Daily Briefs

Laopu Gold (6181 HK) missed global index inclusion in May following completion of full circulation. The primary placement in May then improved chances of index inclusion in August.
The stock rose nearly 60% in the 2 months following the placement and has lost more than a third of its value from the peak in the last month.
The stock could be added to both global indices with one inclusion at the end of August and one in mid-September. That could provide short-term support for the stock.

Weekly Deals Digest (03 Aug) – CK Hutchison, Joy City, HKBN, Fujitec, Krosaki Harima, NSDL

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: NSDL (NSDL IN) is seeking to raise US$464 million.
Event-Driven developments: CK Hutchison Holdings (1 HK), Joy City Property (207 HK), HKBN Ltd (1310 HK), Fujitec Co Ltd (6406 JP), Nihon Chouzai (3341 JP), Krosaki Harima (5352 JP).

Smart Share Global (EM US): Trustar Capital-Sponsored MBO a Done Deal

Smart Share Global (EM US) has entered into a definitive merger agreement for a Trustar Capital-sponsored MBO at US$1.25 per ADS.
The proposal is conditional on regulatory approvals (low risk), shareholder approval (effectively done) and a maximum dissenting condition (likely to be waived).
This is a done deal. At the last close and for the end of December payment, the gross/annualised spread is 7.8%/20.1% (3.5%/8.7% including an ADS cancellation fee).

Smart Share Global (EM US): MBO Firmed

Nearly seven months after Smart Share (EM US), the largest provider of mobile device charging services in China, announced a preliminary non-binding proposal, a firm Offer has been entered into.
Terms remains the same as the indicative NBIO: US$0.625/share (US$1.25/ADS), a 74.8% premium to last close. The Offeror comprises a consortium led by Mars Guangyuan Cai, Chairman and CEO.
Timing from here? Perhaps three to four months, or late November completion by my estimate.

ECM Weekly (4 August 2025)-Meituan, LG CNS, Wuxi AppTec, SICC, NSDL, Aditya Info, GigaDevice, WeWork

By Sumeet Singh

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, India deal flow remains strong, with HK A/H listing starting to flow in again.
On the placements front, WuXi AppTec (2359 HK) undertook a mega raising, while Prosus NV (PRX NA) has begun to pare its stake in Meituan (3690 HK).

Innogen (银诺医药) Pre-IPO Update: Cuts in Market Forecasts

By Ke Yan, CFA, FRM

Innogen, a China-based near-commercial stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CICC are the joint sponsors.
In this note, we look at changes to the company’s PHIP prospectus.
While there is no major update to the asset lists, we do see that the market forecasts provided in the prospectus scaled down significantly.

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Aug 04

Daily Brief India: CG Power and Industrial Solutions, NSDL, NIFTY Index, TVS Motor , Aditya Infotech Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

India: Potential Free Float Changes & Passive Flows in August
Curator’s Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing
RBI Rate Decision on 6 Aug: Nifty 50’s Historic Moves Matched by Options Market
TVS Motor (TVSL) – The Juggernaut; Solid Outlook
Aditya Infotech IPO Trading – Strong Overall Demand with Decent Anchor

India: Potential Free Float Changes & Passive Flows in August

Companies in India have disclosed their shareholding pattern as of end-June in July. There are companies with significant float changes from end-March and/or end-December.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in flow from passive trackers.
Depending on the date that the shareholding was published, there could be 11 stocks with passive inflows from global trackers while 5 could have passive outflows in August.

Curator’s Cut: China Healthcare Rally, Financial Market Infra Moves, and Korea’s Equity Upswing

By Pranav Rao

Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published in the past two weeks on Smartkarma
In this cut, we review the rally in Chinese healthcare in 2025, track some updates in financial markets infrastructure companies, and see how Korean equities have done since end-May
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

RBI Rate Decision on 6 Aug: Nifty 50’s Historic Moves Matched by Options Market

By Gaudenz Schneider

Event Preview: The Reserve Bank of India will announce its next policy decision on Wednesday, August 6, 2025. After June’s larger-than-expected 0.5% rate cut, consensus expects no change.
Market Reaction History: The NIFTY 50 has historically moved more when the RBI surprises markets – a 27% occurrence rate over the past decade.
Options Perspective: This Insight investigates past market behavior during comparable RBI policy announcements and contrasts it with what current option pricing implies for this week’s move.

