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/cimc-vehicles-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28012:1" rel="noopener">CIMC Vehicle Group Co Ltd (1839 HK)</a> possible H Share buyback offer, excluding <a href="https://www.smartkarma.com/entities/china-international-marine-cntnrs-gp-ltd" target="_blank" data-smartkarma-citation="entities:11752:1" rel="noopener">China International Marine Cntnrs Gp (2039 HK)</a>’s shares, is HK$7.00, an 8.7% premium to the undisturbed price. </li>
<li>The key condition is approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There could also be a 90% minimum acceptance condition.</li>
<li>The offer is light, but independent H shareholders holding blocking stakes will likely be supportive. The final offer will be made on “<em>same or better terms</em>”, suggesting a potential bump.</li>
</ul>



CIMC Vehicle Group Co Ltd (1839 HK) possible H Share buyback offer, excluding China International Marine Cntnrs Gp (2039 HK)’s shares, is HK$7.00, an 8.7% premium to the undisturbed price. 
The key condition is approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There could also be a 90% minimum acceptance condition.
The offer is light, but independent H shareholders holding blocking stakes will likely be supportive. The final offer will be made on “same or better terms”, suggesting a potential bump.


CIMC Vehicles (1839 HK): Possible H Share Buyback Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ijtt-co-ltd" target="_blank" data-smartkarma-citation="entities:19461:1" rel="noopener">IJTT Co., Ltd. (7315 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/sparx-group-co-ltd" target="_blank" data-smartkarma-citation="entities:13158:1" rel="noopener">Sparx Group (8739 JP)</a>’s offer of JPY812 per share, an 18.5% and 16.0% premium to the undisturbed (9 November) and last close price, respectively. </li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 23.48% ownership ratio.</li>
<li>Despite the modest premium, the offer represents a high five-year share price. The minimum acceptance condition requires a 41.3% minority acceptance rate. </li>
</ul>



IJTT Co., Ltd. (7315 JP) has recommended Sparx Group (8739 JP)’s offer of JPY812 per share, an 18.5% and 16.0% premium to the undisturbed (9 November) and last close price, respectively. 
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 23.48% ownership ratio.
Despite the modest premium, the offer represents a high five-year share price. The minimum acceptance condition requires a 41.3% minority acceptance rate. 


IJTT (7315 JP): SPARX Group’s Tender Offer at JPY812

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Shinko Electric Industries / Event-Driven

<ul>
<li>Yesterday about 5 minutes before the close, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a> went into kehai, rising 8.6%, then falling back to end + 3% on the day. </li>
<li>This morning, the stock opened down 2%, rose 4%, fell 4%, then rose 4%. All in the first 45 minutes. Then it fell back 4% and ended down 2% today.</li>
<li>The proximate cause of all of this was a <a href="https://www.reuters.com/markets/deals/mitsubishi-corp-considering-bid-fujitsus-chip-unit-shinko-electric-sources-2023-10-17/" target="_blank" rel="noopener">Reuters article</a> out 5mins before the close yesterday suggesting <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a> is considering bidding for Shinko Electric.</li>
</ul>


Yesterday about 5 minutes before the close, Shinko Electric Industries (6967 JP) went into kehai, rising 8.6%, then falling back to end + 3% on the day. 
This morning, the stock opened down 2%, rose 4%, fell 4%, then rose 4%. All in the first 45 minutes. Then it fell back 4% and ended down 2% today.
The proximate cause of all of this was a Reuters article out 5mins before the close yesterday suggesting Mitsubishi Corp (8058 JP) is considering bidding for Shinko Electric.


Shinko Electric (6967) Update - MitCorp In The Mix?

<ul>
<li>The 2023 Version of <strong>JAPAN PASSIVE: Who Owns What?</strong> where we break down the major (and minor) passive tracking indices and which category of investor owns how much of each. </li>
<li>Even if you do not "play" index changes, understanding impact is important. Advantest is up 100% in 3mos. Existing passive ownership and new passive buying were crucial to that performance.</li>
<li>Understanding the nature of the ownership and flows is crucial to understanding how to trade certain stocks in Japan. </li>
</ul>


The 2023 Version of JAPAN PASSIVE: Who Owns What? where we break down the major (and minor) passive tracking indices and which category of investor owns how much of each. 
Even if you do not "play" index changes, understanding impact is important. Advantest is up 100% in 3mos. Existing passive ownership and new passive buying were crucial to that performance.
Understanding the nature of the ownership and flows is crucial to understanding how to trade certain stocks in Japan. 


APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Horizon Construction Development / Equity Capital Markets

Horizon Construction Development (1887128D HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-construction-development" target="_blank" data-smartkarma-citation="entities:35117:1" rel="noopener">Horizon Construction Development (1887128D HK)</a> raised around US$210m in its Hong Kong IPO.</li>
<li>HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.</li>
<li>In this note, we will talk about the trading dynamics and valuation.</li>
</ul>



Horizon Construction Development (1887128D HK) raised around US$210m in its Hong Kong IPO.
HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.
In this note, we will talk about the trading dynamics and valuation.


Horizon Construction Dev IPO Trading - Subscription Rates Still Weak, Despite Cornerstone Support

Japan

Hitachi Construction Machinery Co., Ltd. develops, manufactures, sells, and repairs construction machinery. The Company's products include hydraulic excavators, crawler cranes, wheel loaders, shield machines, and bulldozers. Hitachi Construction Machinery, a subsidiary of Hitachi, Ltd., markets its products worldwide through sales offices overseas.

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Hitachi Construction Machinery (6305 JP)

IJTT (7315 JP): SPARX Group’s Tender Offer at JPY812

Despite the modest premium, the offer represents a high five-year share price. The minimum acceptance condition requires a 41.3% minority...

Arun George

Shinko Electric (6967) Update - MitCorp In The Mix?

Shinko Electric Industries' stock experienced significant fluctuations after reports emerged that Mitsubishi Corp is considering a bid for the...

Travis Lundy

JAPAN PASSIVE: Who Owns What 2023?

This is the annual JAPAN PASSIVE: Who Owns What report for 2023. It is a comprehensive of the major index exposures in Japan by index tracker type,...

Travis Lundy

Horizon Construction Dev IPO Trading - Subscription Rates Still Weak, Despite Cornerstone Support

Horizon Construction Development (1887128D HK) raised around US$210m in its Hong Kong IPO. In this note, we will talk about the trading dynamics...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CIMC Vehicles (1839 HK): Possible H Share Buyback Offer

The offer is light, but independent H shareholders holding blocking stakes will likely be supportive. The final offer will be made on “same or...

Arun George

IJTT (7315 JP): SPARX Group’s Tender Offer at JPY812

Despite the modest premium, the offer represents a high five-year share price. The minimum acceptance condition requires a 41.3% minority...

Arun George

Shinko Electric (6967) Update - MitCorp In The Mix?

​Shinko Electric Industries' stock experienced significant fluctuations after reports emerged that Mitsubishi Corp is considering a bid for the...

Travis Lundy

JAPAN PASSIVE: Who Owns What 2023?

This is the annual JAPAN PASSIVE: Who Owns What report for 2023. It is a comprehensive of the major index exposures in Japan by index tracker type,...

Travis Lundy

Horizon Construction Dev IPO Trading - Subscription Rates Still Weak, Despite Cornerstone Support

Horizon Construction Development (1887128D HK) raised around US$210m in its Hong Kong IPO. In this note, we will talk about the trading dynamics...

Ethan Aw

Shinko Electric Industries' stock experienced significant fluctuations after reports emerged that Mitsubishi Corp is considering a bid for the...