Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 26th August, rural commercial bank <a href="https://www.smartkarma.com/entities/shengjing-bank-co-ltd-h" target="_blank" data-smartkarma-citation="entities:96:1" rel="noopener">Shengjing Bank Co Ltd H (2066 HK)</a> announced a HK$1.32/Share Offer, a pretty tragic 86.49% discount to NAV.</li>
<li>On the 12th September, the Offeror bumped terms to HK$1.60 (best &amp; final). That's a 40.5% premium to undisturbed, but still a 83.96% discount to NAV.</li>
<li>
The Composite Document's now out, with a H-share class meeting on the 21st October. The IFA (Gram Capital) says "fair &amp; reasonable". To be expected. </li>
</ul>


On the 26th August, rural commercial bank Shengjing Bank Co Ltd H (2066 HK) announced a HK$1.32/Share Offer, a pretty tragic 86.49% discount to NAV.
On the 12th September, the Offeror bumped terms to HK$1.60 (best &amp; final). That's a 40.5% premium to undisturbed, but still a 83.96% discount to NAV.

The Composite Document's now out, with a H-share class meeting on the 21st October. The IFA (Gram Capital) says "fair &amp; reasonable". To be expected. 


Shengjing Bank (2066 HK): 21st Oct Vote On Bailout

<ul>
<li>Back on the 26th August, troubled rural commercial bank <a href="https://www.smartkarma.com/entities/shengjing-bank-co-ltd-h" target="_blank" data-smartkarma-citation="entities:96:1" rel="noopener">Shengjing Bank Co Ltd (2066 HK)</a> announced a HK$1.32/Share Offer, a 15.79% premium to undisturbed, and a 86.49% discount to NAV. </li>
<li>Clearly not all is well with Shengjing Bank. And alternatives to the low-balled Offer are slim on the ground. </li>
<li>The Offeror has now bumped terms to HK$1.60 (best &amp; final). That's a 40.5% premium to undisturbed, but still a 83.96% discount to NAV. </li>
</ul>


Back on the 26th August, troubled rural commercial bank Shengjing Bank Co Ltd (2066 HK) announced a HK$1.32/Share Offer, a 15.79% premium to undisturbed, and a 86.49% discount to NAV. 
Clearly not all is well with Shengjing Bank. And alternatives to the low-balled Offer are slim on the ground. 
The Offeror has now bumped terms to HK$1.60 (best &amp; final). That's a 40.5% premium to undisturbed, but still a 83.96% discount to NAV. 


Shengjing Bank (2066 HK): Offer "Bumped" To A ~84% Disc To NAV From 86.49%

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.

<ul>
<li>Shenyang SASAC increased its <a href="https://www.smartkarma.com/entities/shengjing-bank-co-ltd-h" target="_blank" data-smartkarma-citation="entities:96:1" rel="noopener">Shengjing Bank Co Ltd H (2066 HK)</a> offer by 21.2% from HK$1.32 to HK$1.60 per H Share, a 40.4% premium to the undisturbed price.</li>
<li>The revised offer has been declared final. The revised terms signal that at least one of the substantial H shareholders would not accept the previous offer.</li>
<li>While the revised terms should ensure the support of key shareholders, the terms remain light. Therefore, there remains a risk around the 90% minimum acceptance condition. </li>
</ul>


Shenyang SASAC increased its Shengjing Bank Co Ltd H (2066 HK) offer by 21.2% from HK$1.32 to HK$1.60 per H Share, a 40.4% premium to the undisturbed price.
The revised offer has been declared final. The revised terms signal that at least one of the substantial H shareholders would not accept the previous offer.
While the revised terms should ensure the support of key shareholders, the terms remain light. Therefore, there remains a risk around the 90% minimum acceptance condition. 


