Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

Brilliance China Automotive / Equity Bottom-Up

<ul>
<li>With the Hang Seng Index dipping below the 15,000 mark earlier this week, it's time to dust off some old school perspective.</li>
<li>This insight looks at Benjamin Graham's Net Nets, (current assets less current liabilities), then subtract any debt not included in current liabilities. More simply, current assets less total liabilities.</li>
<li>Graham would conclude these stocks are priced for liquidation.  Stocks discussed include <a href="https://www.smartkarma.com/entities/brilliance-china-automotive" target="_blank" data-smartkarma-citation="entities:469:1" rel="noopener">Brilliance China (1114 HK)</a>, <a href="https://www.smartkarma.com/entities/ming-yuan-cloud-group" target="_blank" data-smartkarma-citation="entities:29268:1" rel="noopener">Ming Yuan (909 HK)</a>, <a href="https://www.smartkarma.com/entities/yidu-tech-inc" target="_blank" data-smartkarma-citation="entities:29245:1" rel="noopener">Yidu Tech (2158 HK)</a>, and <a href="https://www.smartkarma.com/entities/a-living-smart-city-services-c" target="_blank" data-smartkarma-citation="entities:26728:1" rel="noopener">A-Living Smart City (3319 HK)</a>.</li>
</ul>


With the Hang Seng Index dipping below the 15,000 mark earlier this week, it's time to dust off some old school perspective.
This insight looks at Benjamin Graham's Net Nets, (current assets less current liabilities), then subtract any debt not included in current liabilities. More simply, current assets less total liabilities.
Graham would conclude these stocks are priced for liquidation.  Stocks discussed include Brilliance China (1114 HK), Ming Yuan (909 HK), Yidu Tech (2158 HK), and A-Living Smart City (3319 HK).


More Hong Kong Stocks Priced For Liquidation

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 November 21st.</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, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 21st.
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, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy.


HK Connect Flows Weekly (Nov 21st): Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy

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>
<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> has announced an enhanced offer from Boyu at HK$8.69, a 30.3% premium to the existing base offer of HK$6.67.</li>
<li>The enhanced offer is conditional on the shareholders’ approval of the delisting resolution and the 90% minimum acceptance condition from disinterested shareholders.</li>
<li>The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the undisturbed price. </li>
</ul>



Jinke Smart Services (9666 HK) has announced an enhanced offer from Boyu at HK$8.69, a 30.3% premium to the existing base offer of HK$6.67.
The enhanced offer is conditional on the shareholders’ approval of the delisting resolution and the 90% minimum acceptance condition from disinterested shareholders.
The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the undisturbed price. 


Jinke Smart Services (9666 HK): Boyu’s Enhanced Offer but with Potentially Problematic Conditions

<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 from a Boyu-backed Offeror.</li>
<li>The Offeror (and Concert Parties), bought a 18.05% stake in Jinke at auction, lifting their stake &gt;50% triggering the MGO. The Offeror's intention was to maintain Jinke's listing. </li>
<li>That's now changed. The Offeror is now seeking Jinke's delisting at HK$8.69/share; however, as Jinke is PRC incorporated, the privatisation conditions include a Scheme-like vote and a 90% tendering condition. </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 from a Boyu-backed Offeror.
The Offeror (and Concert Parties), bought a 18.05% stake in Jinke at auction, lifting their stake &gt;50% triggering the MGO. The Offeror's intention was to maintain Jinke's listing. 
That's now changed. The Offeror is now seeking Jinke's delisting at HK$8.69/share; however, as Jinke is PRC incorporated, the privatisation conditions include a Scheme-like vote and a 90% tendering condition. 


Jinke Smart (9666 HK): Boyu Changes Up And Now Seeks Delisting

<ul>
<li>Back 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>The Boyu-backed Offeror and Concert Parties, (then) holding 37.86%, bought a 18.05% stake in Jinke at auction, subject to CSDC oversight. CSGC approval was received on the 19th September.</li>
<li>The Offer period has been twice extended. Prior to the second extension, shares were suspended. To date, no plausible reason has been given. So I tapped the FA for answers.</li>
</ul>


Back 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.
The Boyu-backed Offeror and Concert Parties, (then) holding 37.86%, bought a 18.05% stake in Jinke at auction, subject to CSDC oversight. CSGC approval was received on the 19th September.
The Offer period has been twice extended. Prior to the second extension, shares were suspended. To date, no plausible reason has been given. So I tapped the FA for answers.


Why Is Jinke Smart (9666 HK) Still Suspended?

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)

More Hong Kong Stocks Priced For Liquidation

This note looks at Net Nets, (current assets less current liabilities), then subtract debt not included in current liabilities. Benjamin Graham...

David Blennerhassett

HK Connect Flows Weekly (Nov 21st): Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Xiaomi, Xpeng, CCB, SMIC, China Shenhua Energy.

Ke Yan, CFA, FRM

Jinke Smart Services (9666 HK): Boyu’s Enhanced Offer but with Potentially Problematic Conditions

The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the...

Arun George

Jinke Smart (9666 HK): Boyu Changes Up And Now Seeks Delisting

You have a minimum floor of HK$6.67/share. This revised Offer may well get up ; however the 90% tendering condition can be tricky. Assuming late...

David Blennerhassett

Why Is Jinke Smart (9666 HK) Still Suspended?

The Offer period has been twice extended. Prior to the second extension, shares were suspended. To date, no plausable reason has been given. So I...

David Blennerhassett

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52-week Range

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