TVS Motor (TVSL) – The Juggernaut; Solid Outlook

By Sreemant Dudhoria,CFA

TVS Motor (TVSL IN) posted its highest-ever revenue and EBITDA in Q1FY26, with 20% topline growth. Strong export recovery (+39%) and robust EV sales (+35%) helped offset modest domestic growth.
Strong Festive Outlook: Management expects festive demand, rural recovery, and new launches—including EVs and Norton bikes—to drive strong H2 FY26 performance.
But the Valuation At 57x P/E TTM EPS, TVS commands a steep premium over peers.Despite the sustained outperformance in EV adoption,export monetization, and upcoming premium product launches, we retain HOLD.

Aditya Infotech IPO Trading – Strong Overall Demand with Decent Anchor

By Akshat Shah

Aditya Infotech Ltd (6596564Z IN) raised about US$151m in its India IPO.
Aditya Infotech is a CCTV/video surveillance provider offering a range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under its CP PLUS brand.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.

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Aug 04

Daily Brief United States: Teradyne Inc, Lam Research, Boeing Co, Paypal Holdings, Seagate Technology Holdings PL, Figma, Corning Inc, Royal Caribbean Cruises, Hubbell Inc, Heartflow and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

Teradyne Transforms Robotics with U.S. Manufacturing Push & Operational Breakthroughs!
LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure
Boeing Co: Service Expansion Complexity
PayPal Holdings: Enhancement in Branded Checkout, Payment Systems & Other Major Drivers!
Seagate Technology: Initiation of Coverage- HAMR Technology Advancement
Figma (FIG.US): The Overhang From a Partial Early Lock-Up Release Is Estimated To Be At Least $1B
Corning’s Dual Play in Solar & Auto Glass—Can This Strategy Ignite the Next Growth Supercycle?
Royal Caribbean Group: Optimization of Loyalty Programs to Build Stronger Relationships With Guests!
Hubbell Incorporated: Capital Deployment & Strategic Acquisitions to Capture New Growth Opportunities In Rapidly Evolving Sectors!
Pre-IPO Heartflow (HTFL US – Thoughts on the Business and Valuation Outlook

Teradyne Transforms Robotics with U.S. Manufacturing Push & Operational Breakthroughs!

Teradyne, Inc. reported second-quarter results that showed a sequential and year-over-year improvement in its core business areas, led by strong demand in AI compute-related segments.
The company posted secondquarter revenue of $652 million and non-GAAP EPS of $0.57, both above the midpoint of guidance.
Semi Test revenue was $492 million, including $397 million from System-on-Chip (SOC) testing and $61 million from Memory.

LRCX FY 25Q4. Record Quarter, Record Year But Beware Tariff Threats & China Exposure

By William Keating

LRCX reported FY 25Q4 revenues of $5.17 billion, + 10% QoQ, + 33% YoY and up $170 million from the guided midpoint.
For FY 2025 as a whole, revenue amounted to $18.44 billion, up 23% YoY and their highest ever annual revenue, exceeding the previous record by roughly $1 billion.
China revenues are climbing once again and now represent 35% of sales and are on track to go even higher in the current quarter. That’s a concern..

Boeing Co: Service Expansion Complexity

The Boeing Company reported its second-quarter 2025 financial results, showcasing a mixed bag of performance indicators, strategic progress, and notable challenges.
During this period, Boeing generated total revenue of $22.7 billion, marking a significant increase of 35% from the previous year.
This uptick was primarily driven by an increase in commercial airplane deliveries.

