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 href="https://www.smartkarma.com/entities/inner-mongolia-yili-indus-a" target="_blank" data-smartkarma-citation="entities:3220:1" rel="noopener">Inner Mongolia Yili Industrial Group (A) (600887 CH)</a> has launched a conditional MGO at HK$10.06 per share with a first and final closing date of 3 and 17 March, respectively. </li>
<li>The MGO is conditional on the offeror and concert parties holding more than 50% of <a href="https://www.smartkarma.com/entities/ausnutria-dairy-corp-ltd" target="_blank" data-smartkarma-citation="entities:13799:1" rel="noopener">Ausnutria Dairy Corp (1717 HK)</a>'s voting rights. Yili owns 34.33% of outstanding shares.</li>
<li>Around 37.5% of public shareholders (assuming other directors accept the offer) will need to accept the MGO for it to become unconditional. Achieving the 50%+ voting threshold could be challenging. </li>
</ul>



Inner Mongolia Yili Industrial Group (A) (600887 CH) has launched a conditional MGO at HK$10.06 per share with a first and final closing date of 3 and 17 March, respectively. 
The MGO is conditional on the offeror and concert parties holding more than 50% of Ausnutria Dairy Corp (1717 HK)'s voting rights. Yili owns 34.33% of outstanding shares.
Around 37.5% of public shareholders (assuming other directors accept the offer) will need to accept the MGO for it to become unconditional. Achieving the 50%+ voting threshold could be challenging. 


Ausnutria’s Conditional MGO Open, IFA Opinion

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ausnutria-dairy-corp-ltd" target="_blank" data-smartkarma-citation="entities:13799:1" rel="noopener">Ausnutria Dairy Corp (1717 HK)</a>'s Composite Document has now been despatched. <a href="https://www.smartkarma.com/entities/inner-mongolia-yili-indus-a" target="_blank" data-smartkarma-citation="entities:3220:1" rel="noopener">Inner Mongolia Yili Industrial (600887 CH)</a>'s Offer is open for acceptances with a first close on the 3 March.</li>
<li>The Offer is conditional on 50% acceptances, with Yili holding 34.33%. </li>
<li>This transaction <em>should</em> get up. The IFA considers the Offer is fair and reasonable. </li>
</ul>



Ausnutria Dairy Corp (1717 HK)'s Composite Document has now been despatched. Inner Mongolia Yili Industrial (600887 CH)'s Offer is open for acceptances with a first close on the 3 March.
The Offer is conditional on 50% acceptances, with Yili holding 34.33%. 
This transaction should get up. The IFA considers the Offer is fair and reasonable. 


Ausnutria (1717 HK): Composite Doc Out. Offer Now Open

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 26 based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Skyworth (751 HK), China Feihe (6186 HK), Linklogis (9959 HK).</li>
<li>In the past 90 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Tencent (700 HK), Hengan International (1044 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 26 based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Skyworth (751 HK), China Feihe (6186 HK), Linklogis (9959 HK).
In the past 90 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Tencent (700 HK), Hengan International (1044 HK).


Hong Kong Buybacks: Skyworth, China Feihe, Linklogis

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Weilong Delicious / Equity Capital Markets

<ul>
<li>Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn in its Hong Kong IPO.</li>
<li>According to F&amp;S, WDG ranked first among spicy snack food enterprises in China, with a market share of 5.7%, and in the seasoned flour product and spicy vegetable snacks categories.</li>
<li>In this note, we will undertake a peer comparison and look at valuations.</li>
</ul>


Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn in its Hong Kong IPO.
According to F&amp;S, WDG ranked first among spicy snack food enterprises in China, with a market share of 5.7%, and in the seasoned flour product and spicy vegetable snacks categories.
In this note, we will undertake a peer comparison and look at valuations.


Weilong Delicious Global Pre-IPO - Peer Comparison and Valuation

<ul>
<li>Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn in its Hong Kong IPO.</li>
<li>According to F&amp;S, WDG ranked first among spicy snack food enterprises in China, with a market share of 5.7%, and in the seasoned flour product and spicy vegetable snacks categories.</li>
<li>In this note, we will look at the updates from its recently filed PHIP.</li>
</ul>


Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn in its Hong Kong IPO.
According to F&amp;S, WDG ranked first among spicy snack food enterprises in China, with a market share of 5.7%, and in the seasoned flour product and spicy vegetable snacks categories.
In this note, we will look at the updates from its recently filed PHIP.


Weilong Delicious Global Pre-IPO - PHIP Updates - Mixed Bag 1H21 Performance

China

China Feihe specializes in the development, production, and sale of infant formula milk, other dairy products, and nutritional supplements. The company offers a range of products including infant milk formula, adult milk powder, liquid milk, and health care products. Founded in 1962, its headquarters are in Beijing, China.

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China Feihe (6186 HK)

Ausnutria’s Conditional MGO Open, IFA Opinion

Yili has launched a conditional MGO at HK$10.06 per share. Yili owns 34.33% of outstanding shares and the MGO is conditional on hitting a 50%...

Arun George

Ausnutria (1717 HK): Composite Doc Out. Offer Now Open

At HK$9.91/share, Ausnutria is currently trading at a gross/annualised spread of 1.5%/18%, assuming mid-March payment. That's okay. With Yili now...

David Blennerhassett

Hong Kong Buybacks: Skyworth, China Feihe, Linklogis

We highlight the top 3 companies that repurchased the most shares in HK were Skyworth Group Limited (751 HK), China Feihe Limited (6186 HK),...

Ke Yan, CFA, FRM

Weilong Delicious Global Pre-IPO - Peer Comparison and Valuation

Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn in its Hong Kong IPO. In this note, we undertake a...

Sumeet Singh

Weilong Delicious Global Pre-IPO - PHIP Updates - Mixed Bag 1H21 Performance

Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn in its Hong Kong IPO. In this note we talk about...

Sumeet Singh

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