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

Canvest Environmental Protection Group / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>’s IFA opines that <a href="https://www.smartkarma.com/entities/grandblue-environment-co-a" target="_blank" data-smartkarma-citation="entities:17887:1" rel="noopener">Grandblue Environment Co A (600323 CH)</a>’s HK$4.90 offer is fair and reasonable. The vote is on 12 May. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders' rejection). Shareholders with blocking stakes will be supportive.</li>
<li>This is a done deal. At the last close and for a 10 June payment, the gross/annualised spread is 2.3%/18.3%. </li>
</ul>



Canvest Environmental Protection Group (1381 HK)’s IFA opines that Grandblue Environment Co A (600323 CH)’s HK$4.90 offer is fair and reasonable. The vote is on 12 May. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders' rejection). Shareholders with blocking stakes will be supportive.
This is a done deal. At the last close and for a 10 June payment, the gross/annualised spread is 2.3%/18.3%. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/grandblue-environment-co-a" target="_blank" data-smartkarma-citation="entities:17887:1" rel="noopener">Grandblue Environment Co A (600323 CH)</a> has satisfied the precondition related to its privatisation offer for <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>. </li>
<li>The offer remains attractive despite the re-rating of peers since announcing the deal. The vote risk is low as the two shareholders holding blocking stakes will be supportive. </li>
<li>This is a done deal. At the last close, the gross/annualised spread for a mid-June payment is 3.8%/13.0%. </li>
</ul>



Grandblue Environment Co A (600323 CH) has satisfied the precondition related to its privatisation offer for Canvest Environmental Protection Group (1381 HK). 
The offer remains attractive despite the re-rating of peers since announcing the deal. The vote risk is low as the two shareholders holding blocking stakes will be supportive. 
This is a done deal. At the last close, the gross/annualised spread for a mid-June payment is 3.8%/13.0%. 


Canvest (1381 HK): Precondition Satisfied

<ul>
<li>The regulatory precondition concerning <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>’s privatisation offer from <a href="https://www.smartkarma.com/entities/grandblue-environment-co-a" target="_blank" data-smartkarma-citation="entities:17887:1" rel="noopener">Grandblue Environment Co A (600323 CH)</a> has been satisfied. </li>
<li>The sole remaining precondition concerns resolving loan guarantee issues. Canvest is taking steps to resolve these issues, and satisfying this precondition is low-risk. </li>
<li>Despite peers' re-rating, the offer remains attractive, and the vote is low-risk. At the last close, the gross/annualised spread was 4.5%/15.0% for a mid-June payment. </li>
</ul>


The regulatory precondition concerning Canvest Environmental Protection Group (1381 HK)’s privatisation offer from Grandblue Environment Co A (600323 CH) has been satisfied. 
The sole remaining precondition concerns resolving loan guarantee issues. Canvest is taking steps to resolve these issues, and satisfying this precondition is low-risk. 
Despite peers' re-rating, the offer remains attractive, and the vote is low-risk. At the last close, the gross/annualised spread was 4.5%/15.0% for a mid-June payment. 


Canvest (1381 HK): Regulatory Precondition Satisfied

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Shandong Hi-Speed New Energy G / Event-Driven

<ul>
<li>Back on the 27 December, <a href="https://www.smartkarma.com/entities/shandong-hi-speed-holdings-gro" target="_blank" data-smartkarma-citation="entities:10356:1" rel="noopener">Shandong Hi-Speed Holdings (412 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1227/2024122701100.pdf" target="_blank" rel="noopener">completed</a> two SPAs, elevating its stake in <a href="https://www.smartkarma.com/entities/shandong-hi-speed-new-energy-g" target="_blank" data-smartkarma-citation="entities:6927:1" rel="noopener">Shandong Hi-Speed New Energy (1250 HK)</a> to 56.97% from 43.45%, triggering an unconditional MGO. </li>
<li>The <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0128/2025012800031.pdf" target="_blank" rel="noopener">Composite Doc</a> is now out, and the Offer is open for tendering. The close of the Offer is the 18th Feb, 21 days out. Don't expect an extension.</li>
<li>The IFA has declared the terms fair &amp; reasonable. Which is probably true.</li>
</ul>


Back on the 27 December, Shandong Hi-Speed Holdings (412 HK) completed two SPAs, elevating its stake in Shandong Hi-Speed New Energy (1250 HK) to 56.97% from 43.45%, triggering an unconditional MGO. 
The Composite Doc is now out, and the Offer is open for tendering. The close of the Offer is the 18th Feb, 21 days out. Don't expect an extension.
The IFA has declared the terms fair &amp; reasonable. Which is probably true.


Shandong Hi-Speed New Energy (1250 HK)'s Unconditional MGO Now Open

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grandblue-environment-co-a" target="_blank" data-smartkarma-citation="entities:17887:1" rel="noopener">Grandblue Environment Co A (600323 CH)</a> continues to make steady progress in satisfying the precondition for its HK$4.90 privatisation offer for <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>. </li>
<li>Two of the five preconditions are satisfied, and another will be satisfied by 20 January. The long stop date of 17 July provides ample time to satisfy the remaining two. </li>
<li>Although the peers have materially re-rated, the offer implies a premium compared to peer multiples. Vote risk remains low, aided by selling by a shareholder with a blocking stake. </li>
</ul>



Grandblue Environment Co A (600323 CH) continues to make steady progress in satisfying the precondition for its HK$4.90 privatisation offer for Canvest Environmental Protection Group (1381 HK). 
Two of the five preconditions are satisfied, and another will be satisfied by 20 January. The long stop date of 17 July provides ample time to satisfy the remaining two. 
Although the peers have materially re-rated, the offer implies a premium compared to peer multiples. Vote risk remains low, aided by selling by a shareholder with a blocking stake. 


Canvest (1381 HK): Attractive Spread with Steady Progress in Precondition Satisfaction

Hong Kong

Beijing Enterprises Water Group Limited, through its subsidiaries, develops water treatment systems.  The Group specializes in water services and environmental protection businesses, with waste water treatment as its core business segment.

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Beijing Enterprises Water Group (371 HK)

Canvest (1381 HK): Scheme Vote on 12 May

This is a done deal as the vote is low-risk. At the last close and for a 10 June payment, the gross/annualised spread is 2.3%/18.3%.

Arun George

Canvest (1381 HK): Precondition Satisfied

Best Approach (concert party) and Shanghai Industrial/SIHL have agreed to amend the exchangeable bonds terms. This amendment allows Best Approach...

Arun George

Canvest (1381 HK): Regulatory Precondition Satisfied

Satisfying the remaining precondition is low risk. The offer remains attractive, and the vote is low-risk. At the last close, the gross/annualised...

Arun George

Shandong Hi-Speed New Energy (1250 HK)'s Unconditional MGO Now Open

Assuming around mid-Feb payment, I'd pay up to HK$1.76/share. Don't expect a bump in terms. SDHG has taken advantage of Citic exiting.

David Blennerhassett

Canvest (1381 HK): Attractive Spread with Steady Progress in Precondition Satisfaction

Grandblue continues to progress toward satisfying the precondition, having secured NDRC approval. The remaining regulatory approvals required are...

Arun George

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