Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 49 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals this week: <strong><a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a></strong>'s Scheme, and  <strong><a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a></strong>'s Offer for <strong><a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a></strong>.</li>
<li>Key updates took place for: <strong><a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a></strong>, <strong><a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a></strong>, <strong><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></strong>, <strong><a href="https://www.smartkarma.com/entities/kito-corporation" target="_blank" data-smartkarma-citation="entities:19512:1" rel="noopener">Kito Corporation (6409 JP)</a>,</strong> and <strong><a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a></strong>.</li>
</ul>


There are 49 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: Frasers Hospitality Trust (FHT SP)'s Scheme, and  Pfizer Inc (PFE US)'s Offer for Resapp Health (RAP AU).
Key updates took place for: Link Administration (LNK AU), Virtus Health (VRT AU), Toyo Construction (1890 JP), Kito Corporation (6409 JP), and Hwa Hong Corp (HWAH SP).


Asia-Pac Weekly Risk Arb Wrap: ResApp Health, Kto Corp, Link Admin, Toyo, Fraser Hospitality

<ul>
<li>On the 21 May, <strong><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></strong> announced the forced sale of shares by its controlling shareholder. One day later, <strong><a href="https://www.smartkarma.com/entities/jiayuan-international-group" target="_blank" data-smartkarma-citation="entities:22631:1" rel="noopener">Jiayuan International (2768 HK)</a></strong> announced a similar event. </li>
<li>Jinke's 52.3%-owned <strong><a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart (9666 HK)</a></strong> has now announced an agreement to acquire Jiayuan International's 73.56% stake in property service play <strong><a href="https://www.smartkarma.com/entities/jiayuan-services-holdings-limited" target="_blank" data-smartkarma-citation="entities:29205:1" rel="noopener">Jiayuan Services Holdings (1153 HK)</a></strong>. No price was announced.</li>
<li>In the past month, Jinke Property is down 24%, Jinke Smart 23%, Jiayuan International 54% and Jiayuan Services 80%. Jiayuan International and Jiayuan Services remain suspended.</li>
</ul>


On the 21 May, Jinke Property (000656 CH) announced the forced sale of shares by its controlling shareholder. One day later, Jiayuan International (2768 HK) announced a similar event. 
Jinke's 52.3%-owned Jinke Smart (9666 HK) has now announced an agreement to acquire Jiayuan International's 73.56% stake in property service play Jiayuan Services Holdings (1153 HK). No price was announced.
In the past month, Jinke Property is down 24%, Jinke Smart 23%, Jiayuan International 54% and Jiayuan Services 80%. Jiayuan International and Jiayuan Services remain suspended.


Jinke & Jiayuan: Pledged Shares And Leveraged Property Developers

<div>
<p><a href="https://www.smartkarma.com/entities/jiayuan-international-group" target="_blank" data-smartkarma-citation="entities:22631:1" rel="noopener">Jiayuan International (2768 HK)</a>'s (Jiayuan) wholly-owned property management services arm <a href="https://www.smartkarma.com/entities/jiayuan-services-holdings-limited" target="_blank" data-smartkarma-citation="entities:29205:1" rel="noopener">Jiayuan Services (1153 HK)</a> ("JSH") priced its <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1207/2020120700092.pdf" target="_blank" rel="noopener">global offering</a> yesterday and will commence trading today.</p>
</div>
<div>
<p>JSH expects to raise HK$0.579bn (US$0.074bn), before over-allotment.  Following the Offer, and before the over-allotment, Jiayuan's stake will decline to 75%.</p>
</div>
<div>
<p>Jiayuan is trading marginally above its peers, and its implied stub P/B is towards the upper end of the range compared to other parents of property management spin-offs. </p>
</div>
<div>
<p>More below the fold.</p>
</div>


Jiayuan International (2768 HK)'s (Jiayuan) wholly-owned property management services arm Jiayuan Services (1153 HK) ("JSH") priced its global offering yesterday and will commence trading today.


JSH expects to raise HK$0.579bn (US$0.074bn), before over-allotment.  Following the Offer, and before the over-allotment, Jiayuan's stake will decline to 75%.


