Nvidia CEO Jensen Huang’s affair with someone Western media has declared to be a Chinese spy is grabbing all the headlines and jokes on Twitter while Asians and long time Asia hands know exactly what is going on here.
Here is Desmond Shum’s detailed explanation on his Substack:
Behind $4.8 billion in Nvidia chips lies a familiar Chinese business model: the white glove
Having spent more than two decades doing business in China, including years operating at the intersection of private enterprise, finance, and Communist Party politics, I see another possibility.
I suspect Alice Huang is primarily a commercial fixer, known in Chinese as a qian ke (掮客), who may also have served as a bai shou tao (白手套), literally a “white glove,” for other business interests, rather than a CCP intelligence operative.
A commercial fixer connects people with money to those who control resources, arranges financing, and helps transactions overcome commercial or political obstacles. Their most valuable asset is access.
A white glove performs a more specific function: acting on behalf of others while concealing the identities or interests of the real principals behind a transaction.
Here is a Singaporean on Twitter’s take:
In addition, Ed Dowd said at the beginning of a podcast earlier this week that the Jensen Huang affair has been out there for awhile. He questions the post Midterm timing as Nvidia has been known to be “a mob boss when it comes to their chips…” as Huang wants to sell as many chips as he can – that’s why he supports open source. However, the “Deep State” wants to control AI and opposes open source.
Edward Dowd@DowdEdward
Some forces inside the government have flipped the switch on $NVDA. A lot of what is coming out has been known to these people for some time. The timing right after the midterms and power switch to blue cannot go unnoticed.
Expect the narrative to switch to national security…
Chief Nerd@TheChiefNerd
🚨 CNBC’s Eamon Javers Says the U.S. Government is Trying to Push Jensen Huang Out
“There seems to be a real commitment on the part of somebody inside the U.S. government to push Jensen Huang out of this position. And presumably, given that there was surveillance of Alice Huang,
5:49 PM · Nov 10, 2026 · 71.2K Views
72 Replies · 195 Reposts · 918 Likes
Dowd (a former tech analyst) also commented that anyone on Wall Street knows Huang has always been “scumbag during the semi cycles” who always overhypes the cycles and that “he’s full of s**t – that’s always been the case…:”
Dowd also later observed that investors buying dips will destroy a considerable amount of capital on the way down and the tech downturn could last years…
Later in the podcast, it was asked what is not overvalued or in a bubble these days. I would have answered that you need to look at emerging and frontier markets in the hopes of finding any real value right now…
EM/FM stocks that have been coming up in Sept/Q3 fund updates or have recently been added to our Frontier & Emerging Market Stock Index or are worth a closer look based on recent research.
Taiwan’s transition, reality check on India’s AI ambitions, SA changing offshore investment limits, where to find value in frontier markets, LatAm’s AI/silicon dividend, Sept/Q3 fund updates, etc.
$ = Behind a paywall / 🗃️ = Link to an archived article (Note: Seeking Alpha earnings/conference etc. presentations are typically not paywalled) / ⛔ = Article archiving may not be working properly
Asian asset owners worry over fiscal pressures and shifts in global yields
For Asian institutional asset owners navigating shifts in global yields, fiscal concerns and capital allocation mandates, balancing income generation against potential capital losses remains a key challenge. Because bond prices and interest rates move in opposite directions, the resulting rise in market yields causes prices of existing, lower-yielding bonds to plummet.
In an interview with The Asset, Iain Stealey, international fixed income CIO at J.P. Morgan Asset Management, the current yield environment offers a more attractive proposition for bond investors than in recent years, although fiscal concerns continue to favour selective positioning along the curve.
Earnings at companies listed on the Chinese mainland’s stock exchanges contracted sharply in the third quarter, with combined net profit falling about 13% year-on-year after rising roughly 25% in the previous quarter.
Of the 5,577 listed A-share companies, 5,572 had reported third-quarter results. For the first nine months, combined net profit rose about 8%, down from 19% in the first half. Excluding chipmaking giant Changxin Memory Technologies (CXMT) (SHA: 688825), which listed in July, the cumulative growth rate was roughly 5%.
China’s central bank cut the interest rate on its stock buyback relending facility to 1% on Wednesday, after banks applied for more than 200 billion yuan ($30 billion) in quotas this week.
The move is part of a broader package of measures announced by Chinese regulators toshore up the stock market, boost liquidity and restore investor confidence amid a recent market downturn.
Nexperia’s Dutch entity is seeking $2 billion in damages from Chinese owner Wingtech Technology (SHA: 600745) and related companies, escalating a dispute that has split the chipmaker’s Chinese and overseas operations.
