Disinvestment Trends in FY25: Government’s Stake Sales at a Decade-Low

The Indian government’s disinvestment receipts for the financial year 2024-25 (FY25) are poised to be the lowest since the Narendra Modi administration took office in 2014-15. As of now, the government has accrued ₹9,319.05 crore through minority stake sales, a significant drop compared to ₹16,507.29 crore collected in FY24. With only a short time left in the financial year, the total receipts are expected to remain below the ₹13,534.4 crore collected in FY22.

Shift from Disinvestment Targets to Value Creation

In a policy shift, the government ceased setting fixed disinvestment targets from FY24 onwards. Following the presentation of the full Budget for FY25, former Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey emphasised a change in approach towards “value creation.” Rather than focusing purely on stake sales, the government now prioritises optimising the performance of public sector enterprises (PSEs) through higher capital expenditure, increased dividends, selective market dilution, and privatisation where feasible.

Modes of Disinvestment

The government employs 2 primary methods of disinvestment:

  1. Minority stake sales: The sale of a limited percentage of government-owned shares in public sector companies.
  2. Strategic disinvestment: The transfer of a substantial stake or full ownership of a central public sector enterprise (CPSE), along with management control.

Key Disinvestment Transactions in FY25

Despite the lower overall receipts, some significant disinvestment activities have taken place this year:

  • General Insurance Corporation of India: The government sold 3.39% of its shares through an offer for sale (OFS), raising ₹2,345.55 crore.
  • Cochin Shipyard: A 4.95% stake sale via OFS generated ₹2,015.32 crore.
  • Hindustan Zinc: The government divested 1.62% of its shares through OFS, yielding ₹3,449.18 crore.
  • Specified Undertaking of the Unit Trust of India (SUUTI): The government accounted for ₹1,509 crore in remittances under disinvestment receipts.
  • Ferro Scrap Nigam: A 100% sale of this MSTC subsidiary to Konoike Transport Co. for an equity value of ₹320 crore was agreed upon, though the transaction is yet to be finalised.

Status of Strategic Disinvestment Cases

A government reply in the Lok Sabha in December 2023 outlined the progress of 33 strategic disinvestment cases under DIPAM:

  • Completed Transactions: 10 cases, including eight CPSE-to-CPSE deals, and the privatisation of Air India and Neelachal Ispat Nigam.
  • Pending Transactions:
    • 5 PSEs under consideration for closure.
    • 1 case stalled due to litigation.
    • 1 case under the corporate insolvency resolution process.
    • 2 transactions found unfeasible.
  • Ongoing Disinvestment:
    • 14 transactions are still in progress.
    • 6 PSEs have not received an Expression of Interest (EoI) or had their transactions called off.
    • 8 transactions remain at various stages of the strategic disinvestment process.

Conclusion

The government’s disinvestment strategy has undergone a transformation, with a focus on long-term value creation rather than aggressive stake sales. As strategic disinvestment remains a work in progress, the success of this approach will depend on the efficient performance of PSEs and market conditions.

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.

42% of Director Positions in 12 PSU Banks Remain Vacant

A significant number of director positions in India’s 12 public sector banks (PSBs) remain vacant, raising concerns over governance and decision-making. According to data presented in the Lok Sabha, nearly 42% of these key positions are unfilled.

The Ministry of Finance acknowledged the vacancies and assured that steps are being taken to fill them at the earliest. However, banks continue to report challenges in maintaining full board strength, affecting strategic and policy-level decision-making.

Bank-Wise Breakdown of Vacant Positions

The extent of vacancies varies across banks, with some institutions facing higher gaps in leadership than others:

Bank Name Total Director Positions Vacant Positions
Bank of Baroda (BOB) 16 6
Bank of India (BOI) 16 5
Bank of Maharashtra (BOM) 14 8
Canara Bank 16 5
Central Bank of India (CBI) 15 7
Indian Bank 16 7
Indian Overseas Bank (IOB) 14 7
Punjab & Sind Bank 14 8
Punjab National Bank (PNB) 16 7
UCO Bank 14 6
Union Bank of India (UBI) 16 5
State Bank of India (SBI) 19 7

The figures indicate that even some of the largest PSBs, such as SBI and PNB, are functioning with incomplete boards, which could impact governance efficiency.

Declining Workforce in Public Sector Banks

The shortage of directors is not the only challenge facing PSBs. Over the past decade, there has been a substantial reduction in their workforce.

