IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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

Haitong International Securities Group / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a>’s scheme meeting is on 15 December. The IFA considers <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities Co Ltd (H) (6837 HK)</a>’s HK$1.52 per share offer fair and reasonable. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. No shareholder holds a blocking stake.</li>
<li>The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and 18.2%, respectively.</li>
</ul>



Haitong International Securities Group (665 HK)’s scheme meeting is on 15 December. The IFA considers Haitong Securities Co Ltd (H) (6837 HK)’s HK$1.52 per share offer fair and reasonable. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. No shareholder holds a blocking stake.
The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and 18.2%, respectively.


Haitong International (665 HK): Vote on 15 December

<ul>
<li>The pre-condition relating to <a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a>’s privatisation offer from <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:166:1" rel="noopener">Haitong Securities Co Ltd (A) (600837 CH)</a> is satisfied. The offer is at HK$1.52 per share. </li>
<li>The key conditions are approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and the headcount test. The high takeover premium facilitates approval. </li>
<li>This is a done deal. At the last close and for an estimated early February 2024 payment, the gross and annualised spread is 5.6% and 26.4%, respectively.</li>
</ul>


The pre-condition relating to Haitong International Securities Group (665 HK)’s privatisation offer from Haitong Securities Co Ltd (A) (600837 CH) is satisfied. The offer is at HK$1.52 per share. 
The key conditions are approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and the headcount test. The high takeover premium facilitates approval. 
This is a done deal. At the last close and for an estimated early February 2024 payment, the gross and annualised spread is 5.6% and 26.4%, respectively.


Haitong International (665 HK): Pre-Condition Satisfied

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a> announced a pre-conditional privatisation offer from <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities Co Ltd (H) (6837 HK)</a>, the controlling shareholder, at HK$1.52, a 114.1% premium to the undisturbed price.</li>
<li>The pre-condition related to regulatory approvals are a formality as Haitong Securities’ largest shareholder is the Shanghai SASAC. The offer price is final.</li>
<li>The key conditions are approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and headcount test. The highest HKEx takeover premium in a year facilitates approval.  </li>
</ul>



Haitong International Securities Group (665 HK) announced a pre-conditional privatisation offer from Haitong Securities Co Ltd (H) (6837 HK), the controlling shareholder, at HK$1.52, a 114.1% premium to the undisturbed price.
The pre-condition related to regulatory approvals are a formality as Haitong Securities’ largest shareholder is the Shanghai SASAC. The offer price is final.
The key conditions are approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and headcount test. The highest HKEx takeover premium in a year facilitates approval.  


Haitong International (665 HK): Haitong Securities’ Pre-Conditional Privatisation Offer at HK$1.52

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mason-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17664:1" rel="noopener">Mason Group Holdings (273 HK)</a>'s scheme document is out, with the vote scheduled for 3 October. The IFA considers Red Emerald Capital’s HK$0.0338 per share offer fair and reasonable. </li>
<li>The key conditions are SFC approval and the scheme approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). Peer de-rating has helped the attractiveness of the offer.</li>
<li>Shareholders with blocking stakes have provided irrevocables or will accept due to the attractive ROI. At the last close and for the 21 November payment, the gross/annualised spread is 9.0%/52.1%.</li>
</ul>



Mason Group Holdings (273 HK)'s scheme document is out, with the vote scheduled for 3 October. The IFA considers Red Emerald Capital’s HK$0.0338 per share offer fair and reasonable. 
The key conditions are SFC approval and the scheme approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). Peer de-rating has helped the attractiveness of the offer.
Shareholders with blocking stakes have provided irrevocables or will accept due to the attractive ROI. At the last close and for the 21 November payment, the gross/annualised spread is 9.0%/52.1%.


Mason Group (273 HK): A Wide Spread with the Scheme Vote on 3 October

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a> entered a trading halt pending the release of an announcement under the Hong Kong Code on Takeovers and Mergers on 27 September. </li>
<li>Bloomberg reported that <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities Co Ltd (H) (6837 HK)</a>, the controlling shareholder, plans to buy the remainder of Haitong International to stem its losses.</li>
<li>Privatisation through a Bermuda scheme involves the headcount test, so a decent premium is required – privatisation precedents suggest HK$1.08-1.13 per share offer (52%-59% premium to last close). </li>
</ul>



Haitong International Securities Group (665 HK) entered a trading halt pending the release of an announcement under the Hong Kong Code on Takeovers and Mergers on 27 September. 
Bloomberg reported that Haitong Securities Co Ltd (H) (6837 HK), the controlling shareholder, plans to buy the remainder of Haitong International to stem its losses.
Privatisation through a Bermuda scheme involves the headcount test, so a decent premium is required – privatisation precedents suggest HK$1.08-1.13 per share offer (52%-59% premium to last close). 


Haitong International (665 HK): Haitong Securities Ponders an Offer

Hong Kong

Get Nice Holdings Ltd. offers entertainment and financial services.  The Company operates a hotel, spa and and lifesquare mall in Macau; and offers brokerage services for securities, futures, options, mutual funds, unit trusts, and insurance linked investment plans in Hong Kong.

Get Nice Holdings (64 HK)

Haitong International (665 HK): Vote on 15 December

The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and...

Arun George

Haitong International (665 HK): Pre-Condition Satisfied

This is a done deal. At the last close and for an estimated early February 2024 payment, the gross and annualised spread is 5.6% and 26.4%,...

Arun George

Haitong International (665 HK): Haitong Securities’ Pre-Conditional Privatisation Offer at HK$1.52

The offer price is final. The pre-condition is a formality. The 114.1% premium to the undisturbed price is the highest HKEx takeover premium in a...

Arun George

Mason Group (273 HK): A Wide Spread with the Scheme Vote on 3 October

Mason's scheme comfortably clears the vote. Minority participation rate was high at 88.84% with only 0.34% of disinterested shareholders voting...

Arun George

Haitong International (665 HK): Haitong Securities Ponders an Offer

Privatisation through a Bermuda scheme involves the headcount test, so a decent premium is required – privatisation precedents suggest HK$1.08-1.13...

Arun George