In a Nov. 3 disclosure, Wingtech said the Dutch business had brought a claim in Amsterdam alleging that Nexperia’s Chinese units breached internal agreements and built a separate supply chain that disrupted its operations and created direct competition.
The Apple supplier credits new products for its quarterly profit recovery as it expands into server cooling, power hardware and robot assembly
Lingyi iTech (Guangdong) Co (SHE: 002600 / HKG: 1688 / FRA: 9NJ1)’s third-quarter profit rose 14%, which the company credited to demand that appears tied to Apple’s new foldable iPhone Duo launched in October
Metrics for the phone component maker’s AI-related server and robot expansion, which were selling points during its Hong Kong IPO, remain hard to pin down
The maker of server casings and racks said its profit doubled in the first half of its current fiscal year, but its stock dropped anyway
Karrie International Holdings Ltd (HKG: 1050)’s profit doubled in the first half of its fiscal year through September, as it benefited from booming sales of higher-margin AI-use products
The maker of server casings and racks reported its revenue rose 45% in its fiscal quarter through Sept. 30, well ahead of its 7.4% growth the previous year
Ligent Technologies Inc (HKG: 9856) is down 54% since our 23 Sep BEARISH initiation, through our HK$27 fair value, as the AI universe de-rated. Our sell level and downside marker have both been met.
Five Chinese optical peers fell 51-62% while their FY27E EPS estimates rose 0-16%. The fall is multiple compression, not company news, and we view it as overdone.
We upgrade Ligent Technologies to BULLISH with TP HK$25.3, 11.1x FY27E – one standard deviation below the ten-peer mean of 17.9x. Net IPO cash is 34% of market cap.
Profits at major Chinese steel companies fell 27.4% in the first nine months of 2026 as demand weakened faster than production, pushing inventories higher and steel prices to a decade low for the period.
The earnings decline highlights persistent pressure on China’s steel industry from sluggish domestic consumption and a growing number of trade disputes targeting its exports.
The provider of energy systems for data centers and utilities is expanding overseas and winning grid orders at home, although shareholders are seeing limited benefit
Wasion Holdings Ltd (HKG: 3393 / OTCMKTS: WSIOF) has won state utility contracts worth nearly $94 million this year and orders from AI data centers are surging
But profits from smart grids and energy management systems are slipping, weighing on margins
The maker of hydrogen fuel cell systems will redeploy 300 million yuan of its IPO proceeds to repay bank loans and for general working capital
Beijing SinoHytec Co Ltd (SHA: 688339 / HKG: 2402) will redeploy 300 million yuan in IPO proceeds originally earmarked for R&D and marketing to repay bank loans and for general working capital
The company is finding a new business opportunity in energy storage systems as its core hydrogen vehicle-related business continues to contract
🇨🇳 Full Truck Alliance(NYSE: YMM) 🇰🇾 – Digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights & types.
While scalability challenges remain, autonomous driving has shifted from lab to street, with next move overseas
Safety and public trust remain the defining challenges for China’s robotaxi operators eyeing global expansion, according to the chief executives of two leading robotaxi companies, Pony AI Inc (NASDAQ: PONY) and WeRide Inc (NASDAQ: WRD), speaking at Hong Kong FinTech Week 2026, the city’s annual flagship event for innovators and investors at the forefront of the finance and technology space.
Chinese autonomous driving companies Shenzhen Zhuoyu Technology Co. Ltd. and Pony AI Inc (NASDAQ: PONY) are moving into heavy trucks, betting that driver shortages, grueling working conditions and pressure to cut fuel costs will accelerate the adoption of smart driving technology in the country’s road freight industry.
On Oct. 29, Zhuoyu introduced Panxing, an advanced driver assistance system for commercial vehicles, securing partnerships with major car manufacturers including China National Heavy Duty Truck Group Co. Ltd., FAW Jiefang Group Co Ltd (SHE: 000800), Dongfeng Commercial Vehicle Co. Ltd. and Shaanxi Automobile Holding Group Co. Ltd. On the same day, Guangzhou Automobile Group (HKG: 2238 / SHA: 601238 / FRA: 02G / OTCMKTS: GNZUF / GNZUY) announced the rollout of the T9 autonomous heavy truck it co-developed with Pony AI for trunk and port transport.
Chinese lidar-maker Hesai Group (NASDAQ: HSAI) is betting that overseas automakers will accelerate adoption of the laser-sensing technology, opening a major growth opportunity for Chinese suppliers that have built manufacturing and cost advantages at home, its chief financial officer said.
China accounts for the vast majority of automotive lidar installations worldwide, while adoption in overseas passenger vehicles remains at an early stage, Hesai CFO Andrew Fan told Caixin in an interview.