  • In 2013, PSBs collectively had 3,98,801 clerks, but by 2024, this number had dropped to 2,46,965, a decline of 1,51,835 clerks.
  • The number of sub-staff members also reduced from 1,53,628 in 2013 to 94,348 in 2024, a shortfall of 59,280 employees.
  • Overall, the total workforce in PSBs decreased from 8,86,490 in 2013 to 7,46,679 in 2024, showing a net loss of 1,39,811 employees.

Conversely, private sector banks have seen an exponential rise in staffing. Between 2013 and 2024, the workforce in private sector banks grew from 2,29,124 to 8,46,530, an increase of 6,17,406 employees.

Planned Bank Strike: A Response to Workforce Concerns

In response to the declining workforce and other unresolved issues, the United Forum of Bank Unions (UFBU) has called for a 2-day strike from March 23 to March 25, 2025.

The UFBU represents over 800,000 employees from public sector, private sector, foreign, co-operative, and regional rural banks. The strike has been backed by several major bank unions, including:

  • All India Bank Employees Association
  • All India Bank Officers Confederation
  • National Confederation of Bank Unions
  • Bank Employees Federation of India
  • Indian National Bank Officers Congress
  • National Organisation of Bank Workers

Key Issues and Demands of the Strike

The strike has been called in response to multiple concerns raised by bank employees:

  1. Adequate Recruitment Across All Levels – Unions are demanding increased hiring to compensate for the declining workforce.
  2. Regularisation of Temporary Employees – Many contractual and temporary workers are seeking permanent positions.
  3. Implementation of a 5-Day Work Week – This demand aligns with global banking industry standards.
  4. Withdrawal of Performance-Linked Incentives (PLI) and Performance Review Directives – Employees claim that these measures affect job security and violate the terms of prior agreements.

Implications for the Banking Sector

With a shrinking workforce, high board-level vacancies, and an upcoming strike, public sector banks are at a critical juncture. These developments could affect operational efficiency, customer service, and long-term stability. While the government has acknowledged the issue, the pace of resolution remains a key factor in determining the future of India’s banking sector.

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.

Salary Growth in India at 11.1% CAGR; Household Debt-to-GDP Ratio Remains Low Compared to Peers

The compound average growth rate (CAGR) of employee compensation in India stood at 11.1% during the first ten years of Prime Minister Narendra Modi’s tenure. This figure, disclosed by Finance Minister Nirmala Sitharaman in Parliament, includes the post-Covid period, which saw significant changes in employment structures.

Changing Work Trends Post-Covid

The Covid-19 pandemic brought a structural shift in workforce participation, with remote work and flexible employment gaining traction. Highlighting these changes, Sitharaman stated: “One of the long-term impacts of Covid has affected the nature of work itself. People are either chosen to work from home or they don’t want to work full time.”

This shift has reshaped the labour market, corporate hiring patterns, and productivity models, pushing industries to embrace automation and digital solutions.

Wage Growth vs. Corporate Profits

The latest Economic Survey highlights a growing gap between wage growth and corporate profitability. The report stresses that aligning wage increases with profit growth is vital for sustaining domestic demand and ensuring steady corporate revenue in the medium to long term.

Household Debt-to-GDP Ratio: India’s Position

Addressing concerns about India’s household debt-to-GDP ratio, Sitharaman emphasised that it remains significantly lower than its peer group and advanced economies. 

She dismissed suggestions that pandemic-related economic measures had driven household debt to concerning levels, stating: “People are talking of it (household debt) as though India’s is high because of the way in which we handled Covid. I’m sorry they are wrong.”

Conclusion

India has maintained steady salary growth over the past decade, despite evolving workplace trends and technological disruptions. However, wage growth lags behind corporate profitability, raising concerns about demand sustainability. Meanwhile, household debt levels remain well-managed, positioning India favourably against global counterparts in economic resilience.

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.

Apple Begins Exporting Made-in-India AirPods: A Shift in Global Supply Chain

Apple has started exporting AirPods manufactured at its Foxconn facility in Hyderabad, India, with initial shipments set to reach the United States and Europe in April 2025. This milestone makes AirPods the second product, after iPhones, to be produced in India for global markets.

Foxconn’s Investment in Hyderabad Facility

Foxconn, Apple’s manufacturing partner, invested ₹3,471.20 crore (US$ 400 million) to establish this factory in August 2023. Currently, 2 AirPods models—AirPods 4 and AirPods 4 with Active Noise Cancellation—are being produced in limited quantities. Production is expected to ramp up over the next 3 to 4 months, aligning with Apple’s global supply chain strategy.

