Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

Mindray Medical International Ltd (ADR) / Equity Bottom-Up

<p>Mindray's management team has lowered its buyout offer by 10% to US$27/ADS, citing 1) the company's recent poor financial performance, 2) volatility of the capital markets, and 3) devaluation of the yuan. We think that the latter two issues are not that significant considering the progress of other deals. Issue #1 likely is for real, but we should not ignore the incentives for the buyout group to "under-manage" the business while their offer is pending. &nbsp;</p>

Mindray's management team has lowered its buyout offer by 10% to US$27/ADS, citing 1) the company's recent poor financial performance, 2) volatility of the capital markets, and 3) devaluation of the yuan. We think that the latter two issues are not that significant considering the progress of other deals. Issue #1 likely is for real, but we should not ignore the incentives for the buyout group to "under-manage" the business while their offer is pending. &nbsp;

Buyout Offer Lowered to US$27/ADS from US$30/ADS

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Event-Driven

<ul><li>We've been covering the CMGE privatization&nbsp;since the offer was lodged on 18 May 2015</li><li>The buyers, led by Orient Hongtai Zhihe Investment Management, bumped their offer from USD 21.50 to USD 22 on 9 June 2015</li><li>The EGM to approve/reject this privatization offer was held this morning; we examine the results of this crucial meeting</li></ul>

We've been covering the CMGE privatization&nbsp;since the offer was lodged on 18 May 2015The buyers, led by Orient Hongtai Zhihe Investment Management, bumped their offer from USD 21.50 to USD 22 on 9 June 2015The EGM to approve/reject this privatization offer was held this morning; we examine the results of this crucial meeting

<p>This insight serves as an update to the previous <a href="http://www.smartkarma.com/insights/orient-hongtai-china-mobile-games-game-over" target="_blank">piece</a> by <a href="http://www.smartkarma.com/insight_providers/5" target="_blank">Arzish </a>around the timeline and rights of CMGE dissenting shareholders.</p>

This insight serves as an update to the previous piece by Arzish around the timeline and rights of CMGE dissenting shareholders.

QUICKNOTE CMGE - Update on Timeline and Dissenting Shareholders' rights

China

CMGE Technology Group Limited serves customers in China.

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CMGE Tech (302 HK)

Buyout Offer Lowered to US$27/ADS from US$30/ADS

Mindray's management team has lowered its buyout offer by 10% to US$27/ADS, citing 1) the company's recent poor financial performance, 2)...

Kemp Dolliver, CFA

CMGE - A Sign of Things to Come

We've been covering the CMGE privatization since the offer was lodged on 18 May 2015 The buyers, led by Orient Hongtai Zhihe Investment...

Crispin Francis

QUICKNOTE CMGE - Update on Timeline and Dissenting Shareholders' rights

This insight serves as an update to the previous piece by Arzish around the timeline and rights of CMGE dissenting shareholders.

Crispin Francis

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