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 “same or better terms”, 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/shougang-fushan-resources-group-ltd" target="_blank" data-smartkarma-citation="entities:19494:1" rel="noopener">Shougang Fushan Resources (639 HK)</a> shareholders approved the partial offer to acquire a maximum of 125.0 million shares (2.47% of outstanding shares) at HK$2.40 per share and the whitewash waiver.</li>
<li>The partial offer is now unconditional and will close on 12 September. Considering the irrevocables not to tender, a 100% minority participation rate implies a minimum proration of 2.98%.</li>
<li>If the partial offer’s acceptance rate mirrors today’s general meeting minorities participation rate of 63.6%, it would imply a minimum proration of 4.69%. </li>
</ul>



Shougang Fushan Resources (639 HK) shareholders approved the partial offer to acquire a maximum of 125.0 million shares (2.47% of outstanding shares) at HK$2.40 per share and the whitewash waiver.
The partial offer is now unconditional and will close on 12 September. Considering the irrevocables not to tender, a 100% minority participation rate implies a minimum proration of 2.98%.
If the partial offer’s acceptance rate mirrors today’s general meeting minorities participation rate of 63.6%, it would imply a minimum proration of 4.69%. 


Shougang Fushan Resources (639 HK): Partial Offer Is Unconditional

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads  <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a>, <a href="https://www.smartkarma.com/entities/enm-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16267:1" rel="noopener">ENM Holdings (128 HK)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/poly-culture-group-corp-h" target="_blank" data-smartkarma-citation="entities:4729:1" rel="noopener">Poly Culture Group Corp H (3636 HK)</a>, <a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a>.</li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/kenedix-residential-investment" target="_blank" data-smartkarma-citation="entities:17149:1" rel="noopener">Kenedix Residential Investment (3278 JP)</a>, <a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a>, <a href="https://www.smartkarma.com/entities/challenger-technologies-ltd" target="_blank" data-smartkarma-citation="entities:16490:1" rel="noopener">Challenger Technologies (CHLG SP)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads  111 Inc (YI US), Chindata Group (CD US), ENM Holdings (128 HK), Estia Health (EHE AU), Poly Culture Group Corp H (3636 HK), Costa Group Holdings (CGC AU).
Lowest spreads - Healius (HLS AU), Liontown Resources (LTR AU), Toyo Construction (1890 JP), Kenedix Residential Investment (3278 JP), Penguin International (PBS SP), Challenger Technologies (CHLG SP). 


Merger Arb Mondays (17 Jul) - Chindata, Eoflow, JSR, IMAX, Mason, Estia, Musgrave, Origin, InvoCare

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads  <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/enm-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16267:1" rel="noopener">ENM Holdings (128 HK)</a>, <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/poly-culture-group-corp-h" target="_blank" data-smartkarma-citation="entities:4729:1" rel="noopener">Poly Culture Group Corp H (3636 HK)</a>, <a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a>.</li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/hailan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:39776:1" rel="noopener">Hailan Holdings (2278 HK)</a>, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a>, <a href="https://www.smartkarma.com/entities/yachiyo-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:6299:1" rel="noopener">Yachiyo Industry (7298 JP)</a>, Penguin. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads  111 Inc (YI US), ENM Holdings (128 HK), Chindata Group (CD US), Estia Health (EHE AU), Poly Culture Group Corp H (3636 HK), Costa Group Holdings (CGC AU).
Lowest spreads - Healius (HLS AU), Hailan Holdings (2278 HK), Liontown Resources (LTR AU), Toyo Construction (1890 JP), Oishi Group PCL (OISHI TB), Yachiyo Industry (7298 JP), Penguin. 


Merger Arb Mondays (10 Jul) - JSR, Yachiyo, InvoCare, Costa, Musgrave, Metro Pacific, Healthway

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For the month of June, 13 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$9bn.</li>
<li>The average premium for the new deals announced (or first discussed) in June was 42%.</li>
<li>This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of June, 13 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$9bn.
The average premium for the new deals announced (or first discussed) in June was 42%.
This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, June 2023:  DDH1, Dali Foods, NWS Holdings, JSR Corp, Lutronic, Chindata

China

Inner Mongolia Yitai Coal Co., Ltd. operates in coal mining, processing, and distribution.  Through its subsidiaries, the Company also operates in hotel management, licorice planting, pharmaceutical manufacturing, and manages roadways.

Inner Mongolia Yitai Coal Company Ltd (3948 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Inner Mongolia Yitai Coal Company Ltd (3948 HK)

Shougang Fushan Resources (639 HK): Partial Offer Is Unconditional

If the partial offer’s acceptance rate mirrors today’s general meeting minorities participation rate of 63.6%, it would imply a minimum proration...

Arun George

Merger Arb Mondays (17 Jul) - Chindata, Eoflow, JSR, IMAX, Mason, Estia, Musgrave, Origin, InvoCare

This week, the highest gross spreads are 111 (27.5%), Chindata (15.0%), ENM (11.5%), Estia (9.6%), Poly Culture (7.8%), Costa (7.3%), Eoflow...

Arun George

Merger Arb Mondays (10 Jul) - JSR, Yachiyo, InvoCare, Costa, Musgrave, Metro Pacific, Healthway

This week, the highest gross spreads are 111 (38.6%), ENM (11.5%), Chindata (10.5%), Estia (9.2%), Poly Culture (8.2%), Costa (7.9%), Dali (7.8%),...

Arun George

(Mostly) Asia M&A, June 2023: DDH1, Dali Foods, NWS Holdings, JSR Corp, Lutronic, Chindata

For the month of June, 13 new deals were discussed on Smartkarma with an overall deal size of ~US$9bn. The average premium for the new deals...

David Blennerhassett

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

Shougang Fushan Resources (639 HK): Partial Offer Is Unconditional

If the partial offer’s acceptance rate mirrors today’s general meeting minorities participation rate of 63.6%, it would imply a minimum proration...

Arun George

Merger Arb Mondays (17 Jul) - Chindata, Eoflow, JSR, IMAX, Mason, Estia, Musgrave, Origin, InvoCare

This week, the highest gross spreads are 111 (27.5%), Chindata (15.0%), ENM (11.5%), Estia (9.6%), Poly Culture (7.8%), Costa (7.3%), Eoflow...

Arun George

Merger Arb Mondays (10 Jul) - JSR, Yachiyo, InvoCare, Costa, Musgrave, Metro Pacific, Healthway

This week, the highest gross spreads are 111 (38.6%), ENM (11.5%), Chindata (10.5%), Estia (9.2%), Poly Culture (8.2%), Costa (7.9%), Dali (7.8%),...

Arun George

(Mostly) Asia M&A, June 2023: DDH1, Dali Foods, NWS Holdings, JSR Corp, Lutronic, Chindata

For the month of June, 13 new deals were discussed on Smartkarma with an overall deal size of ~US$9bn. The average premium for the new deals...

David Blennerhassett