PayPal Holdings: Enhancement in Branded Checkout, Payment Systems & Other Major Drivers!

PayPal Holdings, Inc. delivered mixed results for the second quarter of 2025, displaying both strong growth in certain key segments as well as some challenges.
The positive highlights from their results include continued profitability and expanding transaction volumes, driven by strategic initiatives across their platforms.
PayPal’s transaction margin dollars increased by 8% excluding interest on customer balances, marking their sixth consecutive quarter of profitable growth, and non-GAAP earnings per share surged by 18% year-over-year.

Seagate Technology: Initiation of Coverage- HAMR Technology Advancement

Seagate Technology reported a strong performance for the fiscal fourth quarter and the entire fiscal year 2025, characterized by significant year-over-year growth in key financial metrics.
The company’s results highlighted a 30% year-over-year increase in quarterly revenue and record gross margins, marking the ninth consecutive quarter of gross margin improvement.
This performance was attributed to increased adoption of Seagate’s heatassisted magnetic recording (HAMR) technology and a robust demand for nearline products in global cloud markets.

Figma (FIG.US): The Overhang From a Partial Early Lock-Up Release Is Estimated To Be At Least $1B

By Andrei Zakharov

Figma Inc. has successfully completed its US IPO in July and sold ~36.9M Class A shares at $33.00 per share, above the marketed price range.
The company’s partial early lock-up release to occur on the second trading day immediately following public release of earnings for the second quarter of FY25.
I expect certain share price and other conditions will be satisfied for a lock-up release of some ~11.4M Class A shares held by Figma’s current employees and other service providers.

Corning’s Dual Play in Solar & Auto Glass—Can This Strategy Ignite the Next Growth Supercycle?

Corning Incorporated delivered solid results for the second quarter of 2025, showcasing both challenges and opportunities that suggest a nuanced outlook for investors.
The company achieved record sales of $4 billion, representing a 12% growth year-over-year, and an earnings per share (EPS) increase of 28% to $0.60.
The operating margin expanded by 160 basis points to 19%, contributing to a return on invested capital of 13.1%.

Royal Caribbean Group: Optimization of Loyalty Programs to Build Stronger Relationships With Guests!

Royal Caribbean Group delivered a strong performance in the second quarter of 2025, demonstrating significant improvements in key financial metrics largely driven by strong consumer demand and strategic operational enhancements.
The company exceeded expectations with adjusted earnings per share reaching $4.38, which is a 36% increase compared to last year, surpassing guidance by $0.33.
A key contributor was a robust 5.2% growth in net yields, driven by strong close-in bookings and a split between new and existing fleet contributions.

Hubbell Incorporated: Capital Deployment & Strategic Acquisitions to Capture New Growth Opportunities In Rapidly Evolving Sectors!

Hubbell Incorporated’s second quarter of 2025 financial results present a mixed picture, emphasizing the company’s strategic adaptability amidst continuing macroeconomic and inflationary pressures.
The company reported a robust double-digit growth in adjusted earnings per share, driven by strong organic growth in its Grid Infrastructure and Electrical Solutions segments, accompanied by a notable year-over-year adjusted operating margin expansion of 120 basis points.
Despite inflationary challenges, the company effectively managed costs through strategic price hikes and productivity enhancements, aimed at achieving positive price/cost productivity for the year.

Pre-IPO Heartflow (HTFL US – Thoughts on the Business and Valuation Outlook

By Xinyao (Criss) Wang

HeartFlow submitted its prospectus, targeting a valuation of up to US$1.32 billion in US IPO. Heartflow is seeking up to US$212.5 million by offering 12.5 million shares priced between US$15-17/share.
HeartFlow’s moat includes a first-mover advantage, medical insurance network, and ecological cooperation with equipment manufacturers. However, the accuracy of its products is slightly inferior to that of similar Chinese products.
Our forecast is revenue to up 35% YoY/30% YoY/25% YoY in 2025/2026/2027. HeartFlow may achieve breakeven in 2027. Comfortable valuation could be P/S of 7-9x if based on 2025E revenue.

