428 / FRA: 0BX) says its plan to be acquired by Ant is progressing on schedule, but a media report suggests the deal may face greater regulatory scrutiny

• Bright Smart Securities said its plan to sell a majority of itself to Ant Group is on track, responding to a news report saying the deal faces higher regulatory scrutiny

• Chinese regulators have increased their oversight of Ant, including forcing the company to conduct a major overhaul after scuttling its mega IPO in 2020

🇭🇰 Shin Hwa World Ltd’s gearing ratio to improve via planned share issue: financial advisor (GGRAsia)

• The gearing ratio of Hong Kong-listed casino developer Shin Hwa World Ltd (HKG: 0582) is “expected to improve” upon the use of proceeds from a new rights issue, says a report from Jun Hui International Finance Ltd, retained by Shin Hwa World Ltd as independent financial advisor.

• The developer is the promoter of Jeju Shinhwa World (pictured in a file photo), a resort complex with a foreigner-only casino in Jeju, South Korea.

• In late July, the company announced a proposal for a rights issue, with the intention of raising approximately HKD182.6 million (US$23.34 million).

• The firm’s plan is to issue up to almost 1.83 billion rights shares – assuming there is no change in the total number of issued shares – at a subscription price of HKD0.10 per rights share.

🇭🇰 A new era for Jardine Matheson (Asian Century Stocks)

🇭🇰 WH Group flies on turnaround for North American pork business (Bamboo Works)

• The company turned a profit in the first half of the year by bringing down costs for its Smithfield business, amid diverging dynamics in the U.S. and Chinese pork markets

• WH Group Ltd (HKG: 0288 / FRA: 0WH / 0WHS / OTCMKTS: WHGLY / WHGRF)’s pork business earned an operating profit of $255 million in the first half of this year, up 168.4% year-on-year

• The company’s stock rose to a record high after the release of its midyear financial report, taking its market cap above HK$100 billion

🇭🇰 Futu Q2 Earnings Recap (Rating Upgrade) (Seeking Alpha) $ 🗃️

• 🌏 Futu Holdings Ltd (NASDAQ: FUTU) – Digitized brokerage & wealth management platform in China, Hong Kong, USA, etc.

🇭🇰 Is Futu’s bull run nearing an end? (Bamboo Works)

• The brokerage’s stock has more than doubled since the start of the year, as it records strong revenue and profit growth fueled by heavy trading volumes

• Futu Holdings Ltd (NASDAQ: FUTU) reported its revenue rose 70% in the second quarter, as its profit more than doubled on surging interest in stock trading

• A growing number of short sellers are betting the stock brokerage’s shares may be due for a correction after a 120% rally since the start of the year

🇭🇰 Hong Kong’s busy bankers give its office market a lift (FT) $ 🗃️

• The mood has started to turn in the city’s financial markets

• Asked about the business mood in Hong Kong, one longtime financier recently summed it up to Lex in a word: Labubu. A craze for the tiny dolls has trebled the shares of their locally listed maker and helped reignite the city’s equity market. Where equity markets lead, financial advisers typically follow, requiring swanky offices. Could this mean an end to the city’s six-year slump?

🇭🇰 LET Group and Summit Ascent to be delisted in HK from September 1

• Shares in two linked casino investment firms, LET Group Holdings (HKG: 1383) and Summit Ascent Holdings Ltd (HKG: 0102), will be delisted from the Hong Kong Stock Exchange and the listing of their shares cancelled with effect from September 1.

• Trading in the shares of both firms had been suspended since 2024 after they fell out of compliance with listing rules amid board member resignations.

• LET Group is the parent business behind the under-construction “LETX Resort”, described as the “main hotel casino” at Westside City, in the Philippine capital Manila.

• Philippines-listed Suntrust Resort Holdings Inc (PSE: SUN), the promoter of the LETX Resort, is indirectly-controlled by LET Group.

🇲🇴 ‘Busy happy summer’ for Macau may see August set new post-pandemic GGR record: JP Morgan (GGRAsia)

• Banking group JP Morgan forecasts Macau’s August gross gaming revenue (GGR) to grow 11 percent to 14 percent year-on-year to reach MOP21.9 billion (US$2.72 billion) to MOP22.5 billion, “likely breaking the post-pandemic record again”.

• So suggested a Monday note from the bank, which said the city was having a “busy and happy summer”.

• The current post-pandemic record is last month’s MOP22.13 billion, which was up 19.0 percent year-on-year.

• JP Morgan added: “We foresee sustained double-digit GGR growth in the coming quarters at least until first-quarter 2026, coupled with Street upgrades, to attract long-only investors, supporting valuations to expand from the current circa 9 times enterprise value/EBITDA” equation, added the bank, referring latterly to earnings before interest, taxation, depreciation, and amortisation.

🇲🇴 Competition in Macau still ‘fierce’ but 2H GGR likely to grow 15pct: Morgan Stanley (GGRAsia)

• Banking group Morgan Stanley saw casino floors on a Monday during a recent field trip “busier than usual amid seasonality”.

• The institution said it “saw strong footfall and robust casino business” as the summer period “remains busy” for the city’s casino operators.

• “Minimum bets on Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) (Macau’s) gaming floor were HKD1,000 (US$128) and for Melco International (HKG: 0200 / FRA: MX7A / OTCMKTS: MDEVF) they were between HKD1,000 and HKD2,000. It is difficult to get hotel bookings in Macau, suggesting strong demand during summer holidays,” wrote analysts Praveen Choudhary, Anson Lee, and Stephen Grambling in a recent note.

• “The non-gaming programming, including concerts and sports events, is filling up in the second half, suggesting upside to our estimates,” stated the analysts.

🇲🇴 Sands China announces US$0.032 interim dividend (GGRAsia)

• Macau casino concessionaire Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) announced on Friday an interim dividend of HKD0.25 (US$0.032) per share. The interim dividend, amounting in aggregate to HKD2.02 billion, is due to be paid on September 12, 2025, stated the Hong Kong-listed firm.

• The company recorded a net profit of US$413 million for the first half of 2025, down 23.7 percent from the prior-year period. That was on net revenues that fell by 1.7 percent year-on-year, to US$3.49 billion.

• Group-wide casino revenue stood at nearly US$2.62 billion in the six months to June 30, down 3.0 percent from a year earlier.

