Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, I was the first analyst to gain access to <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR (1821 HK)</a>'s lesser-known shareholder register, a byproduct of investigative disclosure reports under s329 of the Securities and Futures Ordinance.</li>
<li>This is the same register discussed in<a href="https://www.smartkarma.com/compose/insight/188795/Giordano%20(709%20HK):%20A%20Closer%20Look%20At%20The%20Shareholder%20Register%20Ahead%20Of%20The%20SGM.%20Read%20more:%20https:/skr.ma/jafza" target="_blank" rel="noopener"> Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM</a> and<a href="https://www.smartkarma.com/compose/insight/188795/L'Occitane%20(973%20HK):%20Who%20Owns%20What,%20And%20When.%20Read%20more:%20https:/skr.ma/Zg7gC" target="_blank" rel="noopener"> L'Occitane (973 HK): Who Owns What, And When</a>
</li>
<li>It is also used by proxy solicitors. My takeaway, still, is that this Offer is a done deal. But yes; there are a few shareholder activists lurking in the register. </li>
</ul>


Today, I was the first analyst to gain access to ESR (1821 HK)'s lesser-known shareholder register, a byproduct of investigative disclosure reports under s329 of the Securities and Futures Ordinance.
This is the same register discussed in Giordano (709 HK): A Closer Look At The Shareholder Register Ahead Of The SGM and L'Occitane (973 HK): Who Owns What, And When

It is also used by proxy solicitors. My takeaway, still, is that this Offer is a done deal. But yes; there are a few shareholder activists lurking in the register. 


ESR (1821 HK): A Shareholder Register Look-Through

<ul>
<li>After tyre component manufacturer <a href="https://www.smartkarma.com/entities/xingda-international-holdings" target="_blank" data-smartkarma-citation="entities:17836:1" rel="noopener">Xingda International (1899 HK)</a> was suspended recently pursuant to the Takeovers Code, an Offer seemed more likely, not another Partial Offer. </li>
<li>On cue, Liu Jinlan, chairman and executive director, plus concert parties (collectively holding 37.03%), have<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0924/2024092401001.pdf" target="_blank" rel="noopener"> tabled a voluntary conditional Offer</a> (50% acceptance hurdle). But the price? A surprising zero-premium HK$1.30/share</li>
<li>However, this Offer is a pre-emptive strike against former employee Yue Zhao, who holds 9.24%; and was recently appointed ED and vice-chairman of <a href="https://www.smartkarma.com/entities/shougang-concord-century-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5500:1" rel="noopener">Shougang Concord (103 HK)</a>, Xingda's major competitor.</li>
</ul>


After tyre component manufacturer Xingda International (1899 HK) was suspended recently pursuant to the Takeovers Code, an Offer seemed more likely, not another Partial Offer. 
On cue, Liu Jinlan, chairman and executive director, plus concert parties (collectively holding 37.03%), have tabled a voluntary conditional Offer (50% acceptance hurdle). But the price? A surprising zero-premium HK$1.30/share
However, this Offer is a pre-emptive strike against former employee Yue Zhao, who holds 9.24%; and was recently appointed ED and vice-chairman of Shougang Concord (103 HK), Xingda's major competitor.


Xingda (1899 HK)'s HK$1.30/Share Offer - Say What?

Canvest Environmental Protection Group / Event-Driven

<ul>
<li>Ahead of the 12th May shareholder to vote on Grandblue's Offer, recent price action in <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest (1381 HK)</a> has been odd, with considerable selling volume.</li>
<li>By all accounts, a chunk of that selling was brought about by an event desk in Singapore shutting down. Elsewhere, via numerous inquiries, I see nothing deal specific. </li>
<li>In recent positive developments, AEP (3.62% of shares out) is supportive; there are no material updates in s329 announcements; and I see nothing of note when inspecting the shareholder register. </li>
</ul>


Ahead of the 12th May shareholder to vote on Grandblue's Offer, recent price action in Canvest (1381 HK) has been odd, with considerable selling volume.
By all accounts, a chunk of that selling was brought about by an event desk in Singapore shutting down. Elsewhere, via numerous inquiries, I see nothing deal specific. 
In recent positive developments, AEP (3.62% of shares out) is supportive; there are no material updates in s329 announcements; and I see nothing of note when inspecting the shareholder register. 


Canvest (1381 HK): Buy Here, And On Weakness

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/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>On the 22 July 2024, waste-to-energy play <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 (1381 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0722/2024072201250.pdf" target="_blank" rel="noopener">announced</a> a pre-conditional 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 (600323 CH)</a> at $4.90/share (best &amp; final), by way of a Scheme.</li>
<li>On the 17th March 2025, all pre-conditions were (finally) satisfied. </li>
<li>
The Scheme Doc is now out, with a Court Meeting on the 12th May, with payment on or before the 10th June. The IFA (Somerley) says "fair &amp; reasonable".</li>
</ul>


On the 22 July 2024, waste-to-energy play Canvest Environmental (1381 HK) announced a pre-conditional Offer from Grandblue Environment (600323 CH) at $4.90/share (best &amp; final), by way of a Scheme.
On the 17th March 2025, all pre-conditions were (finally) satisfied. 

The Scheme Doc is now out, with a Court Meeting on the 12th May, with payment on or before the 10th June. The IFA (Somerley) says "fair &amp; reasonable".


Canvest (1381 HK): 12th May Vote On Grandblue's Offer

Hong Kong

Canvest Environment Protection Group Company Limited focuses on the development, management, and operation of waste-to-energy plants. The Company's plants are located in China.

Canvest Environmental Protection Group (1381 HK)

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Canvest Environmental Protection Group (1381 HK)

ESR (1821 HK): A Shareholder Register Look-Through

I don't see anyting material or untoward in the s329 register. 56.54% of disinterested shares are supportive. If 10th July payment, this is trading...

David Blennerhassett

Canvest (1381 HK): Buy Here, And On Weakness

The Scheme comfortable got up - despite a last minute hiccup to adjourn the meeting. Seems one shareholder sought to postpone the meeting, which...

David Blennerhassett

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): 12th May Vote On Grandblue's Offer

This looks done. Trading at a 2.7%/19.9% gross/annualised spread. There is vote risk. But all Shanghai Industrial Holdings appears supportive. and...

David Blennerhassett

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ESR (1821 HK): A Shareholder Register Look-Through

I don't see anyting material or untoward in the s329 register. 56.54% of disinterested shares are supportive. If 10th July payment, this is trading...

David Blennerhassett

Xingda (1899 HK)'s HK$1.30/Share Offer - Say What?

I'd be picking up shares here. You have a HK$1.30/share floor. I think Liu may bid higher. Then it's a question whether Zhao tips in his hand.

David Blennerhassett

Canvest (1381 HK): Buy Here, And On Weakness

The Scheme comfortable got up - despite a last minute hiccup to adjourn the meeting. Seems one shareholder sought to postpone the meeting, which...

David Blennerhassett

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): 12th May Vote On Grandblue's Offer

This looks done. Trading at a 2.7%/19.9% gross/annualised spread. There is vote risk. But all Shanghai Industrial Holdings appears supportive. and...

David Blennerhassett