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

Get Nice Financial Group Ltd / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>/GNF’s scheme offer from <a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice Holdings (64 HK)</a>/GNH is at 4 GNH shares per GNF share + HK$0.50 scheme dividend.</li>
<li>The implied GNF offer value is HK$1.116, a 39.5% premium to the last close. The offer is conditional on the GNH/GNF shareholder approval, which is low risk</li>
<li>The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is likely the first step towards privatising GNH.</li>
</ul>



Get Nice Financial Group Ltd (1469 HK)/GNF’s scheme offer from Get Nice Holdings (64 HK)/GNH is at 4 GNH shares per GNF share + HK$0.50 scheme dividend.
The implied GNF offer value is HK$1.116, a 39.5% premium to the last close. The offer is conditional on the GNH/GNF shareholder approval, which is low risk
The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is likely the first step towards privatising GNH.


Get Nice Financial (1469 HK): Get Nice Holdings (64 HK) Share Exchange Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice Holdings (64 HK)</a> and <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a> are on a trading halt “in relation to the Hong Kong Code on Takeovers and Mergers.”</li>
<li>Mr Hung (Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH at this time.   </li>
<li>We use three methods to triangulate the likely offer price. Our methods suggest a price range of HK$0.179-0.251 per share, a 16.3%-62.8% premium to the last close</li>
</ul>



Get Nice Holdings (64 HK) and Get Nice Financial Group Ltd (1469 HK) are on a trading halt “in relation to the Hong Kong Code on Takeovers and Mergers.”
Mr Hung (Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH at this time.   
We use three methods to triangulate the likely offer price. Our methods suggest a price range of HK$0.179-0.251 per share, a 16.3%-62.8% premium to the last close


Get Nice Holdings (64 HK): Chairman to Reload with a Privatisation Offer?

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Bright Smart Securities / Equity Bottom-Up

<ul><li>Bright Smart Securities is a successful brokerage firm in Hong Kong founded by Mow Lum Yip in 1995 and publicly listed in 2010</li><li>The company has shown steady growth since its IPO, with impressive increases in revenue and net income</li><li>Despite a challenging market environment in Hong Kong, Bright Smart has maintained stable results, grown its client base and assets under management, and pays out all earnings in dividends, with dividends exceeding net earnings over the last 5 years.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Bright Smart Securities is a successful brokerage firm in Hong Kong founded by Mow Lum Yip in 1995 and publicly listed in 2010The company has shown steady growth since its IPO, with impressive increases in revenue and net incomeDespite a challenging market environment in Hong Kong, Bright Smart has maintained stable results, grown its client base and assets under management, and pays out all earnings in dividends, with dividends exceeding net earnings over the last 5 years.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Bright Smart Securities (1428.HK) - Monday, Jul 8, 2024

Haitong International Securities Group / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a>’s scheme meeting is on 15 December. The IFA considers <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities Co Ltd (H) (6837 HK)</a>’s HK$1.52 per share offer fair and reasonable. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. No shareholder holds a blocking stake.</li>
<li>The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and 18.2%, respectively.</li>
</ul>



Haitong International Securities Group (665 HK)’s scheme meeting is on 15 December. The IFA considers Haitong Securities Co Ltd (H) (6837 HK)’s HK$1.52 per share offer fair and reasonable. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. No shareholder holds a blocking stake.
The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and 18.2%, respectively.


Haitong International (665 HK): Vote on 15 December

<ul>
<li>The pre-condition relating to <a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a>’s privatisation offer from <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:166:1" rel="noopener">Haitong Securities Co Ltd (A) (600837 CH)</a> is satisfied. The offer is at HK$1.52 per share. </li>
<li>The key conditions are approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and the headcount test. The high takeover premium facilitates approval. </li>
<li>This is a done deal. At the last close and for an estimated early February 2024 payment, the gross and annualised spread is 5.6% and 26.4%, respectively.</li>
</ul>


The pre-condition relating to Haitong International Securities Group (665 HK)’s privatisation offer from Haitong Securities Co Ltd (A) (600837 CH) is satisfied. The offer is at HK$1.52 per share. 
The key conditions are approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and the headcount test. The high takeover premium facilitates approval. 
This is a done deal. At the last close and for an estimated early February 2024 payment, the gross and annualised spread is 5.6% and 26.4%, respectively.


Haitong International (665 HK): Pre-Condition Satisfied

Hong Kong

Bright Smart Securities & Commodities Group Ltd. is a brokerage firm. The Company specializes in trading futures contracts on exchanges in the United States and Singapore.

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Bright Smart Securities (1428 HK)

Get Nice Holdings (64 HK): Chairman to Reload with a Privatisation Offer?

Mr Hung Hon Man (founder and Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH now.

Arun George