Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>China Industrials attract further inflows from dedicated active China funds.</li>
<li>Machinery and Electrical Equipment industry groups dominate holdings within the sector.</li>
<li>Buying seen in <a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a>, <a href="https://www.smartkarma.com/entities/sany-heavy-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:20183:1" rel="noopener">Sany Heavy Industry (600031 CH)</a> and <a href="https://www.smartkarma.com/entities/ever-sunshine-lifestyle-services-group-limited" target="_blank" data-smartkarma-citation="entities:28932:1" rel="noopener">Ever Sunshine Lifestyle Services (1995 HK)</a>.  Selling in <a href="https://www.smartkarma.com/entities/zhuzhou-csr-times-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:18:1" rel="noopener">Zhuzhou Csr Times Electric Co, Ltd. (3898 HK)</a> and <a href="https://www.smartkarma.com/entities/beijing-new-building-materials-plc" target="_blank" data-smartkarma-citation="entities:13910:1" rel="noopener">Beijing New Building Materials (000786 CH)</a>
</li>
<li>Industrials move to top sector overweight among active China funds.</li>
</ul>


China Industrials attract further inflows from dedicated active China funds.
Machinery and Electrical Equipment industry groups dominate holdings within the sector.
Buying seen in CATL (A) (300750 CH), Sany Heavy Industry (600031 CH) and Ever Sunshine Lifestyle Services (1995 HK).  Selling in Zhuzhou Csr Times Electric Co, Ltd. (3898 HK) and Beijing New Building Materials (000786 CH)

Industrials move to top sector overweight among active China funds.


China Funds Increase Industrials Exposure, Moves to Top Overweight

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>As of the closing date of 7 January, <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> has disclosed that Boyu has received acceptances for 218.6 million shares, or 36.61% of outstanding shares.</li>
<li>To satisfy the delisting acceptance condition, Boyu needs additional acceptances representing 3.5 million or 0.58% of outstanding shares. This is a surprising outcome given the previous trend of tepid acceptances.</li>
<li>This requires an 11.6% acceptance rate among remaining disinterested shareholders, which should be met. At the last close, the gross spread of the enhanced offer was 3.6%. </li>
</ul>


As of the closing date of 7 January, Jinke Smart Services (9666 HK) has disclosed that Boyu has received acceptances for 218.6 million shares, or 36.61% of outstanding shares.
To satisfy the delisting acceptance condition, Boyu needs additional acceptances representing 3.5 million or 0.58% of outstanding shares. This is a surprising outcome given the previous trend of tepid acceptances.
This requires an 11.6% acceptance rate among remaining disinterested shareholders, which should be met. At the last close, the gross spread of the enhanced offer was 3.6%. 


Jinke Smart Services (9666 HK): Against All Odds, Satisfying the Delisting Condition Is at Hand

<ul>
<li>Boyu’s enhanced offer (HK$8.69) for <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> requires satisfaction of the delisting resolution and the delisting acceptance condition (90% minimum acceptance from disinterested shareholders).</li>
<li>On 24 December, the delisting resolution was comfortably passed with 99.37% of disinterested shares voting in favour. The disinterested shareholder participation rate was 67.4%.</li>
<li>However, the key data points from the EGM results suggest that satisfying the delisting acceptance condition is increasingly challenging. The closing date is 26 January.</li>
</ul>


Boyu’s enhanced offer (HK$8.69) for Jinke Smart Services (9666 HK) requires satisfaction of the delisting resolution and the delisting acceptance condition (90% minimum acceptance from disinterested shareholders).
On 24 December, the delisting resolution was comfortably passed with 99.37% of disinterested shares voting in favour. The disinterested shareholder participation rate was 67.4%.
However, the key data points from the EGM results suggest that satisfying the delisting acceptance condition is increasingly challenging. The closing date is 26 January.


Jinke Smart Services (9666 HK): Delisting Resolution Passed, but Now for the Hard Part

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>’s revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.</li>
<li>The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).</li>
<li>Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic. </li>
</ul>



Jinke Smart Services (9666 HK)’s revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.
The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).
Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic. 


Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> has announced an enhanced offer from Boyu at HK$8.69, a 30.3% premium to the existing base offer of HK$6.67.</li>
<li>The enhanced offer is conditional on the shareholders’ approval of the delisting resolution and the 90% minimum acceptance condition from disinterested shareholders.</li>
<li>The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the undisturbed price. </li>
</ul>



Jinke Smart Services (9666 HK) has announced an enhanced offer from Boyu at HK$8.69, a 30.3% premium to the existing base offer of HK$6.67.
The enhanced offer is conditional on the shareholders’ approval of the delisting resolution and the 90% minimum acceptance condition from disinterested shareholders.
The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the undisturbed price. 


Jinke Smart Services (9666 HK): Boyu’s Enhanced Offer but with Potentially Problematic Conditions

China

Ever Sunshine Services Group Limited is a China-based investment holding company that provides property management services for residential and non-residential properties. The company also offers community value-added services and value-added services to non-property owners, such as consultancy, cleaning, security, and maintenance. It is headquartered in Shanghai, China, and was founded in 2018.

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Ever Sunshine Services (1995 HK)

China Funds Increase Industrials Exposure, Moves to Top Overweight

Inflows in to Machinery and Electrical Equipment stocks push the Industrial sector to the top overweight among active China funds.

Steven Holden

Jinke Smart Services (9666 HK): Against All Odds, Satisfying the Delisting Condition Is at Hand

While I thought it was challenging, today's disclosure on acceptance levels suggests that the delisting condition will soon be satisfied. At the...

Arun George

Jinke Smart Services (9666 HK): Delisting Resolution Passed, but Now for the Hard Part

The key data points from the EGM results suggest that satisfying the delisting acceptance condition is increasingly challenging.

Arun George

Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

The delisting resolution was comfortably passed with a disinterested shareholder participation rate of 67.4%. Boyu’s acceptances have increased...

Arun George

Jinke Smart Services (9666 HK): Boyu’s Enhanced Offer but with Potentially Problematic Conditions

The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the...

Arun George

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