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-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>’s IFA opines that <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> (GNH)'s offer (4 GNH shares per GNF share + HK$0.50 dividend) is fair and reasonable. </li>
<li>The GNF vote required approval of the scheme by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The vote is low risk.   </li>
<li>The spread remains high as GNH is not shortable. At the last close, for a 3 April payment, the gross/annualised spread was 10.2%/89.3%.</li>
</ul>



Get Nice Financial Group Ltd (1469 HK)’s IFA opines that Get Nice Holdings (64 HK) (GNH)'s offer (4 GNH shares per GNF share + HK$0.50 dividend) is fair and reasonable. 
The GNF vote required approval of the scheme by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The vote is low risk.   
The spread remains high as GNH is not shortable. At the last close, for a 3 April payment, the gross/annualised spread was 10.2%/89.3%.


Get Nice Financial (1469 HK): Done Deal with Vote on 7 March

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 5th November, <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> (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a> (GNF).</li>
<li>The (then) HK$1.116/share implied scrip price &amp; divvy compared to a book value of HK1.736/share. and net cash of ~HK$1.00/share. At the 22nd January EGM, GNH shareholders <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0122/2025012200343.pdf" target="_blank" rel="noopener">backed the Offer</a>.</li>
<li>The Scheme Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0210/2025021000033.pdf" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 7th March,  with new GNH shares trading on the 7th April. The IFA (Veda Capital) botched its peer analysis.</li>
</ul>


Back on the 5th November, Get Nice Holdings (64 HK) (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held Get Nice Financial Group Ltd (1469 HK) (GNF).
The (then) HK$1.116/share implied scrip price &amp; divvy compared to a book value of HK1.736/share. and net cash of ~HK$1.00/share. At the 22nd January EGM, GNH shareholders backed the Offer.
The Scheme Doc is now out, with a Court Meeting on the 7th March,  with new GNH shares trading on the 7th April. The IFA (Veda Capital) botched its peer analysis.


Get Nice Financial (1469 HK)'s Scheme Vote On The 7th March

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus (DADA US)</a>, <a href="https://www.smartkarma.com/entities/smart-share-global-limited" target="_blank" data-smartkarma-citation="entities:32217:1" rel="noopener">Smart Share Global (EM US)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, Get Nice Financial. 
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a>, <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>, <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto Corp (4298 JP)</a>. 
</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Lifestyle China (2136 HK), Seven &amp; I Holdings (3382 JP), Dada Nexus (DADA US), Smart Share Global (EM US), ESR Group (1821 HK), Get Nice Financial. 

Lowest spreads: Makino Milling Machine Co (6135 JP), Shibaura Electronics (6957 JP), Avjennings Ltd (AVJ AU), Fuji Soft Inc (9749 JP), Macromill, Inc (3978 JP), Proto Corp (4298 JP). 



Merger Arb Mondays (10 Feb) - Shibaura, Makino, Fuji Soft, Tecnos, Tohto Suisan, Proto, Pentamaster

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/chuoh-pack-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:1360:1" rel="noopener">Chuoh Pack Industry (3952 JP)</a>, <a href="https://www.smartkarma.com/entities/giga-prize-co-ltd" target="_blank" data-smartkarma-citation="entities:6115:1" rel="noopener">Giga Prize (3830 JP)</a>, <a href="https://www.smartkarma.com/entities/sanyo-special-steel-co-ltd" target="_blank" data-smartkarma-citation="entities:15900:1" rel="noopener">Sanyo Special Steel (5481 JP)</a>, <a href="https://www.smartkarma.com/entities/ascot-corp" target="_blank" data-smartkarma-citation="entities:9576:1" rel="noopener">Ascot Corp (3264 JP)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>. 
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a>, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>, <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>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Chuoh Pack Industry (3952 JP), Giga Prize (3830 JP), Sanyo Special Steel (5481 JP), Ascot Corp (3264 JP), Lifestyle China (2136 HK), Seven &amp; I Holdings (3382 JP). 

