Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-limited" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a> (CJ) was suspended pursuant to the Takeovers Code, I expected SOE-backed <a href="https://www.smartkarma.com/entities/sichuan-changhong-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:17702:1" rel="noopener">Sichuan Changhong (600839 CH)</a> (60.13%) to make an Offer. And that is what unfolded. </li>
<li>Sichuan Changhong plus provincial bodies, have made a pre-conditional Offer by  way of a Scheme, at HK$1.223/share, a 32.93% premium to last close. The Offer Price is final.</li>
<li>Pre-Cons include the local SASAC &amp;  Reform Commission Commerce, plus SAFE.  The risk to the deal will be one of timing. The Offer Price is fair.</li>
</ul>


After Changhong Jiahua (3991 HK) (CJ) was suspended pursuant to the Takeovers Code, I expected SOE-backed Sichuan Changhong (600839 CH) (60.13%) to make an Offer. And that is what unfolded. 
Sichuan Changhong plus provincial bodies, have made a pre-conditional Offer by  way of a Scheme, at HK$1.223/share, a 32.93% premium to last close. The Offer Price is final.
Pre-Cons include the local SASAC &amp;  Reform Commission Commerce, plus SAFE.  The risk to the deal will be one of timing. The Offer Price is fair.


Changhong Jiahua (3991 HK): Sichuan Changhong's Pre-Con Scheme

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/changhong-jiahua-holdings-limited" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua Holdings (3991 HK)</a> announced a preconditional privatisation offer from Changhong Group, the controlling shareholder, at HK$1.223, a 32.9% premium to the last close price.</li>
<li>Key conditions include approval by at least 75% independent shareholders (&lt;10% of independent shareholders' rejection) and the headcount test. The offer is final.</li>
<li>Two shareholders hold blocking stakes – one has provided an irrevocable, and the other is SOE-linked. The offer is attractive compared to historical trading ranges. Timing is the key risk.     </li>
</ul>



Changhong Jiahua Holdings (3991 HK) announced a preconditional privatisation offer from Changhong Group, the controlling shareholder, at HK$1.223, a 32.9% premium to the last close price.
Key conditions include approval by at least 75% independent shareholders (&lt;10% of independent shareholders' rejection) and the headcount test. The offer is final.
Two shareholders hold blocking stakes – one has provided an irrevocable, and the other is SOE-linked. The offer is attractive compared to historical trading ranges. Timing is the key risk.     


Changhong Jiahua (3991 HK): Changhong Group’s Preconditional Scheme at HK$1.223

<ul>
<li>
<a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-limited" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua Holdings (3991 HK)</a> (CJ), which is principally engaged in the distribution of consumer electronic products, is suspended pursuant to the Takeovers Code.</li>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-changhong-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:17702:1" rel="noopener">Sichuan Changhong Electric Co, Ltd. (600839 CH)</a> holds ~60.13% of the shares outstanding. And 100% of the preference shares (76.7% of shares out). </li>
<li>This week, a final judgement, concerning monies owed, was ruled in CJ's favour. The sum involved is ~30% of CJ's market cap. </li>
</ul>



Changhong Jiahua Holdings (3991 HK) (CJ), which is principally engaged in the distribution of consumer electronic products, is suspended pursuant to the Takeovers Code.

Sichuan Changhong Electric Co, Ltd. (600839 CH) holds ~60.13% of the shares outstanding. And 100% of the preference shares (76.7% of shares out). 
This week, a final judgement, concerning monies owed, was ruled in CJ's favour. The sum involved is ~30% of CJ's market cap. 