🇲🇴 Sands China revamping player reinvestment strategy, eyes US$1.5bln in dividends: Seaport (GGRAsia)

• Macau casino concessionaire Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) “has been revamping its marketing and player reinvestment to be more competitive in the market,” as well as to grow gross gaming revenue (GGR), earnings before interest, taxation, depreciation, and amortisation (EBITDA) and its share, both in terms of gross gaming revenue and EBITDA share.

• That is according to Seaport Research Partners senior analyst Vitaly Umansky, citing Wednesday comment by Las Vegas Sands (NYSE: LVS)s management on the second day of the brokerage’s 2025 Seaport Annual Summer Conference.

🇲🇴 Macau Legend expects US$182mln 1H loss on impairment related to end of satellite casino operations (GGRAsia)

• Macau hotel and satellite casino services firm Macau Legend Development Ltd (HKG: 1680 / OTCMKTS: MALDF) says it expects record a loss of circa HKD1.42 billion (US$182.2 million) for the first six months of 2025. That compares with a HKD109.9-million loss a year earlier.

• Macau Legend currently operates the waterfront gaming and leisure complex, Macau Fisherman’s Wharf, on Macau peninsula. It presently promotes satellite gaming business at Casino Legend Palace (pictured), relying on the rights of SJM Resorts Ltd (SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY)).

🇲🇴 Asia Pioneer posts 1H profit as revenue grows to US$3mln (GGRAsia)

• Hong Kong-listed Asia Pioneer Entertainment Holdings Ltd (HKG: 8400) reported revenue of HKD23.0 million (US$3.0 million) for the first half of 2025, up 15.7 percent from the prior-year period.

• The company posted a net profit of HKD24,959 for the six months to June 30, compared with a HKD638,929 loss a year ago, according to a Tuesday filing.

• The company, via its Asia Pioneer Entertainment arm, is authorised to distribute electronic gaming equipment in Macau, and also provides such technology to land-based casinos in other parts of the Asia-Pacific region. The group also runs a smart vending machine business.

🇹🇼 Taiwan weighs return to nuclear power amid AI surge and China fears (FT) $ 🗃️

🇹🇼 🇰🇷 US Government May Acquire Equity Stakes in Samsung Electronics and TSMC (Douglas Research Insights) $

• According to Reuters, the US government may be interested in acquiring equity stakes in Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) and Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) in exchange for CHIPS and Science Act grants.

• The US government is exploring ways to take equity stakes in these two Asian tech giants that have been expanding their semiconductor facilities in the United States.

• If the US government decides to invest $10 billion each in Samsung Electronics and TSMC, they would represent about 3% and 1% of Samsung Electronics and TSMC’s market caps, respectively.

🇹🇼 TSMC: Growth Outlook Remains Strong (Seeking Alpha) $ 🗃️

🇹🇼 Is Intel The Next TSMC? (Seeking Alpha) $ 🗃️

🇹🇼 ASE Technology: Positioned To Capitalize Semiconductor Packaging Market (Seeking Alpha) $⛔🗃️

🇹🇼 M&A trend heats up in Taiwan financial sector (The Asset) 🗃️

• Regulator approves NT$1.63 billion merger between SinoPac Securities and CL Securities Taiwan

• Taiwan’s financial holding companies are ramping up efforts to enhance their competitiveness amid a rapidly evolving market landscape. Through a wave of mergers and acquisitions ( M&A ), these firms are not only seeking to diversify income streams but also expand foreign institutional client bases and broaden regional influence. A more aggressive M&A is emerging as a key strategy, particularly as interest income growth slows.

🇰🇷 Real-Time Read on Korea’s Top Market Narrative — Tax Reform Play (Smartkarma) $

• Even the revised draft is facing possible first-ever presidential non-approval, which acts like a de facto veto between Cabinet approval and National Assembly submission.

• The admin aims to make stocks outperform real estate, with a dividend tax cut under separate taxation as the key lever, fully recognized by the Presidential Office.

• Local markets are pulling back on Presidential Office delays, but signals point to a clear reform direction — time to build mid-term positions in banks and holdcos.

🇰🇷 Korea Capital Market Reform Package Just Unveiled: Korea Premium Narrative Holds (Smartkarma) $

• M&A valuations won’t rely solely on market prices, carve-outs favor parent shareholders, and mandatory tender offers plus IPO cornerstones lead, with tender offers live H1 next year.

• Commercial Act tweaks have tackled governance, and the tax reform boosts dividends. Today’s markets reform package addresses the last missing piece: giving minority shareholders a fair shake in M&A scenarios.

• Details and timelines remain unclear, but the package sets a roadmap to improve Korea’s equity risk-return profile, supporting DM inclusion upside and maintaining the Korea Premium narrative.

🇰🇷 Separate Dividend Tax Plan in Korea: A Push for a 25% Rate for Top Bracket (Douglas Research Insights) $

• Democratic Party lawmaker Kim Hyun-jung has introduced a revised Income Tax Act that would lower the top tax rate on dividend income from 35% to 25%.

• Given that this proposal is coming from the ruling Democratic Party, there is a fairly high probability that this could be passed into law in 3Q 2025.

• We provide a list of 28 mid-cap/large cap stocks in Korea with more than 35% dividend payout and 3% or more dividend yield that could benefit from this new proposal.

🇰🇷 Korea’s Dividend Narrative Is Back: Unpacking the DP’s New Bill and Its Backstory (SmartKarma) $

• A new bill cutting Korea’s dividend tax hit the tape, giving local dividend plays an immediate boost on the news flow.

• The presidential office is aligned on pushing the dividend tax below the 27.5% CGT floor. The new party leader is also tightly syncing with the Blue House to avoid clashes.

• The DP’s tax cut move today puts the gov’s dividend narrative back in play with juice. We need setups to ride this theme.

🇰🇷 Near-Term Flows to Watch on Mandatory Treasury Share Cancellation in Korea (Smartkarma) $

• Dems likely to push 3rd package in Q4; near-term flows chasing treasury stock cancellation theme, with locals screening >₩1tn mkt cap, >10% treasury shares of float.

• Little pushback on mandatory treasury cancellations; debate focused on timeline — grace period vs. immediate rollout — highlighting how much leeway government may grant differing governance structures.

