Purchases
NOAH: Added to my existing position at $10.18.
Added, as its share price continued to fall.
Kuaishou (1024.HK): Started a small position at $67.80.
It's China short-video platform and has expanded overseas to Brazil. It has created AI tools to help content creators make better content and hence led to more viewership on its platform. It also uses AI for coding and handle customer service. Nonetheless, it has strong competitors in China like Douyin and Tencent video. My buy price was around 16-17x PE.
Chinney Kin Wing (1556.HK): Started a very small position at $0.345
It's a low PE stock. Its business is contruction in HK. Due to its low liquidity, I did not buy more.
TIGR: Started a position at $9.24
It's a online brokerage with smaller geographical coverage compared to FUTU. I bought it because it is similar to FUTU (which I owned a position) and it trades at reasonably low ~11.2x LTM PE. Downside is that brokerage business may be cyclical i.e. its business may crater during bear markets.
SEDY.L: Started at position at $12.975 pound
It's iShares EM Dividend UCITS ETF. Bought it for diversification (i.e. signficiant exposure to energy, materials and utilities in EM) and low valuation (based on P/E and P/B ratios in iShare ETF page).
Sales
Intermestic 262A: Sold all at $2,000 yen, with a slight gain.
I sold because I was disappointed with the FY25 forecasted earnings and its odd acquisition in Oct 2025. On hindsight, I should have sold when the share price was around $3,000 yen
Bosideng: Sold all at $4.87, with around 28% gain.
Was disappointed with its 1H results showing flat growth. I expect some growth.
361: Sold all at $6.05, with slight 4% gain over 3-4 months.
The China sports sector (e.g. Anta, 361) seems to enter a lower growth phrase given their 1H and 3Q 2025 sales. Decide to sell all to increase my cash position.
Chagee: Sold all at $14.97, suffer a 35% loss
Sold all due to disappointment with its 3Q 2025 results. As I mentioned earlier, I should not break my rule (not buying stock within 1 year of IPO) and buy Chagee earlier.
Yangzijiang Shipbuilding BS6.SI: Sold half at $3.5, with ~50% gain (incl dividends)
Decide to take some profit, as shipbuilding is a cyclical industry. Will look to sell the rest if the price rise further or when I need to raise more cash.
Current Thoughts
The HK market has weakened recently. HSI has declined ~7.5% from its October high. Insofar, I had not added to my HK positions, as the prices of my HK stocks have not dropped enough to my buy price. If I am adding to my HK stocks, I may add cautiously, as I am adopting a more prudent stance as noted in my previous post.
