IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> has secured all PRC regulatory approvals for its <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> offer. The remaining precondition is approval from the HK Communications Authority. </li>
<li>I Squared, while technically still in the race, is rapidly running out of time. It needs to announce an offer before China Mobile opens its offer for acceptance.</li>
<li>Despite the HKBN CEO’s comments that the China Mobile offer is not good enough, China Mobile has no pressing need to bump if a competing offer fails to materialise.</li>
</ul>



China Mobile (941 HK) has secured all PRC regulatory approvals for its HKBN Ltd (1310 HK) offer. The remaining precondition is approval from the HK Communications Authority. 
I Squared, while technically still in the race, is rapidly running out of time. It needs to announce an offer before China Mobile opens its offer for acceptance.
Despite the HKBN CEO’s comments that the China Mobile offer is not good enough, China Mobile has no pressing need to bump if a competing offer fails to materialise.


HKBN (1310 HK): China Mobile Inches Closer Toward Precondition Satisfaction

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Six months and counting; yet <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> continues to (slowly, but surely) chip away at various pre-conditions. </li>
<li>In its <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0609/2025060900588.pdf" target="_blank" rel="noopener">monthly update</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> said Mobile has proposed commitments to Hong Kong's Communication Authority,  and that the commitments are sufficient to effectively address the CA's concerns. </li>
<li>The CA is seeking industry feedback by the 13th June, but a favourable conclusion appears a lock. Elsewhere, no update on I-Squared's proposal. </li>
</ul>


Six months and counting; yet China Mobile (941 HK) continues to (slowly, but surely) chip away at various pre-conditions. 
In its monthly update, HKBN Ltd (1310 HK) said Mobile has proposed commitments to Hong Kong's Communication Authority,  and that the commitments are sufficient to effectively address the CA's concerns. 
The CA is seeking industry feedback by the 13th June, but a favourable conclusion appears a lock. Elsewhere, no update on I-Squared's proposal. 


HKBN (1310 HK): CA Approval (All But) Done. NDRC & MoC Still Outstanding

<ul>
<li>Back on the 27th May 2025, dual-listed <a href="https://www.smartkarma.com/entities/mac-copper-limited-6dcb19d0-2c56-496c-817a-5d64e48b3c5d" target="_blank" data-smartkarma-citation="entities:45237:1" rel="noopener">MAC Copper (MAC AU/MTAL US)</a>, a NSW copper miner, entered into a Scheme Implementation Deed with <a href="https://www.smartkarma.com/entities/harmony-gold-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:25115:1" rel="noopener">Harmony Gold Mining (HAR SJ)</a>.</li>
<li>Harmony offered US$12.25 for each MAC Share, a 20.7% premium to last close. The A$ consideration for MAC CDIs pivots off the USD/AUD exchange rate around the Record Date. </li>
<li>
A copy of the Circular is now available, with a shareholder vote on the 29th August. Barrenjoey, the FA, says fair &amp; reasonable. 22.54% of shares out are supportive.</li>
</ul>


Back on the 27th May 2025, dual-listed MAC Copper (MAC AU/MTAL US), a NSW copper miner, entered into a Scheme Implementation Deed with Harmony Gold Mining (HAR SJ).
Harmony offered US$12.25 for each MAC Share, a 20.7% premium to last close. The A$ consideration for MAC CDIs pivots off the USD/AUD exchange rate around the Record Date. 

A copy of the Circular is now available, with a shareholder vote on the 29th August. Barrenjoey, the FA, says fair &amp; reasonable. 22.54% of shares out are supportive.


MAC Copper (MAC AU/MTAL US): 29th August Vote On Harmony's Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi (2121 JP)</a>'s A$1.20/share cash Offer is now open, with a 50.1% acceptance condition. <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> is supportive. Mixi currently holds 25.15%. ~16% of shares out have tendered.</li>
<li>
<a href="https://www.smartkarma.com/entities/Betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">Betr Entertainment (BBT AU)</a> (self-alleged superior) scrip Offer, with no minimum acceptance condition, is still out there. betr holds 19.6%. No shareholder has accepted terms. </li>
<li>PBH has now tapped the Takeover Panel seeking orders betr clarify its convoluted Offer.</li>
</ul>



Mixi (2121 JP)'s A$1.20/share cash Offer is now open, with a 50.1% acceptance condition. PointsBet Holdings (PBH AU) is supportive. Mixi currently holds 25.15%. ~16% of shares out have tendered.

Betr Entertainment (BBT AU) (self-alleged superior) scrip Offer, with no minimum acceptance condition, is still out there. betr holds 19.6%. No shareholder has accepted terms. 
PBH has now tapped the Takeover Panel seeking orders betr clarify its convoluted Offer.


PointsBet (PBH AU): Either Betr Pulls A Rabbit Out Of The Hat, Or Walks

<ul>
<li>Back in December, <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> made a pre-conditional HK$5.23/share voluntary Offer for <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN  (1310 HK)</a>. The wild card is whether I Squared launches a counter-proposal.</li>
<li>This transaction has no shortage of intriguing developments. Last month, MBK mysteriously converted its VLNs. Now TPG has entered into an SPA with Mobile to sell its 15.46% stake.</li>
<li>
IF I Squared were to make a counter-proposal, I doubt it would secure the necessary regulatory approvals. Evidently TPG is not waiting around to find out.</li>
</ul>


Back in December, China Mobile (941 HK) made a pre-conditional HK$5.23/share voluntary Offer for HKBN  (1310 HK). The wild card is whether I Squared launches a counter-proposal.
This transaction has no shortage of intriguing developments. Last month, MBK mysteriously converted its VLNs. Now TPG has entered into an SPA with Mobile to sell its 15.46% stake.

IF I Squared were to make a counter-proposal, I doubt it would secure the necessary regulatory approvals. Evidently TPG is not waiting around to find out.


Hong Kong

HKBN Ltd., provides telephone voice and data communications services. The Company offers wireless internet service, IDD and IPTV service, local telephony services, and other value-added services.

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HKBN Ltd (1310 HK)

HKBN (1310 HK): China Mobile Inches Closer Toward Precondition Satisfaction

I Squared, while technically still in the race, is rapidly running out of time. Despite the HKBN CEO’s comments that the China Mobile offer is not...

Arun George

HKBN (1310 HK): CA Approval (All But) Done. NDRC & MoC Still Outstanding

You have Mobile's firm offer at a 2.1% gross spread. My bet is that the key PRC regulators are holding back until CA clears the transaction. Do not...

David Blennerhassett

MAC Copper (MAC AU/MTAL US): 29th August Vote On Harmony's Offer

Both legs have the same gross/annual. spreads of 1.5%/7.9%, assuming early Oct payment. There will be nominal costs to be netted off the CDI...

David Blennerhassett

PointsBet (PBH AU): Either Betr Pulls A Rabbit Out Of The Hat, Or Walks

I can see Mixi waiving the acceptance condition and declaring term unconditional. Trading at terms. If in, sell here. If not in, avoid unless...

David Blennerhassett

HKBN (1310 HK): TPG Cashes In Early

This voluntary Offer has no shortage of intriguing developments. Last month, MBK mysteriously converted its VLNs. Now TPG has entered into an SPA...

David Blennerhassett

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