Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>Back on the 1 January, <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> sought to acquire <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>'s 28.22% stake in <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> at HK$2.65/share.</li>
<li>It was hardly a knockout price. However, Mathson had been itching to exit. Even if it involved selling its stake to one of Greatview's competitor. </li>
<li>Greatview's board is unimpressed, and now reckons Matheson's initial buy-in may be in breach of PRC anti-monopoly laws. </li>
</ul>


Back on the 1 January, Shandong Xinjufeng Technology Packaging (301296 CH) sought to acquire Jardine Matheson Holdings (JM SP)'s 28.22% stake in Greatview Aseptic Packaging (468 HK) at HK$2.65/share.
It was hardly a knockout price. However, Mathson had been itching to exit. Even if it involved selling its stake to one of Greatview's competitor. 
Greatview's board is unimpressed, and now reckons Matheson's initial buy-in may be in breach of PRC anti-monopoly laws. 


Greatview (468 HK): Bickering And Stalling

<ul>
<li>After <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic (468 HK)</a> was suspended on the 30 January, it emerged that <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 (301296 CH)</a> had entered a SPA to acquire <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a>'s 28.22% stake</li>
<li>Greatview has now confirmed the transaction. Shares were supposed to resume trading this afternoon but were immediately suspended again.</li>
<li>Importantly, <a href="https://www.smartkarma.com/entities/inner-mongolia-yili-indus-a" target="_blank" data-smartkarma-citation="entities:3220:1" rel="noopener">Inner Mongolia Yili Industrial Group (A) (600887 CH)</a>, Xinjufeng's largest customer is a main competitor of Greatview's largest customer. That may be an untenable situation, according to the announcement.</li>
</ul>


After Greatview Aseptic (468 HK) was suspended on the 30 January, it emerged that Shandong Xinjufeng (301296 CH) had entered a SPA to acquire Jardine Matheson (JM SP)'s 28.22% stake
Greatview has now confirmed the transaction. Shares were supposed to resume trading this afternoon but were immediately suspended again.
Importantly, Inner Mongolia Yili Industrial Group (A) (600887 CH), Xinjufeng's largest customer is a main competitor of Greatview's largest customer. That may be an untenable situation, according to the announcement.


Greatview Aseptic (468 HK): Rival Purchases And Grandstanding

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>
<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> agreed to acquire <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>’s 28.22% stake in <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> at HK$2.65 per share.</li>
<li>Post-Completion, Xinjufeng will be the largest shareholder. As Xinjufeng’s shareholding will remain below the 30% voting threshold, the transaction will NOT result in a mandatory general offer. </li>
<li>The transaction price, which is a 22.7% premium to the last close, highlights Greatview’s value. Greatview’s forward P/E multiple is undemanding in comparison to peer P/E multiples.</li>
</ul>



Shandong Xinjufeng Technology Packaging (301296 CH) agreed to acquire Jardine Matheson Holdings (JM SP)’s 28.22% stake in Greatview Aseptic Packaging (468 HK) at HK$2.65 per share.
Post-Completion, Xinjufeng will be the largest shareholder. As Xinjufeng’s shareholding will remain below the 30% voting threshold, the transaction will NOT result in a mandatory general offer. 
The transaction price, which is a 22.7% premium to the last close, highlights Greatview’s value. Greatview’s forward P/E multiple is undemanding in comparison to peer P/E multiples.


Greatview Aseptic (468 HK): Xinjufeng Technology Acquires Jardine Matheson’s Stake

<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> is seeking to acquire <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>'s 28.22% stake in <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> at HK$2.65/share.</li>
<li>Greatview is currently <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0130/2023013000123.pdf" target="_blank" rel="noopener">suspended</a> "pending the release of an announcement which contains inside information", suggesting there is no follow on Offer for remaining shares. </li>
<li>Elsewhere, Matheson has resumed its share repurchase program, providing near-term support. </li>
</ul>



Shandong Xinjufeng Technology Packaging (301296 CH) is seeking to acquire Jardine Matheson Holdings (JM SP)'s 28.22% stake in Greatview Aseptic Packaging (468 HK) at HK$2.65/share.
Greatview is currently suspended "pending the release of an announcement which contains inside information", suggesting there is no follow on Offer for remaining shares. 
Elsewhere, Matheson has resumed its share repurchase program, providing near-term support. 


Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

Equity Bottom-Up

<ul>
<li>I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.</li>
<li>Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.</li>
<li>Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.</li>
</ul>


I think most (value) investors go through four stages: Stage 0: Buy stuff that goes up. Especially when a lot of people around you get rich from doing it.
Stage 1: Invest in the future! Buy into some fancy exciting new technology that will become big some day! The Cathie Wood stage. Usually stage 1 and stage 0 go hand in hand.
Stage 2: Buy at low PE multiples. Some are smart and skip the first two. This stage is not bad, it should lead to slight outperformance. Can be dangerous without wide diversification as a lot of them are value traps.


China

Greatview Aseptic Packaging Company Limited is an integrated provider of aseptic packaging and related services. The Company also provides customers with a range of support services with respect to standard roll-fed filling machines, which include training and on-site technical assistance, as well as spare parts.

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Greatview Aseptic Packaging (468 HK)

Greatview (468 HK): Bickering And Stalling

Greatview is inexpensive, trading 29% below the SPA terms. Cash on hand accounts for 29% of its market cap. For now, I'd cautiously get involved here.

David Blennerhassett

Greatview Aseptic (468 HK): Rival Purchases And Grandstanding

The resumption of trading and the immediate suspension, strongly indicates there is something else taking place behind the scenes.

David Blennerhassett

Greatview Aseptic (468 HK): Xinjufeng Technology Acquires Jardine Matheson’s Stake

The transaction price, which is a 22.7% premium to the last close, highlights Greatview’s value. Greatview’s forward P/E multiple is undemanding in...

Arun George

Matheson To Exit Greatview Aseptic

This SPA for Greatview is probably not a great outcome for minorities. Meanwhile, Matheson is buying back shares around here, and the NAV is...

David Blennerhassett

Investing in HK Stocks

If you invest in Western markets this would be enough, but not in Asian markets where the trust factor is a lot lower, and where ownership is more...

Turtles all the way down

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