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.

Research Reinvented

Event-Driven

Dalian Wanda Commercial Properties / Event-Driven

<h2>Indicative Timetable</h2><table class="table table-striped"><tbody>
<tr>
<td><strong>Dates</strong></td>
<td><strong>Events</strong></td>
</tr>
<tr>
<td>30-Mar-16</td>
<td><a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0330/LTN201603301343.pdf" target="_blank">Notice of Preliminary phase of Consideration</a></td>
</tr>
<tr>
<td>21-Apr-16</td>
<td>Dalia Wanda Group <a href="http://www.reuters.com/article/dalian-wanda-privatisation-idUSL3N17P1LX" target="_blank">offers</a> 12% annual interest to offshore investors in take-private plan</td>
</tr>
<tr>
<td>25-Apr-16</td>
<td>Dalian Wanda Commercial Properties ("3699") <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0425/LTN20160425121.PDF" target="_blank">trading halt</a>
</td>
</tr>
<tr>
<td>30-May-16</td>
<td>
<a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0530/LTN20160530158.pdf" target="_blank">Voluntary Conditional Cash Offer</a> for SEHK:3699 at HKD 52.80/Share</td>
</tr>
<tr>
<td>20-Jun-16*</td>
<td>Est. Composite Offer Document Released</td>
</tr>
<tr>
<td>15-Aug-16</td>
<td>Est. H Share Class Meeting &amp; EGM</td>
</tr>
<tr>
<td>12-Sep-16</td>
<td>Est. Unconditional Offer Announcement</td>
</tr>
<tr>
<td>21-Sep-16</td>
<td>Est. Payment Date </td>
</tr>
</tbody></table><div class="content-remarks"><p>*<em>We have seen</em>…</p></div>

Indicative Timetable

Dates
Events


30-Mar-16
Notice of Preliminary phase of Consideration


21-Apr-16
Dalia Wanda Group offers 12% annual interest to offshore investors in take-private plan


25-Apr-16
Dalian Wanda Commercial Properties ("3699") trading halt



30-May-16

Voluntary Conditional Cash Offer for SEHK:3699 at HKD 52.80/Share


20-Jun-16*
Est. Composite Offer Document Released


15-Aug-16
Est. H Share Class Meeting &amp; EGM


12-Sep-16
Est. Unconditional Offer Announcement


21-Sep-16
Est. Payment Date 

*We have seen…

Dalian Wanda - Detailed Analysis Of Binding Offer

Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

<p><strong>Global Macro Take: WK 22 – DXY is going back to 100</strong></p><ul><li>Again its all about the US Dollar &amp; upcoming Fed hikes, nothing else matters…</li><li>DXY at 95.52 +0.20% for WK 21, is up 4 wks in a row – but you still ain’t seen nothing yet, we should be in the 96-97 range by now</li><li>As per the thesis from last week, Fed implied rate hike probabilities continue to grind up – yet year end expectations of one &amp; two hikes still too low at 74% &amp; 25%. Market is still asleep</li><li>Jun now has a 30% chance, whilst Jul (KVP’s pick) has now moved from c. 48% to 54% in the span of a week</li><li>WK ahead will be filled with Final PMIs, US ISM will be key as will NFP. ECB? Non-event</li></ul>

Global Macro Take: WK 22 – DXY is going back to 100Again its all about the US Dollar &amp; upcoming Fed hikes, nothing else matters…DXY at 95.52 +0.20% for WK 21, is up 4 wks in a row – but you still ain’t seen nothing yet, we should be in the 96-97 range by nowAs per the thesis from last week, Fed implied rate hike probabilities continue to grind up – yet year end expectations of one &amp; two hikes still too low at 74% &amp; 25%. Market is still asleepJun now has a 30% chance, whilst Jul (KVP’s pick) has now moved from c. 48% to 54% in the span of a weekWK ahead will be filled with Final PMIs, US ISM will be key as will NFP. ECB? Non-event

TGIM! @KVP_Macro - WK22. Mon 30 May 2016. The Global Macro Take: DXY Is Going Back to 100