The recreational vehicle maker’s stock plunged after the securities regulator issued a high shareholder concentration warning, reversing a massive run-up over the last six months
Over 90% of New Gonow Recreational Vehicles Inc (HKG: 0805)’s shares are concentrated in the hands of its chairman and 22 other shareholders and related parties
The recreational vehicle maker’s revenue rose 14.9% in the first half of the year, but its profit plunged 78.5%
Once a mere blip on the global automotive radar, Zhejiang Leapmotor Technology Co Ltd (HKG: 9863) has engineered one of the most remarkable ascents in China’s fiercely competitive new energy vehicle (NEV) sector.
With a domestic auto market buckling under pressure — passenger car sales fell by nearly 22% and NEV sales were down by over 10% in the first three quarters of 2026 — Leapmotor has managed to defy the gravity of a market slump.
A $47.4 million expense in its latest fiscal quarter may be linked to the educator’s 2025 acquisition of a bankrupt U.S. company
TAL Education Group (NYSE: TAL)’s net revenues increased by 15.5% to $994.6 million in its latest fiscal quarter, but it fell into the red with a $47.4 million loss
Most of the loss came from a $189.7 million expense related to changes in the fair value of company investments
🇨🇳 YUM China (NYSE: YUMC)🇺🇸 – China’s largest restaurant company. Exclusive right to operate & sub-license KFC, Pizza Hut & Taco Bell + owns Little Sheep & Huang Ji Huangt. Partnered with Lavazza. 🇼🏷️
The pre-cons were satisfied uncommonly quick on the 30th October. Vote risk is low. There are some quirky Scheme vote-blocking %s.
The Scheme Document is now out, with a 30th November Court Meeting, and expected payment by the the11th February (later than expected). The IFA (Altus) concluded “fair and reasonable“
We examine Dajin Heavy Industry Co Ltd (SHE: 002487 / HKG: 1081)’s six-month lock-up expiry and analyze the cornerstone tranche by investor type to quantify the selling risk.
We evaluate 3Q26 fundamentals, consensus revisions, southbound holdings and the A-H premium.
We compare Dajin with A+H precedents on H-share performance in the week after six-month lock-up expiry.
Beauty giants Estee Lauder Companies Inc (NYSE: EL)and L’Oreal SA (EPA: OR / FRA: LOR / OTCMKTS: LRLCF)both reported solid growth in China in the third quarter, adding to signs that demand in the country’s premium beauty market is recovering.
Estée Lauder said China sales rose 9% from a year earlier to $614 million in the third quarter of 2026, excluding currency effects, outpacing its 6% increase in global revenue.
The digital insurer’s third-quarter revenue grew far faster than the overall industry as its flagship low-cost policies continue to attract demand
ZhongAn Online P & C Insurance Co (HKG: 6060 / FRA: 1ZO)’s insurance business income grew about 10% in the third quarter, well ahead of the overall industry, despite consumer caution in an uncertain economy
The company’s strength stems from its digital distribution capabilities targeting low-cost policies for the mass market
The medical device maker has announced leadership changes as it struggles to shake off a controversy over hefty rents paid to a firm linked to its founder’s family
MicroPort Scientific Corp (HKG: 0853 / FRA: MSK / OTCMKTS: MCRPF) said Chang Zhaohua cited personal commitments for the decision to resign from his roles as chairman and director
In the same statement, the company announced a review of its corporate governance but also faces the challenge of generating stable profits
With data from over 300 patients across multiple tumor types and Phase 3 trials coming soon, the evidence supports CS2009’s mechanism, safety and antitumor efficacy
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Clinical data from over 300 patients across multiple solid tumors for the trispecific antibody support validation for proof of mechanism, safety and concept
Hong Kong is seeking to expand its role as a fundraising hub for emerging market companies as China deepens trade and investment ties with Southeast Asia, Central Asia and Africa, a senior investment promotion official said.
King Leung, an assistant director-general at InvestHK, told Caixin that Hong Kong could become a financing center for the Global South within five to 10 years. He spoke during Hong Kong FinTech Week x StartmeupHK.
Hong Kong wealth managers are seeking broader access to the Chinese mainland’s growth-focused stock boards, with 91% of surveyed institutions supporting eligibility for individual professional investors.
The proposal features in the Hong Kong Private Wealth Management Report 2026, released by the Private Wealth Management Association and KPMG China at an industry summit on Thursday. The findings draw on a survey of association members conducted from June to August.
Macau’s gross domestic product (GDP) expansion in the three months to September 30 slowed sequentially, amid the contraction of “exports of gaming services” in the period. That is according to a Friday announcement of preliminary economic data made by the city’s Statistics and Census Service.