Apple’s Diversification Strategy

Industry experts suggest that Apple’s move is part of its broader strategy to reduce dependency on China. With rising tariffs and ongoing geopolitical tensions, Apple is looking to shift at least 50% of its export demand away from China in the coming years. India, now the second-largest smartphone producer globally, is well-positioned to play a key role in this transition.

Government Support and Local Manufacturing Growth

The Indian government has actively supported domestic electronics manufacturing through various initiatives. The India Cellular and Electronics Association (ICEA) has advocated for reduced tariffs on finished electronic imports while the Production-Linked Incentive (PLI) scheme continues to incentivise local production. These efforts are expected to further strengthen India’s role in the global electronics supply chain.

Conclusion

Apple’s decision to export AirPods from India signals a significant shift in its global manufacturing and supply chain strategy. As production scales up, India’s position as a key electronics manufacturing hub is likely to gain further prominence, contributing to both economic growth and technological advancements.

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.

KPI Green Energy Share Price Surges Over 4% – Here’s Why

The share price of KPI Green Energy Limited witnessed a surge of over 4% after the company announced that it had received financial assistance for part-funding a major renewable energy project. The company secured a sanction letter from the National Bank for Financing Infrastructure and Development (NaBFID) for ₹272 crore. This funding will be used to develop a 50MW hybrid power project in Bharuch, Gujarat.

Key Details of the Hybrid Power Project

  • Project Capacity: 50MW hybrid power, comprising 75.2MWp solar capacity and 16.95MW wind capacity.
  • Location: Bharuch District, Gujarat.
  • Power Purchase Agreement (PPA): The project will operate under a 25-year PPA with Gujarat Urja Vikas Nigam Limited (GUVNL).
  • Objective: To contribute to the company’s renewable energy expansion plans, supporting its vision of achieving 10GW capacity by 2030.

The sanctioned financial assistance is expected to facilitate the timely completion of the project, reinforcing KPI Green Energy’s position in the clean energy sector.

Strategic Importance of the Project

The project aligns with India’s ambitious renewable energy goals and strengthens KPI Green Energy’s commitment to sustainability. The hybrid nature of the project, combining both solar and wind energy, enhances reliability and efficiency, ensuring a steady supply of renewable power.

Additionally, the long-term PPA with GUVNL provides revenue visibility and stability for the company, making this a significant development in its growth trajectory.

Share Price Performance

Following the announcement, KPI Green Energy’s share price surged over 4% and is trading at ₹400.40 at 2:02 PM on March 19, 2025, reflecting investor optimism regarding the company’s expansion plans and financial backing. The funding from NaBFID, a key player in infrastructure financing, underscores confidence in KPI Green Energy’s ability to execute large-scale renewable projects.

It will reinforce and expedite the company’s progress in scaling up its green energy portfolio, especially as it targets a massive 10GW renewable energy capacity by 2030.

Conclusion

KPI Green Energy’s latest funding milestone marks a significant step in its growth strategy, reinforcing its role in India’s renewable energy sector. The financial backing from NaBFID ensures that the 50MW hybrid project moves forward as planned, contributing to India’s clean energy transition.

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.

Insolation Green Energy Secures ₹733.04 Crore Solar Module Deal

Insolation Green Energy Private Limited, a company focused on manufacturing high-quality solar power solutions, secured its biggest order worth ₹733.04 crores.

Major Business Achievement

Insolation Green Energy Private Limited, a subsidiary of Insolation Energy Limited, has won its biggest purchase order. The order is worth ₹733.04 crores and involves supplying Solar PV Modules.  

Details of the Purchase Order

The company received two major orders from KPI Green Energy Limited. The first order is valued at ₹513.13 crores for the supply of Solar PV Module N Type BI Facial (G to G) for a project at GUVNL. The second order is worth ₹219.91 crores for the same product under GUVNL Phase-2. Both deliveries will take place from June 2025 to March 2026.  

Earlier, the company also received a ₹372.20 crore contract from Rajasthan Renewable Energy Corporation Limited and Teerth Gopicon Limited for solar module supply under the Hybrid Annuity Model.  

Impact on the Company

These orders are expected to increase the company’s revenue and strengthen its position in the market. The achievement highlights the efforts of its production, sales and marketing teams. The company continues to focus on improving efficiency, managing resources effectively and reaching more customers.  

