IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/beijing-capital-grand-ltd" target="_blank" data-smartkarma-citation="entities:18241:1" rel="noopener">Beijing Capital Grand (1329 HK)</a>’s IFA opines that <a href="https://www.smartkarma.com/entities/beijing-capital-land-ltd-h" target="_blank" data-smartkarma-citation="entities:4543:1" rel="noopener">Beijing Capital Land Ltd H (2868 HK)</a>’s HK$0.85 privatisation offer is fair and reasonable. The vote is on 10 January. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). The offer price is final.</li>
<li>The <a href="https://www.smartkarma.com/entities/sino-ocean-group-holding-limited" target="_blank" rel="noopener">Sino-Ocean Group (3377 HK)</a> receivers, which hold a blocking stake, should support the transaction. At the last close and for the 6 February payment, the gross/annualised spread was 3.7%/22.2%.</li>
</ul>



Beijing Capital Grand (1329 HK)’s IFA opines that Beijing Capital Land Ltd H (2868 HK)’s HK$0.85 privatisation offer is fair and reasonable. The vote is on 10 January. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). The offer price is final.
The Sino-Ocean Group (3377 HK) receivers, which hold a blocking stake, should support the transaction. At the last close and for the 6 February payment, the gross/annualised spread was 3.7%/22.2%.


Beijing Capital Grand (1329 HK): Scheme Vote on 10 January

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<li>
<a href="https://www.smartkarma.com/entities/beijing-capital-grand-ltd" target="_blank" data-smartkarma-citation="entities:18241:1" rel="noopener">Beijing Capital Grand (1329 HK)</a> disclosed a Cayman scheme privatisation offer from <a href="https://www.smartkarma.com/entities/beijing-capital-land-ltd-h" target="_blank" data-smartkarma-citation="entities:4543:1" rel="noopener">Beijing Capital Land Ltd H (2868 HK)</a> at HK$0.85 per share, a 46.6% premium to the undisturbed price. </li>
<li>The key condition will be approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The offer price is final.</li>
<li>The <a href="https://www.smartkarma.com/entities/sino-ocean-group-holding-limited" target="_blank" rel="noopener">Sino-Ocean Group (3377 HK)</a> receivers, which hold a blocking stake, will support a liquidity event to exit, particularly as the offer is reasonable compared to historical trading ranges.  </li>
</ul>



Beijing Capital Grand (1329 HK) disclosed a Cayman scheme privatisation offer from Beijing Capital Land Ltd H (2868 HK) at HK$0.85 per share, a 46.6% premium to the undisturbed price. 
The key condition will be approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The offer price is final.
The Sino-Ocean Group (3377 HK) receivers, which hold a blocking stake, will support a liquidity event to exit, particularly as the offer is reasonable compared to historical trading ranges.  


Beijing Capital Grand (1329 HK): Capital Group’s Scheme Privatisation at HK$0.85

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<li>
<a href="https://www.smartkarma.com/entities/beijing-capital-grand-ltd" target="_blank" data-smartkarma-citation="entities:18241:1" rel="noopener">Beijing Capital Grand (1329 HK)</a> entered a trading halt based on the Hong Kong Code on Takeovers and Mergers. </li>
<li>It is likely that <a href="https://www.smartkarma.com/entities/beijing-capital-land-ltd-h" target="_blank" data-smartkarma-citation="entities:4543:1" rel="noopener">Beijing Capital Land Ltd H (2868 HK)</a>, the largest shareholder, is launching an offer primarily to acquire the stake from <a href="https://www.smartkarma.com/entities/sino-ocean-group-holding-limited" target="_blank" data-smartkarma-citation="entities:8898:1" rel="noopener">Sino-Ocean Group (3377 HK)</a> receivers. </li>
<li>As this is a forced sale, an offer of around HK$0.70-0.75, a 20%- 30% premium to the last close, would be sufficient to gain an irrevocable from the receivers. </li>
</ul>



Beijing Capital Grand (1329 HK) entered a trading halt based on the Hong Kong Code on Takeovers and Mergers. 
It is likely that Beijing Capital Land Ltd H (2868 HK), the largest shareholder, is launching an offer primarily to acquire the stake from Sino-Ocean Group (3377 HK) receivers. 
As this is a forced sale, an offer of around HK$0.70-0.75, a 20%- 30% premium to the last close, would be sufficient to gain an irrevocable from the receivers. 


Beijing Capital Grand (1329 HK): An Offer from Beijing Capital Land?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 16 November, <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> announced Sinochem, holding 65.2% of shares out, had entered into an SPA to sell 36% to <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber (601118 CH)</a>.</li>
<li>Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance.  Sinochem has provided an undertaking not to tender its remaining 29.2% stake. </li>
<li>Halcyon has now announced SASAC has given the green light for the SPA. Outstanding conditions include MoC and NDRC. Those approvals should fall into place shortly.</li>
</ul>


Back on the 16 November, Halcyon Agri (HACL SP) announced Sinochem, holding 65.2% of shares out, had entered into an SPA to sell 36% to China Hainan Rubber (601118 CH).
Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance.  Sinochem has provided an undertaking not to tender its remaining 29.2% stake. 
Halcyon has now announced SASAC has given the green light for the SPA. Outstanding conditions include MoC and NDRC. Those approvals should fall into place shortly.


Halcyon Agri: MGO One Step Closer As SASAC Approves SPA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> has announced Sinochem, its largest shareholder with 65.2%, has entered into a SPA to sell 36% of shares out to <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a>.</li>
<li>Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance.  Sinochem has provided an undertaking not to tender its remaining 29.2% stake. </li>
<li>
The Offer Price? The SPA price is US$0.315/share and the Offer Price will be the SGD equivalent at the close of the SPA.</li>
</ul>



Halcyon Agri (HACL SP) has announced Sinochem, its largest shareholder with 65.2%, has entered into a SPA to sell 36% of shares out to China Hainan Rubber Industry (601118 CH).
Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance.  Sinochem has provided an undertaking not to tender its remaining 29.2% stake. 

The Offer Price? The SPA price is US$0.315/share and the Offer Price will be the SGD equivalent at the close of the SPA.


Halcyon Agri: Hainan Rubber's Conditional MGO

Hong Kong

China Vast Industrial Urban Development Company Limited focuses on industrial town development businesses in China. The Company also develops and invests in residential, commercial, and industrial properties.

China Vast Industrial Urban Development (6166 HK)

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China Vast Industrial Urban Development (6166 HK)

Beijing Capital Grand (1329 HK): Scheme Vote on 10 January

The Sino-Ocean Group receivers (Smart Win), which hold a blocking stake, has provided an irrevocable to vote in favour of the offer. This is a done...

Arun George

Beijing Capital Grand (1329 HK): Capital Group’s Scheme Privatisation at HK$0.85

Shareholders with blocking stakes are likely to be supportive, mainly as the offer is reasonable compared to historical trading ranges. At the...

Arun George

Beijing Capital Grand (1329 HK): An Offer from Beijing Capital Land?

It is likely that Beijing Capital Land, the largest shareholder, is launching an offer primarily to acquire the stake from Sino-Ocean Group receivers.

Arun George

Halcyon Agri: MGO One Step Closer As SASAC Approves SPA

SASAC approval was the key approval. The remaining regulatory bodies will follow suit. Currently trading at a gross/annualised spread of 7%/24% -...

David Blennerhassett

Halcyon Agri: Hainan Rubber's Conditional MGO

Both Sinochem and Hainan Rubber are SOE-backed. The key question is whether the MGO will turn unconditional. It's a pretty cozy shareholder...

David Blennerhassett

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