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?

<ul>
<li>On the 27th of September, 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 voluntary cash offer at HK$12/share, a 33.04% premium to last close.</li>
<li>Boyu, the Offeror, together with concert parties, hold more than 60%. The Offer is contingent on regulatory approvals and 7.71% of shares out tendering. The tendering condition can be waived.</li>
<li>The Composite Document has now been despatched. The first closing date is the 14 November.</li>
</ul>


On the 27th of September, PRC-incorporated property management play Jinke Smart Services (9666 HK) announced a voluntary cash offer at HK$12/share, a 33.04% premium to last close.
Boyu, the Offeror, together with concert parties, hold more than 60%. The Offer is contingent on regulatory approvals and 7.71% of shares out tendering. The tendering condition can be waived.
The Composite Document has now been despatched. The first closing date is the 14 November.


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

<ul>
<li>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> has announced a voluntary cash offer at HK$12/share, a 33.04% premium to last close.</li>
<li>The Offeror (Boyu) and concert parties collectively hold more than 50%. The Offer is contingent on regulatory approvals and 7.71% of shares out tendering. The tendering condition can be waived.</li>
<li>The Offer appears geared to bring Boyu's stake in line with <a href="https://www.smartkarma.com/entities/jinke-property-group-co-ltd" target="_blank" data-smartkarma-citation="entities:13291:1" rel="noopener">Jinke Property Group (000656 CH)</a>'s. </li>
</ul>


PRC-Incorporated property management play Jinke Smart Services (9666 HK) has announced a voluntary cash offer at HK$12/share, a 33.04% premium to last close.
The Offeror (Boyu) and concert parties collectively hold more than 50%. The Offer is contingent on regulatory approvals and 7.71% of shares out tendering. The tendering condition can be waived.
The Offer appears geared to bring Boyu's stake in line with Jinke Property Group (000656 CH)'s. 


Jinke Smart (9666 HK)’s Low-Balled But Virtually Unconditional Offer

China

Jiayuan Services is primarily engaged in providing comprehensive property management services, value-added services to property developers, and community value-added services. Its offerings include cleaning, security, landscaping, repair and maintenance, sales management, and home-living services. The company was founded in 2004 and is headquartered in Jiaxing, People's Republic of China.

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Jiayuan Services (1153 HK)

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

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

Optically, the Offer price looks horrible. The valuation under the Offer is similarly unreasonable - especially factoring in Jinke's cash pile....

David Blennerhassett

Jinke Smart (9666 HK)’s Low-Balled But Virtually Unconditional Offer

Surprisingly strong risk appetite from investors with shares trading at a gross spread to terms of 3.4%. I wouldn't chase it here, but would buy on...

David Blennerhassett

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