Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Canvest Environmental Protection Group / Event-Driven

Canvest Environmental Protection Group (0XC SW)

<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Four new deals discussed this week: Schemes for <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> and <a href="https://www.smartkarma.com/entities/cm-hi-tech-cleanroom-limited" target="_blank" data-smartkarma-citation="entities:44057:1" rel="noopener">CM Hi-Tech (2115 HK)</a>, and Tender Offers for <a href="https://www.smartkarma.com/entities/elematec-corp" target="_blank" data-smartkarma-citation="entities:2866:1" rel="noopener">Elematec (2715 JP)</a> and <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks (1973 JP)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/hotel-property-investments" target="_blank" data-smartkarma-citation="entities:9850:1" rel="noopener">Hotel Property Investments (HPI AU)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a> and <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a>.</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals discussed this week: Schemes for Beijing Capital Grand (1329 HK) and CM Hi-Tech (2115 HK), and Tender Offers for Elematec (2715 JP) and Nec Networks (1973 JP).
Key updates took place on: Hotel Property Investments (HPI AU), Canvest Environmental Protection Group (1381 HK) and Capitol Health (CAJ AU).


(Mostly) Asia-Pac M&A: Beijing Capital Grand, Elematec, Nec Networks, Hotel Property Invest, Canvest

<ul>
<li>For the month of October 2024, 10 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$9bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in October was ~26%. The average premium YTD is ~42%.</li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of October 2024, 10 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$9bn.
The average premium for the new transactions announced (or first discussed) in October was ~26%. The average premium YTD is ~42%.
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Oct 2024: Arcadium, T Gaia, Elematec, NEC Network, MPHB, Sigma Health, Fuji Soft

<ul>
<li>On the 14th October, cleanroom play <a href="https://www.smartkarma.com/entities/cm-hi-tech-cleanroom-limited" target="_blank" data-smartkarma-citation="entities:44057:1" rel="noopener">CM Hi-Tech Cleanroom (2115 HK)</a> announced a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1014/2024101401232.pdf" target="_blank" rel="noopener">pre-conditional Offer</a> by way of a Scheme from <a href="https://www.smartkarma.com/entities/mayair-technology-china-co-ltd" target="_blank" data-smartkarma-citation="entities:44058:1" rel="noopener">MayAir Technology (688376 CH)</a> and CM Hi-Tech's senior management.</li>
<li>HK$0.25/Share (best &amp; final) is the Cancellation Price, or a 25% premium to undisturbed. Rollover shareholders and concert parties collectively hold 55.27%, leaving 44.73% held by disinterested shareholders .</li>
<li>MayAir shareholders have now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1030/2024103001533.pdf" target="_blank" rel="noopener">approved</a> the Offer. Other pre-cons include NDRC, Mofcom and SAFE.  The pre-conditional long-stop is the 13 December 2025. That's an unrealistic timeline.</li>
</ul>


On the 14th October, cleanroom play CM Hi-Tech Cleanroom (2115 HK) announced a pre-conditional Offer by way of a Scheme from MayAir Technology (688376 CH) and CM Hi-Tech's senior management.
HK$0.25/Share (best &amp; final) is the Cancellation Price, or a 25% premium to undisturbed. Rollover shareholders and concert parties collectively hold 55.27%, leaving 44.73% held by disinterested shareholders .
MayAir shareholders have now approved the Offer. Other pre-cons include NDRC, Mofcom and SAFE.  The pre-conditional long-stop is the 13 December 2025. That's an unrealistic timeline.


Malaysia

CM Hi-Tech Cleanroom manufactures and sells cleanroom wall and ceiling systems, along with cleanroom equipment including fan filter units, air showers, and HEPA filters. The company provides comprehensive cleanroom solutions, encompassing development, production, and installation services. It was founded in 1989 and is headquartered in Shah Alam, Malaysia.

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CM Hi-Tech Cleanroom (2115 HK)

(Mostly) Asia-Pac M&A: Beijing Capital Grand, Elematec, Nec Networks, Hotel Property Invest, Canvest

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

(Mostly) Asia M&A, Oct 2024: Arcadium, T Gaia, Elematec, NEC Network, MPHB, Sigma Health, Fuji Soft

For the month of Oct, 10 new deals were discussed on Smartkarma with an overall deal size of just ~US$9bn. The average premium for the new deals...

David Blennerhassett

CM Hi-Tech (2115 HK)'s Strange Offer

Trading at a 10.1%/34.1% gross/annualised spread, if late Feb payment. If small, illiquid arbs are your thing, you might get involved here....

David Blennerhassett

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