Lowest spreads: Makino Milling Machine Co (6135 JP), Avjennings Ltd (AVJ AU), Fuji Soft Inc (9749 JP), Macromill, Inc (3978 JP), Millennium &amp; Copthorne Hotels Nz (MCK NZ). 



Merger Arb Mondays (03 Feb) - ESR, LifeStyle China, Vesync, Giga Prize, Sanyo, Ascot, Seven & I

Shinko Electric Industries / Event-Driven

<ul>
<li>For the month of January 2025, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in January was ~57%, excluding <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>'s massive takeunder.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .</li>
</ul>


For the month of January 2025, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn.
The average premium for the new transactions announced (or first discussed) in January was ~57%, excluding Sun Art Retail (6808 HK)'s massive takeunder.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .


(Mostly) Asia M&A, Jan 2025: Sun Art, Sanyo Special Steel, Jamco, Ascot, Dropsuite, Smart Share

Hong Kong

Get Nice is an investment holding company primarily engaged in financial services, including securities brokerage, margin financing, money lending, and corporate finance. The company also has interests in property development and investment, and real estate agency services. It was founded in 1988 and is headquartered in Hong Kong.

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Get Nice (64 HK)

Get Nice Financial (1469 HK): Done Deal with Vote on 7 March

The vote is low-risk. The spread remains high as GNH is not shortable. At the last close, for a 3 April payment, the gross/annualised spread was...

Arun George

Get Nice Financial (1469 HK)'s Scheme Vote On The 7th March

As of the 14th Feb, GNH is no longer shortable. Avoid the arb trade. A more interesting bet is GNH, at a 74% discount to NAV and 0.21x P/B. That...

David Blennerhassett

Merger Arb Mondays (10 Feb) - Shibaura, Makino, Fuji Soft, Tecnos, Tohto Suisan, Proto, Pentamaster

This week, the highest gross spreads are Lifestyle China (16.7%), Seven & I (15.4%), Dada Nexus (9.3%), Smart Share (7.8%), ESR (7.8%), Get Nice...

Arun George

Merger Arb Mondays (03 Feb) - ESR, LifeStyle China, Vesync, Giga Prize, Sanyo, Ascot, Seven & I

This week, the highest gross spreads are Chuoh Pack Industry (273%), Giga Prize (48.5%), Sanyo Special Steel (37.4%), Ascot Corp (20.4%), Lifestyle...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Get Nice Financial (1469 HK): Done Deal with Vote on 7 March

The vote is low-risk. The spread remains high as GNH is not shortable. At the last close, for a 3 April payment, the gross/annualised spread was...

Arun George

Get Nice Financial (1469 HK)'s Scheme Vote On The 7th March

As of the 14th Feb, GNH is no longer shortable. Avoid the arb trade. A more interesting bet is GNH, at a 74% discount to NAV and 0.21x P/B. That...

David Blennerhassett

Merger Arb Mondays (10 Feb) - Shibaura, Makino, Fuji Soft, Tecnos, Tohto Suisan, Proto, Pentamaster

This week, the highest gross spreads are Lifestyle China (16.7%), Seven & I (15.4%), Dada Nexus (9.3%), Smart Share (7.8%), ESR (7.8%), Get Nice...

Arun George

Merger Arb Mondays (03 Feb) - ESR, LifeStyle China, Vesync, Giga Prize, Sanyo, Ascot, Seven & I

This week, the highest gross spreads are Chuoh Pack Industry (273%), Giga Prize (48.5%), Sanyo Special Steel (37.4%), Ascot Corp (20.4%), Lifestyle...

Arun George

(Mostly) Asia M&A, Jan 2025: Sun Art, Sanyo Special Steel, Jamco, Ascot, Dropsuite, Smart Share

For the month of January, 14 new deals were discussed on Smartkarma with an overall deal size of just ~US$6bn. The average premium for the new...

David Blennerhassett