Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. </li>
<li>One new deal was discussed this week: <a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57:1" rel="noopener">City Developments (CIT SP)</a>'s Offer for <a href="https://www.smartkarma.com/entities/millennium-copthorne-hotels-nz-ltd" target="_blank" data-smartkarma-citation="entities:5040:1" rel="noopener">Millennium &amp; Copthorne Hotels Nz (MCK NZ)</a>.</li>
<li>Key updates/news took place on: <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/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">AVJennings (AVJ AU)</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/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest (1381 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, and <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine (6135 JP)</a>. </li>
</ul>


I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. 
One new deal was discussed this week: City Developments (CIT SP)'s Offer for Millennium &amp; Copthorne Hotels Nz (MCK NZ).
Key updates/news took place on: Insignia Financial (IFL AU), AVJennings (AVJ AU), Shanghai Henlius Biotech (2696 HK), Canvest (1381 HK), Greatview Aseptic Packaging (468 HK), and Makino Milling Machine (6135 JP). 


(Mostly) Asia-Pac M&A:Millennium & Copthorne, Insignia, AVJennings, Henlius, Canvest, Makino Milling

Malaysia Airports Holdings / Event-Driven

<ul>
<li>On the 17th January, <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>'s Offer was <a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=239237&amp;name=EA_DS_ATTACHMENTS" target="_blank" rel="noopener">extended</a> to the 24th January. Shares held by the Consortium plus tendering was then 86.18%. This looked done.</li>
<li>The closing date of the Offer could have been pushed out to 4th Feb. However the consortium has now opted to<a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=239254&amp;name=EA_DS_ATTACHMENTS" target="_blank" rel="noopener"> lower the acceptance threshold</a> to 85% from 90%. </li>
<li>Because of the revision, shareholders can withdraw shares tendered before the 28th January. But why would they? This is now very much done. And trading accordingly. </li>
</ul>


On the 17th January, Malaysia Airports Holdings (MAHB MK)'s Offer was extended to the 24th January. Shares held by the Consortium plus tendering was then 86.18%. This looked done.
The closing date of the Offer could have been pushed out to 4th Feb. However the consortium has now opted to lower the acceptance threshold to 85% from 90%. 
Because of the revision, shareholders can withdraw shares tendered before the 28th January. But why would they? This is now very much done. And trading accordingly. 


Malaysia Airports (MAHB MK): Lower Acceptance Condition Assures Completion

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>The <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a> offer is conditional on the approval of the GNH/GNF shareholders. On 22 January, <a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice Holdings (64 HK)</a> shareholders approved the offer. </li>
<li>The GNF vote requires approval of the scheme by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The vote remains a low risk.   </li>
<li>The GNF vote is aided by the higher derating of peers (the median peer’s share price has declined 12.7%) compared to the decline in the implied offer value (10.4%).  </li>
</ul>


The Get Nice Financial Group Ltd (1469 HK) offer is conditional on the approval of the GNH/GNF shareholders. On 22 January, Get Nice Holdings (64 HK) shareholders approved the offer. 
The GNF vote requires approval of the scheme by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The vote remains a low risk.   
The GNF vote is aided by the higher derating of peers (the median peer’s share price has declined 12.7%) compared to the decline in the implied offer value (10.4%).  


Get Nice Financial (1469 HK): Get Nice Holdings (64 HK)’s EGM Vote Passes, Next Up, the GNF Vote

<ul>
<li>On the 17th Jan, CC Capital lifted is indicative Offer for <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> to A$4.60/share from A$4.30/share, a ~50% premium to undisturbed. Limited, non-exclusive due diligence was subsequently provided.</li>
<li>As discussed in <a href="https://www.smartkarma.com/compose/insight/173397/Insignia%20Financial%20(IFL%20AU):%20Bumpity%20Bumpity.%20Expect%20Bain%20To%20Match%20-%20Or%20Exceed%20-%20CC%20Capital's%20Terms.%20Read%20more:%20https:/skr.ma/RiVBa" target="_blank" rel="noopener">Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Term</a>, I expected Bain to match CC Capital's terms.</li>
<li>Today Bain did just that, tabling a NBIO at A$4.60/share. Bain was also provided with limited, non-exclusive due diligence.</li>
</ul>


On the 17th Jan, CC Capital lifted is indicative Offer for Insignia Financial (IFL AU) to A$4.60/share from A$4.30/share, a ~50% premium to undisturbed. Limited, non-exclusive due diligence was subsequently provided.
As discussed in Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Term, I expected Bain to match CC Capital's terms.
Today Bain did just that, tabling a NBIO at A$4.60/share. Bain was also provided with limited, non-exclusive due diligence.


Insignia Financial (IFL AU): Bain Matches CC Capital's Terms. And Also Afforded DD

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shandong-xinjufeng-technology-packaging-co-ltd" target="_blank" data-smartkarma-citation="entities:36744:1" rel="noopener">Shandong Xinjufeng Technology Packaging (301296 CH)</a>'s (XJF) Offer for <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a> (GAPack) turning <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0121/2025012100610.pdf" target="_blank" rel="noopener">unconditional</a> was well telegraphed ahead of yesterday's first close in light of CCASS movements.  </li>
<li>My bet is <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a>, after surprisingly selling below 5%, also tendered.</li>
<li>With 73.51% now in the bag and the Offer extended to the 4th February, what happens now? What are Jeff Bi and/or Gong Hong's options?</li>
</ul>



Shandong Xinjufeng Technology Packaging (301296 CH)'s (XJF) Offer for Greatview Aseptic Packaging (468 HK) (GAPack) turning unconditional was well telegraphed ahead of yesterday's first close in light of CCASS movements.  
My bet is China Mengniu Dairy Co (2319 HK), after surprisingly selling below 5%, also tendered.
With 73.51% now in the bag and the Offer extended to the 4th February, what happens now? What are Jeff Bi and/or Gong Hong's options?


GAPack (468 HK): Now What As XJF's Offer Gets Up

Hong Kong

Get Nice Financial Group Limited is an investment holding company that provides a comprehensive range of financial services. Its core activities include securities margin financing, stockbroking, futures and options broking, underwriting and placements, corporate advisory services, asset management, and investments in financial instruments. The company is headquartered at Cosco Tower in Central, Hong Kong, and was incorporated in 2015.

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Get Nice Financial (1469 HK)

(Mostly) Asia-Pac M&A:Millennium & Copthorne, Insignia, AVJennings, Henlius, Canvest, Makino Milling

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

Malaysia Airports (MAHB MK): Lower Acceptance Condition Assures Completion

This is done. Assuming the offer turns unconditional on (or around) the 28th January, payment is expected within 10 days or around the 7th...

David Blennerhassett