Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Macroeconomics

<ul><li>The HSI opened up 6 pts before turning south, closing at 24,523, down 118 pts or 0.48%, as investors remained cautious amid higher oil prices, elevated global bond yields and continued weakness in Chinese technology stocks.</li><li>SSEC/SZSE/GEI moved by +0.18%/+0.34%/+0.09%, rebounding from the prior session as expectations of policy stimulus improved market sentiment.</li><li>On the market, the real estate sector strengthened, with Huafa Properties (600325 CH) and Binjiang Real Estate Group (002244 CH) hitting their daily limit; the solid-state battery sector surged, with Shangshui Smartech (301513 CH) hitting its 20% daily limit.</li></ul>

The HSI opened up 6 pts before turning south, closing at 24,523, down 118 pts or 0.48%, as investors remained cautious amid higher oil prices, elevated global bond yields and continued weakness in Chinese technology stocks.SSEC/SZSE/GEI moved by +0.18%/+0.34%/+0.09%, rebounding from the prior session as expectations of policy stimulus improved market sentiment.On the market, the real estate sector strengthened, with Huafa Properties (600325 CH) and Binjiang Real Estate Group (002244 CH) hitting their daily limit; the solid-state battery sector surged, with Shangshui Smartech (301513 CH) hitting its 20% daily limit.

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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Equity Bottom-Up

Huafa Property Services / Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/huafa-property-services-group-co-ltd">Huafa Property Services</a> was successfully privatized by its state-owned parent, Zhuhai Huafa Properties Co., Ltd., and subsequently delisted from the Hong Kong Stock Exchange in September 2024. As such, its shares are no longer available for public investment, and this report analyzes the entity as an integrated component of its parent group.</li>
 <li>The company has demonstrated a track record of exceptional operational growth, with a 3-year revenue CAGR of 21.78% and a net income CAGR of 93.02%. This performance is underpinned by a strong pipeline of projects from its parent and an expanding portfolio of value-added services.</li>
 <li>As a subsidiary of a prominent state-owned enterprise (SOE), <a href="https://smartkarma.com/entities/huafa-property-services-group-co-ltd">Huafa Property Services</a> is well-positioned to navigate the challenging conditions of China's property market. This backing provides financial stability, a reliable source of management contracts, and preferential access to government and municipal projects.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Huafa Property Services was successfully privatized by its state-owned parent, Zhuhai Huafa Properties Co., Ltd., and subsequently delisted from the Hong Kong Stock Exchange in September 2024. As such, its shares are no longer available for public investment, and this report analyzes the entity as an integrated component of its parent group.
  The company has demonstrated a track record of exceptional operational growth, with a 3-year revenue CAGR of 21.78% and a net income CAGR of 93.02%. This performance is underpinned by a strong pipeline of projects from its parent and an expanding portfolio of value-added services.
  As a subsidiary of a prominent state-owned enterprise (SOE), Huafa Property Services is well-positioned to navigate the challenging conditions of China's property market. This backing provides financial stability, a reliable source of management contracts, and preferential access to government and municipal projects.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Huafa Property Services (982 HK) - Aug 2026

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>You might have to go all the back to <a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener">Guoco Group Ltd (53 HK)</a>'s 2012/2013 unconditional cash offer, which was ostensibly blocked by First Eagle AND Elliott Advisors.</li>
<li>Otherwise, it's slim pickings. Past Schemes or Tender Offers arguably failed as minorities were simply not supportive. There are exceptions, like <a href="https://www.smartkarma.com/entities/soho-china-ltd" target="_blank" data-smartkarma-citation="entities:4123:1" rel="noopener">Soho China (410 HK)</a> and <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">TCM (570 HK)</a>
</li>
<li>IF LVC wish to remain active in this space/region, they appear to be going about it in a counterproductive way. I still don't understand why they would want to block.</li>
</ul>


You might have to go all the back to Guoco Group Ltd (53 HK)'s 2012/2013 unconditional cash offer, which was ostensibly blocked by First Eagle AND Elliott Advisors.
Otherwise, it's slim pickings. Past Schemes or Tender Offers arguably failed as minorities were simply not supportive. There are exceptions, like Soho China (410 HK) and TCM (570 HK)

IF LVC wish to remain active in this space/region, they appear to be going about it in a counterproductive way. I still don't understand why they would want to block.