• Too early for governance plays; near-term momentum flows likely in names with highest treasury stock relative to float, where cancellation is expected to hit flows hardest.

🇰🇷 True Aspect (Trade-Wise) Of the Samsung Life Accounting Issue: Today’s Biggest Market Narrative (Smartkarma) $

• Both accounting issues are complex, but intense regulator scrutiny fuels the Samsung Life Act case, sparking governance reshuffle bets and driving today’s Samsung Life Insurance (KRX: 032830) stock pop.

• Accounting rechecks could spark divestment fears or governance-driven rerating, creating a classic headline-driven, bidirectional trading setup.

• Near-Term, this is a headline-driven momentum setup: Samsung Life longs/shorts, ready to pivot, with relative-value plays vs financial peers or Samsung’s governance-linked names.

🇰🇷 Dentium – Cancellation of 2.44 Million Treasury Shares (22% of Outstanding Shares) (Douglas Research Insights) $

• Dentium (KRX: 145720) announced that it has decided to cancel all of its 2.44 million treasury shares (22% of its outstanding shares).

• This is massive and should have a positive impact on Dentium’s share price.

• Although the company reported a disappointing results in 2Q 2025 and its exports to China are slowing down, the company still generates healthy operating margins (18.9% in 2Q 2025).

🇰🇷 Aurora World – Palm Pals and YooHoo or Chairman’s Love of Golf? (Douglas Research Insights) $

• Aurora World Corp (KOSDAQ: 039830) reported excellent results in 2Q 2025. It had sales of 77.1 billion won (up 26.5% YoY) and operating profit of 8.8 billion won (up 86.7% YoY).

• The company’s excellent results in 2Q 2025 was driven by the continued strong demand for its character toys (Palm Pals, YooHoo & Friends, and Rolly Pets) in key overseas markets.

• If we attach a 10x P/E on estimated net profit of 30.1 billion won, it would suggest a market cap of 301 billion won (2026E) (37% upside from current levels).

🇰🇷 Hanon Systems Announces a Major Potential Rights Offering (Douglas Research Insights) $

• On 14 August, Hanon Systems (KRX: 018880) announced a potential rights offering capital raise. The exact amount will be finalized at the EGM next month.

• The significant size of the rights offering is expected to burden its largest shareholder Hankook Tire & Technology Co Ltd (KRX: 161390) which owns a 54.8% stake in Hanon Systems (KRX: 018880).

• We believe the potential rights offering is likely to continue to negatively impact Hanon Systems by diluting its existing shareholders.

🇰🇷 M&A Battle for TaylorMade (Douglas Research Insights) $

• TaylorMade is up for sale. TaylorMade is one of the most valuable, golf equipment brands globally.

• We labeled this article as Bearish due to concerns about F&F Co (KRX: 383220) getting into this M&A battle for TaylorMade in the first place which could result in overpaying for this deal.

• We would rather have F&F take the win and provide higher returns to its shareholders.

🇰🇷 Goodai Global (Unlisted) – The Most Aggressive M&A Player in the Korean Cosmetics Industry (Douglas Research Insights) $

• Goodai Global is the most aggressive M&A player in the Korean cosmetics industry. It has grown its business mainly through M&As.

• It has achieved the strongest growth in sales and profits among the major Korean cosmetics companies in the past four years.

• In early August 2025, Goodai Global secured 800 billion won, with a pledge to go public within three years. Goodai’s value is estimated to be about 4 trillion won.

🇰🇷 Daegu Department Store: Property Value Is 10x Mkt Cap + Controlling Shareholder Is Selling (Douglas Research Insights) $

• The controlling shareholder Koo Jeong-Mo and his affiliates will sell their 34.7% stake in Daegu Department Store Co Ltd (KRX: 006370) through a public competitive bidding process.

• A recent valuation of the company’s real estate assets suggests a market valuation of nearly 700 billion won which is about 10x its market cap (72 billion won).

• Even if this real estate value is discounted by 50% that would represent nearly 350 billion won (386% higher than its market cap).

🇰🇷 KT&G: Increasing Probability of a Cigarette Price Hike in the Next 6-12 Months (Douglas Research Insights) $

KT&G Corp (KRX: 033780) or Korea Tobacco & Ginseng Corporation

• A cigarette price hike has been long overdue in Korea. The last time there was cigarette price hike in Korea was more than 10 years ago.

• We believe that the Korean government could raise cigarette prices to about 7,000 won to 8,000 won per pack from current price of 4,500 won in the next 6-12 months.

• Raising cigarette prices could improve the sharp shortfall in government tax revenues.

🇰🇷 SoftBank Sold 2.3 Trillion Won Worth of Coupang In 2025 (Douglas Research Insights) $

• It was reported today that SoftBank sold 2.3 trillion won ($1.7 billion) worth of Coupang, Inc. (NYSE: CPNG) shares this year.

• The total number of Coupang shares sold in three rounds this year by SoftBank is 60 million, worth $1.66 billion (2.3 trillion won).

• We believe that this partial stake sale of SoftBank by Coupang is likely to have a moderately negative impact on Coupang.

🇰🇷 HMM Tender Side Play: Targeting a Basis Squeeze Ahead of Sep Expiry (Smartkarma) $

HMM (KRX: 011200)

• Most traders are starting in September, rolling into October. Sep/Oct spread volume has picked up unusually fast, clearly reflecting hedge demand linked to the tender

• As September expiry approaches, basis-squeeze risk rises, likely pushing September cheap and October expensive, widening the spread — creating a clear side trade opportunity.

• With a basis squeeze expected near September expiry, we could enter a Sep/Oct spread (short Sep, long Oct) and also watch for spot-futures decoupling to play the cash-futures spread.

🇰🇷 Fresh, Highly Noteworthy Newsflow Hits the HMM Tender (Smartkarma) $

• Minister Jin, Busan’s sole ruling-party lawmaker, gives his out-of-the-blue remarks significant political weight, making the local-government HMM (KRX: 011200) stake plan materially more likely than mere weekend chatter.

• Fresh newsflow shifts the tender hedge narrative: Jin’s remark likely nudges KOBC toward skipping, while KDB is locked in.

• KOBC’s tender decision and Jin’s remarks could flip post-tender bias, raising hedge difficulty; a cautious approach is needed, monitoring price action and exposure risk before stepping in.

