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>The spread to <a href="https://www.smartkarma.com/entities/toridoll-holdings-corporation" target="_blank" data-smartkarma-citation="entities:8193:1" rel="noopener">TORIDOLL Holdings Corporation (3397 JP)</a>’s HK$1.58 offer for <a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai International (2217 HK)</a> has risen to 9.7% ahead of the scheme document's release. </li>
<li>Several readers have asked whether the Tam Jai offer will mirror the Goldlion and Soundwill deal break. The schemes share similarities but are also different in several ways.</li>
<li>The scheme's vote risk has undoubtedly increased partly due to the recent 2025 results and deal breaks. This situation warrants a safety-first approach.  </li>
</ul>


The spread to TORIDOLL Holdings Corporation (3397 JP)’s HK$1.58 offer for Tam Jai International (2217 HK) has risen to 9.7% ahead of the scheme document's release. 
Several readers have asked whether the Tam Jai offer will mirror the Goldlion and Soundwill deal break. The schemes share similarities but are also different in several ways.
The scheme's vote risk has undoubtedly increased partly due to the recent 2025 results and deal breaks. This situation warrants a safety-first approach.  


Tam Jai (2217 HK): Anxiety Creeps in Ahead of the Scheme Document

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chagee-holdings-limited" target="_blank" data-smartkarma-citation="entities:45011:1" rel="noopener">Chagee Holdings (CHA US)</a>, a leading premium tea drinks brand, is seeking to raise US$382-411 million through a Nasdaq IPO.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/chagee-holdings-cha-us-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:181653" rel="noopener">Chagee Holdings (CHA US) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/chagee-holdings-cha-us-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:182085" rel="noopener">Chagee Holdings (CHA US) IPO: The Bear Case</a>.</li>
<li>There are four cornerstone investors. Our valuation analysis suggests Chagee is attractively valued at the IPO price range. Therefore, we would participate in the IPO.</li>
</ul>



Chagee Holdings (CHA US), a leading premium tea drinks brand, is seeking to raise US$382-411 million through a Nasdaq IPO.
We previously discussed the IPO in Chagee Holdings (CHA US) IPO: The Bull Case and Chagee Holdings (CHA US) IPO: The Bear Case.
There are four cornerstone investors. Our valuation analysis suggests Chagee is attractively valued at the IPO price range. Therefore, we would participate in the IPO.


Chagee Holdings (CHA US) IPO: Valuation Insights

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Budweiser Brewing Company APAC / Equity Bottom-Up

<ul>
<li>Hong Kong secular bull market has consolidated within its long-term support/resistance range of 22700 and 24000.  With increasing momentum and strength the market is poised for the next leg up.</li>
<li>Hong Kong tech and consumer discretionary sectors continue to have strong momentum with healthcare and materials sectors showing renewed strength.</li>
<li>
<a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing APAC (1876 HK)</a> shares bounce with the appointment of new CEO, pointing to increasing China revenue.  <a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a> reported strong earnings and increased its dividend.</li>
</ul>


Hong Kong secular bull market has consolidated within its long-term support/resistance range of 22700 and 24000.  With increasing momentum and strength the market is poised for the next leg up.
Hong Kong tech and consumer discretionary sectors continue to have strong momentum with healthcare and materials sectors showing renewed strength.

Budweiser Brewing APAC (1876 HK) shares bounce with the appointment of new CEO, pointing to increasing China revenue.  Yum China Holdings (9987 HK) reported strong earnings and increased its dividend.


BUY/SELL/HOLD: Hong Kong Stock Update (March 11)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group (2097 HK)</a>, a world-leading manufacturer of freshly made drinks, is seeking to raise US$445 million through an HKEx IPO.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/mixue-group-2097-hk-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:177152" rel="noopener">MIXUE Group (2097 HK) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/mixue-group-2097-hk-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:177307" rel="noopener">MIXUE Group (2097 HK) IPO: The Bear Case</a>. </li>
<li>There are five cornerstone investors. Our valuation analysis suggests Mixue is attractively valued at the IPO price range. Therefore, we would participate in the IPO.</li>
</ul>



Mixue Group (2097 HK), a world-leading manufacturer of freshly made drinks, is seeking to raise US$445 million through an HKEx IPO.
We previously discussed the IPO in MIXUE Group (2097 HK) IPO: The Bull Case and MIXUE Group (2097 HK) IPO: The Bear Case. 
There are five cornerstone investors. Our valuation analysis suggests Mixue is attractively valued at the IPO price range. Therefore, we would participate in the IPO.


MIXUE Group (2097 HK) IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai International (2217 HK)</a> announced a scheme privatisation offer from <a href="https://www.smartkarma.com/entities/toridoll-holdings-corporation" target="_blank" data-smartkarma-citation="entities:8193:1" rel="noopener">TORIDOLL Holdings Corporation (3397 JP)</a> at HK$1.58 per share, a 75.6% premium to the last close price. </li>
<li>The key condition is the scheme approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). No disinterested shareholder holds a blocking stake. </li>
<li>The offer price is final. While 53% below the IPO price, the offer is attractive compared to peer multiples and historical trading ranges. This is a done deal. </li>
</ul>



Tam Jai International (2217 HK) announced a scheme privatisation offer from TORIDOLL Holdings Corporation (3397 JP) at HK$1.58 per share, a 75.6% premium to the last close price. 
The key condition is the scheme approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). No disinterested shareholder holds a blocking stake. 
The offer price is final. While 53% below the IPO price, the offer is attractive compared to peer multiples and historical trading ranges. This is a done deal. 


Tam Jai (2217 HK): Toridoll (3397 JP)’s Scheme Privatisation at HK$1.58

China

DPC Dash is the exclusive master franchisee of Domino's Pizza in Mainland China, Hong Kong, and Macau. The company operates a chain of fast-food restaurants, offering pizzas, chicken products, and beverages with a strong focus on online ordering and efficient delivery services. DPC Dash was founded in 2008 and is headquartered in Shanghai, China.

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DPC Dash (1405 HK)

Tam Jai (2217 HK): Anxiety Creeps in Ahead of the Scheme Document

Arbs cannot afford another HK deal break on their books. Recent events have undoubtedly increased the scheme's vote risk, warranting a safety-first...

Arun George

Chagee Holdings (CHA US) IPO: Valuation Insights

Our valuation analysis suggests Chagee is attractively valued at the IPO price range. Therefore, we would participate in the IPO.

Arun George

BUY/SELL/HOLD: Hong Kong Stock Update (March 11)

HK is consolidating within its long term support/resistance levels of 22700 and 24000. Mainland buying is at historically high levels. Bud APAC...

David Mudd

MIXUE Group (2097 HK) IPO: Valuation Insights

Our valuation analysis suggests Mixue is attractively valued at the IPO price range. Therefore, we would participate in the IPO.

Arun George

Tam Jai (2217 HK): Toridoll (3397 JP)’s Scheme Privatisation at HK$1.58

The offer price is final. While 53% below the IPO price, the offer is attractive compared to peer multiples and historical trading ranges. This is...

Arun George

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