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 href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a>/GNH is in a trading halt “pending the release of an announcement in relation to the Hong Kong Code on Takeovers and Mergers.”</li>
<li>Mr Hung (Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH at this time.</li>
<li>I use several methods to triangulate the likely offer price, which suggests an offer of HK$4.74 to HK$7.09 per share, representing a 39.5% to 109% premium to the last close.</li>
</ul>



Get Nice (64 HK)/GNH is in a trading halt “pending the release of an announcement in relation to the Hong Kong Code on Takeovers and Mergers.”
Mr Hung (Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH at this time.
I use several methods to triangulate the likely offer price, which suggests an offer of HK$4.74 to HK$7.09 per share, representing a 39.5% to 109% premium to the last close.


Get Nice Holdings (64 HK): Chairman to Take It Private?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>With the pre-cons squared away as per the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0903/2025090302242.pdf" target="_blank" rel="noopener">3rd September announcement</a>, the key risk to <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument (9997 HK)</a>'s Offer is the Scheme vote. </li>
<li>The HK$9.25/share consideration price (declared final), was an uninspiring 9.9% premium to last close. But pitched around a four-year high. And peers are down 10% on average since the Offer.</li>
<li>A perusal of the s329 investigative reports provides a significantly clearer picture on who holds what.</li>
</ul>


With the pre-cons squared away as per the 3rd September announcement, the key risk to Hangzhou Kangji Medical Instrument (9997 HK)'s Offer is the Scheme vote. 
The HK$9.25/share consideration price (declared final), was an uninspiring 9.9% premium to last close. But pitched around a four-year high. And peers are down 10% on average since the Offer.
A perusal of the s329 investigative reports provides a significantly clearer picture on who holds what.


Kangji Medical (9997 HK): A Closer Look At The Shareholder Register

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Kangji Medical Instrument (9997 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0903/2025090302242.pdf" target="_blank" rel="noopener">announced</a> last night all pre-cons have been squared away. That must be some kind of record to secure SAMR approval for a Hong Kong-listed privatisation.</li>
<li>Back on the 12th August, Kangji Medical announced a less-than-ideal Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.</li>
<li>
What next? The Scheme Doc dispatch remains the 31st October, unless announced otherwise, as the Cayman Court is still on its six week "vacation".</li>
</ul>



Kangji Medical Instrument (9997 HK) announced last night all pre-cons have been squared away. That must be some kind of record to secure SAMR approval for a Hong Kong-listed privatisation.
Back on the 12th August, Kangji Medical announced a less-than-ideal Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.

What next? The Scheme Doc dispatch remains the 31st October, unless announced otherwise, as the Cayman Court is still on its six week "vacation".


Kangji Medical (9997 HK): Speedy Turnaround On Pre-Cons

OneConnect Financial Technology / Event-Driven

OneConnect Financial Technology (6638 HK)

<ul>
<li>On the 15th May, dual-listed <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect (6638 HK/OFT US)</a>, a digital retail banking/commercial banking/digital insurance play, announced a firm Scheme Offer from Ping An, OneConnect's controlling shareholder.</li>
<li>Ping An is offering HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. Net cash is, however,  ~HK$1.83/share. The price is final.
</li>
<li>SAMR has now signed off on the deal, satisfying the pre-condition. We await directions from the Cayman court on timing. I'm estimating late-September payment. Should the deal get up.</li>
</ul>


On the 15th May, dual-listed Oneconnect (6638 HK/OFT US), a digital retail banking/commercial banking/digital insurance play, announced a firm Scheme Offer from Ping An, OneConnect's controlling shareholder.
Ping An is offering HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. Net cash is, however,  ~HK$1.83/share. The price is final.

SAMR has now signed off on the deal, satisfying the pre-condition. We await directions from the Cayman court on timing. I'm estimating late-September payment. Should the deal get up.


OneConnect (6638 HK/OCFT US): Ping An's Offer Gets The Nod From SAMR

Bright Smart Securities & Commodities / Event-Driven

Bright Smart Securities & Commodities (1428 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bright-smart-securities-and" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities And (1428 HK)</a>'s Chairman entered a SPA with Ant Holdco to sell his 50.55% stake at HK$3.28, a 7.5% premium to the last close.</li>
<li>The SPA completion requires approval from both the NDRC and SFC. Unusually, Ant has the option of extending the long-stop date, reflecting a possibility of extra scrutiny by the regulators.</li>
<li>Under Rule 26.1 of the Code, upon completion, Ant will be required to make an unconditional mandatory cash offer at HK$3.28. The MGO price is final and a knockout offer.  </li>
</ul>



Bright Smart Securities And (1428 HK)'s Chairman entered a SPA with Ant Holdco to sell his 50.55% stake at HK$3.28, a 7.5% premium to the last close.
The SPA completion requires approval from both the NDRC and SFC. Unusually, Ant has the option of extending the long-stop date, reflecting a possibility of extra scrutiny by the regulators.
Under Rule 26.1 of the Code, upon completion, Ant will be required to make an unconditional mandatory cash offer at HK$3.28. The MGO price is final and a knockout offer.  


Bright Smart Securities (1428 HK): Ant’s Possible Unconditional MGO at HK$3.28

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)

Get Nice Holdings (64 HK): Chairman to Take It Private?

Mr Hung (Chairman) is likely seeking to privatise GNH. My analysis suggests an offer of HK$4.74 to HK$7.09 per share, representing a 40% to 109%...

Arun George

Kangji Medical (9997 HK): A Closer Look At The Shareholder Register

I expect this Offer gets up. Assuming payment shortly before Xmas, I'd pay up to ~HK$8.95/share for a 15% annualised return. If you have the risk...

David Blennerhassett

Kangji Medical (9997 HK): Speedy Turnaround On Pre-Cons

I still expect this Offer to get up. Trading wide at 5.5%/20.3% gross/annual., assuming payment shortly before Xmas. Given terms are not, by any...

David Blennerhassett

OneConnect (6638 HK/OCFT US): Ping An's Offer Gets The Nod From SAMR

Terms are light. That is clear. And trading wide as a result. IF illiquid Hong Kong arbs are your bag, get involved. After the Goldlion and...

David Blennerhassett

Bright Smart Securities (1428 HK): Ant’s Possible Unconditional MGO at HK$3.28

The Chairman is selling out to Ant at a knockout price (HK$3.28). Completion will trigger an unconditional MGO. Timing is the key risk, which is...

Arun George

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