Third-quarter GDP grew 0.1 percent year-on-year in real terms, to MOP106.06 billion (US$13.13 billion). Judged sequentially, it was a slowing from the 0.3 percent growth seen in the second quarter, and the 7.1 percent expansion in the first quarter.
Seaport Research Partners expects 2026 year-on-year growth in Macau casino gross gaming revenue (GGR) to be under 1 percent, with decline in GGR anticipated for November, albeit at a slower pace than seen in June, July and October.
The brokerage’s’ forecast of 0.9 percent expansion in 2026 GGR would still put the Macau industry’s full-year performance well ahead of the local government’s estimate of MOP236 billion (US$29.21 billion). In 2025, Macau’s GGR had been just over MOP247.40 billion.
Seaport’s latest outlook commentary was issued on Sunday, after the local government said October GGR fell 10.0 percent year-on-year, to MOP21.68 billion.
Global casino operator Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) reported net income of US$34,000 for the third quarter, the firm said in an announcement on Wednesday.
That was a sharp decline from approximately US$74.7 million recorded in the prior-year period. It also represented a significant decrease from the net income of just under US$22.7 million that Melco Resorts had recorded in the second quarter of 2026.
Group-wide operating revenues for the period from July to September 2026 fell 10.4 percent year-on-year, to circa US$1.17 billion.
The decrease “was primarily attributable to softer performance in rolling chip and mass-market table games as well as overall non-gaming operations”, the firm stated.
Macau casino operator Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) reported third-quarter 2026 adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of just under HKD3.69 billion (US$470.6 million). The result was up 10.4 percent from the prior-year period, according to an announcement on Friday.
Net revenue in the three months to September 30 rose by 5.1 percent from a year earlier to HKD12.02 billion.
Nonetheless, the executive acknowledged that “GGR growth has moderated in the near term, reflecting a combination of short-term factors, including possibly taxation policy changes, slower global economic growth and ongoing geopolitical uncertainty”.
“Despite these near-term factors, we remain confident in the medium- to longer-term outlook for Macau,” he added.
Galaxy Resort – the flagship Cotai casino resort run by Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) – announced on Wednesday a “three-year strategic partnership” with entertainment company Damai Entertainment and online booking platform Fliggy.
Both Damai Entertainment and Fliggy are linked to Alibaba (NYSE: BABA), one of China’s largest technology and e-commerce conglomerates.
The agreement aims to attract more large-scale entertainment events to Galaxy Resort, increase ticket sales and promote packages that combine event tickets with hospitality services.
Macau casino operator Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) has “strong potential” for its dividend to continue to rise “over the next few years”, says brokerage Seaport Research Partners.
The institution nonetheless expects fourth-quarter business to be “softer” than the third quarter performance reported on Friday.
Third-quarter operating income at Macau casino business Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF)declined 39.2 percent year-on-year, to just below US$108.3 million.
That is according to results from the United States-based parent Wynn Resorts Ltd, published on Thursday.
Craig Billings, chief executive of Wynn Resorts, said in Thursday’s announcement that the Macau properties had seen “healthy demand amid slower market conditions” during the third quarter.
CreditSights Inc has maintained its “tactical” ‘outperform’ recommendation on U.S. dollar bonds issued by Macau casino operator Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF), despite weaker third-quarter earnings and an expected increase in capital expenditure in 2027.
“From a relative value standpoint”, those bonds “are currently trading, on average, circa 58 basis points wider than U.S. ‘BB-‘ corporates with similar tenors, which we think looks attractive,” wrote analysts Nicholas Chen and David Bussey in a Friday note.
The analysts nonetheless highlighted a “capital expenditure headwind for financial-year 2027” as a key factor behind the qualification of their recommendation as “tactical”.
Total net revenue at SJM Holdings Ltd fell 24.8 percent year-on-year in the third quarter, the Macau casino operator said in a Thursday filing to the Hong Kong Stock Exchange, giving selected highlights of its performance for the July to September period.
Daisy Ho Chiu Fung, chairman of SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY) and managing director of the concession-holding unit SJM Resorts Ltd, was cited as saying in an accompanying press release: “The third quarter was marked by softer market conditions and the temporary impact of renovation works across our portfolio.”
She added: “We are maintaining disciplined cost management and advancing operational optimisation initiatives to protect margins and improve efficiency.”
MSCI ACWI (ACWI-US) is breaking below $156.50 support and we are downgrading our near-term outlook to bearish as long as ACWI-US holds below gap resistance from last Friday at $158-$159.
As long as ACWI-US holds below $159 we are expecting to see a test of $151.50-$153.00 and potentially $146.50. These bearish views will be nullified if ACWI-US breaks above $158-$159.
