Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 10th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Hang Seng Bank (11 HK), Cloud Factory (2512 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Hang Seng Bank (11 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 10th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Hang Seng Bank (11 HK), Cloud Factory (2512 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Hang Seng Bank (11 HK).


Hong Kong Buybacks Weekly (Oct 10th): Tencent, Hang Seng Bank, Cloud Factory

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/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a> announced a scheme privatisation offer from <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a> at HK$155, a 30.3% premium to the undisturbed price.  </li>
<li>Based on an estimated 2025 third dividend of HK$1.3 per share, the total consideration is HK$156.30 per share. The offer price is final.</li>
<li>The offer is attractive compared to peer multiples and historical trading ranges. At the current price and for a late March payment, the gross/annualised spread is 2.9%/6.2%.</li>
</ul>



Hang Seng Bank (11 HK) announced a scheme privatisation offer from HSBC Holdings (5 HK) at HK$155, a 30.3% premium to the undisturbed price.  
Based on an estimated 2025 third dividend of HK$1.3 per share, the total consideration is HK$156.30 per share. The offer price is final.
The offer is attractive compared to peer multiples and historical trading ranges. At the current price and for a late March payment, the gross/annualised spread is 2.9%/6.2%.


Hang Seng Bank (11 HK): HSBC (5 HK)’s Scheme Privatisation Is a Done Deal

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a> has announced an Offer from controlling parent (63.3551%), <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a>, by way of a Scheme, in a HK$106bn (US$13.6bn) deal. </li>
<li>The Scheme Consideration is HK$155/share, a 30.3% premium to last close. The price is final. A "third interim dividend" will be added. Optically, the price is bang on.</li>
<li>The long stop for conditions is the 30th September 2026. I think this transaction can be wrapped up in around five months. </li>
</ul>



Hang Seng Bank (11 HK) has announced an Offer from controlling parent (63.3551%), HSBC Holdings (5 HK), by way of a Scheme, in a HK$106bn (US$13.6bn) deal. 
The Scheme Consideration is HK$155/share, a 30.3% premium to last close. The price is final. A "third interim dividend" will be added. Optically, the price is bang on.
The long stop for conditions is the 30th September 2026. I think this transaction can be wrapped up in around five months. 


HSBC (5 HK)'s Clean Offer for Hang Seng (11 HK)'s Minorities

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 3rd based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Hang Seng Bank (11 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Hang Seng Bank (11 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 3rd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Hang Seng Bank (11 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Hang Seng Bank (11 HK).


Hong Kong Buybacks Weekly (Oct 3rd): Tencent, Anta, Hang Seng Bank

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 26th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Sinopec (386 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Anta (2020 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 26th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Anta (2020 HK), Sinopec (386 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Anta (2020 HK).


Hong Kong Buybacks Weekly (Sep 26th): Tencent, Anta, Sinopec

Hong Kong

Hang Seng Bank is a Hong Kong-based banking and financial services company. It offers a comprehensive range of services including retail banking, wealth management, commercial banking, global banking and markets, and private banking, along with Renminbi services. The bank was founded in 1933 and is headquartered in Central, Hong Kong.

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Hang Seng Bank (11 HK)

Hong Kong Buybacks Weekly (Oct 10th): Tencent, Hang Seng Bank, Cloud Factory

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM