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.

Event-Driven

<ul>
<li>On 19 September, Boyu completed the auction share transfer to take its <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> shareholding to 55.91% of outstanding shares.</li>
<li>Pursuant to Rule 26.1 of the Takeovers Code, Boyu is required to make a mandatory unconditional general offer at HK$6.67. The offer should open by 26 September.</li>
<li>The offer price is unattractive, suggesting a low chance of breaching the public float requirements (23.4% of outstanding shares). At the last close, the gross/annualised spread is 0.9%/10.0%.</li>
</ul>


On 19 September, Boyu completed the auction share transfer to take its Jinke Smart Services (9666 HK) shareholding to 55.91% of outstanding shares.
Pursuant to Rule 26.1 of the Takeovers Code, Boyu is required to make a mandatory unconditional general offer at HK$6.67. The offer should open by 26 September.
The offer price is unattractive, suggesting a low chance of breaching the public float requirements (23.4% of outstanding shares). At the last close, the gross/annualised spread is 0.9%/10.0%.


Jinke Smart Services (9666 HK): Boyu’s Unconditional Offer Set to Open

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 28th April 2025, PRC-incorporated property management play <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> announced a possible unconditional MGO take-under at HK$6.67/share.</li>
<li>At an auction, the Boyu-backed Offeror and Concert Parties, (then) holding 37.86%, bought a 18.05% stake in Jinke, subject to CSDC oversight. Approval was received on the 19th September.</li>
<li>
The Composite Document is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0926/2025092600021.pdf" target="_blank" rel="noopener">out</a>, and shareholders, should they so choose, can tender. The first close is the 17th October. The Offer may get extended.  I doubt it. </li>
</ul>


On the 28th April 2025, PRC-incorporated property management play Jinke Smart Services (9666 HK) announced a possible unconditional MGO take-under at HK$6.67/share.
At an auction, the Boyu-backed Offeror and Concert Parties, (then) holding 37.86%, bought a 18.05% stake in Jinke, subject to CSDC oversight. Approval was received on the 19th September.

The Composite Document is now out, and shareholders, should they so choose, can tender. The first close is the 17th October. The Offer may get extended.  I doubt it. 


Jinke Smart (9666 HK): Boyu's Unconditional Offer Now Open To Tendering

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 19th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Beigene, China Pacific Insurance, Duality Biotherapeutics, Xiaomi, Tencent, ICBC, Great Wall Motor.


HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

Evergrande Property Services / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/evergrande-property-services" target="_blank" data-smartkarma-citation="entities:30921:1" rel="noopener">Evergrande Property Services (6666 HK)</a> is in a trading halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” </li>
<li>The trading halt likely relates to <a href="https://www.smartkarma.com/entities/china-evergrande-group" target="_blank" data-smartkarma-citation="entities:479:1" rel="noopener">Evergrande (3333 HK)</a> liquidators’ efforts to sell Evergrande Group’s majority interest in Evergrande Services.</li>
<li>The sale is likely to trigger an unconditional mandatory general offer. I estimate the potential offer price to be around HK$1.08 per share, a 17.8% premium to the last close.</li>
</ul>



Evergrande Property Services (6666 HK) is in a trading halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” 
The trading halt likely relates to Evergrande (3333 HK) liquidators’ efforts to sell Evergrande Group’s majority interest in Evergrande Services.
The sale is likely to trigger an unconditional mandatory general offer. I estimate the potential offer price to be around HK$1.08 per share, a 17.8% premium to the last close.


Evergrande Services (6666 HK): Liquidation of Evergrande’s Stake to Trigger an Unconditional MGO?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 24 adds and 22 deletes for the Hang Seng Composite Index (HSCI) at the September rebalance to take the number of index constituents up to 504.</li>
<li>We expect 20 of the 24 HSCI inclusions to be Stock Connect adds from the open on 8 September. 19 of the 22 deletions could be removed from Stock Connect.</li>
<li>On average, stocks that are expected to be added to Southbound Stock Connect have outperformed stocks that are expected to be removed from Southbound Stock Connect.</li>
</ul>


There are 24 adds and 22 deletes for the Hang Seng Composite Index (HSCI) at the September rebalance to take the number of index constituents up to 504.
We expect 20 of the 24 HSCI inclusions to be Stock Connect adds from the open on 8 September. 19 of the 22 deletions could be removed from Stock Connect.
On average, stocks that are expected to be added to Southbound Stock Connect have outperformed stocks that are expected to be removed from Southbound Stock Connect.


HSCI Index Rebalance: 24 Adds, 22 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

China

A-Living Smart City Services Co., Ltd. offers property management services. The Company provides hydropower maintenance, parking management, home cleaning, and other services. A-Living Smart City Services also engages in interior decoration works, landscaping works, and others.

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A-Living Smart City Services C (3319 HK)

Jinke Smart Services (9666 HK): Boyu’s Unconditional Offer Set to Open

Boyu’s unconditional offer is open and closes on 17 October. The IFA opines that the HK$6.67 offer is fair and reasonable. The long-term play is...

Arun George

Jinke Smart (9666 HK): Boyu's Unconditional Offer Now Open To Tendering

My bet is that the back-end will trade up - but I don't have a strong conviction. That is the only trade here. I'd expect Boyu to make a delisting...

David Blennerhassett

HK Connect Flows Weekly (Sep 19th): Alibaba, Beigene, China Pacific Insurance

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Beigene, China Pacific Insurance, Duality...

Ke Yan, CFA, FRM

Evergrande Services (6666 HK): Liquidation of Evergrande’s Stake to Trigger an Unconditional MGO?

The trading halt likely relates to Evergrande liquidators’ efforts to sell Evergrande Group’s majority interest in Evergrande Services, which could...

Arun George

HSCI Index Rebalance: 24 Adds, 22 Deletes, Changes to Southbound Stock Connect & BIG Outperformance

There are 24 adds and 22 deletes for the HSCI in Sep. 20 stocks could be added to Stock Connect and 19 removed. The Connect adds have outperformed...

Brian Freitas

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