🇰🇷 Myungin Pharmaceutical IPO Preview (Douglas Research Insights) $

• Myungin Pharmaceutical is getting ready to complete its IPO in KOSPI in September. The IPO price range is from 45,000 won to 58,000 won.

• The total offering amount ranges from 153 billion won ($111 million) to 197 billion won ($143 million). The book building for the institutional investors lasts from 9 to 15 September.

• Using EBITDA of 104.5 billion won and EV/EBITDA of 7.9x and IPO discount ranges of 32.2% to 47.4%, this resulted in IPO price range of 45,000 won to 58,000 won.

🇰🇷 Myungin Pharmaceutical IPO Valuation Analysis (Douglas Research Insights) $

• Our base case valuation of Myungin Pharmaceutical is target price of 80,349 won per share, which is 39% higher than the high end of the IPO price range.

• Given solid upside, we have a Positive View of Myungin Pharm. Our target price is based on EV/EBITDA of 6.4x using our estimated EBITDA of 110.4 billion won in 2025.

• We believe Myungin Pharm should deserve a premium valuation multiple than its peers mainly due to higher sales growth, operating margin, and ROE but lower debt ratio.

🇰🇷 Nota IPO Preview (Douglas Research Insights) $

• Nota is getting ready to complete its IPO on KOSDAQ in September. Nota specializes in lightweight and optimized artificial intelligence (AI) technology.

• The IPO price range is from 7,600 won to 9,100 won. At this price range, the company’s expected market cap is from 163 billion won to 196 billion won.

• Nota provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.

🇰🇷 Nota IPO Valuation Analysis (Douglas Research Insights) $

• Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range (9,100 won).

• Nota’s technology enables efficient operation of high-performance AI models. It has been able to develop one of the first commercially available generative AI-based intelligent video surveillance solution in Korea.

• We estimate Nota to generate revenue of 13.8 billion won (up 65% YoY) in 2025 and 21.7 billion won (up 57% YoY) in 2026.

🇰🇷 HD Hyundai Robotics Raises 200 Billion Won and NAV Analysis of HD Hyundai (Douglas Research Insights) $

• HD Hyundai Robotics will raise 200 billion won ($144 million) valuing the company at 1.8 trillion won.

• Korea Development Bank and KY PE will be investing 200 billion won in HD Hyundai Robotics through a redeemable convertible preference shares in September.

• Our NAV valuation analysis of HD Hyundai suggests target price of 168,561 won per share, which represents a 27% upside from current levels.

🇰🇭 NagaCorp back to black in 1H, declares interim dividend (GGRAsia)

• Cambodian casino operator NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF) reported a net profit of US$148.8 million for the first half this year, compared with a US$963,000 loss a year earlier. In first half 2024, the company had recognised a non-cash asset impairment loss of US$89.1 million, relating to the group’s resort project in Vladivostok, Russia.

• Group revenue for the first six months of 2025 grew 16.8 percent year-on-year, to about US$341.8 million, according to a Monday filing to the Hong Kong Stock Exchange.

• NagaCorp has an expansion project for its NagaWorld complex, which it calls Naga 3. Last year, the casino firm said it was likely to reduce the cost and scale of Naga 3.

🇲🇾 Is the low Malaysian inflation rate a sign of a recession in 2026? (Murray Hunter)

• The current inflation rate, based upon the latest July 2025 statistics is reported at 1.2% year-on-year according to Consume Price Index (CPI) data.

• CPI index went from 133.1 to 134.7 for a basket of goods and services used in CPI measurements. However, food inflation was 4.3% in July and 4.7% in June 2025. This is the inflation households feel. In addition, personal care and other miscellaneous goods rose 3.9%, all hitting consumers.

• Conventional economics would not associate such a relatively low inflation rate with an economic slowdown on its own. However, some fundamental behind Malaysian economic statistics should be of concern to everyone.

🇲🇾 Genting Malaysia says Empire Resorts to be debt-free via sale of non-gaming at Resorts World Catskills (GGRAsia)

• Global casino operator Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF), controller of loss-making United States-based casino business Empire Resorts Inc, says the latter is to become “debt-free” via a deal that will see its non-gaming assets sold off for US$525.0-million in cash.

• The money raised will enable Empire – an entity wholly owned by Genting Malaysia – to pay off US$300-million in 7.75-percent senior unsecured notes that had been due on November 1, 2026.

• “The proceeds from the proposed disposal will enable Empire to fully redeem the Empire bond, resulting in Empire being debt-free,” said Friday’s statement to Bursa Malaysia.

• Genting Malaysia added: “This allows Empire to continue its focus on improving operating performance and realising its full potential.”

🇲🇾 Genting Malaysia’s 2026 earnings may get 24pct lift from costs rejig at Empire Resorts: Maybank (GGRAsia)

• Maybank Investment Bank Bhd says it is “positively surprised” that global casino operator Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF) plans to sell the non-gaming assets of its loss-making unit Empire Resorts Inc, in the United States, in order to cut the latter’s debt and costs. The bank noted the move could add 24 percent to the parent’s 2026 earnings.

• “We are positively surprised that Empire has proposed to sell its non-gaming assets, buy land, cut debt and reduce expenses,” said analyst Samuel Yin Shao Yang in a Monday note.

• That was after Genting Malaysia had over a period of time, “poured US$765.4 million” into Empire, stated the analyst.

• “Our calculations indicate that this proposal could boost Genting Malaysia’s full-year 2026 earnings by 24 percent.”

🇲🇾 Sale of Resorts World Catskills non-gaming good for Genting Bhd, leverage ‘still high’: Moody’s (GGRAsia)

• Proposed divestment of non-gaming assets at Empire Resorts Inc’s upstate New York property Resorts World Catskills (pictured) in the United States “supports deleveraging” of the ultimate parent, Malaysia’s Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY), but the latter’s leveraging is “still high”. That is according to a Tuesday note from Moody’s Ratings Inc.

• “Despite the deleveraging that may result from this transaction, Genting Bhd’s metrics remain stretched,” said Moody’s.

• A Genting Bhd unit, global casino operator Genting Malaysia Bhd, is controller of loss-making U.S.-based casino business Empire Resorts.

