Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Chinese Internet data center services provider <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a> has recently received a non-binding proposal letter from the Hina Group and Shanghai's Industrial Bank Co. </li>
<li>The indicative Offer price is US$8.00/ADS, or ~US$1.3333 per ordinary share.</li>
<li>The Offer Price is utterly underwhelming. A successful outcome will more than likely find its way to the Cayman Court.</li>
</ul>


Chinese Internet data center services provider 21Vianet Group (VNET US) has recently received a non-binding proposal letter from the Hina Group and Shanghai's Industrial Bank Co. 
The indicative Offer price is US$8.00/ADS, or ~US$1.3333 per ordinary share.
The Offer Price is utterly underwhelming. A successful outcome will more than likely find its way to the Cayman Court.


Head of Asia, Lucror Analytics

Charles Macgregor

Head of Asia

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-16122'>O-Net Technologies (Group) </a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.O-Net Technologies (Group) 

Morning Views Asia: O-Net Technologies (Group) 

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>VNET, formerly known as <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, is a leading carrier and cloud-neutral data centre services provider in China. </li>
<li>It has received a non-binding privatisation proposal from <a href="https://www.hinagroup.com/" target="_blank" rel="noopener">The Hina Group</a> and <a href="https://www.smartkarma.com/entities/industrial-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:19515:1" rel="noopener">Industrial Bank Co Ltd A (601166 CH)</a> at $8.00 per ADS, a 48.1% premium to the undisturbed price. </li>
<li>The Board has not made any decisions on the offer. Despite the juicy premium, the offer is unattractive in the context of historical multiples and share prices.    </li>
</ul>


VNET, formerly known as 21Vianet Group (VNET US), is a leading carrier and cloud-neutral data centre services provider in China. 
It has received a non-binding privatisation proposal from The Hina Group and Industrial Bank Co Ltd A (601166 CH) at $8.00 per ADS, a 48.1% premium to the undisturbed price. 
The Board has not made any decisions on the offer. Despite the juicy premium, the offer is unattractive in the context of historical multiples and share prices.    


VNET’s Languishing Shares Draws an Opportunistic $8.00 Bid

<ul>
<li>I tally 39 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deal discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/taisho-pharmaceutical-holdin" target="_blank" data-smartkarma-citation="entities:3774:1" rel="noopener">Taisho Pharmaceutical Holding (4581 JP)</a>'s MBO. </li>
<li>Key updates on:  <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">OreCorp (ORR AU)</a>, <a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong Int'l (665 HK)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, T&amp;K TOKA, and <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys (HOLI US)</a>.</li>
</ul>


I tally 39 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal discussed on Smartkarma this week: Taisho Pharmaceutical Holding (4581 JP)'s MBO. 
Key updates on:  Origin Energy (ORG AU), Healius (HLS AU), OreCorp (ORR AU), Haitong Int'l (665 HK), JSR Corp (4185 JP), Eoflow (294090 KS), T&amp;K TOKA, and Hollysys (HOLI US).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Origin Energy, Healius, OreCorp, Haitong Int., Taisho Pharma

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Equity Bottom-Up

<ul><li>111, inc (YI) has run up to $3.25. For a spread of only about 11%.</li><li>Which is not all that attractive since there is no definitive agreement signed. So I am closing it with a quick 13% gain here.</li><li>These Chinese merger situations sometimes randomly spike up, and I think it is wise to trade around them when upside isn’t as juicy anymore.</li></ul>

111, inc (YI) has run up to $3.25. For a spread of only about 11%.Which is not all that attractive since there is no definitive agreement signed. So I am closing it with a quick 13% gain here.These Chinese merger situations sometimes randomly spike up, and I think it is wise to trade around them when upside isn’t as juicy anymore.

China

21Vianet Group, Inc. provides carrier-neutral Internet data center services. The Company hosts its customers' servers and networking equipment, as well as provides interconnectivity and managed network services to enable customers to deliver data across the Internet. 21Vianet conducts business in Beijing, China.

52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

21Vianet Group (VNET US)

Hina/IBC's Non-Binding Proposal For VNET

Shandong Hi-Speed Holdings (412 HK) is investing US$299mn (@US$0.497/share) in VNET to take a 42.12% stake on a fully diluted basis, and 35.7% of...

David Blennerhassett

Morning Views Asia: O-Net Technologies (Group)

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

VNET’s Languishing Shares Draws an Opportunistic $8.00 Bid

The Hina Group and Industrial Bank Co have offered $8.00 per ADS, a 48.1% premium to the undisturbed price. However, the offer is unattractive in...

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Origin Energy, Healius, OreCorp, Haitong Int., Taisho Pharma

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Quick Idea's

These Chinese merger situations sometimes randomly spike up, and I think it is wise to trade around them when upside isn’t as juicy anymore.

Turtles all the way down

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)