Henlius (2696 HK): So, When Was The Last Time A PE/VC Outfit Blocked A Deal?

<ul>
<li>I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week: <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a>'s Tender offer, <a href="https://www.smartkarma.com/entities/a8-new-media-group-ltd" target="_blank" data-smartkarma-citation="entities:3444:1" rel="noopener">A8 New Media (800 HK)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/jeisys-medical-inc" target="_blank" data-smartkarma-citation="entities:36766:1" rel="noopener">Jeisys Medical (287410 KS)</a>'s delisting offer. Bain also approached <a href="https://www.smartkarma.com/entities/bapcor-ltd" target="_blank" data-smartkarma-citation="entities:8433:1" rel="noopener">Bapcor (BAP AU)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno (6927 JP)</a>, and <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>.</li>
</ul>


I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week: Fancl (4921 JP)'s Tender offer, A8 New Media (800 HK)'s Scheme, and Jeisys Medical (287410 KS)'s delisting offer. Bain also approached Bapcor (BAP AU).
Key updates took place on: Sigma Healthcare (SIG AU), Alumina (AWC AU), Greatview Aseptic Packaging (468 HK), Helios Techno (6927 JP), and Tatsuta Electric Wire &amp; Cable (5809 JP).


(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Thematic (Sector/Industry)

Extending my point about more demanding transportation frameworks going forward (see <a href="https://www.smartkarma.com/insights/comfortdelgro-fy16-results-an-era-where-competition-hits-a-higher-gear" target="_blank" data-smartkarma-citation="insights:8719">ComfortDelGro FY16 Results: An Era Where Competition Hits a Higher Gear</a> ), the recent fire-bomb attack on Hong Kong’s MTR that left 19 injured signals increasing costs for transport operators. This article presents another reason why investors should sell MTR Corp, on top of points already provided by fellow insight provider Sameer Taneja in an earlier piece <a href="https://www.smartkarma.com/insights/mtr-66-hk-conviction-sell-thesis" target="_blank" data-smartkarma-citation="insights:7982">MTR (66 HK): Conviction Sell Thesis</a><h2>Security Costs to</h2>…

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a Higher Gear ), the recent fire-bomb attack on Hong Kong’s MTR that left 19 injured signals increasing costs for transport operators. This article presents another reason why investors should sell MTR Corp, on top of points already provided by fellow insight provider Sameer Taneja in an earlier piece MTR (66 HK): Conviction Sell ThesisSecurity Costs to…

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

Hong Kong

Huafa Property Services Group Company Limited is an investment holding company that provides property management services and related value-added services in Hong Kong and Mainland China. These services include municipal supporting, hotel advisory, and exhibition planning and organization. The company was founded in 2000 and is headquartered in Central, Hong Kong.

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Huafa Property Services (982 HK)

Quam Morning Note (30 Sep)

The HSI opened up 6 pts before turning south, closing at 24,523, down 118 pts or 0.48%, as investors remained cautious amid higher oil prices,...

Quam Securities

Primer: Huafa Property Services (982 HK) - Aug 2026

Huafa Property Services was successfully privatized by its state-owned parent, Zhuhai Huafa Properties Co., Ltd., and subsequently delisted...

αSK Primers

Henlius (2696 HK): So, When Was The Last Time A PE/VC Outfit Blocked A Deal?

PE and/or a VC outfit blocking deals are rare. Which may suggest LVC doesn't want that moniker. You could therefore, extrapolate that line of...

David Blennerhassett

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a...

Valerie Law, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)