Shengjing Bank (2066 HK): Revised and Final Offer Remains Light

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> to be taken private via cash plus scrip into the backdoor listing of its EV arm.</li>
<li>
<a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea</a> extends its ¥6,200 TOB for <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura (6957 JP)</a> to 11 September, a day after YAGEO's ¥7,130 bid expires. Now there's no game of chicken with Minebea. Just with METI.</li>
<li>The <a href="https://www.smartkarma.com/entities/hd-hyundai-heavy-industries-co" target="_blank" data-smartkarma-citation="entities:33808:1" rel="noopener">HD Hyundai Heavy Industries (329180 KS)</a>/<a href="https://www.smartkarma.com/entities/hd-hyundai-mipo" target="_blank" data-smartkarma-citation="entities:2755:1" rel="noopener">HD Hyundai Mipo (010620 KS)</a> merger announcement reaffirms Seoul's commitment to the MASGA project. </li>
</ul>



Dongfeng Motor (489 HK) to be taken private via cash plus scrip into the backdoor listing of its EV arm.

Minebea extends its ¥6,200 TOB for Shibaura (6957 JP) to 11 September, a day after YAGEO's ¥7,130 bid expires. Now there's no game of chicken with Minebea. Just with METI.
The HD Hyundai Heavy Industries (329180 KS)/HD Hyundai Mipo (010620 KS) merger announcement reaffirms Seoul's commitment to the MASGA project. 


Last Week In Event SPACE: Dongfeng Motor, Shibaura, HD Hyundai Heavy/HD Hyundai Mipo, Zijin Mining

<ul>
<li>I tally 44 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng (489 HK)</a>, <a href="https://www.smartkarma.com/entities/austindo-nusantara-jaya-pt" target="_blank" data-smartkarma-citation="entities:2208:1" rel="noopener">Austindo Nusantara Jaya (ANJT IJ)</a>, <a href="https://www.smartkarma.com/entities/shengjing-bank-co-ltd-h" target="_blank" data-smartkarma-citation="entities:96:1" rel="noopener">Shengjing Bank (2066 HK)</a>, and <a href="https://www.smartkarma.com/entities/hd-hyundai-heavy-industries-co" target="_blank" data-smartkarma-citation="entities:33808:1" rel="noopener">HD Heavy (329180 KS)</a>/<a href="https://www.smartkarma.com/entities/hd-hyundai-mipo" target="_blank" data-smartkarma-citation="entities:2755:1" rel="noopener">HD Mipo (010620 KS)</a>. .</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>, <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/carenet-inc" target="_blank" data-smartkarma-citation="entities:4001:1" rel="noopener">Carenet Inc (2150 JP)</a>, and <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a>.</li>
</ul>


I tally 44 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal was discussed on Smartkarma this week: Dongfeng (489 HK), Austindo Nusantara Jaya (ANJT IJ), Shengjing Bank (2066 HK), and HD Heavy (329180 KS)/HD Mipo (010620 KS). .
Key updates/news took place on Santos Ltd (STO AU), Mayne Pharma (MYX AU), PointsBet Holdings (PBH AU), Carenet Inc (2150 JP), and Ashimori Industry (3526 JP).


(Mostly) Asia-Pac M&A: Santos, Mayne Pharma, Shengjing Bank, Carenet, Austindo Nusantara, Ashimori

China

Bank of Jinzhou provides a range of banking products and services, including corporate banking, retail banking, and treasury business. Its corporate banking services encompass deposits, loans, settlement, clearing, and trade financing for corporate customers. Retail banking offers deposits, bank cards, personal loans, and wealth management services to individuals. The company was incorporated in 1997 and is headquartered in Jinzhou, People's Republic of China.

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Bank of Jinzhou (2JI GR)

Shengjing Bank (2066 HK): 21st Oct Vote On Bailout

If illiquid, arbs are your bag, pay up to HK$1.55, assuming late November payment. Timing on payment is not definitive given the tendering...

David Blennerhassett

Shengjing Bank (2066 HK): Offer "Bumped" To A ~84% Disc To NAV From 86.49%

At HK$1.32/share, I thought the Offer would get up. This bump continues that narrative. If illiquid arbs are your bag, pay up to HK$1.54, assuming...

David Blennerhassett

Shengjing Bank (2066 HK): Revised and Final Offer Remains Light

The revised terms signal push back from at least one key shareholder. The revised terms remain light, and there remains a risk around the 90%...

Arun George

Last Week In Event SPACE: Dongfeng Motor, Shibaura, HD Hyundai Heavy/HD Hyundai Mipo, Zijin Mining

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Santos, Mayne Pharma, Shengjing Bank, Carenet, Austindo Nusantara, Ashimori

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

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