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

Jilin Jiutai Rural Comm Bank / Event-Driven

<ul>
<li>On 3 July, <a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Rural Comm Bank (6122 HK)</a> disclosed a voluntary conditional offer and delisting proposal by Jilin Province at HK$0.70. IFA opines it is fair and reasonable. </li>
<li>The IFA analysis is flawed, and the offer is unattractive. Nevertheless, the offer represents the best-case scenario for minorities, as the timeline for resuming trading remains uncertain.</li>
<li>While the 24 October vote on the delisting proposal should pass, the satisfaction of the minimum acceptance condition (90% of independent H shares) poses a challenge.</li>
</ul>


On 3 July, Jilin Jiutai Rural Comm Bank (6122 HK) disclosed a voluntary conditional offer and delisting proposal by Jilin Province at HK$0.70. IFA opines it is fair and reasonable. 
The IFA analysis is flawed, and the offer is unattractive. Nevertheless, the offer represents the best-case scenario for minorities, as the timeline for resuming trading remains uncertain.
While the 24 October vote on the delisting proposal should pass, the satisfaction of the minimum acceptance condition (90% of independent H shares) poses a challenge.


Jilin Jiutai RCB (6122 HK): Minorities Out of Options as the Offer Opens

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Jul 25th.</li>
<li>The average A-H premium changed by -2.7ppt week-on-week, led by materials, communication services, financials and offset by consumer staples, real estate, health care.</li>
<li>We highlight weekly changes in A-H premium for Jiangxi Copper, Dongfang Electric, China Life, China Energy Engineering, Zhengzhou Coal Mining Machinery, China Railway Construction.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 58.2% as of Jul 25th.
The average A-H premium changed by -2.7ppt week-on-week, led by materials, communication services, financials and offset by consumer staples, real estate, health care.
We highlight weekly changes in A-H premium for Jiangxi Copper, Dongfang Electric, China Life, China Energy Engineering, Zhengzhou Coal Mining Machinery, China Railway Construction.


A-H Premium Weekly (Jul 25th): Jiangxi Copper, Dongfang Electric, China Life

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.8% as of Jul 18th.</li>
<li>The average A-H premium changed by -3.1ppt week-on-week, led by health care, information technology, financials and offset by real estate, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for Livzon Pharmaceutical, Cosco Shipping Development, Beigene, China Railway Construction, CIMC, Innocare Pharma.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 60.8% as of Jul 18th.
The average A-H premium changed by -3.1ppt week-on-week, led by health care, information technology, financials and offset by real estate, consumer staples.
We highlight weekly changes in A-H premium for Livzon Pharmaceutical, Cosco Shipping Development, Beigene, China Railway Construction, CIMC, Innocare Pharma.


A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

<ul>
<li>We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 63.9% as of Jul 11th.</li>
<li>The average A-H premium changed by -4.0ppt week-on-week, led by financials, real estate, energy and offset by information technology.</li>
<li>We highlight weekly changes in A-H premium for Central China Securities, China Energy Engineering, Guolian Minsheng Securities, CHALIECO, Tigermed, Guotai Haitong Securities.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 63.9% as of Jul 11th.
The average A-H premium changed by -4.0ppt week-on-week, led by financials, real estate, energy and offset by information technology.
We highlight weekly changes in A-H premium for Central China Securities, China Energy Engineering, Guolian Minsheng Securities, CHALIECO, Tigermed, Guotai Haitong Securities.


A-H Premium Weekly (Jul 11th): Central China Securities, China Energy Engineering

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Rural Comm Bank (6122 HK)</a> has disclosed a voluntary conditional offer and delisting proposal by Jilin Province at HK$0.70 per H Share, a 70.7% premium to the undisturbed price.</li>
<li>The key conditions are H Shareholder approval of the delisting proposal and a minimum acceptance condition (50% of outstanding and 90% of H shares).</li>
<li>Minorities are caught between a rock and a hard place, as the offer is unattractive, but the timeline for lifting the trading suspension is uncertain.  </li>
</ul>



Jilin Jiutai Rural Comm Bank (6122 HK) has disclosed a voluntary conditional offer and delisting proposal by Jilin Province at HK$0.70 per H Share, a 70.7% premium to the undisturbed price.
The key conditions are H Shareholder approval of the delisting proposal and a minimum acceptance condition (50% of outstanding and 90% of H shares).
Minorities are caught between a rock and a hard place, as the offer is unattractive, but the timeline for lifting the trading suspension is uncertain.  


Jilin Jiutai RCB (6122 HK): A Conditional VGO Puts Minorities Between a Rock and a Hard Place

China

Chongqing Rural Commercial Bank Co.,Ltd. provides various types of personal and corporate banking and financial services.  The Company's services including deposits, loans and bonds, domestic clearing, bank card, bill discounting, agent distribution, cashing and underwriting government bonds, guarantees, and payments and insurance agency .

Chongqing Rural Commercial Bank (3618 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Chongqing Rural Commercial Bank (3618 HK)

Jilin Jiutai RCB (6122 HK): Minorities Out of Options as the Offer Opens

While light, the offer represents the best-case scenario for minorities, as the timeline for resuming trading remains uncertain. Satisfaction of...

Arun George

A-H Premium Weekly (Jul 25th): Jiangxi Copper, Dongfang Electric, China Life

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jiangxi Copper, Dongfang Electric, China Life, China Energy...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 18th): Livzon Pharmaceutical, Cosco Shipping Development, Beigene

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Livzon Pharmaceutical, Cosco Shipping Development, Beigene,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 11th): Central China Securities, China Energy Engineering

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Central China Securities, China Energy Engineering, Guolian...

Ke Yan, CFA, FRM

Jilin Jiutai RCB (6122 HK): A Conditional VGO Puts Minorities Between a Rock and a Hard Place

Minorities are caught between a rock and a hard place, as the offer is unattractive, but the timeline for lifting the trading suspension is uncertain.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)