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Aug 03

Daily Brief Industrials: CK Hutchison Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Last Week In Event SPACE: CK Hutch, GMO Internet, Prosus/Meituan, Piedmont Lithium

Last Week In Event SPACE: CK Hutch, GMO Internet, Prosus/Meituan, Piedmont Lithium

Intervention seeds participation as a PRC investor (COSCO?) is expected to join the bidding consortium for CK Hutchison Holdings (1 HK) ports.
GMO Internet Group (9449 JP) needs to sell shares in GMO Internet (4784 JP)to achieve a “float” of 35% by 31 December 2026. Recent filings show they are selling.
Prosus NV (PRX NA) has been selling Tencent (700 HK), then buying back its shares. (As has Tencent). Reportedly Prosus is now selling shares in Meituan (3690 HK).

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Aug 03

Daily Brief Energy/Materials: Krosaki Harima and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Krosaki Harima (5352 JP): Nippon Steel’s Preconditional Tender Offer at JPY4,200

Krosaki Harima (5352 JP): Nippon Steel’s Preconditional Tender Offer at JPY4,200

Krosaki Harima (5352 JP) has recommended a preconditional tender offer from Nippon Steel Corporation (5401 JP), the parent, at JPY4,200, a 21.7% premium to the last close price of JPY3,450.
The offer is attractive as it represents an all-time high and is above the mid-point of the special committee IFA DCF valuation range.
The precondition relates to regulatory approvals in Japan and India. The tender offer is expected to start in early February 2026. This is a done deal.

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Aug 03

Daily Brief TMT/Internet: HKBN Ltd, SK Hynix, Qualcomm Inc, Topcon Corp and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

HKBN (1310 HK): Pre-Cons Satisfied. Offer To Open Shortly
HKBN (1310 HK): China Mobile Satisfies the Precondition
Inside Samsung’s HBM3E Chicken Game
[Earnings Review] Qualcomm Rides Android Wave, But Apple Exit and Licensing Strains Linger
(Mostly) Asia-Pac M&A: Topcon, Joy City, Hogy Medical, Nihon Chouzai, Piedmont Lithium, Pacific Ind.

HKBN (1310 HK): Pre-Cons Satisfied. Offer To Open Shortly

Almost exactly eight months after HKBN Ltd (1310 HK) announced a pre-conditional Offer, China Mobile (941 HK) has now satisfied all pre-cons.
The Offer Doc will be dispatched on or around the 12th August, at which time the Offer will be open for acceptances.
This could turn unconditional early September. Trading tight at a gross spread of 1.5%. Keep in mind a basket of peers are up 23% since the Offer was announced.

HKBN (1310 HK): China Mobile Satisfies the Precondition

The precondition for China Mobile (941 HK)’s HK$5.075 offer for HKBN Ltd (1310 HK) is satisfied. The offer is final. The offer document must be despatched by 8 August.
The HKBN CEO has commented that the China Mobile offer is not good enough, suggesting a possibility that the Board does not recommend the offer.
Nevertheless, there is a clear pathway for the offer to satisfy the 50% minimum acceptance condition and be declared unconditional. The gross/annualised spread for a 13 September payment is 1.5%/13.0%.

Inside Samsung’s HBM3E Chicken Game

By Sanghyun Park

Samsung’s playing its old game—sacrificing margins to shake rivals—aiming to disrupt DRAM and win HBM4, assuming it clears NVIDIA’s HBM3E qual test soon.
Local intel says no official word from Samsung yet, but the street thinks qual’s done—hence Samsung’s bold HBM3E tone and oversupply warning on the call.
There’s urgency—Samsung’s undercutting Hynix now to stop them from reinvesting cash into DRAM fab expansion, a playbook Samsung once dominated with.