Much of this weakness has been due to Technology/A.I. theme, which we’ve largely avoided over the past 2+months as we have focused on virtually all other Sectors except for Technology.
China’s consulate general in Jeju, South Korea, has cautioned against the use of Chinese social media platforms – by what it termed “unlicensed agents” – to solicit that nation’s citizens to gamble in Jeju’s foreigner-only casinos.
It also urged the South Korean authorities to “earnestly fulfil their regulatory responsibilities and strictly regulate casino operations”.
The commentary was in a statement issued via a consulate spokesperson and published in Korean in local Jeju news outlet, Jemin Ilbo.
South Korean foreigner-only casino operators Paradise Co Ltd (KOSDAQ: 034230) and Grand Korea Leisure Co Ltd (KRX: 114090) both reported year-on-year increases in casino sales for October, according to separate Tuesday filings to the Korea Exchange.
The two companies, however, recorded declines in casino sales when compared with the previous month, September.
October casino sales for South Korea’s Lotte Tour Development (KRX: 032350) leapt 115.4 percent month-on-month, to reach just under KRW62.53 billion (US$46.6 million). That is according to a Monday filing to the Korea Exchange. Judged yearly, such sales improved 24.1 percent.
Lotte Tour runs the Jeju Dream Tower resort (pictured in a file photo), including its foreigner-only casino, on the holiday island of Jeju.
Kangwon Land (KRX: 035250), operator of South Korea’s only resort with a casino permitted to serve locals, slipped to a KRW3.63-billion (US$2.7-million) net loss in the third quarter, compared to a KRW113.07-billion profit in the prior-year period.
The firm said in commentary issued on Friday that the result was due mainly to the fact non-operating income for the three months to September 30 “declined significantly due to fair-value losses on financial assets following a sharp rise in bond yields”.
A Korean toy maker that sells over 90% abroad, grows 20% a year at a 14% margin and owns property worth twice its market cap.
Aurora World Corp (KOSDAQ: 039830) (오로라월드, KOSDAQ: 039830) is a Korean company but doesn’t sell many products in Korea. Three quarters of its revenue is generated in the USA, and over 90% abroad. Yet the shares trade at just 4.6x trailing earnings and 4.3x what I believe they’ll earn this year.
Most of the growth comes from their product line Palm Pals. Small plush animals that fit in your hand, half-filled with beans, so they flop around. They only cost $8-$12 each while competing collectible stuffed animal brands sell for 2-4x more.
Korea’s first listed neocloud reported +202% H1 revenue, but two-thirds was 2025 prepaid cash. Like-for-like growth was 15%, with no backlog and ₩140bn of debt still unnamed.
On 20 November, approximately 12% of shares will become freely tradable, increasing the free float from 20.8% to 32.7% amid a negative AI market backdrop.
We initiate BEARISH with ₩58,000 fair value (−16.9%), based on 6.5x FY27E EV/EBITDA plus ₩176bn net cash. Risks: a well-priced funding facility, higher state GPU pricing, momentum.
On 2 November, it was reported that Hanjin Kal (KRX: 180640)’s Chairman Cho Won-tae plans to purchase 37.05 billion won ($28 million) worth of Hanjin Kal shares.
Basically, this is an attempt by Chairman Cho to ward off an M&A attempt on Hanjin Kal from the Hoban Group which has been increasing its stake in Hanjin Kal.
Although Hanjin Kal is trading at high valuation multiples, the potential M&A fight between Chairman Cho versus Hoban Group may lead to even higher valuation multiples in the coming months.
On 2 November, Kisco Holdings (KRX: 001940) announced that it is launching a tender offer of a 23.6% stake in Kisco Corp (104700 KS) worth 112 billion won.
Tender offer price is 13,000 won per share, representing a 25% premium to the closing price on 30 October.
I am Negative on this tender offer, mainly because of the low tender offer price (13,000 won), which is just 25% premium to the recent price.
On 4 November, it was reported that SK Inc(KRX: 034730 / 03473K) is launching a tender offer of 25% stake in SK Ecoplant for 1.4 trillion won ($1.1 billion).
One interesting aspect about this tender offer is that SK Ecoplant is a private company and some of its shares trade in the OTC market.
I have a positive view on this tender offer and on SK Ecoplant/SK Inc. Many minority shareholders will be pleased with the attractive tender offer price premium.
On 4 November, it was reported that the Daou Kiwoom Group and the CJ Group plan to invest 520 billion won into JoongAng Ilbo and engage in joint management.
The entire 520 billion won raised through the capital increase will be injected into JoongAng Ilbo to be used for debt repayment and the improvement of its financial structure.
