Tata Electronics Secures Majority Stake in Pegatron India with 60% Acquisition

In a landmark development, Tata Electronics announced the acquisition of a controlling 60% stake in Pegatron Technology India. This acquisition strengthens Tata Electronics’ presence in the electronics manufacturing services (EMS) sector and aligns with the Indian government’s ‘Make in India’ initiative. Pegatron India, a subsidiary of Taiwan-based Pegatron Corporation, plays a key role in Apple’s global supply chain, particularly in the production of iPhones for North America, Asia, and Europe.

A Major Step After Wistron Acquisition

This move comes on the heels of Tata Electronics’ acquisition of Wistron’s India operations for $125 million in March 2024. The Wistron plant in Narsapura, Karnataka, is now a key asset in Tata’s portfolio, assembling Apple iPhones. Additionally, Tata Electronics operates an iPhone component plant in Hosur, Tamil Nadu, further underscoring its commitment to electronics manufacturing.

Collaboration and Integration with Pegatron

As part of the agreement, Tata Electronics and Pegatron will integrate their teams to enhance operational synergy. Pegatron India will undergo rebranding to align with its new ownership and business direction. Dr Randhir Thakur, CEO and MD of Tata Electronics highlighted the strategic importance of this acquisition, stating, “The acquisition of a majority stake in Pegatron Technology India Private Limited fits into Tata Electronics’ strategy of growing our manufacturing footprint.”

Impact on Employment and Local Manufacturing

Pegatron India’s facility currently employs nearly 10,000 people and is involved in manufacturing iPhone 13 and 14 devices. Tata Electronics, established in 2020, already employs over 50,000 individuals across its operations in Gujarat, Assam, Tamil Nadu, and Karnataka.

Government Approvals and Industry Support

The Competition Commission of India recently approved this deal, including the transfer of TEL Components Pvt Ltd’s business undertaking to Pegatron India. This regulatory clearance marks a critical step in Tata Electronics’ effort to expand its role in India’s growing electronics manufacturing ecosystem.

India’s iPhone Export Growth and PLI Scheme Benefits

India’s role as a global hub for iPhone production continues to grow, supported by the government’s production-linked incentive (PLI) scheme. Apple’s iPhone exports from India reached an impressive ₹1 lakh crore in 2024, representing a 40% year-on-year growth. Domestic production also surged by 46%, reflecting a strong upward trend in local manufacturing.

A New Chapter in Apple’s Supply Chain

With this acquisition, Tata joins Foxconn and Pegatron as a key iPhone contract manufacturer in India. This collaboration not only enhances Tata Electronics’ standing in the EMS space but also positions India as a pivotal player in Apple’s global supply chain.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing

Sunil Mittal Takes on Elon Musk: Airtel Set to Compete with Starlink in Satellite Internet Race

As per news reports, Sunil Mittal-led Bharti Airtel is setting the stage to transform India’s satellite internet landscape. With its global experience and robust satellite network, Airtel is preparing to launch its satellite internet services, targeting underserved regions in India. This move positions Airtel as a formidable competitor to Elon Musk’s Starlink, which is still navigating regulatory hurdles in the country.

Airtel has already established two critical base stations in Gujarat and Tamil Nadu. The company is now awaiting spectrum allocation and final government approvals, marking the final steps before operations can commence. Speaking to ANI, Rajan Bharti Mittal, Vice Chairman of Bharti Enterprises, emphasised the company’s readiness to roll out services as soon as permissions are granted.

Airtel vs Starlink: A Clash of Strategies

While Elon Musk’s Starlink enjoys global acclaim for its innovative satellite internet services, its entry into India has been met with regulatory roadblocks. The Indian government’s strict approval process has delayed Starlink’s ambitions, giving Airtel a potential first-mover advantage, as per news reports.

Airtel, with 635 satellites already in orbit, brings to the table a well-established satellite internet operation in international markets. The company plans to offer affordable pricing, particularly in remote and rural areas, making it highly competitive in India’s price-sensitive market. In contrast, Starlink’s services are often criticised for their relatively higher costs, which could pose a challenge in gaining traction among Indian consumers.

The Intra Circle Roaming Initiative: A Boost for Indian Telecom Users

In related developments, Airtel, Jio, and BSNL have implemented the Intra Circle Roaming (ICR) facility, introduced on January 17. This initiative allows users to make calls and access 4G services from shared towers funded by the Digital Bharat Nidhi (DBN). The ICR facility aims to enhance connectivity across networks, ensuring uninterrupted services even in areas with limited coverage.

