Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 48 - 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>Three new deals this week: NBIOs for <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">SG Fleet (SGF AU)</a> and <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">AVJennings Ltd (AVJ AU)</a>; and <a href="https://www.smartkarma.com/entities/shandong-hi-speed-new-energy-g" target="_blank" data-smartkarma-citation="entities:6927:1" rel="noopener">Shandong Hi-Speed New Energy  (1250 HK)</a>'s MGO. <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a> also suspended.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/hotel-property-investments" target="_blank" data-smartkarma-citation="entities:9850:1" rel="noopener">Hotel Property Investments (HPI AU)</a>, <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> and <a href="https://www.smartkarma.com/entities/samty-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:43711:1" rel="noopener">SAMTY HOLDINGS (187A JP)</a>.
</li>
</ul>


I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals this week: NBIOs for SG Fleet (SGF AU) and AVJennings Ltd (AVJ AU); and Shandong Hi-Speed New Energy  (1250 HK)'s MGO. Fosun Tourism (1992 HK) also suspended.
Key updates/news took place on: Hotel Property Investments (HPI AU), Capitol Health (CAJ AU), Shanghai Henlius Biotech (2696 HK), Seven &amp; I Holdings (3382 JP) and SAMTY HOLDINGS (187A JP).



Mostly) Asia-Pac M&A: SG Fleet, Shandong Hi-Speed New Energy, HPI, Capitol Health, Henlius, 7 & I

Shandong Hi-Speed New Energy G / Event-Driven

<ul>
<li>Not a delisting Offer, but a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1127/2024112700199.pdf" target="_blank" rel="noopener">possible mandatory unconditional Offer</a> from <a href="https://www.smartkarma.com/entities/shandong-hi-speed-holdings-gro" target="_blank" data-smartkarma-citation="entities:10356:1" rel="noopener">Shandong Hi-Speed Holdings (412 HK)</a> (SDHG) at HK$1.78/share, a premium of 7.23% to last close. </li>
<li>SDHG, with 43.45%, has entered into an SPA with two <a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a>-backed funds holding 13.52%, the completion of which lifts SDHG's take to 56.97%, triggering an MGO. </li>
<li>Conditions to the SPA are straightforward. Expect <a href="https://www.smartkarma.com/entities/shandong-hi-speed-new-energy-g" target="_blank" data-smartkarma-citation="entities:6927:1" rel="noopener">Shandong Hi-Speed New Energy G (1250 HK)</a> to trade tight, if not through terms. </li>
</ul>


Not a delisting Offer, but a possible mandatory unconditional Offer from Shandong Hi-Speed Holdings (412 HK) (SDHG) at HK$1.78/share, a premium of 7.23% to last close. 
SDHG, with 43.45%, has entered into an SPA with two Citic Securities (H) (6030 HK)-backed funds holding 13.52%, the completion of which lifts SDHG's take to 56.97%, triggering an MGO. 
Conditions to the SPA are straightforward. Expect Shandong Hi-Speed New Energy G (1250 HK) to trade tight, if not through terms. 


Shandong Hi-Speed New Energy (1250 HK): Possible MGO At HK$1.78/Share.

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 analyzed the latest HK SFC report for aggregate short position as of Nov 15th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Tencent, CCB, China Mobile, AIA.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 15th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Tencent, CCB, China Mobile, AIA.


HK Short Interest Weekly: Tencent, CCB, China Mobile, AIA

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 8th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Xpeng, Citic Sec, Anta Sports, HSBC, Mnso.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 8th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Xpeng, Citic Sec, Anta Sports, HSBC, Mnso.


HK Short Interest Weekly: Xpeng, Citic Sec, Anta Sports, HSBC, Mnso

<ul>
<li>In March 2022, in what was viewed as a bail out, <a href="https://www.smartkarma.com/entities/shandong-hi-speed-new-energy-g" target="_blank" data-smartkarma-citation="entities:6927:1" rel="noopener">Shandong Hi-Speed New Energy (1250 HK)</a> issued shares, equivalent to 43.45% on a diluted basis, to <a href="https://www.smartkarma.com/entities/shandong-hi-speed-holdings-gro" target="_blank" data-smartkarma-citation="entities:10356:1" rel="noopener">Shandong Hi-Speed 412 HK)</a>
</li>
<li>Shandong Hi-Speed was not obliged to launch a mandatory offer after securing a whitewash waiver. Two hand half years later, Shandong Hi-Speed still holds 43.45%. </li>
<li>SDHS New Energy is now suspended pursuant to the Takeovers Code. Shandong Hi-Speed is also suspended. Expect a take-private bid from Shandong Hi-Speed.</li>
</ul>


In March 2022, in what was viewed as a bail out, Shandong Hi-Speed New Energy (1250 HK) issued shares, equivalent to 43.45% on a diluted basis, to Shandong Hi-Speed 412 HK)

Shandong Hi-Speed was not obliged to launch a mandatory offer after securing a whitewash waiver. Two hand half years later, Shandong Hi-Speed still holds 43.45%. 
SDHS New Energy is now suspended pursuant to the Takeovers Code. Shandong Hi-Speed is also suspended. Expect a take-private bid from Shandong Hi-Speed.


Shandong Hi-Speed New Energy (1250 HK): Expect A Delisting Offer

China

CITIC Securities Co., Ltd. provides securities brokerage, trading, underwriting, investment banking, asset management, and investment consulting services.

Price Gauge
52-week Range	0.00 - 0.00
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Citic Securities (H) (6030 HK)

Mostly) Asia-Pac M&A: SG Fleet, Shandong Hi-Speed New Energy, HPI, Capitol Health, Henlius, 7 & I

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

HK Short Interest Weekly: Tencent, CCB, China Mobile, AIA

We analyzed the latest HK SFC report for aggregate short position as of Nov 15th and highlight short interest changes in Tencent, CCB, China...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Xpeng, Citic Sec, Anta Sports, HSBC, Mnso

We analyzed the latest HK SFC report for aggregate short position as of Nov 8th and highlight short interest changes in Xpeng, Citic Sec, Anta...

Ke Yan, CFA, FRM

Shandong Hi-Speed New Energy (1250 HK): Expect A Delisting Offer

If an Offer, I'll defer to the average Offer premium of ~37% in HK over the past five. That backs out a possible price of HK$2.30/share, or ~13.5x...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mostly) Asia-Pac M&A: SG Fleet, Shandong Hi-Speed New Energy, HPI, Capitol Health, Henlius, 7 & I

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

Shandong Hi-Speed New Energy (1250 HK): Possible MGO At HK$1.78/Share.

Not the delisting Offer I was expecting. Assuming around mid-Feb payment, I'd pay up to HK$1.73/share. This may trade through terms; but I don't...

David Blennerhassett

HK Short Interest Weekly: Tencent, CCB, China Mobile, AIA

We analyzed the latest HK SFC report for aggregate short position as of Nov 15th and highlight short interest changes in Tencent, CCB, China...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Xpeng, Citic Sec, Anta Sports, HSBC, Mnso

We analyzed the latest HK SFC report for aggregate short position as of Nov 8th and highlight short interest changes in Xpeng, Citic Sec, Anta...

Ke Yan, CFA, FRM

Shandong Hi-Speed New Energy (1250 HK): Expect A Delisting Offer

If an Offer, I'll defer to the average Offer premium of ~37% in HK over the past five. That backs out a possible price of HK$2.30/share, or ~13.5x...

David Blennerhassett