Jiayuan is trading marginally above its peers, and its implied stub P/B is towards the upper end of the range compared to other parents of property management spin-offs. 


More below the fold.


Jiayuan Int'l (2768 HK): Fully Priced Ahead Of Jiayuan Services Spin-Off

Equity Capital Markets

Jiayuan Services / Equity Capital Markets

<div>
<p><a href="https://www.smartkarma.com/entities/jiayuan-services-holdings-limited" target="_blank" data-smartkarma-citation="entities:29205:1" rel="noopener">Jiayuan Services (1153 HK)</a> ("JSH") is the latest property management service companies to list. The Offer Price is <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1208/9541652/2020120800036.pdf" target="_blank" rel="noopener">$3.86</a>, towards the upper end of the indicative Offer Price range of HK$3.15-HK$4.05/share.</p>
<p>JSH is the spin-off of <a href="https://www.smartkarma.com/entities/jiayuan-international-group" target="_blank" data-smartkarma-citation="entities:22631:1" rel="noopener">Jiayuan International (2768 HK)</a>, which will own 75% in JSH after the IPO, down from 100% currently, before over-allotment.</p>
</div>
<div>
<p>JSH will raise HK$0.579bn (US$0.074bn), before over-allotment.  </p>
</div>
<div>
<p>On an FY20E PER metric, JSH is pitched at a premium to a basket of peers, and well-above similar-sized property management companies. </p>
<p>Shares commence trading tomorrow.</p>
</div>
<div>
<p>More below the fold. </p>
</div>


Jiayuan Services (1153 HK) ("JSH") is the latest property management service companies to list. The Offer Price is $3.86, towards the upper end of the indicative Offer Price range of HK$3.15-HK$4.05/share.
JSH is the spin-off of Jiayuan International (2768 HK), which will own 75% in JSH after the IPO, down from 100% currently, before over-allotment.


JSH will raise HK$0.579bn (US$0.074bn), before over-allotment.  


On an FY20E PER metric, JSH is pitched at a premium to a basket of peers, and well-above similar-sized property management companies. 
Shares commence trading tomorrow.


More below the fold. 


Jiayuan Services (1153 HK): Small Player At A Big Price

APAC IPOs & Placements

Zhen Zhou, Toh

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.

<p><a href="https://www.smartkarma.com/entities/jiayuan-services" target="_blank" data-smartkarma-citation="entities:29205:1" rel="noopener">Jiayuan Services (1811351D HK)</a> (JS) is looking to raise about US$100m in its upcoming Hong Kong IPO.</p><p>The company is the property management arm of <a href="https://www.smartkarma.com/entities/jiayuan-international-group" target="_blank" data-smartkarma-citation="entities:22631:1" rel="noopener">Jiayuan International (2768 HK)</a> . As of December 2019, JS had a total contracted GFA of 38.8m sqm which covered 38  cities and 14 provinces in China as shown below. The company is headquartered in Jiaxing and has experience operating in the Yangtze Delta Region. </p>

Jiayuan Services (1811351D HK) (JS) is looking to raise about US$100m in its upcoming Hong Kong IPO.The company is the property management arm of Jiayuan International (2768 HK) . As of December 2019, JS had a total contracted GFA of 38.8m sqm which covered 38  cities and 14 provinces in China as shown below. The company is headquartered in Jiaxing and has experience operating in the Yangtze Delta Region. 

Jiayuan Services (佳源服务) Pre-IPO - Another Small Property Management Company

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)

Asia-Pac Weekly Risk Arb Wrap: ResApp Health, Kto Corp, Link Admin, Toyo, Fraser Hospitality

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

Jinke & Jiayuan: Pledged Shares And Leveraged Property Developers

With Jiayuan Services suspended, there is currently no trade. Jinke Smart is trading and is shortable but I don't have a firm opinion. Expect more...

David Blennerhassett

Jiayuan Int'l (2768 HK): Fully Priced Ahead Of Jiayuan Services Spin-Off

At 1.13x P/B, Jiayuan appears fully price. If the recent outperformance is on account of the listing of JSH today, even more, the reason to sell...

David Blennerhassett