What Lies Ahead in the Satellite Internet Battle?

Airtel’s strategic focus on affordability and its established infrastructure could give it a significant edge over Starlink in India. However, the market remains dynamic, with challenges like regulatory changes and technological advancements likely to influence the outcome.

Whether Airtel manages to outpace Starlink or faces stiff competition, the ultimate winner will be India’s internet users, who stand to benefit from enhanced connectivity and innovative solutions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Axis India Multi-Sector Growth Fund Files Draft with SEBI

Axis Mutual Fund has introduced the Axis India Multi-Sector Growth Fund, an open-ended equity scheme with a thematic focus on creating and enabling real assets. Designed to deliver long-term capital appreciation, the fund targets equity and equity-related securities of companies involved in infrastructure, real estate, and other tangible asset creation.

Objective and Investment Philosophy

The primary investment objective of the scheme is to generate long-term capital appreciation through a diversified, actively managed portfolio. The fund focuses on sectors that contribute to creating real assets, encompassing industries like construction, metals, logistics, and telecommunications.

Key Details of the Fund

  • Category: Thematic Fund
  • Type: Open-ended equity scheme
  • Benchmark: Nifty 500 TRI
  • Investment Objective: Long-term capital growth through investments in equity and related securities of companies involved in creating or enabling real assets.

Asset Allocation

The fund’s indicative asset allocation is as follows:

  • Equity and Equity-related instruments of real asset-focused companies: 80–100%
  • Other equity instruments: 0–20%
  • Debt and Money Market instruments: 0–20%
  • Units of REITs and InVITs: 0–10%

This allocation ensures diversification across market capitalisations and sectors.

Fund Management

The fund is managed by Axis Asset Management Company Ltd., with a team of skilled professionals employing a bottom-up approach for stock selection. The strategy emphasises companies with robust business models and sustainable competitive advantages.

Key Features

  1. Plans and Options:
    • Regular Plan and Direct Plan
    • Growth and IDCW (Income Distribution cum Capital Withdrawal) options are available.
  2. Minimum Application Amount:
    • During the NFO: ₹100 and multiples of ₹1 thereafter.
    • Additional Purchases: ₹100 and multiples of ₹1.
  3. Load Structure:
    • Entry Load: Nil
    • Exit Load:
      • 1% for redemptions within 12 months (excluding 10% of investments).
      • Nil for redemptions after 12 months.
  4. Liquidity:
    Units can be subscribed and redeemed at NAV-based prices on all business days.

Benchmark and Performance Measurement

The scheme uses the Nifty 500 TRI as its benchmark, reflecting its diversified market-cap approach. This benchmark tracks the top 500 companies across large-cap, mid-cap, and small-cap segments, aligning with the fund’s thematic investment strategy.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments in the securities market are subject to market risks, read all the related documents carefully before investing.

DPIIT Joins Hands with Apna to Boost Hiring in Startups

The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with the professional networking platform Apna to enhance talent acquisition for government-registered startups. The partnership is designed to empower startups by offering access to Apna’s hiring tools and tailored talent pools.

Initiative to Offer Hiring Credits for Startups

Under the MoU, startups registered with DPIIT will receive credits worth ₹2,000 each on Apna’s platform, enabling job postings and access to targeted talent pools. According to an official statement, these credits represent a cumulative value exceeding ₹140 crore, based on the 7 lakh startups already registered on DPIIT’s Bhaskar platform. The initiative is expected to significantly enhance hiring efficiency and job matching for startups.

Scaling Up to Meet Ecosystem Growth

As the number of registered startups continues to grow, the value of this collaboration is projected to reach ₹300 crore. By leveraging Apna’s comprehensive hiring tools, startups will gain better access to skilled talent, fostering efficiency and productivity in the recruitment process.

Conclusion

The partnership between DPIIT and Apna reflects a commitment to supporting India’s thriving startup ecosystem. By providing hiring credits and tools, the initiative seeks to streamline recruitment for startups, ensuring access to the right talent for sustainable growth.

The initiative’s value is projected to grow with the increasing number of startups in the ecosystem.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Greenlam Industries Begins Commercial Production of Chipboard

Greenlam Industries Ltd, a prominent name in the laminate manufacturing sector, has reached another milestone by commencing commercial production of chipboard at its manufacturing facility in Naidupeta, Andhra Pradesh. This development, announced on January 23, 2025, marks a significant step in the company’s expansion journey.

