Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<ul>
<li>In officially decided cases concerning dissentient shareholders in privatised US-listed China plays, the uplift to the merger price versus time value of money and legal costs, is less than ideal. </li>
<li>The outcome for each case will turn on the underlying facts. But it would appear <a href="https://www.smartkarma.com/entities/ikang-healthcare-group-adr" target="_blank" data-smartkarma-citation="entities:741:1" rel="noopener">iKang Healthcare Group (ADR) (KANG US)</a> is following a similar trend.  </li>
<li>Reportedly the uplift to the iKang merger price is just 10%. Dissenters can still lodge an appeal.</li>
</ul>


In officially decided cases concerning dissentient shareholders in privatised US-listed China plays, the uplift to the merger price versus time value of money and legal costs, is less than ideal. 
The outcome for each case will turn on the underlying facts. But it would appear iKang Healthcare Group (ADR) (KANG US) is following a similar trend.  
Reportedly the uplift to the iKang merger price is just 10%. Dissenters can still lodge an appeal.


IKang Healthcare (KANG US): Another Setback For Dissenters

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Industry viewpoints:<ul>
<li>Considering the importance of blood products, the 14th Five-Year Plan will accelerate the construction of plasma stations in China so as to achieve the self-sufficiency in blood products.</li>
<li>Public health is the focus of the 14th Five-Year Plan for medical reform. Among them, due to the strong demand from the downstream, the medical IT industry is expected to usher in a faster development.</li>
<li>The outbreak of COVID-19 in 2020 would accelerate Chinese consumers' awareness and attention of immunonutrition products, such as the probiotics products.</li>
</ul>Company news:News about the updated progress on drugs and new cooperation agreements of <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>, <a href="https://www.smartkarma.com/entities/innocare-pharma-ltd" target="_blank" data-smartkarma-citation="entities:28355:1" rel="noopener">InnoCare Pharma Ltd (9969 HK) </a>and <a href="https://www.smartkarma.com/entities/remegen-co-ltd" target="_blank" data-smartkarma-citation="entities:29191:1" rel="noopener">Remegen Co Ltd (9995 HK)</a>.Market review:Last week, stock price for healthcare sector in A share increased 2.61%, while CSI 300 increased 0.50% over the same period of timeRisk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Considering the importance of blood products, the 14th Five-Year Plan will accelerate the construction of plasma stations in China so as to achieve the self-sufficiency in blood products.
Public health is the focus of the 14th Five-Year Plan for medical reform. Among them, due to the strong demand from the downstream, the medical IT industry is expected to usher in a faster development.
The outbreak of COVID-19 in 2020 would accelerate Chinese consumers' awareness and attention of immunonutrition products, such as the probiotics products.
Company news:News about the updated progress on drugs and new cooperation agreements of Innovent Biologics Inc (1801 HK), Jiangsu Hengrui Medicine (600276 CH), InnoCare Pharma Ltd (9969 HK) and Remegen Co Ltd (9995 HK).Market review:Last week, stock price for healthcare sector in A share increased 2.61%, while CSI 300 increased 0.50% over the same period of timeRisk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

The COVID-19 since the end of 2019 has brought a large demand for blood products. The publicity of convalescent plasma, human immumoglobulin (PH4) for intravenous injection, albumin and other therapeutic blood products is conducive to the education of the public about blood products. At the same time, during COVID-19, they played a certain therapeutic role, reflecting the importance of blood products. Besides, blood products with high technology, high investment, and scarcity are of high clinical value. They are also subject to national supervision, which means that the entry barriers are high. Therefore, blood products market undoubtedly belong to the field of high-quality investment.

The COVID-19 since the end of 2019 has brought a large demand for blood products. The publicity of convalescent plasma, human immumoglobulin (PH4) for intravenous injection, albumin and other therapeutic blood products is conducive to the education of the public about blood products. At the same time, during COVID-19, they played a certain therapeutic role, reflecting the importance of blood products. Besides, blood products with high technology, high investment, and scarcity are of high clinical value. They are also subject to national supervision, which means that the entry barriers are high. Therefore, blood products market undoubtedly belong to the field of high-quality investment.

Industry Report - Insights on China Blood Product Industry

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Heightened trade tensions have caused global equities to move from resistance to support in a matter of days. Additional consolidation - i.e., no breakdowns - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remains the most likely scenario. At the same time, new cracks are beginning to show and as a result we believe global equities are vulnerable to a breakdown.  Along with a recap of important technical levels across major markets, we flip through several attractive Groups and stocks within Advertising, retail, restaurants, and travel, which offer attractive pullback opportunities.

Heightened trade tensions have caused global equities to move from resistance to support in a matter of days. Additional consolidation - i.e., no breakdowns - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remains the most likely scenario. At the same time, new cracks are beginning to show and as a result we believe global equities are vulnerable to a breakdown.  Along with a recap of important technical levels across major markets, we flip through several attractive Groups and stocks within Advertising, retail, restaurants, and travel, which offer attractive pullback opportunities.

Global Equity Strategy: Another Test of Support

Event-Driven

<ul>
<li>Back on the <a href="https://investor.chindatagroup.com/static-files/cb5912cf-662a-4900-8c41-751c53513ef4" target="_blank" rel="noopener">11 August</a>, Chinese data center provider <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a> and major shareholder Bain Capital entered into a definitive agreement at US$8.60/ADS.</li>
<li>The EGM was held yesterday, the 4 December, and the merger was approved by 97.75% of the total votes cast. No specific PRC regulatory approval is needed for this merger. </li>
<li>All good right? Not quite. There's still the nagging issue involving 22.79% of shares out objecting to the deal, exceeding the 12% dissenting threshold, a condition to the merger. </li>
</ul>


Back on the 11 August, Chinese data center provider Chindata Group (CD US) and major shareholder Bain Capital entered into a definitive agreement at US$8.60/ADS.
The EGM was held yesterday, the 4 December, and the merger was approved by 97.75% of the total votes cast. No specific PRC regulatory approval is needed for this merger. 
All good right? Not quite. There's still the nagging issue involving 22.79% of shares out objecting to the deal, exceeding the 12% dissenting threshold, a condition to the merger. 


Dissenters Mobilise As Chindata (CD US)'s Shareholders Approve Bain's Offer

United States

China Biologic Products Holdings, Inc. operates as a biopharmaceutical company. The Company researches, develops, and produces human plasma-based pharmaceutical and coagulation factor products in the form of tablets, injections, capsules, and syrups. China Biologic Products also distributes pharmaceutical products. China Biologic Products serves clients in China.

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China Biologic Products (CBPO US)

IKang Healthcare (KANG US): Another Setback For Dissenters

In officially decided cases concerning dissentient shareholders in privatised US-listed China plays, the uplift to the takeover price versus time...

David Blennerhassett

China Healthcare Weekly (July.16)

The article mainly analyzed China's plan to accelerate the construction of plasma stations, promising outlook of medical IT industry...

Xinyao (Criss) Wang

Industry Report - Insights on China Blood Product Industry

This article analyzed the insights on China blood products market in terms of market potential, industry characteristics, the review of blood...

Xinyao (Criss) Wang

Global Equity Strategy: Another Test of Support

Heightened trade tensions have caused global equities to move from resistance to support in a matter of days. Additional consolidation - i.e., no...

Vermilion Research

Dissenters Mobilise As Chindata (CD US)'s Shareholders Approve Bain's Offer

This is done. Trading at a 2% gross spread to terms, or ~14% annualised assuming late-Jan completion. Not bad. Not great. It was certainly more...

David Blennerhassett

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