• Genting Malaysia said in a Friday update that Empire Resorts is to become “debt-free” via a deal that will see certain non-gaming assets at Resorts World Catskills sold off for US$525.0-million in cash. The buyer is Sullivan County Resort Facilities Local Development Corp (SCRFLDC).

🇵🇭 DigiPlus 2Q results ‘robust’ but regulatory cloud a ‘massive overhang’: analyst (GGRAsia)

• Philippine-listed licensed online gaming operator DigiPlus Interactive (PSE: PLUS) reported “robust” second-quarter results, with revenue and net profit up year-on-year by respectively 30.6 percent and 30.1 percent, said Singapore-based Investics Research, a provider of investment data and analytics services.

• The improvement was “driven by an increase in monthly active users to 8.5 million, from 7.5 million in first-quarter 2025,” wrote Sameer Taneja, founder of Investics Research and an insight provider at SmartKarma.

• Despite “robust” earnings, “regulatory concerns … continue to cloud” the online gaming sector in the Philippines, cautioned Mr Taneja.

• On Thursday, the Philippine Senate started discussing a number of individually-sponsored bills either to ban or curb licensed domestic online gambling. Three bills seek an outright ban, while two measures propose stricter regulations.

🇸🇬 Most Singaporean wealthy prioritize leaving inheritance (The Asset) 🗃️

• One in five recipients anticipate windfall of S$1 million or more

• With 77% of Singaporeans prioritizing leaving a financial legacy to future generations and two-thirds of Singaporeans having either received, transferred or expect to receive or transfer their wealth – a commitment most pronounced among those aged 55 and above ( 74% ) – proactive wealth planning and management for Singaporeans is more crucial than ever, according to a recent report.

• Over half of Singaporeans surveyed ( 53% ) have either received or expect to receive an inheritance. This expectation is even higher among younger Singaporeans, with 62% under the age of 24 expecting to receive an inheritance, finds Etiqa Insurance Singapore’s Wealth Transfer Insights Report, which examines trends in intergenerational wealth transfer.

🇸🇬 BitFuFu: The Valuation Gap With Peers Has Widened (Seeking Alpha) $⛔🗃️

🇸🇬 Bitdeer: The Vertical Integration Thesis Is Validated By Q2’s Record Revenue (Seeking Alpha) $ 🗃️

🇸🇬 China Yuchai: Favorable Short-To-Mid Term Prospects (Seeking Alpha) $ 🗃️

🇸🇬 Grab: Asia’s Super-App Play (Seeking Alpha) $ 🗃️

🇸🇬 5 Singapore Stocks Breaking Past Their 52-Week Highs: Are They Worth a Closer Look? (The Smart Investor)

• These five stocks have performed well this year, but can they continue to do so? Read on to find out.

  • Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel is Singapore’s largest telecommunication company (telco) offering a comprehensive range of mobile, broadband, and pay TV services.

  • Hong Leong Asia Ltd (SGX: H22 / FRA: HOM), or HLA, owns a diversified business in building materials and powertrain solutions.

  • China Aviation Oil (SGX: G92 / FRA: VZ8 / OTCMKTS: CAOLF), or CAO, is the largest physical jet fuel buyer in Asia and is a key supplier of imported jet fuel to the Chinese aviation industry.

  • Q&M Dental (SGX: QC7) owns the largest network of private dental clinics in Singapore, with 108 clinics across the island.

  • Soilbuild Construction Group Ltd (SGX: V5Q) provides a full spectrum of real estate services such as design and build, construction, and procurement, among others.

🇸🇬 Will SATS’ Global Expansion Finally Lift Shares Above S$4? (The Smart Investor)

• Singapore’s largest ground handler (SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF)) delivered a robust first-quarter performance amid economic uncertainty.

• The provider of air cargo handling services and Asia’s leading airline caterer saw its share price rise 2.5% to S$3.26 on Thursday following the release of its first-quarter fiscal 2026 results, recovering from recent weakness near S$3.18.

• Does its latest results signal progress for the ground handler’s global expansion?

  • A Global Network Bearing Fruit

  • Steady Progress Despite Headwinds

  • Strategic Wins and Infrastructure Investments

  • Navigating Near-Term Turbulence

  • Get Smart: Cruising amid uncertainty

🇸🇬 Better Buy: Mapletree Logistics Trust Vs Mapletree Pan Asia Commercial Trust (The Smart Investor)

🇸🇬 iFAST’s Share Price Plunged 8.5% Recently: Should Investors Get Worried? (The Smart Investor)

• Shares of iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF) plunged unexpectedly on 19 August, falling by as much as 11% at the opening bell.

• This decline was the largest for the fintech since April this year, and its shares ended down 8.5% at S$8.94, giving it a market capitalisation of S$2.7 billion.

• Year-to-date (YTD), shares of iFAST are still up 20%, though this was down from its previous 31.5% gain when shares were hovering close to their 52-week high of S$9.83.

• Should investors be concerned, and can iFAST witness a rebound any time soon?

🇸🇬 Top 3 HK Singapore Depository Receipts to Watch on SGX (The Smart Investor)

• As the world becomes more globalised and financial markets evolve, investors are looking beyond local stocks.

• Now, it is more convenient than ever for Singaporean investors to tap into Hong Kong or Thai-listed companies through Singapore Depository Receipts (SDRs) on the Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX.

• Zooming into the Hong Kong space, here are three Hong Kong SDRs that we have singled out for their growth potential and strong earnings.

🇸🇬 5 Singapore Companies That Raised Their Dividends This Earnings Season (The Smart Investor)

🇸🇬 AI Energy Boom: 3 Singapore Stocks to Watch (The Smart Investor)

• In the US alone, investor-owned utilities are expected to invest over US$1.1 trillion in capital expenditure between 2025 and 2029.

• This investment is being done to upgrade grid infrastructure and power capacity to meet the growing AI-demand.

• However this trend is not limited to the US, as Singapore is also trying to take advantage of the AI energy boom.

• Here are three Singapore-listed stocks poised to benefit from this global trend.

🇸🇬 KEPPEL LTD. – M1: From privatisation to divestment, what has Keppel achieved? (Corporate Monitor)

🇮🇳 The unsustainable boom in India’s Silicon Valley (FT) $ 🗃️

🇮🇳 OneSource Specialty Pharma: Building a Global CDMO Champion from India (Smartkarma) $

• Onesource Specialty Pharma Ltd (NSE: ONESOURCE / BOM: 544292) reported a solid Q1 FY26, with a 12% YoY revenue increase, accelerated capacity expansion, and momentum toward global growth through potential acquisitions.