Key Details of the New Facility

Greenlam Ltd, the wholly owned subsidiary of Greenlam Industries, is now operational at its state-of-the-art facility in Naidupeta.

  1. Production Capacity: The facility has an installed production capacity of 2,92,380 cubic meters per annum.
  2. Revenue Potential: At full capacity utilisation, the plant is expected to generate an impressive annual revenue of ₹750 crore.
  3. Capital Investment: The total capital expenditure for the project amounts to approximately ₹735 crore as of the commencement of production.

Upcoming Earnings and Share Price Movement

Greenlam Industries has scheduled a board meeting on January 30, 2025, to review and approve the unaudited financial results for the quarter and 9 months ending December 31, 2024.

Share Price Performance:

  • As of January 24, 2025, the company’s share price is trading higher by 0.83%, reaching an intraday high of ₹588.70 on the NSE.
  • However, year-to-date, the stock has dipped by 1.66%.

About the Company

Greenlam  Industries  Limited was incorporated in  2013  and is one of the largest laminate manufacturing companies in the country with an installed capacity of  24.52  million sheets per annum.  It markets the laminates products under the flagship brand name of  Greenlam  Laminates.  The company exports its decorative laminates to various countries and is one of the largest exporters of laminates from India.  It is also involved in the business segments of decorative veneers, pre-lam particle boards, engineered doors and engineered wood flooring. The company’s veneer segment has an installed capacity of 4.2 million sq. mt. and is marketed under the brand, Decowood. Further, the engineering doors and engineered wood flooring are sold under the brand name, Mikasa. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

RBI’s New Guidelines: Tackling Digital Fraud with Mobile Number Tracking

The Reserve Bank of India (RBI) has rolled out new guidelines aimed at mitigating the growing risks of fraud in digital transactions. With mobile numbers now central to account verification and transaction alerts, they have become both a critical tool and a target for scammers. To combat this, the RBI emphasises the need for stricter regulatory measures, improved customer communication, and advanced fraud-prevention tools.

The Role of Mobile Numbers in Fraud Prevention

In its notification dated January 17, the RBI stated, “The proliferation of digital transactions, while offering convenience and efficiency, has also led to a surge in frauds, a pressing concern underscoring the need for concerted action.” The RBI highlighted the dual nature of mobile numbers, which, while essential for customer authentication and sensitive communication, are increasingly exploited by cybercriminals to commit fraud.

Key Measures to Prevent Fraud

1. Mandatory Use of Mobile Number Revocation List (MNRL)

The RBI has mandated the use of the Mobile Number Revocation List (MNRL) available on the Digital Intelligence Platform (DIP) developed by the Department of Telecommunications (DoT). This tool helps financial institutions clean their customer databases and monitor accounts linked to revoked mobile numbers.

  • Banks must conduct stringent verification when updating registered mobile numbers (RMNs).
  • Accounts linked to such numbers should be closely tracked to prevent misuse as ‘money mules’ in cyber fraud schemes.

2. Standardised Customer Care and Verified Communication

To enhance transparency and customer confidence, financial entities must:

  • Provide verified customer care numbers for publication on the ‘Sanchar Saathi’ portal.
  • Submit these details to the DoT at adg.diu-dot@gov.in.

3. Dedicated Numbering Series for Communication

The RBI has directed entities to adopt special numbering series for various communications:

  • Use the ‘1600xx’ series for transactional and service-related calls.
  • Use the ‘140xx’ series for promotional voice calls.

Institutions must adhere to the “Important Guidelines for sending commercial communication using telecom resources through Voice Calls or SMS,” issued by TRAI and attached to the circular.

TRAI Guidelines for Commercial Communication

The Telecom Regulatory Authority of India (TRAI) has implemented strict regulations to curb the misuse of telecom resources in commercial communications.

1. Use of DLT Platform for Regulated Communications

Principal Entities (PEs), such as banks, corporates, and mutual funds, must:

  • Register with telecom service providers (TSPs) on the Distributed Ledger Technology (DLT) platform.
  • Use only authorised headers from the ‘140’ and ‘160’ series for promotional and transactional calls.

2. Pre-approved Content Templates

To minimise fraud and unauthorised communication:

  • Messages must follow pre-approved templates with fixed and variable components.
  • Variable fields, such as customer names or transaction details, must be tagged for specific purposes.

