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

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/tata-capital-limited" target="_blank" data-smartkarma-citation="entities:45653:1" rel="noopener">Tata Capital Limited (TATACAP IN)</a> is seeking to raise US$2.0 billion.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/carenet-inc" target="_blank" data-smartkarma-citation="entities:4001:1" rel="noopener">Carenet Inc (2150 JP)</a>, <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/rezil-inc" target="_blank" data-smartkarma-citation="entities:45661:1" rel="noopener">Rezil (176A JP)</a>, <a href="https://www.smartkarma.com/entities/yomeishu-seizo-co-ltd" target="_blank" data-smartkarma-citation="entities:6904:1" rel="noopener">Yomeishu Seizo (2540 JP)</a>.
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Tata Capital Limited (TATACAP IN) is seeking to raise US$2.0 billion.
Event-Driven developments: Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), HKBN Ltd (1310 HK), Carenet Inc (2150 JP), Shibaura Electronics (6957 JP), Rezil (176A JP), Yomeishu Seizo (2540 JP).



Weekly Deals Digest (17 Aug) - Kangji Medical, HKBN, Shengjing, Carenet, Shibaura, Rezil, Yomeishu

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> is a clear value play. But it's not as cheap to <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite (CLBT US)</a> as it was  last month. The trade is a net long position</li>
<li>As <a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> plumbs new 12-month lows for its NAV discount and implied stub, Swire's B shares have significantly outperformed the As over the past month.</li>
<li>
<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 (412 HK)</a> is a bubble. High shareholder concentration is still likely present, and the stock is getting squeezed. SHP is a short. Once it starts to turn.</li>
</ul>



Sun Corp (6736 JP) is a clear value play. But it's not as cheap to Cellebrite (CLBT US) as it was  last month. The trade is a net long position
As Swire Pacific (A) (19 HK) plumbs new 12-month lows for its NAV discount and implied stub, Swire's B shares have significantly outperformed the As over the past month.

Shandong Hi-Speed (412 HK) is a bubble. High shareholder concentration is still likely present, and the stock is getting squeezed. SHP is a short. Once it starts to turn.


Last Week In Event SPACE: Sun Corp/Cellebrite, Swire, Shandong Hi-Speed, PRC Rural Bank Delistings

<ul>
<li>I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Four new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a>, <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a>, <a href="https://www.smartkarma.com/entities/rezil-inc" target="_blank" data-smartkarma-citation="entities:45661:1" rel="noopener">Rezil (176A JP)</a>, and <a href="https://www.smartkarma.com/entities/carenet-inc" target="_blank" data-smartkarma-citation="entities:4001:1" rel="noopener">Carenet Inc (2150 JP)</a>.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, and <a href="https://www.smartkarma.com/entities/kolon-mobility-group" target="_blank" data-smartkarma-citation="entities:45648:1" rel="noopener">Kolon Mobility Group (450140 KS)</a>.</li>
</ul>


I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Four new deal was discussed on Smartkarma this week: Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), Ashimori Industry (3526 JP), Rezil (176A JP), and Carenet Inc (2150 JP).
Key updates/news took place on HKBN Ltd (1310 HK), Toyo Construction (1890 JP), Shibaura Electronics (6957 JP), and Kolon Mobility Group (450140 KS).


(Mostly) Asia-Pac M&A: Kangji Medical, Ashimori, Carenet, Rezil, HKBN, Toyo Cons., Shibaura Elect.

Travis Lundy

<ul>
<li>Todfay after the close, EQT and <a href="https://www.smartkarma.com/entities/carenet-inc" target="_blank" data-smartkarma-citation="entities:4001:1" rel="noopener">Carenet Inc (2150 JP)</a> announced an EQT SPC would launch a TOB to buy out the medical platform business. </li>
<li>A growthy business so the multiple looks light. But the founder and his incubation fund is selling. That's 19%. Insiders/crossholders hold another 25%. One recent seller still has 10%.</li>
<li>This looks like it gets done, but it isn't at the highs of 4+ years ago. Some retail may be upset. </li>
</ul>


Todfay after the close, EQT and Carenet Inc (2150 JP) announced an EQT SPC would launch a TOB to buy out the medical platform business. 
A growthy business so the multiple looks light. But the founder and his incubation fund is selling. That's 19%. Insiders/crossholders hold another 25%. One recent seller still has 10%.
This looks like it gets done, but it isn't at the highs of 4+ years ago. Some retail may be upset. 


[Japan M&A] CareNet (2150 JP) MBO-Ish LBO of Medical Platform Biz; Light. SUPER Opaque Process.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carenet-inc" target="_blank" data-smartkarma-citation="entities:4001:1" rel="noopener">Carenet Inc (2150 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/eqt-ab" target="_blank" data-smartkarma-citation="entities:28922:1" rel="noopener">EQT (EQT SS)</a> at JPY1,130, a 47.3% premium to the last close.</li>
<li>Despite the lack of an auction, the offer is reasonable as it aligns with the midpoint of the IFA DCF valuation range and at a premium to historical ranges. </li>
<li>Irrevocables to accept represent a 17.03% ownership ratio. This is likely a done deal with payment from 7 October.</li>
</ul>



Carenet Inc (2150 JP) has recommended a tender offer from EQT (EQT SS) at JPY1,130, a 47.3% premium to the last close.
Despite the lack of an auction, the offer is reasonable as it aligns with the midpoint of the IFA DCF valuation range and at a premium to historical ranges. 
Irrevocables to accept represent a 17.03% ownership ratio. This is likely a done deal with payment from 7 October.


CareNet (2150 JP): EQT’s Tender Offer at JPY1,130

Japan

CareNet, Inc. provides medicine and medical related information for doctors through Internet, satellite broadcasting, and DVD.  The Company also collects marketing information related to medicine and provides those data to pharmaceutical companies.

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Carenet Inc (2150 JP)

Weekly Deals Digest (17 Aug) - Kangji Medical, HKBN, Shengjing, Carenet, Shibaura, Rezil, Yomeishu

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

Last Week In Event SPACE: Sun Corp/Cellebrite, Swire, Shandong Hi-Speed, PRC Rural Bank Delistings

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Kangji Medical, Ashimori, Carenet, Rezil, HKBN, Toyo Cons., Shibaura Elect.

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

[Japan M&A] CareNet (2150 JP) MBO-Ish LBO of Medical Platform Biz; Light. SUPER Opaque Process.

EQT buys out CareNet. Growthy medical platform business bought at low-mid teens EV/EBITDA but the Board presents zero information about forecasts...

Travis Lundy

CareNet (2150 JP): EQT’s Tender Offer at JPY1,130

Despite the lack of an auction, the offer is reasonable as it aligns with the midpoint of the IFA DCF valuation range and at a premium to...

Arun George

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