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>The <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> delisting resolution failed as it was not approved by at least 75% of disinterested shareholders.</li>
<li>The resumption of trading resolutions to restore the 10% free float requirement was passed. Trading will resume once the 10% free float requirement is met. </li>
<li>Minorities have secured a pyrrhic victory as the <a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC (OCBC SP)</a> offer was light, but there is no obvious catalyst to re-rate the shares. Deal break price around S$21.49.</li>
</ul>


The Great Eastern Holdings (GE SP) delisting resolution failed as it was not approved by at least 75% of disinterested shareholders.
The resumption of trading resolutions to restore the 10% free float requirement was passed. Trading will resume once the 10% free float requirement is met. 
Minorities have secured a pyrrhic victory as the OCBC (OCBC SP) offer was light, but there is no obvious catalyst to re-rate the shares. Deal break price around S$21.49.


Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>It has been reported that Woori Financial Group is considering on acquiring all of the remaining shares (21.2%) of Tongyang Life Insurance and delist it, making it a 100% subsidiary.</li>
<li>We believe that there is a high probability (70-80%+) that Woori Financial Group decides to acquire the remaining 21.2% stake in Tongyang Life Insurance held by minority shareholders. </li>
<li>Between cash and stock, we think that Woori Financial is likely to use cash to complete this deal, although the exact amount of market premium remains uncertain.</li>
</ul>


It has been reported that Woori Financial Group is considering on acquiring all of the remaining shares (21.2%) of Tongyang Life Insurance and delist it, making it a 100% subsidiary.
We believe that there is a high probability (70-80%+) that Woori Financial Group decides to acquire the remaining 21.2% stake in Tongyang Life Insurance held by minority shareholders. 
Between cash and stock, we think that Woori Financial is likely to use cash to complete this deal, although the exact amount of market premium remains uncertain.


A Tender Offer of Remaining Shares & Delisting of Tongyang Life Insurance by Woori Financial?

<ul>
<li>This insight provides an update on the inheritance tax payment requirement by the Samsung Electronics Chairman Lee Jae-Yong and his family members. </li>
<li>Lee Jae-Yong has a final installment of 480 billion won in inheritance taxes to be paid in April 2026.</li>
<li>Once Lee makes the final inheritance tax payment next year, he can start to  reinvest his dividend income in various Samsung Group affiliates including Samsung C&amp;T.</li>
</ul>


This insight provides an update on the inheritance tax payment requirement by the Samsung Electronics Chairman Lee Jae-Yong and his family members. 
Lee Jae-Yong has a final installment of 480 billion won in inheritance taxes to be paid in April 2026.
Once Lee makes the final inheritance tax payment next year, he can start to  reinvest his dividend income in various Samsung Group affiliates including Samsung C&amp;T.


An Update on Samsung Electronics Chairman Lee Jae-Yong and His Family Members' Inheritance Taxes

<ul>
<li>On 22 May, Samsung Biologics (207940 KS) announced that that it plans to establish a new holding company called Samsung Bioepis Holdings through a spin-off.</li>
<li>Samsung Bioepis Holdings will fully incorporate Samsung Bioepis as a wholly owned subsidiary. Samsung Bioepis will focus on the biosimilars business. Samsung Biologics will focus on the CDMO business. </li>
<li>There is likely to be mixed reactions to Samsung Biologics' announcement to create a holding company structure to split the CDMO and biosimilar businesses.</li>
</ul>


On 22 May, Samsung Biologics (207940 KS) announced that that it plans to establish a new holding company called Samsung Bioepis Holdings through a spin-off.
Samsung Bioepis Holdings will fully incorporate Samsung Bioepis as a wholly owned subsidiary. Samsung Bioepis will focus on the biosimilars business. Samsung Biologics will focus on the CDMO business. 
There is likely to be mixed reactions to Samsung Biologics' announcement to create a holding company structure to split the CDMO and biosimilar businesses.


Samsung Biologics: Creation of a Holding Company to Split CDMO and Biosimilar Businesses

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Samsung C&amp;T’s holding ratio mainly hinges on its Samsung Biologics stake; Samsung Electronics’ 5% isn’t counted, and Samsung SDS is excluded since Samsung Electronics is its largest shareholder.</li>
<li>This ties to calls for Samsung’s governance overhaul, aiming for C&amp;T to avoid forced conversion while boosting control over Samsung Electronics via bold, more aggressive moves than expected.</li>
<li>Samsung C&amp;T will likely sell some Biologics shares around its in-kind contribution to Epis, timing sales based on post-listing price action.</li>
</ul>


Samsung C&amp;T’s holding ratio mainly hinges on its Samsung Biologics stake; Samsung Electronics’ 5% isn’t counted, and Samsung SDS is excluded since Samsung Electronics is its largest shareholder.
This ties to calls for Samsung’s governance overhaul, aiming for C&amp;T to avoid forced conversion while boosting control over Samsung Electronics via bold, more aggressive moves than expected.
Samsung C&amp;T will likely sell some Biologics shares around its in-kind contribution to Epis, timing sales based on post-listing price action.


Clearing Confusion on Samsung C&T’s Forced Holding Co Conversion: Key Trade Angle in Biologics Split

South Korea

Samsung Life Insurance Co., Ltd. provides insurance services. The Company offers life and health insurance services. Samsung Life Insurance serves customers in South Korea.

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Samsung Life Insurance (032830 KS)

Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory

Minorities have secured a pyrrhic victory as the OCBC (OCBC SP) offer was light, but there is no obvious catalyst to re-rate the shares. My...

Arun George

A Tender Offer of Remaining Shares & Delisting of Tongyang Life Insurance by Woori Financial?

It has been reported that Woori Financial Group is considering on acquiring all of the remaining shares (21.2%) of Tongyang Life Insurance and...

Douglas Kim

An Update on Samsung Electronics Chairman Lee Jae-Yong and His Family Members' Inheritance Taxes

Once Lee Jae-Yong makes the final inheritance tax payment next year (April 2026), he can start to reinvest his dividend income in various Samsung...

Douglas Kim

Samsung Biologics: Creation of a Holding Company to Split CDMO and Biosimilar Businesses

On 22 May, Samsung Biologics (207940 KS) announced that that it plans to establish a new holding company called Samsung Bioepis Holdings through a...

Douglas Kim

Clearing Confusion on Samsung C&T’s Forced Holding Co Conversion: Key Trade Angle in Biologics Split

This post clears up the confusion around Samsung C&T’s forced holding company conversion — here’s the key short-term trade angle from the Biologics...

Sanghyun Park

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