Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 14th October, cleanroom play <a href="https://www.smartkarma.com/entities/cm-hi-tech-cleanroom-limited" target="_blank" data-smartkarma-citation="entities:44057:1" rel="noopener">CM Hi-Tech Cleanroom (2115 HK)</a> announced a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1014/2024101401232.pdf" target="_blank" rel="noopener">pre-conditional Offer</a> by way of a Scheme from <a href="https://www.smartkarma.com/entities/mayair-technology-china-co-ltd" target="_blank" data-smartkarma-citation="entities:44058:1" rel="noopener">MayAir Technology (688376 CH)</a> and CM Hi-Tech's senior management.</li>
<li>HK$0.25/Share (best &amp; final) is the Cancellation Price, or a 25% premium to undisturbed. Rollover shareholders and concert parties collectively hold 55.27%, leaving 44.73% held by disinterested shareholders .</li>
<li>MayAir shareholders have now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1030/2024103001533.pdf" target="_blank" rel="noopener">approved</a> the Offer. Other pre-cons include NDRC, Mofcom and SAFE.  The pre-conditional long-stop is the 13 December 2025. That's an unrealistic timeline.</li>
</ul>


On the 14th October, cleanroom play CM Hi-Tech Cleanroom (2115 HK) announced a pre-conditional Offer by way of a Scheme from MayAir Technology (688376 CH) and CM Hi-Tech's senior management.
HK$0.25/Share (best &amp; final) is the Cancellation Price, or a 25% premium to undisturbed. Rollover shareholders and concert parties collectively hold 55.27%, leaving 44.73% held by disinterested shareholders .
MayAir shareholders have now approved the Offer. Other pre-cons include NDRC, Mofcom and SAFE.  The pre-conditional long-stop is the 13 December 2025. That's an unrealistic timeline.


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>
<a href="https://www.smartkarma.com/entities/beijing-capital-grand-ltd" target="_blank" data-smartkarma-citation="entities:18241:1" rel="noopener">Beijing Capital Grand (1329 HK)</a> disclosed a Cayman scheme privatisation offer from <a href="https://www.smartkarma.com/entities/beijing-capital-land-ltd-h" target="_blank" data-smartkarma-citation="entities:4543:1" rel="noopener">Beijing Capital Land Ltd H (2868 HK)</a> at HK$0.85 per share, a 46.6% premium to the undisturbed price. </li>
<li>The key condition will be approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The offer price is final.</li>
<li>The <a href="https://www.smartkarma.com/entities/sino-ocean-group-holding-limited" target="_blank" rel="noopener">Sino-Ocean Group (3377 HK)</a> receivers, which hold a blocking stake, will support a liquidity event to exit, particularly as the offer is reasonable compared to historical trading ranges.  </li>
</ul>



Beijing Capital Grand (1329 HK) disclosed a Cayman scheme privatisation offer from Beijing Capital Land Ltd H (2868 HK) at HK$0.85 per share, a 46.6% premium to the undisturbed price. 
The key condition will be approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The offer price is final.
The Sino-Ocean Group (3377 HK) receivers, which hold a blocking stake, will support a liquidity event to exit, particularly as the offer is reasonable compared to historical trading ranges.  


Beijing Capital Grand (1329 HK): Capital Group’s Scheme Privatisation at HK$0.85

<ul>
<li>SOE Beijing Capital Group has launched an Offer by way of a Scheme for <a href="https://www.smartkarma.com/entities/beijing-capital-grand-ltd" target="_blank" data-smartkarma-citation="entities:18241:1" rel="noopener">Beijing Capital Grand (1329 HK)</a> (BCG) a commercial property developer in China.</li>
<li>HK$0.85/Share (best &amp; final) is the Cancellation Price, or a 46.55% premium to undisturbed. Irrevocables secured from 8.13% of the 37.92% held by disinterested shareholders on a fully diluted basis. </li>
<li>This looks done. All reg approvals appear to be locked in. The conditional long-stop is the 28 July 2025. That's a conservative timeline. </li>
</ul>


SOE Beijing Capital Group has launched an Offer by way of a Scheme for Beijing Capital Grand (1329 HK) (BCG) a commercial property developer in China.
HK$0.85/Share (best &amp; final) is the Cancellation Price, or a 46.55% premium to undisturbed. Irrevocables secured from 8.13% of the 37.92% held by disinterested shareholders on a fully diluted basis. 
This looks done. All reg approvals appear to be locked in. The conditional long-stop is the 28 July 2025. That's a conservative timeline. 


Beijing Capital Grand (1329 HK): Beijing Capital's HK$0.85/Share Offer

<ul>
<li>I tally 42 - 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>One new deals discussed this week: <a href="https://www.smartkarma.com/entities/cemex-holdings-philippines" target="_blank" data-smartkarma-citation="entities:22700:1" rel="noopener">Cemex Holdings Philippines (CHP PM)</a> low-balled MTO.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/mphb-capital-bhd" target="_blank" data-smartkarma-citation="entities:8540:1" rel="noopener">MPHB Capital (MPHB MK)</a>, and <a href="https://www.smartkarma.com/entities/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna Mac Holdings (DMHL SP)</a>.</li>
</ul>


I tally 42 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deals discussed this week: Cemex Holdings Philippines (CHP PM) low-balled MTO.
Key updates took place on: Fuji Soft Inc (9749 JP), Shinko Electric Industries (6967 JP), CPMC Holdings (906 HK), MPHB Capital (MPHB MK), and Dyna Mac Holdings (DMHL SP).


(Mostly) Asia-Pac M&A: CEMEX, Fuji Soft, Shinko Electric, CPMC, MPHB Capital, Dyna Mac

<ul>
<li>
Couche-Tard execs do the rounds in Tokyo, complaining about not being able to do the rounds. This sounds like they are trying to make themselves sound nice. For now</li>
<li>First the low-balled VTOs for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">AIS (ADVANC TB)</a> and <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom (THCOM TB)</a>. Then the <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch (INTUCH TB)</a>/<a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy (GULF TB)</a> amalgamation. Then, arguably, the next unorthodox development will take place.</li>
<li>Investors buying <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> in size may withhold shares, either they'll try to become the fulcrum investor to get into the Bidco OR they will try for a bump.</li>
</ul>



Couche-Tard execs do the rounds in Tokyo, complaining about not being able to do the rounds. This sounds like they are trying to make themselves sound nice. For now
First the low-balled VTOs for AIS (ADVANC TB) and Thaicom (THCOM TB). Then the Intouch (INTUCH TB)/Gulf Energy (GULF TB) amalgamation. Then, arguably, the next unorthodox development will take place.
Investors buying SAMTY HOLDINGS (187A JP) in size may withhold shares, either they'll try to become the fulcrum investor to get into the Bidco OR they will try for a bump.


Last Week in Event SPACE: Seven & I/Couche-Tard, Intouch, SAMTY, Korea Zinc/Young Poong

Hong Kong

Beijing Capital Grand develops, operates, and manages commercial properties, focusing on outlets-backed integrated and non-outlets retail projects in the People's Republic of China. The company also develops residential, commercial, office buildings, and parking spaces. It was founded in 2010 and is headquartered in Hong Kong.

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Beijing Capital Grand (1329 HK)

CM Hi-Tech (2115 HK)'s Strange Offer

Trading at a 10.1%/34.1% gross/annualised spread, if late Feb payment. If small, illiquid arbs are your thing, you might get involved here....

David Blennerhassett