China Macroeconomics & Academia

Christopher Balding

Macroeconomics

<p>Despite the seeming aura of calm that had descended on the RMB and PBOC foreign exchange reserves the past few months, this was a deceptive peace.  The stabilization of PBOC FX reserves was driven almost exclusively by back to back months where either the EUR or the JPY each fell by more than 5% against the USD in one month.  During this same time period, outflows continued to grow rapidly as foreign inflows dropped almost 40%.</p><p>In the past days, the CNY/CNH spread has drifted apart brought back…</p>

Despite the seeming aura of calm that had descended on the RMB and PBOC foreign exchange reserves the past few months, this was a deceptive peace.  The stabilization of PBOC FX reserves was driven almost exclusively by back to back months where either the EUR or the JPY each fell by more than 5% against the USD in one month.  During this same time period, outflows continued to grow rapidly as foreign inflows dropped almost 40%.In the past days, the CNY/CNH spread has drifted apart brought back…

<h2>A Look Back<br><br>
</h2><p>The de-listing of Dalian Wanda Commercial Properties ("3699 HK") was first <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0330/LTN201603301343.pdf" target="_blank">mooted</a> by Dalian Wanda Group on 31 March 2016. On <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0425/LTN20160425121.PDF" target="_blank">25 April 2016</a>, 3699 went into a <strong>trading halt</strong> pending the publication of an announcement pursuant to The Hong Kong Code on M&amp;A.</p><p>It has been close to a month since 3699 went into a trading halt and close to two months since the announcement of a possible de-listing. The offer from Dalian Wanda Group could be announced any time now, and with that in mind we felt it…</p>

A Look Back  
The de-listing of Dalian Wanda Commercial Properties ("3699 HK") was first mooted by Dalian Wanda Group on 31 March 2016. On 25 April 2016, 3699 went into a trading halt pending the publication of an announcement pursuant to The Hong Kong Code on M&amp;A.It has been close to a month since 3699 went into a trading halt and close to two months since the announcement of a possible de-listing. The offer from Dalian Wanda Group could be announced any time now, and with that in mind we felt it…

Dalian Wanda - Preparing for the Inevitable?

<p>The world and China is discussing in hushed tones the recent exclusive interview given by an “authoritative” person which talked about the need for China to deleverage and how debt cannot continue to increase.  Most have called this a shift in economic policy signaling Chinese intent to get the problem under control.</p><p>I think we need to be much more cautious about interpreting this as any type of fundamental shift in policy.  Let me give you a number of reasons why.  First, in China an…</p>

The world and China is discussing in hushed tones the recent exclusive interview given by an “authoritative” person which talked about the need for China to deleverage and how debt cannot continue to increase.  Most have called this a shift in economic policy signaling Chinese intent to get the problem under control.I think we need to be much more cautious about interpreting this as any type of fundamental shift in policy.  Let me give you a number of reasons why.  First, in China an…

The Authoritative Person and the Path of Chinese Growth

China

Dalian Wanda Commercial Management Group Co., Ltd. operates as a commercial property developer, owner, and operator. The Company develops and manages mixed-use property projects including retail, office, hotel, residential, restaurant, entertainment, and other projects. Dalian Wanda Commercial Management Group conducts businesses in China.

Dalian Wanda Commercial Properties (1567411D HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Dalian Wanda Commercial Properties (1567411D HK)

Dalian Wanda - Detailed Analysis Of Binding Offer

Indicative Timetable*We have seen similar precedent transactions take an average of 31 days to release the composite document, in this case, we...

Crispin Francis

TGIM! @KVP_Macro - WK22. Mon 30 May 2016. The Global Macro Take: DXY Is Going Back to 100

Global Macro Take: WK 22 – DXY is going back to 100 Again its all about the US Dollar & upcoming Fed hikes, nothing else matters… DXY at 95.52...

Kay Van-Petersen

RMB Focus: It Was Too Good to Last

Despite the seeming aura of calm that had descended on the RMB and PBOC foreign exchange reserves the past few months, this was a deceptive peace. ...

Christopher Balding

Dalian Wanda - Preparing for the Inevitable?

A Look Back The de-listing of Dalian Wanda Commercial Properties ("3699 HK") was first mooted by Dalian Wanda Group on 31 March 2016. On 25 April...

Crispin Francis

The Authoritative Person and the Path of Chinese Growth

The world and China is discussing in hushed tones the recent exclusive interview given by an “authoritative” person which talked about the need for...

Christopher Balding

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)