• The proposed acquisition of sterile injectable and carbapenem facilities, coupled with the company’s existing biologics platform, positions OneSource to become a formidable, multi-modality CDMO.

• This quarter marks a strategic inflection point for OneSource, signaling a confident transition from a focused CDMO to a globally competitive specialty pharma player with an eye on high-value segments.

🇮🇳 Birla Opus: Grasim’s Game-Changing Play in India’s Decorative Paints Market (Smartkarma) $

• Grasim Industries Ltd (NSE: GRASIM / BOM: 500300)’s Birla Opus has rapidly gained market share in India’s decorative paints sector, crossing the 10% organized market threshold in Q1FY26.

• Capacity is set to ~24% of organised industry, reinforcing a scale-led market share push even as incumbents intensify discounting in economy paints.

• With distribution densification, a service layer (PaintCraft), and premium skew, Birla Opus is building operating leverage; monitor execution through festive season and monsoon volatility.

🇮🇳 Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil (Smartkarma) $

• Edelweiss Financial Services Ltd (NSE: EDELWEISS / BOM: 532922) is a financial services platform offering asset management, lending, and insurance. It has restructured its corporate model in recent years, shifting from a diversified conglomerate to operating standalone businesses.

• The proposed IPO of the alternate-assets business and stake sale in MF business creates an event-driven opportunity. Group is out of liquidity issues now with legacy ARC assets resolved.

• Stock corrected 20% in the last month after SEBI returned the IPO application. We note that the reason was just reporting changes and company is on track for 2026 IPO.

🇮🇳 R Systems Acquires Novigo : EPS Accretive, Margin Dilutive or Capability Transformative (Smartkarma) $

• R Systems International Ltd (NSE: RSYSTEMS / BOM: 532735) has signed a definitive agreement to acquire 100% equity of Novigo Solutions Pvt. Ltd., a specialist in low‑code/no‑code automation, intelligent automation, and product engineering.

• The transaction creates a combined platform with approximately INR 2,061.9 crore in revenue and approximately INR 381.9 crore in adjusted EBITDA.

• CY26 a year transformation, turnaround and high growth if deal concludes timely

🇮🇳 Vikram Solar IPO: Scaling Domestic Manufacturing Amid Policy Tailwinds and Execution Risks (Smartkarma) $

Vikram Solar

• Funds Raised: The IPO aims to raise ~₹1,500 crore through a mix of fresh issue and OFS, strengthening balance sheet and funding expansion.

• Future Plans & Objects: Proceeds will be deployed toward cell/module capacity expansion under the PLI scheme, working capital, and debt reduction.

• The IPO benefits from strong policy and industry tailwinds, but execution challenges, import dependence, and margin volatility remain key risks.

🇮🇱 Teva Pharmaceutical: Tariff Relief Clears The Way For Reinvention (Seeking Alpha) $ 🗃️

🇿🇦 Gold Fields Limited: Run Ahead Of Itself (Seeking Alpha) $ 🗃️

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

🌍 European investors switch attention to emerging market ETFs (FT) $ 🗃️

• Developing world stocks outperform US as dollar languishes at three-year lows

• European investors are on track to pour record sums into emerging market exchange traded funds this year as they are attracted to the developing economies by stronger growth, cheaper valuations and the knock-on effects of the US dollar plunging to three-year lows.

• European-listed EM equity ETFs, including those listed in the UK, hoovered up €8.1bn of net inflows in the first seven months of the year, marginally ahead of 2024’s full-year figure and on course to overhaul the record tally of €10.9bn in 2023, according to data from Morningstar Direct.

🌎 MercadoLibre Inc.: E-commerce Expansion & Free Shipping Strategy to Enhance Overall Value Proposition! (Smartkarma) $

• MercadoLibre (NASDAQ: MELI) reported solid performance for the second quarter of 2025, marked by a substantial revenue increase of over 30% year-on-year and record income from operations of $825 million.

• The company’s strategy to lower the free shipping threshold in Brazil for the third time in five years reflects its goal of increasing online retail by minimizing transaction barriers.

• This initiative reportedly attracted new users and enhanced engagement with existing ones, positively impacting gross merchandise value (GMV) growth, especially in June.

🌎 Why MercadoLibre Might Outperform The Market (Seeking Alpha) $ 🗃️

🇦🇷 Adecoagro’s Farming Year Is Bad But The Name Is More Fairly Valued Now (Seeking Alpha) $ 🗃️

🇦🇷 Adecoagro Q2 2025: Weak Earnings, No Catalysts, Downgrade To Sell (Seeking Alpha) $ 🗃️

• 🇦🇷 🇧🇷 🇺🇾 Adecoagro Sa (NYSE: AGRO) – Luxembourg HQ’s agro industrial company that produces & manufactures food & renewable energy. 3 segments: Farming; Sugar, Ethanol & Energy; & Land Transformation. 🏷️

🇦🇷 Lithium Argentina: Significant Upside Potential As Lithium Market Recovery Seems To Have Legs (Seeking Alpha) $⛔🗃️

🇦🇷 Banco BBVA Argentina: Banking In The Eye Of The Storm (Seeking Alpha) $ 🗃️

🇦🇷 Loma Negra’s Volumes Are Falling Sequentially, And Margins Are Suffering (Seeking Alpha) $ 🗃️

🇦🇷 Pampa Energia: LNG, Shale And Renewables, A Regional Energy Story In The Making (Seeking Alpha) $ 🗃️

🇦🇷 Pampa Energia: Navigating Transition Challenges Amid Strategic Oil Pivot, Still A Solid Buy (Seeking Alpha) $ 🗃️

🇦🇷 Pampa Energia Might 10x Oil Revenues By 2027, But I Prefer To Wait (Seeking Alpha) $⛔🗃️

🇦🇷 Grupo Financiero Galicia: Buy The Dip To Play Argentina’s Recovery (Seeking Alpha) $⛔🗃️

🇧🇷 XP 2Q25 Was Challenging But Still Positive Given The Context (Seeking Alpha) $ 🗃️

