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

Langham Hospitality Investments / Event-Driven

Langham Hospitality Investments (1270 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/langham-hospitality-inv-ss" target="_blank" data-smartkarma-citation="entities:760:1" rel="noopener">Langham Hospitality Inv Ss (1270 HK)</a> received a notice from <a href="https://www.smartkarma.com/entities/great-eagle-holdings-ltd" target="_blank" data-smartkarma-citation="entities:758:1" rel="noopener">Great Eagle Holdings (41 HK)</a>, the largest unitholder, that it intends to present a detailed proposal for scheme privatisation.</li>
<li>The privatisation interest is unsurprising, as the unit price has declined by 43% over the last twelve months. A tough 2023 did not help the declining sentiment.</li>
<li>Our methodology for triangulating the potential offer price results in a range of HK$0.63-1.76. Our best guess is an offer of around HK$0.85, a 47% premium to the last close.</li>
</ul>



Langham Hospitality Inv Ss (1270 HK) received a notice from Great Eagle Holdings (41 HK), the largest unitholder, that it intends to present a detailed proposal for scheme privatisation.
The privatisation interest is unsurprising, as the unit price has declined by 43% over the last twelve months. A tough 2023 did not help the declining sentiment.
Our methodology for triangulating the potential offer price results in a range of HK$0.63-1.76. Our best guess is an offer of around HK$0.85, a 47% premium to the last close.


Langham Hospitality Investments (1270 HK): Great Eagle (41 HK)’s Possible Scheme Privatisation

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<ul>
<li>To date, 52 companies listed in Hong Kong have sought the conversion of their PRC domestic (and unlisted foreign shares) into H-shares.</li>
<li>This mechanism, ostensibly, enables founders or major shareholders holding unlisted domestic shares to float (and sell) shares, improving a company's corporate governance and stock liquidity, ultimately increasing a company's valuation.</li>
<li>Or in the case of <a href="https://www.smartkarma.com/entities/china-huarong-asset-management" target="_blank" data-smartkarma-citation="entities:968:1" rel="noopener">China Huarong Asset Management (2799 HK)</a>, the conversion restored its minimum public float.</li>
</ul>


To date, 52 companies listed in Hong Kong have sought the conversion of their PRC domestic (and unlisted foreign shares) into H-shares.
This mechanism, ostensibly, enables founders or major shareholders holding unlisted domestic shares to float (and sell) shares, improving a company's corporate governance and stock liquidity, ultimately increasing a company's valuation.
Or in the case of China Huarong Asset Management (2799 HK), the conversion restored its minimum public float.


Full Circulation 2022 Update: China Huarong, YiChang HEC ChangJiang

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

New data from China's National Bureau of Statistics (NBS) for February for 70 major cities and calculations of the aggregate show a further gradual deceleration in price growth overall on a year-on-year basis from +12.2% in January to +11.8% in February, though the month-on-month growth actually picked up from +0.2% to +0.3%.Top risers on a 12-month basis now show some of the more significant declines on the month-on-month basis, while there are more cities with house prices rising.The biggest…

New data from China's National Bureau of Statistics (NBS) for February for 70 major cities and calculations of the aggregate show a further gradual deceleration in price growth overall on a year-on-year basis from +12.2% in January to +11.8% in February, though the month-on-month growth actually picked up from +0.2% to +0.3%.Top risers on a 12-month basis now show some of the more significant declines on the month-on-month basis, while there are more cities with house prices rising.The biggest…

China Property: What's Going On With House Prices... Based On The Latest NBS Data

The charts below illustrate what has happened in China in terms of primary land sales for residential or mixed-use development in 40 major cities.In 2016, the land sales declined slightly in Gross Floor Area (GFA) terms (despite <a href="https://www.smartkarma.com/insights/china-property-2017-forecast-summary" target="_blank">strong property sales volumes</a>) but increased significantly in terms of RMB Value, i.e. the average price of land on that basis went up.Such average calculations don't take into account the change in the type of locations where land is being sold - recent sales are more…

The charts below illustrate what has happened in China in terms of primary land sales for residential or mixed-use development in 40 major cities.In 2016, the land sales declined slightly in Gross Floor Area (GFA) terms (despite strong property sales volumes) but increased significantly in terms of RMB Value, i.e. the average price of land on that basis went up.Such average calculations don't take into account the change in the type of locations where land is being sold - recent sales are more…

China Property: Land Sales In 2016 - Less Supply, Higher Prices

In this 20-minute video, we review the China housing markets dynamics and present our 2017 forecast, with key arguments and data around it. We look at house prices, sales volumes, inventory clearing, land sales, construction indicators, policy and other factors.  Adapted from the presentation on ChinaDebate on Feb 2.

In this 20-minute video, we review the China housing markets dynamics and present our 2017 forecast, with key arguments and data around it. We look at house prices, sales volumes, inventory clearing, land sales, construction indicators, policy and other factors.  Adapted from the presentation on ChinaDebate on Feb 2.

China Housing 2017 - ChinaDebate Video Presentation

China

Beijing Capital Land is a real estate company primarily engaged in property development, investment, and commercial real estate operations in China. It develops residential and office buildings, manages land, and provides property consulting services. The company was founded in 2002 and is headquartered in Beijing, China.

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Beijing Capital Land (2868 HK)

Langham Hospitality Investments (1270 HK): Great Eagle (41 HK)’s Possible Scheme Privatisation

Our methodology for triangulating the potential offer price results in a range of HK$0.63-1.76. Our best guess is an offer of around HK$0.85, a 47%...

Arun George

Full Circulation 2022 Update: China Huarong, YiChang HEC ChangJiang

Full circulation, ostensibly, enables key shareholders holding unlisted domestic shares to float shares, improving corporate governance and stock...

David Blennerhassett

China Property: What's Going On With House Prices... Based On The Latest NBS Data

New data from China's National Bureau of Statistics (NBS) for February for 70 major cities and calculations of the aggregate show a further gradual...

Robert Ciemniak

China Property: Land Sales In 2016 - Less Supply, Higher Prices

The charts below illustrate what has happened in China in terms of primary land sales for residential or mixed-use development in 40...

Robert Ciemniak

China Housing 2017 - ChinaDebate Video Presentation

In this 20-minute video, we review the China housing markets dynamics and present our 2017 forecast, with key arguments and data around it. We look...

Robert Ciemniak

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