[Earnings Review] Qualcomm Rides Android Wave, But Apple Exit and Licensing Strains Linger

By Raghav Vashisht

Handset and edge networking demand powered a strong QCT beat, but licensing growth underwhelmed, and margins declined sequentially.
Apple modem revenues will fade by 2026, and the management conspicuously avoided commentary on China auto; both adding to uncertainty.
Snapdragon X’s monetisation has been deferred, while XR design momentum was a rare bright spot beyond mobile.

(Mostly) Asia-Pac M&A: Topcon, Joy City, Hogy Medical, Nihon Chouzai, Piedmont Lithium, Pacific Ind.

I tally 40 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
Three new deal was discussed on Smartkarma this week: Joy City Property (207 HK), Hogy Medical (3593 JP), and Nihon Chouzai (3341 JP).
Key updates/news took place on MAC Copper (MAC AU), PointsBet (PBH AU), Ainsworth Game Technology (AGI AU), Piedmont Lithium (PLL AU),Pacific Industrial (7250 JP), and Topcon (7732 JP) .

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Aug 03

Daily Brief Industrials: CK Hutchison Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Last Week In Event SPACE: CK Hutch, GMO Internet, Prosus/Meituan, Piedmont Lithium

Last Week In Event SPACE: CK Hutch, GMO Internet, Prosus/Meituan, Piedmont Lithium

Intervention seeds participation as a PRC investor (COSCO?) is expected to join the bidding consortium for CK Hutchison Holdings (1 HK) ports.
GMO Internet Group (9449 JP) needs to sell shares in GMO Internet (4784 JP)to achieve a “float” of 35% by 31 December 2026. Recent filings show they are selling.
Prosus NV (PRX NA) has been selling Tencent (700 HK), then buying back its shares. (As has Tencent). Reportedly Prosus is now selling shares in Meituan (3690 HK).

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Aug 03

Daily Brief Health Care: WuXi AppTec and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

By Xinyao (Criss) Wang

A key point of the press conference held by the NHSA is that the selection in centralized procurement of medical devices will no longer be based on the lowest price.
Investors have high hopes for the licensing cooperation of IBI363. Our guess is a 50:50 licensing deal with MNC is expected, so as to maximize the value/potential of the drug.
Considering Li Ge’s rich experience in capital operation, WuXi AppTec’s Placement implies its H-share is already at high level.Investors can consider taking profits, as share price adjustment may be coming.

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Aug 03

Most Read: Bank Central Asia, WuXi AppTec, GDS Holdings , Hyosung Heavy Industries Corp, GF Securities (H), NSDL, China Huarong Asset Management, Hitachi Energy India, Ricoh Company Ltd, PT Petrindo Jaya Kreasi Tbk and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

IDX30/LQ45/IDX80 Index Rebalance: Changes Across the Indices
WuXi AppTec (2359 HK) Placement: Strong Momentum & Index Flows
GDS Holdings (9698 HK): Global Index Inclusion as Shorts Build Up
Hyosung Heavy (298040 KS): Positioning Not Extreme as Index Inclusion Nears
GF Securities (1776 HK): Global Index Inclusion as Sector Rallies
NSDL (NSDL IN) IPO: Offering Details & Index Inclusion Timeline
China Citic Financial (2799 HK): Global Index Inclusion as Valuation Blows Out
Hitachi Energy India (POWERIND IN): Powering into a Global Index in August
Ricoh (7752 JP): Potential Global Index Deletion in August
Petrindo Jaya Kreasi (CUAN IJ): Potential Global Index Inclusion & The Risks

IDX30/LQ45/IDX80 Index Rebalance: Changes Across the Indices

There are 2 constituent changes each for the IDX30 Index and the LQ45 Index, and 3 constituent changes for IDX80 Index to be implemented at the close on 31 July.
The largest passive flows are expected in Bank Central Asia, Bank Rakyat Indonesia, PT Adaro Andalan Indonesia, Mitra Adiperkasa, XLSMART Telecom Sejahtera, Indo Tambangraya Megah and Bank Mandiri Persero.
With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.