Violations, such as unauthorised telemarketing or misuse of templates, can result in penalties or suspension of telecom resources for up to 2-year.

Consequences of Non-Compliance

Failure to adhere to these guidelines could lead to severe repercussions:

  • Suspension of telecom services.
  • Blacklisting of entities.
  • Legal action against offenders.

Both the RBI and TRAI have stressed the importance of compliance to protect the integrity of financial transactions and bolster customer trust.

Promoting Awareness to Combat Fraud

Regulated entities have been advised to proactively educate their customers on these measures through emails, SMS, and other communication channels in regional languages. This awareness campaign aims to empower customers to identify and report fraudulent activities more effectively.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

EPack Prefab Technologies Files DRHP for IPO

EPack Prefab Technologies, a leading provider of pre-engineered building (PEB) solutions, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO). The IPO includes a fresh issue of ₹300 crore and an offer-for-sale (OFS) of 1 crore shares by promoters.

Fundraising Plans and Utilisation

The company has proposed raising ₹60 crore through a pre-IPO placement, which would proportionally reduce the fresh issue size. From the fresh issue proceeds, ₹101.62 crore will be allocated for setting up a new manufacturing facility at Ghiloth Industrial Area, Alwar (Rajasthan). Additionally, ₹58.10 crore will be used to expand the existing manufacturing facility in Mambattu (Andhra Pradesh) to boost pre-engineered steel building capacity. Another ₹70 crore is earmarked for debt repayment, with the remaining amount directed towards general corporate purposes.

Performance and Business Overview

Incorporated in 1999, EPack Prefab Technologies designs fabricates, and installs pre-engineered building solutions for commercial, industrial, and institutional sectors. The company operates three manufacturing facilities in Greater Noida (Uttar Pradesh), Ghiloth (Rajasthan), and Mambattu (Andhra Pradesh), alongside three design centres located in Noida, Hyderabad, and Visakhapatnam.

As of September 2024, the company’s pre-fab business reported a net order book of ₹658.54 crore and a pending order book of ₹655 crore. EPack Prefab recorded a significant revenue growth of 38%, reaching ₹905 crore in FY24 compared to ₹657 crore in FY23. Profits also increased from ₹24 crore in FY23 to ₹43 crore in FY24.

Conclusion

EPack Prefab Technologies IPO reflects its strategic focus on expanding its manufacturing capabilities and enhancing its financial position. With significant revenue and profit growth, the company is poised to strengthen its market presence in the PEB solutions sector.

The funds will primarily be used for expansion, debt repayment, and general corporate purposes.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Budget 2025: Kantar Survey Reveals Tempered Optimism About India’s Economic Growth

The optimism that once defined Indian consumer sentiment is gradually waning. According to Kantar’s India Union Budget Survey, the alignment of consumer needs with budget provisions has steadily decreased over the years—from 73% in 2022 to 67% in 2024. This survey, conducted across 16 cities with 2,500 participants, highlights a wide range of expectations from diverse demographics, including salaried individuals, business owners, and affluent class members.

Key Economic Concerns

India’s GDP growth has slowed to 6.4% in 2024, down from 8.2% the previous year. While 53% of respondents believe the economy will grow faster than in previous years, this confidence has also seen a dip from 57% in 2024. Rising inflation is a dominant concern, cited by 59% of those surveyed, an increase from 57% last year.

The tempered economic outlook has shifted the focus towards addressing pressing financial concerns, including:

  • Income Tax Relief: There is a strong demand for increasing the basic exemption limit from ₹2.5-3 lakh and raising the standard deduction to ₹1 lakh.
  • Medical Insurance Rebates: With health concerns rising, 51% expect higher deductions under Section 80 of the Income Tax Act for medical insurance premiums.

Sectoral and Market Expectations

Stock Market and Startup Sector

The stock market remains a focal point, with 62% of consumers expecting the BSE Sensex to remain within the 81,000–90,000 points range in 2025. Meanwhile, the maturing startup ecosystem has inspired optimism, with 70% expecting improved financial performance in this sector.

Digital and Electric Transformations

India’s digital economy continues its rapid growth, with 60% adopting digital payments for daily transactions—a 7% increase from last year. Simultaneously, environmental concerns are nudging consumers towards electric vehicles (EVs), with 59% intending to purchase an EV for their next vehicle.