🇧🇷 XP Q2 Earnings: Efficiency Shines, Net Flows Lag (Seeking Alpha) $ 🗃️

🇧🇷 XP Q2 Results Look Good, But Better Alternatives Exist (Seeking Alpha) $⛔🗃️

• 🌎 XP Inc (NASDAQ: XP) – Wealth management & other financial services (fixed income, equities, investment funds & private pension products). 🇼

🇧🇷 Cosan: A Holding Company Running Out Of Rope (Seeking Alpha) $ 🗃️

🇧🇷 When Yield Meets Strategy: Vale’s Rare Combination (Seeking Alpha) $ 🗃️

• 🌐 Vale (NYSE: VALE) – Iron Solutions & Energy Transition Materials segments. Produces & sells iron ore, iron ore pellets, nickel, copper etc + related logistic service. 🇼 🏷️

🇧🇷 BB Seguridade Offers A Mid-Teens Dividend Yield And A Moat Business (Seeking Alpha) $ 🗃️

🇧🇷 Sigma Lithium: Massive Leverage To Current Lithium Prices (Seeking Alpha) $⛔🗃️

🇨🇱 Sociedad Quimica Y Minera De Chile: A Cyclical Play On Lithium With Long-Term Upside (Seeking Alpha) $ 🗃️

🇲🇽 New update on Mexican stocks (Bos Invest Substack)

• It has been a while. Here a new update on Mexican stocks. What I own in Mexico and coverage of new uncovered stocks.

• My largest position is in Promotora y Operadora de Infraestructura SAB de CV (BMV: PINFRA / FRA: AKY / OTCMKTS: PYOIF) L shares. This large owner of highway concessions does benefit from more trafic.

• Planigrupo Latam SAB de CV (BMV: PLANI) – Developer and owner of shopping centres. With ownership of 36 shopping centres and 1 under management. Making it one of the largest owners of shopping centres in Mexico.

• Grupo Pochteca SAB de CV (BMV: POCHTECB / OTCMKTS: GPSDF), is a Mexican business conglomerate with an international presence, specializing in the responsible marketing and distribution of industrial supplies.

• Grupo Posadas SAB de CV (BMV: POSADASA / OTCMKTS: GPSAF) is the leading hotel operator in Mexico that owns, leases, franchises and manages more than 180 hotels and 29,000 rooms in Mexico and the Caribbean, under its 9 brands, achieving efficient centralized management and high-level economy of scale.

• Procorp SA de CV Sociedad de Inversion de Capitales (BMV: PROCORPB / PROCORPA), is a Mexico-based investment company.

• Pena Verde SAB (BMV: PV) is a Mexico-based holding company engaged in the insurance and reinsurance sector.

• Quálitas Controladora (BMV: Q) is the leading auto insurance company in Mexico, with international presence in the United States, El Salvador, Costa Rica, Colombia and Peru.

• Regional SAB (BMV: RA / OTCMKTS: RGNLF) aka Banco Regional de Monterrey S.A. or BanRegio, was founded in 1994 as a Banking Institution focused on serving the financial needs of Small and Medium Size Businesses.

🇲🇽 Vista Energy: Fast Growth And Excellent Profit Margin Will Create Value Despite High Debt Level (Seeking Alpha) $ 🗃️

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

🌐 In Depth: A Nervous World Seeks Shelter in Gold (Caixin) $

• Gold prices are rocketing up, smashing dozens of records this year and delivering a windfall to mining companies as central banks and investors seek safety amid economic uncertainty and a weakening U.S. dollar.

• The rally — which saw prices break the $3,500-an-ounce barrier this spring — is being driven by a potent mix of persistent geopolitical conflicts, lingering effects of pandemic-era monetary stimulus, and mounting expectations of Federal Reserve interest rate cuts.

🌐 EM companies rush to global debt markets as risk premium falls to near 20-year low (FT) $ 🗃️

• Banks and companies in emerging markets outside China are selling international bonds this year at the fastest rate since 2021, as the premium investors demand to own their debt over US Treasuries has fallen to its lowest since 2007.

🌐 Periods When to Make Money: A Timeless Investing Strategy with a 90% Success Rate! (The Pareto Investor)

• Discover a 150-year-old market timing strategy with a 90% success rate that predicted the 1929 crash and 2008 crisis. Learn its history, accuracy, and what it says about 2025–2032.

🌐 Nebius: AI Picks, Shovels, And Factory (Seeking Alpha) $ 🗃️

🌐 Nebius: FOMO Drives New Heights And Frothy Valuations (Seeking Alpha) $⛔🗃️

🌐 Nebius: Time To Exit On Stretched Valuation (Seeking Alpha) $ 🗃️

🌐 Nebius: Why I Wouldn’t Buy More Now (Seeking Alpha) $⛔🗃️

🌐 Nebius: Almost No More Room For Disappointment (Seeking Alpha) $ 🗃️

🌐 Nebius: Time To Light A Cigar After Spectacular Q2 Earnings (Seeking Alpha) $ 🗃️

🌐 Nebius Q2: Accelerating Sales Growth And Improving Profitability (Seeking Alpha) $ 🗃️

🌐 Nebius Eating CoreWeave’s Lunch And Stepping Into Robotaxi Side Hustle (Seeking Alpha) $⛔🗃️

🌐 Nebius Group: Great Results, But The Stock Looks Fairly Valued Now (Seeking Alpha) $ 🗃️

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

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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):

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).

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

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):

ELC Group Holdings Ltd. ELCG D. Boral Capital (ex-EF Hutton), 1.7M Shares, $4.00-6.00, $8.5 mil, 8/25/2025 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 which connects job seekers and employers through a unique matching program utilizing 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 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 fiscal year that ended June 30, 2024.

(Note: ELC Group Holdings Ltd. increased its IPO’s size to 1.7 million shares – up from 1.25 million shares – 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.)

Hang Feng Technology Innovation Co., Ltd. FOFO Kingswood, 1.4M Shares, $4.00-4.00, $5.5 mil, 8/25/2025 Week of

(Incorporated in the Cayman Islands)

We are committed to providing comprehensive corporate management consulting and asset management services, tailored to address the specific needs of each client. Our goal is to empower our clients to design, implement, and achieve their unique business and investment objectives.

