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>On 12 September, Shenyang SASAC increased its <a href="https://www.smartkarma.com/entities/shengjing-bank-co-ltd-h" target="_blank" data-smartkarma-citation="entities:96:1" rel="noopener">Shengjing Bank Co Ltd H (2066 HK)</a> offer by 21.2% from HK$1.32 to HK$1.60. The IFA opines it is fair and reasonable.</li>
<li>The revised terms should ensure the support of key shareholders. However, the IFA analysis is flawed, and the revised offer is light.</li>
<li>While the 21 October vote on the delisting proposal should pass, the satisfaction of the minimum acceptance condition (90% of independent H shares) poses a challenge. </li>
</ul>


On 12 September, Shenyang SASAC increased its Shengjing Bank Co Ltd H (2066 HK) offer by 21.2% from HK$1.32 to HK$1.60. The IFA opines it is fair and reasonable.
The revised terms should ensure the support of key shareholders. However, the IFA analysis is flawed, and the revised offer is light.
While the 21 October vote on the delisting proposal should pass, the satisfaction of the minimum acceptance condition (90% of independent H shares) poses a challenge. 


Shengjing Bank (2066 HK): Minimum Acceptance Condition in Focus as Offer Opens

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 26th August, rural commercial bank <a href="https://www.smartkarma.com/entities/shengjing-bank-co-ltd-h" target="_blank" data-smartkarma-citation="entities:96:1" rel="noopener">Shengjing Bank Co Ltd H (2066 HK)</a> announced a HK$1.32/Share Offer, a pretty tragic 86.49% discount to NAV.</li>
<li>On the 12th September, the Offeror bumped terms to HK$1.60 (best &amp; final). That's a 40.5% premium to undisturbed, but still a 83.96% discount to NAV.</li>
<li>
The Composite Document's now out, with a H-share class meeting on the 21st October. The IFA (Gram Capital) says "fair &amp; reasonable". To be expected. </li>
</ul>


On the 26th August, rural commercial bank Shengjing Bank Co Ltd H (2066 HK) announced a HK$1.32/Share Offer, a pretty tragic 86.49% discount to NAV.
On the 12th September, the Offeror bumped terms to HK$1.60 (best &amp; final). That's a 40.5% premium to undisturbed, but still a 83.96% discount to NAV.

The Composite Document's now out, with a H-share class meeting on the 21st October. The IFA (Gram Capital) says "fair &amp; reasonable". To be expected. 


Shengjing Bank (2066 HK): 21st Oct Vote On Bailout

<ul>
<li>Back on the 26th August, troubled rural commercial bank <a href="https://www.smartkarma.com/entities/shengjing-bank-co-ltd-h" target="_blank" data-smartkarma-citation="entities:96:1" rel="noopener">Shengjing Bank Co Ltd (2066 HK)</a> announced a HK$1.32/Share Offer, a 15.79% premium to undisturbed, and a 86.49% discount to NAV. </li>
<li>Clearly not all is well with Shengjing Bank. And alternatives to the low-balled Offer are slim on the ground. </li>
<li>The Offeror has now bumped terms to HK$1.60 (best &amp; final). That's a 40.5% premium to undisturbed, but still a 83.96% discount to NAV. </li>
</ul>


Back on the 26th August, troubled rural commercial bank Shengjing Bank Co Ltd (2066 HK) announced a HK$1.32/Share Offer, a 15.79% premium to undisturbed, and a 86.49% discount to NAV. 
Clearly not all is well with Shengjing Bank. And alternatives to the low-balled Offer are slim on the ground. 
The Offeror has now bumped terms to HK$1.60 (best &amp; final). That's a 40.5% premium to undisturbed, but still a 83.96% discount to NAV. 