Changhong Jiahua (3991 HK): Expect Sichuan Changhong To Make An Offer

<ul>
<li>On the 26th September, precision parts manufacturer <a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a> announced an Offer, by way of a Scheme, from the Tan Family, Spindex's controlling shareholder, with 74.95%.</li>
<li>The Tan's offered S$1.43/share, an okay 27.7% premium to undisturbed; but a decade-high price. A A$0.02/share was also bolted on (&amp; now paid). No competing Offer will emerge.</li>
<li>
<a href="https://links.sgx.com/FileOpen/Spindex_Scheme%20Document.ashx?App=Announcement&amp;FileID=868915" target="_blank" rel="noopener">The Scheme Booklet is now out,</a> with a Scheme Meeting on the 18th December, and expected payment on the 11th Feb 2026. The IFA (Evolve Capital) says "fair &amp; reasonable".</li>
</ul>


On the 26th September, precision parts manufacturer Spindex Industries (SPE SP) announced an Offer, by way of a Scheme, from the Tan Family, Spindex's controlling shareholder, with 74.95%.
The Tan's offered S$1.43/share, an okay 27.7% premium to undisturbed; but a decade-high price. A A$0.02/share was also bolted on (&amp; now paid). No competing Offer will emerge.

The Scheme Booklet is now out, with a Scheme Meeting on the 18th December, and expected payment on the 11th Feb 2026. The IFA (Evolve Capital) says "fair &amp; reasonable".


Spindex Inds (SPE SP): 18th Dec Vote On MBO

<ul>
<li>The gold rush continues with another Canadian outfit bidding to take over an Aussie-listed West African gold play. </li>
<li>Junior miner <a href="https://www.smartkarma.com/entities/african-gold-ltd" target="_blank" data-smartkarma-citation="entities:29028:1" rel="noopener">African Gold (A1G AU)</a>has entered into a Scheme with <a href="https://www.smartkarma.com/entities/montage-gold-corp" target="_blank" data-smartkarma-citation="entities:43368:1" rel="noopener">Montage Gold (MAU CN)</a>. African Gold shareholders will receive 0.0628 new MAU shares for every A1G share.</li>
<li>That backs out an implied value of A$0.50/share. Independent directors, holding 11.6% of shares out, are supportive. Montage holds 17.3%. Clean deal.</li>
</ul>


The gold rush continues with another Canadian outfit bidding to take over an Aussie-listed West African gold play. 
Junior miner African Gold (A1G AU)has entered into a Scheme with Montage Gold (MAU CN). African Gold shareholders will receive 0.0628 new MAU shares for every A1G share.
That backs out an implied value of A$0.50/share. Independent directors, holding 11.6% of shares out, are supportive. Montage holds 17.3%. Clean deal.


African Gold Ltd (A1G AU) Enters Scheme With Montage Gold (MAU CN)

Hong Kong

Changhong Jiahua Holdings Limited, through its subsidiaries, trades consumer electronic products and related parts and components. The Company also manufactures and sells the data broadcasting hardware and software and provides data broadcasting and related services.

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Changhong Jiahua Holdings (3991 HK)

Changhong Jiahua (3991 HK): Sichuan Changhong's Pre-Con Scheme

I anticipated a ~30%+ premium to undisturbed, or ~$1.20/share+, and that is what transpired. Clean deal. If a six month off-ramp (including four...

David Blennerhassett

Changhong Jiahua (3991 HK): Changhong Group’s Preconditional Scheme at HK$1.223

The offer is attractive compared to historical trading ranges. The precondition satisfaction and vote are low risk. Timing is the key risk.

Arun George

Changhong Jiahua (3991 HK): Expect Sichuan Changhong To Make An Offer

Shares are suspended. Expect Sichuan Changhong (600839 CH) holding ~60.13% of shares out to launch a Scheme,. This expected move may be prompted by...

David Blennerhassett

Spindex Inds (SPE SP): 18th Dec Vote On MBO

Clean deal. Trading at 1.4%/7.7% gross/annualised. If small, illiquid arbs are your thing, and not in, it may be worth a punt. Otherwise look...

David Blennerhassett

African Gold Ltd (A1G AU) Enters Scheme With Montage Gold (MAU CN)

As this is a cross-border trade, you could try to go short MAU late in its trading day; long African Gold, early in its trading day; however the...

David Blennerhassett

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