Share performance 

As of March 19, 2025, at 10:30 AM, the shares of Insolation Energy Ltd are trading at ₹269.95 per share, reflecting a surge of 5.24% from the previous day’s closing price. Over the past month, the stock has registered a profit of 19.53%. The stock’s 52-week high stands at ₹475 per share, while its low is ₹123.62 per share.

Conclusion

This achievement highlights the company’s growth and commitment to renewable energy. The efforts of its production, sales and marketing teams have played a key role in securing these contracts. With a focus on efficiency and expansion, Insolation Green Energy continues to make progress in the solar power sector.

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.

Zen Technologies Secures Third Patent for T-90 Tank Simulator

Zen Technologies Limited has been granted its third patent for the T-90 Tank Simulator, specifically for the Containerized Driving Simulator System (T-90 DS). The patent, filed on March 24, 2022, is valid until March 24, 2042. This follows previous patents for the Basic Gunnery Simulator (BGS) and Crew Gunnery Simulator (CGS).

The company has also received patents for T-72 and BMP-II tank simulators, bringing its total count to six patents related to armoured vehicle training systems. In FY 2024-25, Zen Technologies secured 14 patents, with four granted in 2025.

As of March 19, 1:10 PM, Zen Technologies’ share price is trading at ₹1,289.60, up ₹37.35 (2.98%) today, but down 23.26% over the past six months, while gaining 43.14% in the past year.

Features of the T-90 DS Simulator

The T-90 DS is a containerised, portable training system designed for military personnel. It includes a replica of the T-90 tank driver’s station with all necessary controls and a six-degree-of-freedom (6-DOF) motion platform. This setup allows operators to train in varied terrains and combat scenarios without using actual tanks.

The simulator incorporates scenario-based AI training, supporting customizable modules for different battlefield conditions. It also integrates virtual reality (VR) and augmented reality (AR) technologies, enabling real-time situational awareness. The system is designed to support multi-unit training, allowing several crew members to train together.

Deployment and Use

Designed as a plug-and-play system, the T-90 DS can be transported and deployed at various military locations. The containerized setup allows for on-site training without requiring access to operational tanks.

Conclusion

Zen Technologies is into defence training and anti-drone solutions. The company operates from Hyderabad and has applied for over 172 patents. It has delivered 1,000+ training systems worldwide, working with security forces across different countries.

The company’s products focus on combat training, tactical preparedness, and mission readiness, aligning with defence requirements in India and other markets.

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.

IT Stock in Focus L&T Technology Services Secures Record Deals in Q3FY25

L&T Technology Services (LTTS) Q3FY25 performance was robust, with revenue growth of 3.1% in constant currency. This growth was primarily led by the Tech segment, which surged 11.1%, and the Sustainability segment, which grew 4%. 

The company’s “Go Deeper to Scale” strategy has started delivering results, reflected in record-high large deal bookings. LTTS secured 8 major deals, including one $50 million deal, 2 deals exceeding $35 million, 2 deals over $25 million, and three deals above $10 million, as per the transcript of Q3 FY25 Earnings Conference Call organised by the company on January 15, 2025

Growth in Tech and Sustainability, Challenges in Mobility

The Tech segment’s growth was fuelled by rising demand in network performance management, AI-driven automation, and software product engineering. The Sustainability segment saw strong momentum in process and industrial verticals, with notable deals in Oil & Gas, FMCG, and electric controls for industrial automation.

In contrast, the Mobility segment faced headwinds, declining by 5.2% due to spending pauses by certain OEMs and weak demand in agriculture and construction machinery. However, the company remains confident in its AI-based solutions for operational efficiency in airlines and railways, and recent vendor consolidation wins in the commercial vehicle segment are expected to drive a rebound.

EBIT Margins Improved and Guidance 

On the financial front, EBIT margins improved by 110 basis points to 16.2% (excluding M&A-related costs), reflecting operational efficiency improvements and disciplined cost management. LTTS also completed the acquisition of Intelliswift in January 2025, enhancing its AI, digital, and software engineering capabilities and expanding its addressable market in Retail, Fintech, and Healthcare. The company’s free cash flows reached a record ₹638 crore, supported by improved DSO (Days Sales Outstanding) at 112 days, down from 116 days in Q2. 

The pipeline remains robust across segments, particularly in AI-led automation, MedTech solutions, and smart city infrastructure. LTTS reaffirmed its FY25 revenue growth guidance of near 10% (8% organic), with a long-term ambition of reaching $2 billion in revenue and 17-18% EBIT margins.