Incorporated as an exempted company with limited liability in the Cayman Islands on October 15, 2024, we operate as a holding company with no material operations. Since 2023, we have been identifying market opportunities and offering consulting services through Starchain to a growing network of clients. Through the corporate management consulting practice, Starchain built strong relationships with clients, advising them on operational and strategic challenges. This privileged access has revealed a recurring need for sophisticated asset management solutions, tailored for both corporate and personal capital and the struggle to find trusted partners. Recognizing this gap, our management team strategically refined our business strategy to include a complementary asset management arm. Starting in 2024, we began offering asset management services through HF CM, HF IAM and HF Fund SPC.

As of the date of this prospectus, all our business activities are conducted through our direct and indirect wholly owned subsidiaries. Our business consists of two main segments: (i) corporate management consulting services and (ii) asset management services.

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

(Note: Hang Feng Technology Innovation Co., Ltd. is offering 1.375 million shares at an assumed IPO price of $4.00 to raise $5.5 million, according to its F-1/A filing dated July 25, 2025.)

Megan Holdings Ltd. MGN D. Boral Capital (ex-EF Hutton), 2.5M Shares, $4.00-6.00, $12.5 mil, 8/25/2025 Week of

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

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

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

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

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

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

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

Phaos Technology (Cayman) Holdings Ltd. POAS Network 1 Financial Securities, 2.7M Shares, $4.00-5.00, $12.2 mil, 8/25/2025 Week of

We are an investment holding company; through our subsidiary, we assemble and commercialize advanced microscopy-related solutions, technologies and products. (Incorporated in the Cayman Islands)

Using its patented microsphere-assisted technology, the company can significantly increase the magnification of an existing traditional optical microscope compared to its competitors, hence allowing our clients to see beyond the optical limit in an effective manner. Currently, it is the only commercially available advanced optical microscope that can see below the 200nm optical limit, within a commercially viable working distance.

Our business is primarily involved in the assembling and commercialization of advanced microscopy-related solutions, technologies and products tailored for precision measurement and magnification purposes. Our range of product includes optical microscopy solutions, featuring:

i) Super-resolution imagers capable of achieving imaging down to 137nm;

ii) Specialized microscopes designed to meet the diverse needs of various industries; and

iii) Three-dimensional (“3-D”) real-time image magnifiers for enhanced visualization.

Traditional optical microscopes are able to see up to 250nm, while our solution allows users to see up to 137nm. As a result, we believe that this is considered by the optical industry as a super resolution optical microscopy solution.

In addition to our hardware offerings, we currently provide complimentary proprietary software, which is developed in-house. This software includes Artificial Intelligent (“AI”) components that allows our customers to perform recognition patterns for research, quality assurance and quality control (“QA/QC”), as well as diagnostics purposes. The in-house software is meticulously crafted to complement our product line ensuring seamless integration and optimized performance for our customers.

For the financial years ended April 30, 2023, and April 30, 2024, the provision of microscopy products contributed to 73.9 percent and 97.6 percent of our revenue, respectively.

We distribute our microscopy products with software solutions through an extensive network of distributors, primarily in Singapore and expanding across regions such as Southeast Asia and South Asia. Our microscopy solutions accommodate a diverse range of applications enabling us to serve a wide range of customer needs and capitalize on emerging growth opportunities in the region. Our diverse customer base primarily includes industries with usage in fields such as manufacturing, research & development, biomedical, semiconductors, Printed Circuit Board (“PCB”), electronics, precision engineering, injection molding, research, healthcare, QA/QC and diagnostics. Our business strategic focus involves strengthening our market position in Singapore and progressively expanding into the Southeast Asian region.

Note: Net loss and revenue are in U.S. dollars for the fiscal year that ended April 30, 2024.

(Note: Phaos Technology (Cayman) Holdings Ltd. filed its F-1 on Jan. 3, 2025, and disclosed the terms for its micro-cap IPO – 2.7 million shares at a price range of $4.00 to $5.00 to raise $12.15 million, if the IPO is priced at the $4.50 mid-point of its range. Following up: On March 28, 2025, in an F-1/A filing, Phaos Technology (Cayman) Holdings Ltd. disclosed that selling stockholders would offer 900,090 shares – in addition to the 2.7 million shares that Phaos Technology is offering – at the price range of $4.00 to $5.00. The company will not receive any proceeds from the sale of the selling stockholders’ shares, according to the prospectus.)

PomDoctor POM Joseph Stone Capital/Uphorizon, 5.0M Shares, $4.00-6.00, $25.0 mil, 8/25/2025 Week of

We run an online platform in China to provide chronic disease management services. (Incorporated in the Cayman Islands)

As of Dec. 31, 2024, PomDoctor had over 212,800 doctors (under contract) who had issued about 3.13 million prescriptions. The company had 699,000 patients (also referred to as transacting patients) as of Dec. 31, 2024.

Our mission is to provide effective prevention and treatment solutions to alleviate patients’ suffering from illnesses.

Our vision is to become the most trustworthy medical and healthcare services platform.

We are a leading online medical services platform for chronic diseases in China, ranking sixth on China’s Internet hospital market measured by the number of contracted doctors in 2022, according to Frost & Sullivan.

With focuses on chronic disease management and pharmaceutical services, our business model forms a one-stop platform for medical services, which organically connects patients to doctors and pharmaceutical products. Our experience in tackling chronic diseases can be traced back to 2015 when we launched our platform on mobile devices. We strategically chose to focus on this field because chronic diseases last at least one year by definition, and they are hard to cure, prone to complications and require ongoing medical attention. As such, patients with chronic diseases have a great and relatively inelastic demand for frequent and repeat follow-up visits and of drug purchases, which gives a competitive advantage to platforms that are able to maintain long-term, stable doctor-patient relationships.

Note: Net loss and revenue are in U.S. dollars (converted from China’s currency) for the year that ended Dec. 31, 2024.

(Note: PomDoctor disclosed its IPO’s terms in an F-1/A filing dated July 15, 2025: The company is offering 5.0 million American Depositary Shares (ADS) at a price range of $4.00 to $6.00 to raise $25 million, if the IPO is priced at the $5.00 mid-point of its range. Background: PomDoctor filed its F-1 on March 13, 2025, without disclosing the terms for its IPO. and disclosed the terms for its IPO.)

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:

• 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

Frontier and emerging market highlights:

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 (August 26, 2025) was also published on our website under the Newsletter category.

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