Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Packaging play <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a> has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1206/2023120601566.pdf" target="_blank" rel="noopener">announced</a> a pre-conditional Offer from SASAC and the National Council for Social Security Fund of China.</li>
<li>The joint offerors have offered $6.87/share, an okay 32.1% premium to last close. Pre-cons involve the standard PRC regulators. The Offer itself is contingent on a 50% acceptance hurdle. </li>
<li>
<a href="https://www.smartkarma.com/entities/china-foods-ltd" target="_blank" data-smartkarma-citation="entities:6077:1" rel="noopener">China Foods (506 HK)</a> has given an irrevocable for its 29.7% stake.  This will turn unconditional. The timing of the Offer is interesting as a VP is under graft investigation.</li>
</ul>


Packaging play CPMC Holdings (906 HK) has announced a pre-conditional Offer from SASAC and the National Council for Social Security Fund of China.
The joint offerors have offered $6.87/share, an okay 32.1% premium to last close. Pre-cons involve the standard PRC regulators. The Offer itself is contingent on a 50% acceptance hurdle. 

China Foods (506 HK) has given an irrevocable for its 29.7% stake.  This will turn unconditional. The timing of the Offer is interesting as a VP is under graft investigation.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a>, one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>We have covered the company and deal background in our previous note. In this note, we talk about the updates from the recent filing.</li>
</ul>



Midea Group Co Ltd A (000333 CH), one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
We have covered the company and deal background in our previous note. In this note, we talk about the updates from the recent filing.


Midea A/H Listing - Filing Updates - Growth and Margins Pick Up

JL Mag Rare-Earth   / Equity Capital Markets

<ul>
<li>JL Mag Rare-earth Co. Ltd (JLM) raised around US$544m via its H-shares listing. </li>
<li>JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.</li>
<li>In this note, we look at the allocation results and trading dynamics.</li>
</ul>


JL Mag Rare-earth Co. Ltd (JLM) raised around US$544m via its H-shares listing. 
JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.
In this note, we look at the allocation results and trading dynamics.


JL Mag Rare Earth A/H Trading - Set for a Tepid Debut

<ul>
<li>JL Mag Rare-earth Co. Ltd (JLM) aims to raise around US$300m via its H-shares listing.  </li>
<li>JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.</li>
<li>In this note, we look at the company’s past performance, and try to gauge a suitable A/H premium.</li>
</ul>


JL Mag Rare-earth Co. Ltd (JLM) aims to raise around US$300m via its H-shares listing.  
JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.
In this note, we look at the company’s past performance, and try to gauge a suitable A/H premium.


JL Mag Rare-Earth A/H Listing - Ticks the Right EV and Clean Energy Boxes, Thoughts on Valuation

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Equity Bottom-Up

In 5M, <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a>  China received ~72K orders for MIC M3, plus 22K backlog orders exiting 2020.  GF3 made 103K M3 in 5M, among which 69K were delivered in China and 29K were exported.  The estimated order backlog exiting May was ~25K, slightly down from 26K backlog exiting April.  Excess production at the GF3 has been exported to markets around the world.  If TSLA China does not implement effective promotional programs and or policies to stimulate demand, we estimate that MIC 3 orders will stagnate around 9K per month, vs. monthly production of ~21K.  In other words, MIC 3 exports are likely to increase MoM due to the lower cost structure including BoM of MIC cars.

In 5M, Tesla Motors (TSLA US)  China received ~72K orders for MIC M3, plus 22K backlog orders exiting 2020.  GF3 made 103K M3 in 5M, among which 69K were delivered in China and 29K were exported.  The estimated order backlog exiting May was ~25K, slightly down from 26K backlog exiting April.  Excess production at the GF3 has been exported to markets around the world.  If TSLA China does not implement effective promotional programs and or policies to stimulate demand, we estimate that MIC 3 orders will stagnate around 9K per month, vs. monthly production of ~21K.  In other words, MIC 3 exports are likely to increase MoM due to the lower cost structure including BoM of MIC cars.

Hong Kong

Haier Electronics Group Co Ltd and its subsidiaries are principally engaged in the research, development, manufacture and sale of washing machines and water heaters in the PRC. The Group is also engaged in the integrated channel services  business for other home electric appliance products such as refrigerators, televisions and air-conditioners.

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Haier Electronics Group Co (1169 HK)

CPMC (906 HK): SASAC Takeover

This will turn unconditional. It's a question whether compulsory acquisition will be afforded. The key risk to the deal is one of timing. Assuming...

David Blennerhassett

Midea A/H Listing - Filing Updates - Growth and Margins Pick Up

Midea Group Co Ltd A (000333 CH), one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.

Sumeet Singh

JL Mag Rare Earth A/H Trading - Set for a Tepid Debut

JL Mag Rare-earth Co. Ltd (JLM) raised around US$544m via its H-shares listing. In this note, we talk about the trading dynamics.

Sumeet Singh

JL Mag Rare-Earth A/H Listing - Ticks the Right EV and Clean Energy Boxes, Thoughts on Valuation

JL Mag Rare-earth Co. Ltd (JLM) aims to raise around US$300m via its H-shares listing. In this note, we look at the deal dynamics and provide our...

Sumeet Singh

TSLA China Losing to Chinese NEV OEMs

TSLA will begin to experience excess production of the Y in the next couple of months, as the China order backlog wanes from 43KQ1 to 17K Q2. Y...

JL Warren Capital

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