Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 18th June, personal computer parts and accessories play <a href="https://www.smartkarma.com/entities/pc-partner-group-ltd" target="_blank" data-smartkarma-citation="entities:8492:1" rel="noopener">PC Partner (1263 HK) </a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0618/2024061800917.pdf" target="_blank" rel="noopener">announced</a> a SGX listing was under consideration; and a possible withdrawal of the HKEx listing.</li>
<li>This development was discussed in <a href="https://skr.ma/HC3Sv" target="_blank" rel="noopener">PC Partner (1263 HK) Muses SGX Listing &amp; HKEx Withdrawal</a>.  PC Partner subsequently <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0624/2024062400546.pdf" target="_blank" rel="noopener">announced</a> a privatisation would not accompany any proposed withdrawal (should it happens).</li>
<li>My recent discussions with SFC confirms this is possible. And there was a recent precedent. But there may be caveats.</li>
</ul>


Back on the 18th June, personal computer parts and accessories play PC Partner (1263 HK)  announced a SGX listing was under consideration; and a possible withdrawal of the HKEx listing.
This development was discussed in PC Partner (1263 HK) Muses SGX Listing &amp; HKEx Withdrawal.  PC Partner subsequently announced a privatisation would not accompany any proposed withdrawal (should it happens).
My recent discussions with SFC confirms this is possible. And there was a recent precedent. But there may be caveats.


Further "SGX Listing & HKEx Withdrawal" Musings

<ul>
<li>On the 18th June, personal computer (PC) parts and accessories play <a href="https://www.smartkarma.com/entities/pc-partner-group-ltd" target="_blank" data-smartkarma-citation="entities:8492:1" rel="noopener">PC Partner (1263 HK)</a> announced a profit alert for 1H24. </li>
<li>That's positive. What is also interesting is that the board is <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0618/2024061800917.pdf" target="_blank" rel="noopener">considering</a> an SGX listing, by way of introduction, and applying for the withdrawal of the HKEx listing.</li>
<li>Precedents are thin on the ground. And for good reason. The process is not straightforward.</li>
</ul>


On the 18th June, personal computer (PC) parts and accessories play PC Partner (1263 HK) announced a profit alert for 1H24. 
That's positive. What is also interesting is that the board is considering an SGX listing, by way of introduction, and applying for the withdrawal of the HKEx listing.
Precedents are thin on the ground. And for good reason. The process is not straightforward.


PC Partners (1263 HK) Muses SGX Listing & HKEx Withdrawal

CK Infrastructure Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ck-infrastructure-holdings-l" target="_blank" data-smartkarma-citation="entities:163:1" rel="noopener">CK Infrastructure Holdings (1038 HK)</a>, 75.67%-held by <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0711/2024071100267.pdf" target="_blank" rel="noopener">announced</a> it is considering a second listing on an overseas stock exchange, such as London.</li>
<li>A UK-listing makes perfect sense. In excess of 90% of CKI's FY23 profit was sourced from businesses outside Asia, with ~50% from its UK ops.</li>
<li>The wording in the announcement is unclear - a dual primary listing, or a secondary listing? The LSE is also undergoing a listing regime change, effective 29th July.</li>
</ul>



CK Infrastructure Holdings (1038 HK), 75.67%-held by CK Hutchison Holdings (1 HK), announced it is considering a second listing on an overseas stock exchange, such as London.
A UK-listing makes perfect sense. In excess of 90% of CKI's FY23 profit was sourced from businesses outside Asia, with ~50% from its UK ops.
The wording in the announcement is unclear - a dual primary listing, or a secondary listing? The LSE is also undergoing a listing regime change, effective 29th July.


<ul>
<li>It seems like every week, Bloomberg reports a HK-listed company weighing privatisation options. <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR (1821 HK)</a>, and <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a> have all been rumoured of late.</li>
<li>Last Friday, Samsonite <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0322/2024032200048.pdf" target="_blank" rel="noopener">announced</a> it was focused on pursuing the listing of its shares on a second exchange.</li>
<li>No preferred exchange was mentioned. Nor whether the goal is to secure a dual primary listing, or a secondary listing. A buyout, for now, appears to be on the backburner.</li>
</ul>


It seems like every week, Bloomberg reports a HK-listed company weighing privatisation options. HKBN (1310 HK), ESR (1821 HK), and Samsonite (1910 HK) have all been rumoured of late.
Last Friday, Samsonite announced it was focused on pursuing the listing of its shares on a second exchange.
No preferred exchange was mentioned. Nor whether the goal is to secure a dual primary listing, or a secondary listing. A buyout, for now, appears to be on the backburner.


Samsonite (1910 HK): Dual-Listing Musings

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

10 in 10 with Comba Telecom - Innovation at its Core

China

Comba Telecom Systems Holdings Limited is a wireless coverage solutions provider in China.  The Company researches, develops, produces, and sells wireless coverage products including repeaters, antennas, and RF passive accessories.  In addition, Comba provides project survey and design, project management, installation, maintenance, and other after-sales services.

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Comba Telecom (2342 HK)

Further "SGX Listing & HKEx Withdrawal" Musings

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PC Partners (1263 HK) Muses SGX Listing & HKEx Withdrawal

I don't have a strong conviction one way or another on PC Partners underlying ops. I don't believe an Offer will be forthcoming. And IF one was,...

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CK Infra (1038 HK): London Calling

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Samsonite (1910 HK): Dual-Listing Musings

A secondary NASDAQ listing appears preferable. One that is a dual primary listing. A privatisation cannot be ruled out. But it won't come cheap. If...

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10 in 10 with Comba Telecom - Innovation at its Core

10 in 10 with Comba Telecom - Innovation at its Core

Singapore Exchange Ltd (SGX)

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