Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Hangzhou Kangji Medical Instrument Co., Ltd. / Event-Driven

Hangzhou Kangji Medical Instrument Co., Ltd.

<ul>
<li>Medical device play <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Kangji Medical (9997 HK)</a> has announced an Offer, by way of a Scheme, from a consortium led by TPG and the Qatar Investment Authority, together with founders.</li>
<li>The consortium is offering HK$9.25/share, a less-than-inspiring 9.9% premium to last close. The price has been declared final. It is 33.4% below the HK$13.88 2020 IPO price.</li>
<li>Independent shareholders hold 25.25% of shares out. They could bare teeth; and they've been somewhat active at AGMs.  But on balance, there's probably enough here for this to get up.</li>
</ul>


Medical device play Kangji Medical (9997 HK) has announced an Offer, by way of a Scheme, from a consortium led by TPG and the Qatar Investment Authority, together with founders.
The consortium is offering HK$9.25/share, a less-than-inspiring 9.9% premium to last close. The price has been declared final. It is 33.4% below the HK$13.88 2020 IPO price.
Independent shareholders hold 25.25% of shares out. They could bare teeth; and they've been somewhat active at AGMs.  But on balance, there's probably enough here for this to get up.


Kangji Medical (9997 HK): TPG/QIA/Founder's Offer Is No Knockout

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/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a> disclosed a preconditional privatisation from a consortium at HK$9.25, a 9.9% premium to last close and a 21.7% premium to the undisturbed price. </li>
<li>The precondition relates to SAMR approval. The key condition will be approval by at least 75% disinterested shareholders (&lt;10% of all disinterested shareholders' rejection). The offer is final. </li>
<li>The scheme vote risk is medium-to-high due to an unattractive offer, a blocking stake below the substantial disclosure threshold, unfavourable AGM voting patterns, and emerging retail opposition.</li>
</ul>



Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK) disclosed a preconditional privatisation from a consortium at HK$9.25, a 9.9% premium to last close and a 21.7% premium to the undisturbed price. 
The precondition relates to SAMR approval. The key condition will be approval by at least 75% disinterested shareholders (&lt;10% of all disinterested shareholders' rejection). The offer is final. 
The scheme vote risk is medium-to-high due to an unattractive offer, a blocking stake below the substantial disclosure threshold, unfavourable AGM voting patterns, and emerging retail opposition.


Kangji Medical (9997 HK): Consortium’s Light Preconditional Scheme Offer

<ul>
<li>On the 28th October, <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>, a road freight transportation play, announced a Scheme from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.</li>
<li>The consortium offered HK$12.18/share, a 48.54% premium to undisturbed. A special dividend was bolted on. All pre-cons, including SAMR's approval, have been satisfied. Scheme Doc dispatch expected on/before 31st December.</li>
<li>I had a number of questions concerning the transaction, and yesterday pinned down a one-on-one with the FA to the Offeror.</li>
</ul>


On the 28th October, ANE Cayman Inc (9956 HK), a road freight transportation play, announced a Scheme from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.
The consortium offered HK$12.18/share, a 48.54% premium to undisturbed. A special dividend was bolted on. All pre-cons, including SAMR's approval, have been satisfied. Scheme Doc dispatch expected on/before 31st December.
I had a number of questions concerning the transaction, and yesterday pinned down a one-on-one with the FA to the Offeror.


<ul>
<li>Back on the 28th October, <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman (9956 HK)</a>, a road freight transportation play, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1028/2025102802256.pdf" target="_blank" rel="noopener">announced</a> an Offer from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.</li>
<li>The consortium offered HK$12.18/share (best &amp; final) via a Scheme, a 48.54% premium to undisturbed. A scrip alternative (mix &amp; match) was also afforded. Plus a special dividend bolted on.</li>
<li>Pre-Cons included SAMR signing off. With JPM as the FA, I previously concluded, given JPM's recent track record, the reg process should be straightforward. Those pre-cons have now been satisfied.</li>
</ul>


Back on the 28th October, ANE Cayman (9956 HK), a road freight transportation play, announced an Offer from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.
The consortium offered HK$12.18/share (best &amp; final) via a Scheme, a 48.54% premium to undisturbed. A scrip alternative (mix &amp; match) was also afforded. Plus a special dividend bolted on.
Pre-Cons included SAMR signing off. With JPM as the FA, I previously concluded, given JPM's recent track record, the reg process should be straightforward. Those pre-cons have now been satisfied.


ANE (9956 HK): Pre-Cons Satisfied. Possible Payment Early March

<ul>
<li>For November 2025, eight new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$10bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in November was ~31%, with a year-to-date average of ~48%.</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 November 2025, eight new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$10bn.
The average premium for the new transactions announced (or first discussed) in November was ~31%, with a year-to-date average of ~48%.
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, Nov 2025 Wrap: Qube, Forum Engineering, National Storage REIT, Star Micronics

China

Hangzhou Kangji Medical Instrument Co., Ltd. manufactures and distributes medical instruments. The Company produces laparoscopy equipment, thoracoscopy equipment, gynecology equipment, urology equipment, gastroenterology equipment, and other products. Hangzhou Kangji Medical Instrument sells its products to Europe, United States, Southeast Asia, and other countries and regions.

Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)

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Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)

Kangji Medical (9997 HK): TPG/QIA/Founder's Offer Is No Knockout

I think this Offer (just) gets up. Assuming late January 2026 completion, I'd pay up to ~HK$8.70/share for a 15% annualised return.

David Blennerhassett

Kangji Medical (9997 HK): Consortium’s Light Preconditional Scheme Offer

The scheme vote risk is medium-to-high due to an unattractive offer, a blocking stake below the substantial disclosure threshold, unfavourable AGM...

Arun George

ANE Cayman (9956 HK): Q&A With The FA

I had a number of questions concerning the transaction, and managed to secure a one-on-one with the FA to the Offeror earlier today.

David Blennerhassett

ANE (9956 HK): Pre-Cons Satisfied. Possible Payment Early March

Clean deal. Vote risk appears low. Assuming early March 2026 completion, I'd pay up to ~HK$11.75/share for a ~15% annualised return.

David Blennerhassett

(Mostly) Asia M&A, Nov 2025 Wrap: Qube, Forum Engineering, National Storage REIT, Star Micronics

For the month of November, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$10bn. The average premium for the new deals...

David Blennerhassett

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