Shengjing Bank (2066 HK): Offer "Bumped" To A ~84% Disc To NAV From 86.49%

<ul>
<li>Shenyang SASAC increased its <a href="https://www.smartkarma.com/entities/shengjing-bank-co-ltd-h" target="_blank" data-smartkarma-citation="entities:96:1" rel="noopener">Shengjing Bank Co Ltd H (2066 HK)</a> offer by 21.2% from HK$1.32 to HK$1.60 per H Share, a 40.4% premium to the undisturbed price.</li>
<li>The revised offer has been declared final. The revised terms signal that at least one of the substantial H shareholders would not accept the previous offer.</li>
<li>While the revised terms should ensure the support of key shareholders, the terms remain light. Therefore, there remains a risk around the 90% minimum acceptance condition. </li>
</ul>


Shenyang SASAC increased its Shengjing Bank Co Ltd H (2066 HK) offer by 21.2% from HK$1.32 to HK$1.60 per H Share, a 40.4% premium to the undisturbed price.
The revised offer has been declared final. The revised terms signal that at least one of the substantial H shareholders would not accept the previous offer.
While the revised terms should ensure the support of key shareholders, the terms remain light. Therefore, there remains a risk around the 90% minimum acceptance condition. 


Shengjing Bank (2066 HK): Revised and Final Offer Remains Light

Jilin Jiutai Rural Commercial Bank / Event-Driven

Jilin Jiutai Rural Commercial Bank (2JJ GR)

<ul>
<li>Back on the 3rd July 2025, Jilin Province Trust must a voluntary Offer at HK$0.70/share (~0.23x P/B!!) for troubled rural commercial bank <a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Rural Comm Bank (6122 HK)</a>. </li>
<li>Shares have been suspended since 12th March. Jilin Jiutai have yet to publish their 2024 annual results. It's doubtful shares will resume trading. Ever. </li>
<li>
The Composite Doc Booklet is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0910/2025091000391.pdf" target="_blank" rel="noopener">out</a>, with a H-share class meeting on the 24th October, the same day as the first close. The IFA (Gram) says "fair &amp; reasonable".</li>
</ul>


Back on the 3rd July 2025, Jilin Province Trust must a voluntary Offer at HK$0.70/share (~0.23x P/B!!) for troubled rural commercial bank Jilin Jiutai Rural Comm Bank (6122 HK). 
Shares have been suspended since 12th March. Jilin Jiutai have yet to publish their 2024 annual results. It's doubtful shares will resume trading. Ever. 

The Composite Doc Booklet is now out, with a H-share class meeting on the 24th October, the same day as the first close. The IFA (Gram) says "fair &amp; reasonable".


Jilin Jiutai Bank (6122 HK): Take The Offer. It Is What It Is

China

Harbin Bank is a Chinese city-based commercial bank offering a range of financial products and services, including corporate banking (deposits, loans, settlement) and retail banking (personal loans, credit cards, wealth management). It also engages in interbank financial business. The bank was founded in February 1997 and is headquartered in Harbin, China.

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Harbin Bank (6138 HK)

Shengjing Bank (2066 HK): Minimum Acceptance Condition in Focus as Offer Opens

While the 21 October vote on the delisting proposal should pass, the satisfaction of the minimum acceptance condition (90% of independent H shares)...

Arun George

Shengjing Bank (2066 HK): 21st Oct Vote On Bailout

If illiquid, arbs are your bag, pay up to HK$1.55, assuming late November payment. Timing on payment is not definitive given the tendering...

David Blennerhassett

Shengjing Bank (2066 HK): Offer "Bumped" To A ~84% Disc To NAV From 86.49%

At HK$1.32/share, I thought the Offer would get up. This bump continues that narrative. If illiquid arbs are your bag, pay up to HK$1.54, assuming...

David Blennerhassett

Shengjing Bank (2066 HK): Revised and Final Offer Remains Light

The revised terms signal push back from at least one key shareholder. The revised terms remain light, and there remains a risk around the 90%...

Arun George

Jilin Jiutai Bank (6122 HK): Take The Offer. It Is What It Is

Jilin Jiutai is suspended, so there is nothing to be done, if not in. If you hold shares, vote for the Offer, then tender. It is what it is. The...

David Blennerhassett

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