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/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a> has disclosed a preconditional scheme privatisation offer from a consortium. The offer is cash (HK$12.18) or scrip (One TopCo Class A Share per scheme share). </li>
<li>The precondition relates to SAMR approval. The scheme vote is low risk, as the offer is attractive relative to historical ranges and peer multiples. </li>
<li>The offer price is final. Mr Wang Yongjun, the former chairman, holds a blocking stake but should be supportive. Timing is the key risk. </li>
</ul>



ANE Cayman Inc (9956 HK) has disclosed a preconditional scheme privatisation offer from a consortium. The offer is cash (HK$12.18) or scrip (One TopCo Class A Share per scheme share). 
The precondition relates to SAMR approval. The scheme vote is low risk, as the offer is attractive relative to historical ranges and peer multiples. 
The offer price is final. Mr Wang Yongjun, the former chairman, holds a blocking stake but should be supportive. Timing is the key risk. 


ANE (9956 HK): Consortium’s Attractive Preconditional Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a> is on a halt “<em>pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.</em>” </li>
<li>I expect the halt is related to a potential privatisation bid from either a trade buyer, such as one of the Tongda operators, or an MBO sponsored by Centurium Capital.</li>
<li>I use several methods to triangulate the likely offer price, which suggests a range of HK$11.34-11.80 per share, with an average of HK$11.55, a 14% premium to the last close.</li>
</ul>



ANE Cayman Inc (9956 HK) is on a halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” 
I expect the halt is related to a potential privatisation bid from either a trade buyer, such as one of the Tongda operators, or an MBO sponsored by Centurium Capital.
I use several methods to triangulate the likely offer price, which suggests a range of HK$11.34-11.80 per share, with an average of HK$11.55, a 14% premium to the last close.


ANE Cayman (9956 HK): Trade Buyer or Centurium Capital to Launch a Privatisation Offer?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 17th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile, Meituan, Innovent Biologics, ICBC, Wuxi Biologics.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile, Meituan, Innovent Biologics, ICBC, Wuxi Biologics.


HK Connect Flows Weekly (Oct 17th): SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

Kerry Express Thailand / Equity Bottom-Up

<ul>
<li>H125 results from KEX, J&amp;T Global (SE Asia) tell two very different stories</li>
<li>KEX shrunk under pressure from J&amp;T and Flash, a private express "unicorn"</li>
<li>SE Asia still promises X-border growth; impact on SF Holding limited</li>
</ul>


H125 results from KEX, J&amp;T Global (SE Asia) tell two very different stories
KEX shrunk under pressure from J&amp;T and Flash, a private express "unicorn"
SE Asia still promises X-border growth; impact on SF Holding limited


After Battling J&T Global and Flash in Thailand's Express Market, KEX Shrinks, Then Delists

<ul>
<li>We analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Pop Mart Intl, TENCENT, MEITUAN, BOC, BYD, LI AUTO, Pop Mart, BOC, Meituan, BYD, Tencent, Li Auto.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Pop Mart Intl, TENCENT, MEITUAN, BOC, BYD, LI AUTO, Pop Mart, BOC, Meituan, BYD, Tencent, Li Auto.


HSCEI Index Earning Revision (Sep): Pop Mart Intl, TENCENT, MEITUAN, BOC, BYD, LI AUTO, Pop Mart

Hong Kong

J&T Global Express Limited operates as a global logistics service provider. The Company offers road express delivery, air express transportation, supply chain warehousing, and other value added services. J&T Global Express conducts business in China, Philippines, Malaysia, Thailand, Vietnam, and other countries.

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J&T Global Express (1519 HK)

ANE (9956 HK): Consortium’s Attractive Preconditional Offer

The scheme vote is low risk, as the offer is attractive relative to historical ranges and peer multiples. Timing is the key risk.

Arun George

ANE Cayman (9956 HK): Trade Buyer or Centurium Capital to Launch a Privatisation Offer?

On 17 September, the Board received a conditional privatisation proposal from Centurium Capital and Temasek. No price was disclosed. Nearly a month...

Arun George

HK Connect Flows Weekly (Oct 17th): SMIC, Alibaba, Xiaomi, Tencent, Pop Mart Intl, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for SMIC (981 HK), Alibaba (9988 HK), Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

After Battling J&T Global and Flash in Thailand's Express Market, KEX Shrinks, Then Delists

Under pressure on multiple fronts, Kerry Express Thailand recently delisted its shares after less than five years of life as a publicly-traded...

Tracking Traffic

HSCEI Index Earning Revision (Sep): Pop Mart Intl, TENCENT, MEITUAN, BOC, BYD, LI AUTO, Pop Mart

We analyzed HSCEI's consensus for Sep 2025 and highlighted changes of EPS in Pop Mart Intl, TENCENT, MEITUAN, BOC, BYD, LI AUTO, Pop Mart, BOC,...

Ke Yan, CFA, FRM

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