WuXi AppTec (2359 HK) Placement: Strong Momentum & Index Flows

WuXi AppTec (2359 HK) is looking to raise US$650m at a price range of HK$104.16-106.4/share, a 5-7% discount from last close.
There will be passive buying from global index trackers around the time of settlement of the placement shares. Then there will be some Hang Seng Index buying in August.
Short interest in WuXi AppTec (2359 HK) has spiked and some shorts could cover into the placement. The AH premium could move higher following the placement.

GDS Holdings (9698 HK): Global Index Inclusion as Shorts Build Up

Following a rally in the stock over the last 3 months, GDS Holdings (9698 HK) / GDS Holdings (ADR) (GDS US) could be added to a global index in August.
Short interest in GDS Holdings (9698 HK) has been increasing. Add the short interest in GDS Holdings (ADR) (GDS US) and the number is pretty big.
Despite the recent rally, GDS Holdings (9698 HK) trades cheaper than its closest peer and there could be opportunities to enter market neutral trades.

Hyosung Heavy (298040 KS): Positioning Not Extreme as Index Inclusion Nears

In an all too familiar sight across a range of stocks across a range of markets, Hyosung Heavy Industries‘ stock price has doubled over the last 3 months.
The increased market cap should result in index inclusion and passive trackers are estimated to buy 358k shares (US$291m; 4.5x ADV) at the close on 26 August.
Hyosung Heavy has outperformed most peers over the last few months but still trades at reasonable relative valuations. Positioning does not appear excessive relative to peers.

GF Securities (1776 HK): Global Index Inclusion as Sector Rallies

Following a rally in the stock over the last 4 months, GF Securities (H) (1776 HK) could be added to a global index in August.
GF Securities (H) (1776 HK)‘ peers have also rallied over the same time frame and the stock trades in line with its peers on various valuation metrics.
Positioning in the stock is in line with its peers and shorts have continued to increase as the stock price has moved higher.

NSDL (NSDL IN) IPO: Offering Details & Index Inclusion Timeline

NSDL (NSDL IN) is looking to list on the exchanges by selling up to INR 40bn (US$464m) of stock at a valuation of up to INR 160bn (US$1.85bn).
The stock will not get Fast Entry to either of the global indices. The earliest inclusion in a global index should take place in November.
Central Depository Services (CDSL IN)‘s stock price has dropped following the announcement of NSDL‘s IPO price band and the muted results could lead to further downside in the stock.

China Citic Financial (2799 HK): Global Index Inclusion as Valuation Blows Out

A doubling of the stock price over the last 4 months could lead to China Huarong Asset Management (2799 HK)‘s inclusion in a global index in August.
China Huarong Asset Management (2799 HK) has outperformed its closest peer and trades at a much higher price to book.
China Huarong Asset Management (2799 HK) was added to Southbound Stock Connect in March and investors have been buying the stock via the link.

Hitachi Energy India (POWERIND IN): Powering into a Global Index in August

A big rally in Hitachi Energy India (POWERIND IN) this year could lead to the stock being added to a global index in August.
Hitachi Energy India (POWERIND IN) has outperformed its peers and now trades at significantly higher valuations compared to its peer group.
There is positioning in the stock and early entrants could be looking to unwind some of their holdings over the next couple of weeks.

Ricoh (7752 JP): Potential Global Index Deletion in August

The slide in Ricoh Company Ltd (7752 JP)‘s stock price over the last few months could lead to the deletion of the stock from a global index in August.
Ricoh Company Ltd (7752 JP) has underperformed its peers over the last couple of months and trades cheaper than the average of its peers.
There are indications of positioning in the stock. However, positioning is likely smaller than the estimated passive selling and there could be more downside for the stock near-term.

Petrindo Jaya Kreasi (CUAN IJ): Potential Global Index Inclusion & The Risks