Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 28th April 2025, PRC-incorporated property management play <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> announced a possible unconditional MGO take-under at HK$6.67/share.</li>
<li>At an auction, the Boyu-backed Offeror and Concert Parties, (then) holding 37.86%, bought a 18.05% stake in Jinke, subject to CSDC oversight. Approval was received on the 19th September.</li>
<li>
The Composite Document is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0926/2025092600021.pdf" target="_blank" rel="noopener">out</a>, and shareholders, should they so choose, can tender. The first close is the 17th October. The Offer may get extended.  I doubt it. </li>
</ul>


On the 28th April 2025, PRC-incorporated property management play Jinke Smart Services (9666 HK) announced a possible unconditional MGO take-under at HK$6.67/share.
At an auction, the Boyu-backed Offeror and Concert Parties, (then) holding 37.86%, bought a 18.05% stake in Jinke, subject to CSDC oversight. Approval was received on the 19th September.

The Composite Document is now out, and shareholders, should they so choose, can tender. The first close is the 17th October. The Offer may get extended.  I doubt it. 


Jinke Smart (9666 HK): Boyu's Unconditional Offer Now Open To Tendering

<ul>
<li>Back on the 28th April 2025, PRC-incorporated property management play <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>  <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0428/2025042803881.pdf" target="_blank" rel="noopener">announced</a> a possible unconditional MGO take-under at HK$6.67/share. </li>
<li>The Boyu-backed Offeror and Concert Parties holding 37.86% (at the time), bought <a href="https://www.smartkarma.com/entities/jinke-property-group-co-ltd" target="_blank" data-smartkarma-citation="entities:13291:1" rel="noopener">Jinke Property (000656 CH)</a>'s 18.05% stake at auction on the 30th March, triggering an unconditional MGO (once completed). </li>
<li>The "Auction Transfer" was subject to CSDC oversight, which has now been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0919/2025091900013.pdf" target="_blank" rel="noopener">satisfied/completed</a>. The Composite Doc is expected to be dispatched on or before the 26th September. </li>
</ul>


Back on the 28th April 2025, PRC-incorporated property management play Jinke Smart Services (9666 HK)  announced a possible unconditional MGO take-under at HK$6.67/share. 
The Boyu-backed Offeror and Concert Parties holding 37.86% (at the time), bought Jinke Property (000656 CH)'s 18.05% stake at auction on the 30th March, triggering an unconditional MGO (once completed). 
The "Auction Transfer" was subject to CSDC oversight, which has now been satisfied/completed. The Composite Doc is expected to be dispatched on or before the 26th September. 


Jinke Smart (9666 HK): Boyu's Offer Now Unconditional

<ul>
<li>Back on the 27th September 2022, Boyu Group launched a HK$12/share VGO for PRC-incorporated property management play <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>, a 33.04% premium to last close.</li>
<li>Boyu and concert parties held 53.05%, and the Offer was contingent on regulatory approvals and 7.71% of shares out tendering. 4.79% tendered. Boyu also acquired 7.15% in the market.</li>
<li>Two days after announcing very ordinary FY24 results, Jinke shares were suspended pursuant to the Takeovers Code. Presumably Boyu is on the acquisition path again. Another VGO or a privatisation?</li>
</ul>


Back on the 27th September 2022, Boyu Group launched a HK$12/share VGO for PRC-incorporated property management play Jinke Smart Services (9666 HK), a 33.04% premium to last close.
Boyu and concert parties held 53.05%, and the Offer was contingent on regulatory approvals and 7.71% of shares out tendering. 4.79% tendered. Boyu also acquired 7.15% in the market.
Two days after announcing very ordinary FY24 results, Jinke shares were suspended pursuant to the Takeovers Code. Presumably Boyu is on the acquisition path again. Another VGO or a privatisation?


Jinke Smart (9666 HK): Boyu Returns To The Well?

Travis Lundy

SMIC (Semiconductor Manufacturing International Corp) / Event-Driven

SMIC (Semiconductor Manufacturing International Corp) (981 HK)

SMIC (Semiconductor Manufacturing International Corp)

<ul>
<li>SOUTHBOUND had a huge week on a net basis on smallest gross in weeks. Last week I said I expected High-div SOEs to continue being sold. They were sold again.</li>
<li>Consumer Discretionary, Healthcare, Utilities saw big buying as a percentage of volume traded. Only China Mobile and CNOOC were net sold. Even <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a> was bought.</li>
<li>There is clearly a HK Risk On angle to the flows this week and last.</li>
</ul>


SOUTHBOUND had a huge week on a net basis on smallest gross in weeks. Last week I said I expected High-div SOEs to continue being sold. They were sold again.
Consumer Discretionary, Healthcare, Utilities saw big buying as a percentage of volume traded. Only China Mobile and CNOOC were net sold. Even China Traditional Chinese Medicine (570 HK) was bought.
There is clearly a HK Risk On angle to the flows this week and last.


HK Connect SOUTHBOUND Flows (To 25 Oct 2024); Everything Bought in BIG Week

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There could be 25 inclusions, including many new listings, to the Hang Seng Composite Index (HSCI) in September. Another 6 stocks are close adds on liquidity and market cap.</li>
<li>We see 19 potential deletes and 2 close deletes on market cap, 5 potential deletes on prolonged trading suspension, and 2 close deletes on liquidity.</li>
<li>There are 8 potential deletions where holdings via Stock Connect are more than 20% of shares outstanding. There could be some unwinding of positions over the next couple of months.</li>
</ul>


There could be 25 inclusions, including many new listings, to the Hang Seng Composite Index (HSCI) in September. Another 6 stocks are close adds on liquidity and market cap.
We see 19 potential deletes and 2 close deletes on market cap, 5 potential deletes on prolonged trading suspension, and 2 close deletes on liquidity.
There are 8 potential deletions where holdings via Stock Connect are more than 20% of shares outstanding. There could be some unwinding of positions over the next couple of months.


HSCI Index Rebalance Preview and Stock Connect: The Final List for September

Hong Kong

Jiayuan International Group is an investment holding company that invests in, develops, leases, and manages residential and commercial properties in the People's Republic of China. The company focuses on developing large-scale residential and commercial complexes, offering services in property development, sales, and investment. It was founded in 2003 and is headquartered in Central, Hong Kong.

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Jiayuan International (1J9 GR)

Jinke Smart (9666 HK): Boyu's Unconditional Offer Now Open To Tendering

My bet is that the back-end will trade up - but I don't have a strong conviction. That is the only trade here. I'd expect Boyu to make a delisting...

David Blennerhassett

Jinke Smart (9666 HK): Boyu's Offer Now Unconditional

Trading almost at terms. Unless you have a strong opinion on the back-end - I don't - this is an avoid at these levels. Expect Boyu to make a...

David Blennerhassett

Jinke Smart (9666 HK): Boyu Returns To The Well?

And it's a possible unconditional MGO take-under at HK$6.67/share. The Boyu-backed Offeror and Concert Parties holding 37.86%, have bought Jinke...

David Blennerhassett

HK Connect SOUTHBOUND Flows (To 25 Oct 2024); Everything Bought in BIG Week

SOUTHBOUND investors go big this week buying everything but China Mobile and CNOOC. Every sector was positive. This is a risk-on move in large net...

Travis Lundy

HSCI Index Rebalance Preview and Stock Connect: The Final List for September

There could be nearly 50 adds/deletes for the HSCI in September. That will trigger changes to the Southbound Stock Connect list and increase flows...

Brian Freitas

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