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>As of the closing date of 7 January, <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 disclosed that Boyu has received acceptances for 218.6 million shares, or 36.61% of outstanding shares.</li>
<li>To satisfy the delisting acceptance condition, Boyu needs additional acceptances representing 3.5 million or 0.58% of outstanding shares. This is a surprising outcome given the previous trend of tepid acceptances.</li>
<li>This requires an 11.6% acceptance rate among remaining disinterested shareholders, which should be met. At the last close, the gross spread of the enhanced offer was 3.6%. </li>
</ul>


As of the closing date of 7 January, Jinke Smart Services (9666 HK) has disclosed that Boyu has received acceptances for 218.6 million shares, or 36.61% of outstanding shares.
To satisfy the delisting acceptance condition, Boyu needs additional acceptances representing 3.5 million or 0.58% of outstanding shares. This is a surprising outcome given the previous trend of tepid acceptances.
This requires an 11.6% acceptance rate among remaining disinterested shareholders, which should be met. At the last close, the gross spread of the enhanced offer was 3.6%. 


Jinke Smart Services (9666 HK): Against All Odds, Satisfying the Delisting Condition Is at Hand

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>After suspending shares for near-on three weeks, Boyu had a change of heart on the 18th November, and tabled a delisting Offer for <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>. </li>
<li>Boyu is offering HK$8.69/share IF the Scheme-like vote and 90% tendering conditions are satisfied. Failing that, the unconditional MGO price of $6.67/share is the fall-back.</li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1209/2025120900141.pdf" target="_blank" rel="noopener">The Revised Composite Doc is now out</a>, with the EGM on the 24th December. The IFA says "fair &amp; reasonable". They said the same at HK$6.67/share. </li>
</ul>


After suspending shares for near-on three weeks, Boyu had a change of heart on the 18th November, and tabled a delisting Offer for Jinke Smart Services (9666 HK). 
Boyu is offering HK$8.69/share IF the Scheme-like vote and 90% tendering conditions are satisfied. Failing that, the unconditional MGO price of $6.67/share is the fall-back.

The Revised Composite Doc is now out, with the EGM on the 24th December. The IFA says "fair &amp; reasonable". They said the same at HK$6.67/share. 


Jinke Smart (9666 HK): 24th Dec Exit Vote. All Eyes On Tendering

<ul>
<li>Boyu’s enhanced offer (HK$8.69) for <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> requires satisfaction of the delisting resolution and the delisting acceptance condition (90% minimum acceptance from disinterested shareholders).</li>
<li>On 24 December, the delisting resolution was comfortably passed with 99.37% of disinterested shares voting in favour. The disinterested shareholder participation rate was 67.4%.</li>
<li>However, the key data points from the EGM results suggest that satisfying the delisting acceptance condition is increasingly challenging. The closing date is 26 January.</li>
</ul>


Boyu’s enhanced offer (HK$8.69) for Jinke Smart Services (9666 HK) requires satisfaction of the delisting resolution and the delisting acceptance condition (90% minimum acceptance from disinterested shareholders).
On 24 December, the delisting resolution was comfortably passed with 99.37% of disinterested shares voting in favour. The disinterested shareholder participation rate was 67.4%.
However, the key data points from the EGM results suggest that satisfying the delisting acceptance condition is increasingly challenging. The closing date is 26 January.


Jinke Smart Services (9666 HK): Delisting Resolution Passed, but Now for the Hard Part

<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>’s revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.</li>
<li>The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).</li>
<li>Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic. </li>
</ul>



Jinke Smart Services (9666 HK)’s revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.
The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).
Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic. 


Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 5th.</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, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi, Tencent, CMB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 5th.
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, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi, Tencent, CMB.


HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

China

A-Living Smart City Services Co., Ltd. is a leading property management and city services company in China. It provides comprehensive property management services, property owners value-added services, city services, and extended value-added services, including security, cleaning, maintenance, and smart city management solutions. The company was founded in 1992 and is headquartered in Guangzhou, Guangdong Province, PRC.

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A-Living Smart City Services (3319 HK)

Jinke Smart Services (9666 HK): Against All Odds, Satisfying the Delisting Condition Is at Hand

While I thought it was challenging, today's disclosure on acceptance levels suggests that the delisting condition will soon be satisfied. At the...

Arun George

Jinke Smart (9666 HK): 24th Dec Exit Vote. All Eyes On Tendering

Around a week after the delisting Offer was approved, tendering has stalled. Just 1.29% of shares out have tended since Boyu announced the...

David Blennerhassett

Jinke Smart Services (9666 HK): Delisting Resolution Passed, but Now for the Hard Part

The key data points from the EGM results suggest that satisfying the delisting acceptance condition is increasingly challenging.

Arun George

Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

The delisting resolution was comfortably passed with a disinterested shareholder participation rate of 67.4%. Boyu’s acceptances have increased...

Arun George

HK Connect Flows Weekly (Dec 5th): Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Meituan, Pop Mart Intl, SMIC, Zijin Mining,...

Ke Yan, CFA, FRM

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