Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 51 - 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>Five new deals this week: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a>, and <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>. <a href="https://www.smartkarma.com/entities/vcredit-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27143:1" rel="noopener">VCredit Holdings (2003 HK)</a> and <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a> also in the crosshairs. </li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/guotai-junan-securities-co-ltd-5dfaf2c5-76d3-4f34-a77d-118787fd7091" target="_blank" data-smartkarma-citation="entities:23752:1" rel="noopener">Guotai Junan Securities (2611 HK)</a>/<a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities Co Ltd (H) (6837 HK)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, and <a href="https://www.smartkarma.com/entities/dexus" target="_blank" data-smartkarma-citation="entities:403:1" rel="noopener">Dexus Property (DXS AU)</a> 
</li>
</ul>


I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Five new deals this week: Insignia Financial (IFL AU), Fosun Tourism (1992 HK), and Lifestyle China (2136 HK). VCredit Holdings (2003 HK) and Vesync (2148 HK) also in the crosshairs. 
Key updates/news took place on: Guotai Junan Securities (2611 HK)/Haitong Securities Co Ltd (H) (6837 HK), Fuji Soft Inc (9749 JP), CPMC Holdings (906 HK), and Dexus Property (DXS AU) 



(Mostly) Asia-Pac M&A: Insignia, Fosun Tourism, GJS/Haitong, Fuji Soft, Dexus Property

<ul>
<li>Back on the 29th August 2024, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK) </a><a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0829/2024082902348.pdf" target="_blank" rel="noopener">announced</a>  <a href="https://www.smartkarma.com/entities/org-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:17510:1" rel="noopener">ORG Technology Co., Ltd. A (002701 CH)</a> had secured SAMR approval.  Mofcom and NDRC approvals subsequently followed. </li>
<li>The pre-condition long stop date is the 6th January. SAFE is the outstanding pre-condition. Separately, Zhang Wei's 22.01% irrevocable expired on the 5th December - with no HKEx announcement.</li>
<li>Quite a lot to pack in with 16 business days to the pre-con long stop. Sounding out people involved with the transaction would be ideal.  So that's what I did. </li>
</ul>


Back on the 29th August 2024, CPMC Holdings (906 HK) announced  ORG Technology Co., Ltd. A (002701 CH) had secured SAMR approval.  Mofcom and NDRC approvals subsequently followed. 
The pre-condition long stop date is the 6th January. SAFE is the outstanding pre-condition. Separately, Zhang Wei's 22.01% irrevocable expired on the 5th December - with no HKEx announcement.
Quite a lot to pack in with 16 business days to the pre-con long stop. Sounding out people involved with the transaction would be ideal.  So that's what I did. 


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/org-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:17510:1" rel="noopener">ORG Technology Co., Ltd. A (002701 CH)</a>’s offer for <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a> has received SAFE approval. Therefore, the precondition is satisfied. </li>
<li>The offer and response document will be despatched by 20 December and 3 January 2025, respectively. The Board will recommend the offer. </li>
<li>The offer should be declared unconditional by the first closing date. At the last close and late-January 2025 payment, the gross/annualized spread was 7.3%/88.0%.</li>
</ul>



ORG Technology Co., Ltd. A (002701 CH)’s offer for CPMC Holdings (906 HK) has received SAFE approval. Therefore, the precondition is satisfied. 
The offer and response document will be despatched by 20 December and 3 January 2025, respectively. The Board will recommend the offer. 
The offer should be declared unconditional by the first closing date. At the last close and late-January 2025 payment, the gross/annualized spread was 7.3%/88.0%.


CPMC Holdings (906 HK): Festive Cheer as Precondition Satisfied🎄

<ul>
<li>
<a href="https://www.smartkarma.com/entities/org-technology-co-ltd-a" target="_blank" rel="noopener">ORG Technology Co., Ltd. A (002701 CH)</a>’s offer for <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" rel="noopener">CPMC Holdings (906 HK)</a> has one remaining precondition: SAFE approval.</li>
<li>Mr Wei’s irrevocable was terminated. Nevertheless, as a seller, he will accept the offer, as the shares trade below the offer price, and there is no competing offer. </li>
<li>The precondition long stop date is 6 January, sufficient time to satisfy the precondition. It would be highly unusual to secure MOFCOM and NDRC approval but not SAFE approval.</li>
</ul>



ORG Technology Co., Ltd. A (002701 CH)’s offer for CPMC Holdings (906 HK) has one remaining precondition: SAFE approval.
Mr Wei’s irrevocable was terminated. Nevertheless, as a seller, he will accept the offer, as the shares trade below the offer price, and there is no competing offer. 
The precondition long stop date is 6 January, sufficient time to satisfy the precondition. It would be highly unusual to secure MOFCOM and NDRC approval but not SAFE approval.


CPMC Holdings (906 HK): Steady Nerves Required

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc-2f9bfa3a-65a7-41f9-a157-e59603846420" target="_blank" data-smartkarma-citation="entities:40439:1" rel="noopener">Arcadium Lithium (ALTM US)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>, Canvest.
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/renewable-japan-co-ltd" target="_blank" data-smartkarma-citation="entities:35211:1" rel="noopener">Renewable Japan (9522 JP)</a>, <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, <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>, <a href="https://www.smartkarma.com/entities/elematec-corp" target="_blank" data-smartkarma-citation="entities:2866:1" rel="noopener">Elematec Corp (2715 JP)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Lifestyle China (2136 HK), Arcadium Lithium (ALTM US), Shanghai Henlius Biotech (2696 HK), ESR Group (1821 HK), Get Nice Financial Group Ltd (1469 HK), Canvest.

Lowest spreads: Renewable Japan (9522 JP), Macromill, Inc (3978 JP), Fuji Soft Inc (9749 JP), Nec Networks &amp; System Integr (1973 JP), Capitol Health (CAJ AU), Elematec Corp (2715 JP). 


Merger Arb Mondays (09 Dec) - HKBN, ESR, Lifestyle China, GA Pack, Latin Res, De Grey, SG Fleet

China

CPMC Holdings Limited is primarily engaged in the manufacture of packaging products for consumer goods in China. These products include tinplate packaging (such as milk powder cans, aerosol cans, metal caps, and steel barrels), aluminum packaging (two-piece beverage cans and one-piece bottles), and plastic packaging (for milk bottles, shampoo bottles, and other daily use products). The company was incorporated on October 25, 2007, and is headquartered in Hangzhou, China.

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CPMC (906 HK)

(Mostly) Asia-Pac M&A: Insignia, Fosun Tourism, GJS/Haitong, Fuji Soft, Dexus Property

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

CPMC (906 HK): Why This Is Still A Buy

Never any doubt! The last pre-con - SAFE - has been satisfied. All pre-cons have now been fulfilled. Offer Doc to be dispatched on or before the...

David Blennerhassett

CPMC Holdings (906 HK): Festive Cheer as Precondition Satisfied🎄

The offer should be declared unconditional by the first closing date. At the last close and late-January 2025 payment, the gross/annualized spread...

Arun George

CPMC Holdings (906 HK): Steady Nerves Required

The irrevocable has terminated, and the precondition long stop date is approaching. This is not a good look, but the offer can still be completed....

Arun George

Merger Arb Mondays (09 Dec) - HKBN, ESR, Lifestyle China, GA Pack, Latin Res, De Grey, SG Fleet

This week, the highest gross spreads are Lifestyle China (21.7%), Arcadium Lithium (11.4%), Henlius (11.1%), ESR (9.2%), Get Nice (8.7%), Canvest...

Arun George

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