I remain Negative on this deal and I continue to believe that this will have negative impact on the DaouKiwoom Group, CJ Corp (KRX: 001040 / 001045 / 00104K), and Shinsegae [Shinsegae Inc (KRX: 004170)].
On 5 November, Kakao Corp (KRX: 035720) announced it will repurchase and cancel 150 billion won worth of its own shares. Plus, it has slightly adjusted the corporate split ratio.
With an additional 263.6 billion won in cash allocated to “Kakao AI,” the split ratio has been revised to 0.611 for Kakao X and 0.388 for Kakao AI.
Kakao Corp first announced its corporate split plan on 21 August. Since then, Kakao’s share price is down 9.6%, even after an 11% increase in share price on 5 November.
In the past several days, it was reported that Woongjin Co Ltd (KRX: 016880) may be pursuing a plan to issue new shares equivalent to a 49% stake in Woongjin Freed Life (WFL).
Woongjin Freed Life is the number one funeral service company in Korea. Estimated enterprise value of Woongjin Freedlife is 2 trillion won for a 100% stake in the company.
Woongjin has denied media’s reporting of this capital raise. However, I believe there is a 50-60%+ probability it could sell a partial stake in WFL in the next 1-2 years.
On 6 November, Lotte Rental (KRX: 089860) reported that the global private equity firm TPG is launching a tender offer for the remaining 38.83% stake in Lotte Rental.
Tender offer price is 59,000 won and tender offer amount is 831.7 billion won.
I am positive on this tender offer. Based on the first day trading results, I believe TPG could complete about 70-80%+ of the tender offer target shares (14.1 million).
On 9 November, it was reported that Kim Dong-seon is launching another tender offer for Hanwha Machinery & Service Holdings (KRX: 0220W0) for 3.38 million shares (4% of outstanding shares).
Kim Dong-seon is launching another tender offer, capitalizing on the recent share price weakness post the previous tender offer to acquire additional stake in the company.
I have a Positive View on this tender offer because it suggests that Kim Dong-seon remains confident about the company’s outlook and may be getting a bargain at this price.
SFC is getting ready to complete its IPO on KOSPI in November. The IPO price range is from 31,600 won to 36,100 won per share.
The expected market cap of the company is from 645 billion won to 736 billion won. Hodogaya Chemical Co Ltd (TYO: 4112)is the largest shareholder of SFC with a 52.96% stake
SFC develops and mass-produces blue hosts and dopants used in the light-emitting layers of OLEDs. SFC is currently expanding its operations into the fields of bio and semiconductor materials.
Tycoon and brother of President Prabowo Subianto says expulsion from global indices would have ‘serious consequences’
Indonesia’s stock market is already the world’s worst performer this year, shedding 40 per cent as it suffered multiple MSCI warnings and concerns over Prabowo’s policies.
The Philippine gaming sector – including non-casino operations – produced gross gaming revenue (GGR) of PHP83.72 billion (US$1.33 billion) in the third quarter of 2026, down 11.4 percent from the prior-year period.
The GGR tally fell 5.0 percent sequentially, according to a press release issued on Friday by the country’s gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor).
The year-on-year decline was largely driven by “weaker” revenues in the electronic gaming sector, which saw GGR fall 22.9 percent to PHP35.28 billion in the three months to September 30.
PhilWeb Corp (PSE: WEB) says it has completed sale of nearly 61.04 million of its treasury common shares to JKS Tech Solutions Inc for a consideration of just over PHP1.01 billion (US$15.9 million). The move was under a cross-equity deal first announced in September.
Net income attributable to the parent at DigiPlus Interactive (PSE: PLUS)fell 155.4 percent year-on-year, with the Philippine-listed online gaming provider registering a loss of PHP947.58 million (US$14.9 million) for the three months to September 30.
That compared to positive net income of PHP1.71 billion in the prior-year quarter.
The third-quarter result was in a Tuesday filing to the Philippine Stock Exchange. DigiPlus is an online gaming provider licensed by the Philippine Amusement and Gaming Corp (Pagcor), and runs within that country BingoPlus, an online bingo platform; ArenaPlus, a sportsbook; and GameZone, a platform for casual and arcade gaming.
The results were impacted by the firm booking a nearly PHP4.52-billion net loss on financial assets.
Catch up on this week’s top stock market highlights: Singapore bank earnings, the NASDAQ sell-off, Grab’s upgraded outlook and SGX RegCo’s new prospectus role.
Local banks post mixed third-quarter results
NASDAQ slides into correction on AI regulation fears
Grab lifts full-year guidance after an earnings beat
Grab Holdings (NASDAQ: GRAB) raised its 2026 forecasts on 3 November 2026 after its quarterly results beat expectations.
