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

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a>, <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a>'s Cainiao &amp; Cloud Intelligence Group, <a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/dali-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1082:1" rel="noopener">Dali Foods Group (3799 HK)</a>, <a href="https://www.smartkarma.com/entities/nws-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3350:1" rel="noopener">Nws Holdings (659 HK)</a>, <a href="https://www.smartkarma.com/entities/poly-culture-group-corp-h" target="_blank" data-smartkarma-citation="entities:4729:1" rel="noopener">Poly Culture Group Corp H (3636 HK)</a>, Yitai Coal, <a href="https://www.smartkarma.com/entities/ddh1-ltd" target="_blank" data-smartkarma-citation="entities:36022:1" rel="noopener">DDH1 (DDH AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Tryt Inc (9164 JP), Amman Mineral Internasional (1416286D IJ), Alibaba (ADR) (BABA US)'s Cainiao &amp; Cloud Intelligence Group, J&amp;T Global Express (1936374D CH) IPOs.
Event-Driven developments - JSR Corp (4185 JP), Dali Foods Group (3799 HK), Nws Holdings (659 HK), Poly Culture Group Corp H (3636 HK), Yitai Coal, DDH1 (DDH AU). 


Weekly Deals Digest (02 Jul) - JSR, Dali Foods, NWS, Poly Culture, Yitai, DDH1/Perenti, Tryt

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> / <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> circularity was too complex. Lots of people hated it. It was actually easier than most thought, but optically was difficult to reconcile. </li>
<li>
<a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (19 HK)</a> was a clear buy: there is no justification for assigning a similar discount for cash from the US Coke ops as you would to unlisted ops</li>
<li>A residual <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> individual small-holder shareholding tenure reward does not get split 25:1 when the stock gets split 25:1. It doesn't mean much, but it's an interesting artefact. </li>
</ul>


The Naspers (NPN SJ) / Prosus (PRX NA) circularity was too complex. Lots of people hated it. It was actually easier than most thought, but optically was difficult to reconcile. 

Swire Pacific (19 HK) was a clear buy: there is no justification for assigning a similar discount for cash from the US Coke ops as you would to unlisted ops
A residual NTT (9432 JP) individual small-holder shareholding tenure reward does not get split 25:1 when the stock gets split 25:1. It doesn't mean much, but it's an interesting artefact. 


Last Week in Event SPACE: Naspers/Prosus, Swire Pacific, NTT, Aussie Tax-Loss Selling

<ul>
<li>There are 47 - 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/ddh1-ltd" target="_blank" data-smartkarma-citation="entities:36022:1" rel="noopener">DDH1 (DDH AU)</a>, <a href="https://www.smartkarma.com/entities/nws-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3350:1" rel="noopener">NWS Holdings (659 HK)</a>, <a href="https://www.smartkarma.com/entities/poly-culture-group-corp-h" target="_blank" data-smartkarma-citation="entities:4729:1" rel="noopener">Poly Culture Group Corp H (3636 HK)</a>, <a href="https://www.smartkarma.com/entities/mandala-multifinance-tbk-pt" target="_blank" data-smartkarma-citation="entities:12756:1" rel="noopener">Mandala Multifinance (MFIN IJ)</a>, and <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>.</li>
<li>Key updates took place for<a href="https://www.smartkarma.com/entities/silk-laser-australia-ltd" target="_blank" data-smartkarma-citation="entities:33498:1" rel="noopener">Silk Laser Australia (SLA AU)</a> and <a href="https://www.smartkarma.com/entities/challenger-technologies-ltd" target="_blank" data-smartkarma-citation="entities:16490:1" rel="noopener">Challenger Technologies (CHLG SP)</a>.</li>
</ul>


There are 47 - 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: DDH1 (DDH AU), NWS Holdings (659 HK), Poly Culture Group Corp H (3636 HK), Mandala Multifinance (MFIN IJ), and JSR Corp (4185 JP).
Key updates took place forSilk Laser Australia (SLA AU) and Challenger Technologies (CHLG SP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: DDH1/Perent, NWS, Mandala Multifinance, JSR Corp, Silk Laser

<ul>
<li>Late last night (27 June), <a href="https://www.smartkarma.com/entities/dali-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1082:1" rel="noopener">Dali Foods Group (3799 HK)</a> a leading branded F&amp;B play, announced a privatisation Offer by way of a Scheme from its founder/chairman/CEO Xu Shihui.</li>
<li>The cancellation price, which has been declared final, is HK$3.75/share, is a respectable 37.87% premium to undisturbed, but... </li>
<li>Xu and concert parties control 88.89%, with disinterested shareholders holding 11.11%, therefore a blocking stake at the Scheme meeting is just 1.11% of shares out. </li>
</ul>


Late last night (27 June), Dali Foods Group (3799 HK) a leading branded F&amp;B play, announced a privatisation Offer by way of a Scheme from its founder/chairman/CEO Xu Shihui.
The cancellation price, which has been declared final, is HK$3.75/share, is a respectable 37.87% premium to undisturbed, but... 
Xu and concert parties control 88.89%, with disinterested shareholders holding 11.11%, therefore a blocking stake at the Scheme meeting is just 1.11% of shares out. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/dali-foods-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1082:1" rel="noopener">Dali Foods Group (3799 HK)</a> disclosed a scheme privatisation offer from the founder at HK$3.75 per share, a 37.9% premium to the undisturbed price (HK$2.72 on 20 June).</li>
<li>Key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). No independent shareholder holds a blocking stake. </li>
<li>The price is final. While the offer price is unattractive compared to peer multiples and historical share prices, this looks like a done deal. </li>
</ul>



Dali Foods Group (3799 HK) disclosed a scheme privatisation offer from the founder at HK$3.75 per share, a 37.9% premium to the undisturbed price (HK$2.72 on 20 June).
Key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). No independent shareholder holds a blocking stake. 
The price is final. While the offer price is unattractive compared to peer multiples and historical share prices, this looks like a done deal. 


Dali Foods (3799 HK): Founder’s Privatisation Offer at HK$3.75

China

Dali Foods Group is a leading Chinese multinational food and beverage manufacturing company. It specializes in a wide range of consumer products including biscuits, breads, cakes, pastries, chips, and ready-to-drink beverages such as soy milk, energy drinks, and herbal teas. The company was founded in 1989 and is headquartered in Hui'an County, Quanzhou, Fujian, China.

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Dali Foods Group (05M GR)

Weekly Deals Digest (02 Jul) - JSR, Dali Foods, NWS, Poly Culture, Yitai, DDH1/Perenti, Tryt

Last week, notable developments occurred in Event-Driven (Dali Foods, NWS, Poly Culture, Yitai, JSR, DDH1/Perenti, Silk Laser) and ECM (Tryt, J&T...

Arun George

Last Week in Event SPACE: Naspers/Prosus, Swire Pacific, NTT, Aussie Tax-Loss Selling

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: DDH1/Perent, NWS, Mandala Multifinance, JSR Corp, Silk Laser

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

Dali Foods (3799 HK): Founder's Scheme

Would any shareholder (s) vote this Scheme down? Your downside, if this were to fail, is probably below the all-time low. I'd buy up to HK$3.57 or...

David Blennerhassett

Dali Foods (3799 HK): Founder’s Privatisation Offer at HK$3.75

The price is final. While the offer price is unattractive compared to peer multiples and historical share prices, this looks like a done deal.

Arun George

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