Recent Announcement by LTTS to Transform Railway Safety with AI Powered

L&T Technology Services Limited (LTTS), has introduced TrackEi, an AI-powered railway track inspection solution. Designed to improve railway safety, this innovation integrates NVIDIA Jetson for real-time defect detection, predictive maintenance, and enhanced operational efficiency.

The share price of LTTS was trading down by 1.5% as of 9:26 AM on March 19, 2025. 

The Need for Innovation in Rail Safety

Traditional railway track inspections involve manual checks or slow-moving trolley-based assessments. These methods can be time-consuming and, in some cases, ineffective at detecting critical defects in time to prevent accidents. 

TrackE addresses this challenge by enabling high-speed, automated inspections at over 60 miles per hour, using high-resolution cameras and laser profiling to identify defects such as broken rails, cracks, misalignments, and other structural issues.

Conclusion

As railway infrastructure continues to modernise, AI-powered solutions like TrackEi play a vital role in ensuring safety, efficiency, and sustainability. LTTS’ innovation marks a significant step towards the future of intelligent railway maintenance, offering real-time insights and predictive capabilities to transform rail transport worldwide.

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.

Zydus Lifesciences Secures USFDA Approval for Apalutamide Tablets

Zydus Lifesciences Limited has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Apalutamide Tablets, 60 mg. This approval reinforces the company’s presence in the global pharmaceutical industry.

Expanding Oncology Portfolio

Apalutamide is an androgen receptor inhibitor prescribed for patients with metastatic castration-sensitive prostate cancer. The tablets will be manufactured at Zydus Lifesciences Ltd (SEZ), Ahmedabad, strengthening the company’s oncology portfolio.

Market Impact and Regulatory Achievements

The approval comes in a competitive market where Apalutamide tablets recorded annual sales of USD 1,099.8 million in the United States (IQVIA MAT January 2025). With this, Zydus now holds 420 USFDA approvals, reflecting its strong regulatory track record.

Zydus Lifesciences Share Performance 

As of March 19, 2025, at 12:10 PM, the shares of Zydus Lifesciences share price are trading at ₹911.85 per share, reflecting a profit of 1.08 from the previous day’s closing price. Over the past month, the stock has registered a surge of 2.29%.

Conclusion

This milestone further cements Zydus’ position in the pharmaceutical sector, ensuring the availability of high-quality treatment options for cancer patients while expanding its global footprint.

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.

NTPC Set to Issue ₹4,000 Crore Non-Convertible Debentures

NTPC Limited, a government-owned enterprise, has decided to issue unsecured non-convertible debentures amounting to ₹4,000 crore. This move aligns with its financial planning strategy to support business expansion and strengthen its financial position. 

Issuance of Debentures

NTPC Limited has announced the issuance of unsecured non-convertible debentures worth ₹4,000 crore. These debentures are expected to be privately placed on March 20, 2025 with an interest rate of 7.26% per year and expected to mature after 15 years on March 20, 2040. 

Purpose of Fundraising

The funds raised through these debentures are expected to be used for various purposes including capital expenditure, refinancing existing loans and general corporate activities.  

About NTPC

NTPC Limited, India’s largest power utility, is a government-owned company under the Ministry of Power that is focused on electricity generation and distribution. Established in 1975, it supplies bulk power to state utilities and has a current installed capacity of over 76 GW, aiming to reach 130 GW by 2032. While traditionally known for thermal power, NTPC is expanding into renewable energy, hydro power, coal mining and power trading, with a goal of 60 GW renewable capacity by 2032. 

NTPC’s Financial Performance  

NTPC reported a net profit of ₹4,711.40 crore for the quarter ending December 2024, marking a 3.1% increase compared to ₹4,571.90 crore in the same quarter the previous year. The company’s revenue also grew by 4.8% year-on-year, reaching ₹41,352.30 crore compared to ₹39,455 crore in the corresponding period.  

Share performance 

As of March 19, 2025, at 1:55 PM, with a market capitalisation of ₹3.30 trillion, the shares of NTPC Ltd are trading at ₹340.75 per share, reflecting a surge of 1.01% from the previous day’s closing price. Over the past month, the stock has registered a profit of 8.24%. The stock’s 52-week high stands at ₹448.45 per share, while its low is ₹292.80 per share.

Conclusion

This debenture issuance highlights NTPC’s commitment to financial stability and business expansion. By raising funds through this strategic move, the company aims to optimise resources and ensure steady growth. 

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.