Shifting Global and Technological Dynamics

While global recession concerns have slightly eased, misuse of artificial intelligence (AI) is a rising worry. Around 50% of consumers expressed fear of AI’s potential role in cybercrime and financial instability. Interestingly, the recent US elections and Donald Trump’s return have spurred mixed reactions, with 53% optimistic about its impact on India’s exports.

Beyond Numbers: Mental Health and Social Challenges

The survey also sheds light on the less-discussed but equally critical issue of mental stress. Personal financial instability, workplace pressures, and cyberbullying were cited as significant challenges, underscoring the need for broader societal and policy interventions.

India’s Wishlist for Budget 2025

The upcoming budget is seen as a pivotal opportunity to stimulate economic growth. Consumers hope for policies that prioritise:

  • Job creation
  • Sustainable development
  • Cost of living management

Amidst these hopes lies a collective desire for stability and growth, balancing the aspirations of a diverse and dynamic nation.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Lloyds Engineering Signs MOU for Land Acquisition in Nagpur

Lloyds Engineering Works Limited, formerly known as Lloyds Steels Industries Limited, recently announced a strategic step towards its expansion goals. The company has entered into a Memorandum of Understanding (MOU) with EMCO Limited to acquire a substantial parcel of land in Nagpur, Maharashtra. This development aligns with Lloyds Engineering’s vision of bolstering its industrial footprint.

Lloyd Engineering Works’ share price reached an intraday high of ₹85.50 on January 24, 2025. As of 10:36 AM, the stock was trading nearly flat at ₹82.86 per share.

Key Details of the MOU

  1. Parties Involved
    The MOU between Lloyds Engineering Works Limited and EMCO Limited has been executed.
  2. Purpose of the Agreement
    The agreement entails the acquisition of land measuring 25 hectares and 48 ares (equivalent to 254,800 square metres). The land is located within the jurisdiction of Grampanchayat Chimnazari in Nagpur’s Tehsil region. This acquisition is intended to support industrial use and strategic business operations.
  3. Significance of the Deal
    While the MOU specifies no changes to shareholding or related-party transactions, this move underscores Lloyds Engineering’s commitment to scaling its operations. Acquiring such a significant land parcel demonstrates the company’s readiness to expand its manufacturing capabilities or explore new business opportunities.

Implications for Industrial Growth

This acquisition is expected to strengthen Lloyds Engineering’s presence in the industrial sector, particularly in Maharashtra. The location’s strategic advantages and the land’s size provide ample scope for developing new facilities, aligning with the company’s growth aspirations.

Disclosure and Transparency

In compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements (LODR), Lloyds Engineering Works has disclosed all pertinent details about the agreement. The company confirmed that the transaction does not involve any related-party elements, ensuring transparency in its operations.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Suzlon Energy Secures 486 MW Hybrid Order from Torrent Power

Suzlon Energy has announced securing a 486 MW hybrid wind energy order from Torrent Power. This marks the fifth order from Torrent Power for Suzlon, bringing their cumulative installed capacity through the partnership to 1 GW. The project will be executed in the Bhogat region of Gujarat.

Order Details

The agreement includes the supply and installation of 162 S144 wind turbine generators (WTGs) with Hybrid Lattice Towers. Each turbine has a capacity of 3 MW and is designed for optimal performance, even in low-wind areas.

Partnership 

This deal is a continuation of Suzlon’s decade-long association with Torrent Power. The companies have previously collaborated on projects across Gujarat and Karnataka. Together, they have been part of India’s push to increase renewable energy’s share in its electricity generation.

No Financial Details Disclosed

The financial specifics of the contract have not been disclosed. However, Suzlon’s order book stood at 5.1 GW as of November 2024, signalling demand for its wind energy solutions.

Suzlon’s Performance

In Q2 FY25, Suzlon reported revenue of ₹2,103 crore, a 48% increase year-on-year. Its net profit almost doubled to ₹200 crore. Despite these results, the company’s shares have faced pressure in the broader market.

As of 1:30 PM, on January 24, Suzlon Energy Ltd shares are at ₹52.58, slipping 3.19% today. While it’s taken a 13.41% hit over the past six months, it’s still up by 27.62% over the last year. In contrast, Torrent Power Ltd is having a brighter day, trading at ₹1,468.75 with a 3.12% rise today. Though it dipped 3.34% in the last six months, it soared 46.87% over the year.

Renewable Energy Focus

The project supports India’s renewable energy targets, which include deriving 50% of electricity from renewable sources. It also aligns with the Make in India initiative, focusing on domestic manufacturing and deployment of clean energy solutions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.