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/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>’s offer from <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> is HK$5.075 with a 50% minimum acceptance condition. The first closing date is September 3.</li>
<li>Based on CCASS data, including acceptances, China Mobile’s shareholding was 48.93% of outstanding shares as of September 1.</li>
<li>Therefore, the offer should be declared unconditional by the first closing date. At the last close and for a September 12 payment, the gross/annualised spread is 0.5%/15.7%.</li>
</ul>



HKBN Ltd (1310 HK)’s offer from China Mobile (941 HK) is HK$5.075 with a 50% minimum acceptance condition. The first closing date is September 3.
Based on CCASS data, including acceptances, China Mobile’s shareholding was 48.93% of outstanding shares as of September 1.
Therefore, the offer should be declared unconditional by the first closing date. At the last close and for a September 12 payment, the gross/annualised spread is 0.5%/15.7%.


HKBN (1310 HK): On the Cusp of Being Declared Unconditional

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<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>'s Offer for <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> will be declared unconditional tomorrow (3rd September), the first closing date. </li>
<li>As I type, 19.03% of shares out have tendered, lifting Mobile's stake to 48.9%. Additional shares will tip in today and tomorrow, as per your typical last minute flurry. </li>
<li>It is not Mobile's intention to delist HKBN. There will be investors playing the backend on the expectation of a higher Offer down the track.</li>
</ul>



China Mobile (941 HK)'s Offer for HKBN Ltd (1310 HK) will be declared unconditional tomorrow (3rd September), the first closing date. 
As I type, 19.03% of shares out have tendered, lifting Mobile's stake to 48.9%. Additional shares will tip in today and tomorrow, as per your typical last minute flurry. 
It is not Mobile's intention to delist HKBN. There will be investors playing the backend on the expectation of a higher Offer down the track.


HKBN (1310 HK): Mobile's Offer Is Done. Now For The Back End

<ul>
<li>The precondition for <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>’s HK$5.075 offer for <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> is satisfied. The offer is final. The offer document must be despatched by 8 August.</li>
<li>The HKBN CEO has commented that the China Mobile offer is not good enough, suggesting a possibility that the Board does not recommend the offer.</li>
<li>Nevertheless, there is a clear pathway for the offer to satisfy the 50% minimum acceptance condition and be declared unconditional. The gross/annualised spread for a 13 September payment is 1.5%/13.0%.</li>
</ul>


The precondition for China Mobile (941 HK)’s HK$5.075 offer for HKBN Ltd (1310 HK) is satisfied. The offer is final. The offer document must be despatched by 8 August.
The HKBN CEO has commented that the China Mobile offer is not good enough, suggesting a possibility that the Board does not recommend the offer.
Nevertheless, there is a clear pathway for the offer to satisfy the 50% minimum acceptance condition and be declared unconditional. The gross/annualised spread for a 13 September payment is 1.5%/13.0%.


HKBN (1310 HK): China Mobile Satisfies the Precondition

<ul>
<li>After a protracted period towards securing the necessary regulatory approvals, this transaction has since accelerated.</li>
<li>Just two days after the Offer Doc was issued, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0808/2025080801510.pdf" target="_blank" rel="noopener">the Response Doc has now been dispatched</a>.</li>
<li>The IFA (Somerley) says <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>'s terms are fair &amp; reasonable. The First Close is the 3rd September. Expect the Offer to turn unconditional before that date. </li>
</ul>


After a protracted period towards securing the necessary regulatory approvals, this transaction has since accelerated.
Just two days after the Offer Doc was issued, the Response Doc has now been dispatched.
The IFA (Somerley) says China Mobile (941 HK)'s terms are fair &amp; reasonable. The First Close is the 3rd September. Expect the Offer to turn unconditional before that date. 


HKBN (1310 HK): Response Doc Out. IFA Says Fair

<ul>
<li>On the 1st August, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> announced <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> had satisfied all pre-cons. <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0806/2025080600035.pdf" target="_blank" rel="noopener">The Offer Doc is now out</a>.</li>
<li>The First Close is the 3rd September with payment potentially on or around the 12th September - if the Offer turns unconditional on the First Close.</li>
<li>
There is no IFA opinion in this Doc. That will be present in the Response Doc, which is expected to be dispatched on or before the 20th August. </li>
</ul>


On the 1st August, HKBN Ltd (1310 HK) announced China Mobile (941 HK) had satisfied all pre-cons. The Offer Doc is now out.
The First Close is the 3rd September with payment potentially on or around the 12th September - if the Offer turns unconditional on the First Close.

There is no IFA opinion in this Doc. That will be present in the Response Doc, which is expected to be dispatched on or before the 20th August. 


HKBN (1310 HK): China Mobile's Offer Now Open

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)

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HKBN (1310 HK): China Mobile's Offer Now Open

The Offer is now open for acceptances. Trading super tight at a gross/annualised spread of 0.5%/5% assuming 12th September payment. If in, stay...

David Blennerhassett

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