For 3Q2026, revenue rose 27% YoY to US$1.1 billion, roughly in line with estimates.
Singapore streamlines its IPO approval process
From 4 January 2027, Singapore Exchange Regulation (SGX RegCo), the regulatory subsidiary of Singapore Exchange Limited (SGX: S68), will take over the prospectus review functions of the Monetary Authority of Singapore (MAS).
Three iEdge Singapore Next 50 stocks are putting SGX’s Value Unlock initiative into practice, but their latest results will show whether their growth stories are translating into value for investors.
How did iFAST grow from a fund platform into a fintech group?
What can a curry puff maker offer in a falling market?
OCK is practically a household name across Singapore, best known for its signature deep-fried curry puffs.
Beyond its familiar retail snack kiosks at high-traffic MRT stations and shopping malls, the group also generates revenue through food delivery, catering services and business-to-business supply channels.
Can Civmec’s order book carry the momentum?
Civmec, headquartered in Henderson, Western Australia, provides engineering, construction and naval shipbuilding services to the energy, resources, infrastructure, and marine and defence sectors.
For the first quarter of its fiscal year ending 30 June 2027 (1QFY2027), Civmec grew revenue by 70.2% YoY to a record A$324.0 million, up from A$190.4 million a year earlier.
Why might investors look past Tai Sin’s profit slump?
Tai Sin makes and distributes electrical cables and wires across Southeast Asia.
It also runs electrical-product distribution, testing and inspection and renewable energy businesses.
The STI fell 5.5% in October, but four SGX blue chips stayed in the green. DFI Retail, Jardine Matheson, Hongkong Land and Sembcorp Industries delivered positive total returns despite the market downturn.
Sembcorp Industries is an energy and urban solutions provider backed by Temasek, a global investment company headquartered in Singapore.
Its 1H2026 revenue climbed 28% YoY to S$3.8 billion on higher energy prices in Singapore and a month’s contribution from Alinta, its newly acquired Australian business.
FLCT has 114 properties spread across five countries.
It reports financial results only twice a year, so its latest business update for the third quarter of the fiscal year ending 30 September 2026 (3QFY2026) did not include NPI or DPU figures.
Singapore REITs have fallen under pressure, but three could recover faster than the sector. We examine their property fundamentals, debt levels and potential catalysts.
How the Three REITs Compare
Parkway Life REIT, or PLife REIT – As safe as it gets
PLife REIT owns Singapore hospitals, alongside nursing homes in Japan and France.
Its balance sheet is the strongest here; leverage is low at 33.8%.
Keppel DC REIT, or KDCREIT – Riding the Data Centre Boom
Sasseur REIT – Cheap, but There’s a Reason
Sasseur REIT owns four outlet malls in China.
At about S$0.61 as of 4 November 2026, it offers a yield of about 10.7% and trades below its NAV of S$0.82 per unit.
Debt isn’t why it’s cheap.
What Could Delay a REIT Recovery?
A rebound isn’t guaranteed.
If interest rates stay high, refinancing will keep eating into distributions.
CapitaLand Investment manages a substantial portfolio of real estate assets and has been expanding its fee-generating businesses. Yet its share price may not fully reflect the value of its operations.
Understanding CLI’s Business Model
Why Has CLI’s Share Price Struggled?
Are CLI’s Financial Results Improving?
Is CapitaLand Investment Trading Below Its True Value?
What Could Unlock Value for Shareholders?
What Could Keep the Share Price Depressed?
Get Smart: A Hidden Bargain or a Justified Discount?
🌏 Keppel REIT (SGX: K71U / OTCMKTS: KREVF) – Prime commercial assets in Asia Pacific’s key business districts. Singapore, Australia, Japan & Korea. 🇼🏷️
DBS, Singtel and Microsoft offer three very different ways to build a long-term portfolio, combining dividend income, defensive cash flow and global growth potential.
Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) delivered record profit in 1H2026, but fees, trading and insurance drove much of the growth. Here are three key metrics to watch ahead of its 3Q update.
Which numbers should investors track on 6 November?
Has OCBC’s margin squeeze run its course?
Can loan growth keep cushioning the blow?
Will fee and wealth income keep carrying the bank?
DBS reports on 5 November, giving investors a fresh look at margins, fee income and earnings as lower interest rates put pressure on its lending business.
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) reports its third-quarter results for 2026 (3Q2026) on 5 November 2026.
Here’s the key metrics to watch when United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF) steps up to deliver its latest quarter’s earnings — the first among the big three banks to do so.
Reported PAT rose 39%, but adjusted growth was 17.5%; higher operating expenses kept EBITDA growth below revenue growth.
Zorvia out-licensing and Bhopal manufacturing offer domestic margin upside, while diabetes growth and oral antidiabetic recovery strengthen the core franchise.
Strong cash conversion and declining capex could accelerate deleveraging, although Swiss regulatory remediation remains the clearest near-term execution risk.
Q2 Revenue rose 42.7%, while EBITDA margin reached 40.3%, supported by pharma growth and a stronger product mix.
Management expects ₹1,000 crore CDMO Revenue in FY27 and targets ₹2,000 crore by FY30, supported by new programmes.
Battery chemicals have started contributing; semiconductor revenue remains a later opportunity, while working capital and project execution need monitoring.
Tanfac Industries Ltd (BOM: 506854) reported record Q2 FY27 revenue of ₹230.5 crore, up 36.6% YoY, higher input costs and new-product ramp-up kept margins under pressure.
The company is preparing to enter the refrigerant gas market through its ₹395 crore HFC-32 project, with commissioning targeted for Q3 FY27.
Solar-grade DHF, HFC-32 and planned capacity additions support the next growth phase, execution, margins and working capital remain key factors to watch.
🌐 🇧🇷Ituran Location And Control Ltd (NASDAQ: ITRN) – Leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. 🇼🏷️
The movement of Nelson Mandela has been reduced to a minority party in the country’s largest cities
South Africa’s African National Congress became a rural party this week. That may overstate the liberation movement’s electoral shellacking in six of the country’s eight biggest metropolises, but not by much. The only place it can still reliably get the vote out is in the country’s rural heartlands.
🇪🇺🏛️PKO Bank Polski (WSE: PKO / FRA: P9O) or Powszechna Kasa Oszczednosci Bank Polski SA – Poland’s largest bank founded one of the largest groups of financial institutions the CEE. 🇼🏷️
🌎 Millicom (NASDAQ: TIGO) – Fixed & mobile, telecommunications services, cable & satellite TV, mobile financial services & local content such as music & sports in Latin America. 🇼🏷️
I used AI to collect data and make lots of maps and charts while I thought about legislative coalitions. The maps and charts are about 75% Claude. The writing, analysis, and any errors are 100% mine.
🌐 Iochpe Maxion Sa (BVMF: MYPK3 / OTCMKTS: IOCJY) – World leader in the production of automotive wheels + railway wheels & a leading producer of automotive structural components in the Americas. 🇼🏷️
🇧🇷 Inter & Co Inc (BVMF: INBR32 / NASDAQ: INTR) – Holding company of Inter Group & indirectly holds all of Banco Inter’s shares. Inter is a Super Appproviding financial & digital commerce services. 🏷️
Legitimate reasons hide the fact that the private sector needs a rehaul.
For three years now, the global captains of finance and industry, alongside high-ranking government officials, have descended on Mexico City for the capital’s annual Milken Institute’s local symposium.
For most of those years, the attendees have been reliably split down the middle: International executives gushing about the opportunities of Mexico on one side, and their local counterparts on the other, moaning about the latest bout of instability and uncertainty destined to drag down the country’s potential.
🇦🇷 🇲🇽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.🏷️
🌐 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. 🇼🏷️
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):
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):
We conduct our business through our subsidiary, Oceanic Bounty Limited., a tech-focused company based in Hong Kong.
We specialize in the design and development of customized software and tech-enabled workspace solutions with embedded software. We provide digital and operational solutions that support the improvement of business processes as well as providing operational efficiency, internal controls and data analysis. We work with our customers across different stages of their operations and system development.
Our business is primarily project-based, with revenue generated from: (i) system development and maintenance services, (ii) website design and development services, and (iii) workspace solutions with embedded software. We develop customized applications that support core business functions, including data management, workflow automation, document processing and communication. Our system development engagements typically cover system design, development, deployment and maintenance. We also provide workspace solutions with embedded software, including smart office hardware such as smart lockers and silent booths, which complement our digital offerings and support workplace operations.
We serve customers across a broad range of industries, including consulting, real estate, logistics, retail, financial services and other commercial sectors. Our customers include small and medium-sized enterprises and larger organizations.
We are considering expansion into Southeast Asia and the Asia-Pacific region.
Note: Net income and revenue are in U.S. dollars for the 12 months that ended on Dec. 31, 2025.
(Note: Primagrove filed its F-1 on Sept. 30, 2026, for its IPO and disclosed the terms: 6.25 million shares at a price range of $4.00 to $6.00 to raise $30.5 million.)
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:
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 (November 9-13, 2026) was also published on our website under the Newsletter category.
