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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a> is set to launch it's up to US$600 million SET IPO. </li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/uzabase-inc" target="_blank" data-smartkarma-citation="entities:27798:1" rel="noopener">Uzabase Inc (3966 JP)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>/<a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>.   </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - I-Tail (ITC TB) is set to launch it's up to US$600 million SET IPO. 
Event-Driven developments - Toshiba Corp (6502 JP), Uzabase Inc (3966 JP), Golden Energy &amp; Resources (GER SP), Perpetual Ltd (PPT AU)/Pendal Group (PDL AU), Origin Energy (ORG AU).   


Weekly Deals Digest (13 Nov) - Toshiba, Uzabase, Origin Energy, Perpetual, Golden Energy, I-Tail

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back 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 from Boyu at HK$12/share, a 33.04% premium to last close.</li>
<li>The Offer was contingent on SAMR and 7.71% of shares out tendering. Matters were somewhat complicated by Boyu buying 7.15% of shares out before dispatching the Composite Document. </li>
<li>Jinke has now announced SAMR approval and waiving the acceptance condition. The Offer is unconditional. The final closing date is the 22nd of November. This may trade through terms. </li>
</ul>


Back on the 27th of September, PRC-incorporated property management play Jinke Smart Services (9666 HK) announced a voluntary cash offer from Boyu at HK$12/share, a 33.04% premium to last close.
The Offer was contingent on SAMR and 7.71% of shares out tendering. Matters were somewhat complicated by Boyu buying 7.15% of shares out before dispatching the Composite Document. 
Jinke has now announced SAMR approval and waiving the acceptance condition. The Offer is unconditional. The final closing date is the 22nd of November. This may trade through terms. 


Jinke Smart (9666 HK): Offer Now Unconditional In All Respects

<ul>
<li>
<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>’s VGO from Boyu Capital at HK$12.00 per share has been declared unconditional. Boyu has waived the 7.71% valid acceptances condition. </li>
<li>Boyu has likely two aims for the unusual VGO – secure anti-trust approval and a re-rating by becoming the largest shareholder. Anti-trust approval was received on 8 November.  </li>
<li>Acceptances of 0.0081% of outstanding shares reflect the unattractive offer. The final closing date is 22 November. At the last close price, the spread to the offer is 2.7%. </li>
</ul>



Jinke Smart Services (9666 HK)’s VGO from Boyu Capital at HK$12.00 per share has been declared unconditional. Boyu has waived the 7.71% valid acceptances condition. 
Boyu has likely two aims for the unusual VGO – secure anti-trust approval and a re-rating by becoming the largest shareholder. Anti-trust approval was received on 8 November.  
Acceptances of 0.0081% of outstanding shares reflect the unattractive offer. The final closing date is 22 November. At the last close price, the spread to the offer is 2.7%. 


Equity Bottom-Up

<ul>
<li>With investors chucking in the towel and the HSI touching a thirteen-year low, it's time for some old school perspective.</li>
<li>This insight looks at Benjamin Graham's Net Nets, (current assets less current liabilities), then subtract any debt not included in current liabilities. More simply, current assets less total liabilities.</li>
<li>Graham would conclude these stocks are priced for liquidation. Stocks discussed include <a href="https://www.smartkarma.com/entities/sinopec-engineering-group-h" target="_blank" data-smartkarma-citation="entities:18372:1" rel="noopener">Sinopec Engineering (2386 HK)</a>, <a href="https://www.smartkarma.com/entities/pc-partner-group-ltd" target="_blank" data-smartkarma-citation="entities:8492:1" rel="noopener">PC Partner (1263 HK)</a>, <a href="https://www.smartkarma.com/entities/linklogis" target="_blank" data-smartkarma-citation="entities:31126:1" rel="noopener">Linklogis (9959 HK)</a>, <a href="https://www.smartkarma.com/entities/antengene-corp-ltd" target="_blank" data-smartkarma-citation="entities:29705:1" rel="noopener">Antengene (6996 HK)</a> and property service companies.</li>
</ul>


With investors chucking in the towel and the HSI touching a thirteen-year low, it's time for some old school perspective.
This insight looks at Benjamin Graham's Net Nets, (current assets less current liabilities), then subtract any debt not included in current liabilities. More simply, current assets less total liabilities.
Graham would conclude these stocks are priced for liquidation. Stocks discussed include Sinopec Engineering (2386 HK), PC Partner (1263 HK), Linklogis (9959 HK), Antengene (6996 HK) and property service companies.


<ul>
<li>
<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>’s VGO from Boyu Capital is now open at HK$12.00 per share. The first closing date is 14 November. The IFA says it's fair and reasonable. </li>
<li>The offer is conditional on 7.71% valid acceptances and anti-trust approval. The conditions can be waived. The offeror has not received irrevocables.</li>
<li>The offer is unattractive, but the low threshold and peer multiple derating suggest a high probability of success. At the current price, the spread to the offer is 3.4%. </li>
</ul>



Jinke Smart Services (9666 HK)’s VGO from Boyu Capital is now open at HK$12.00 per share. The first closing date is 14 November. The IFA says it's fair and reasonable. 
The offer is conditional on 7.71% valid acceptances and anti-trust approval. The conditions can be waived. The offeror has not received irrevocables.
The offer is unattractive, but the low threshold and peer multiple derating suggest a high probability of success. At the current price, the spread to the offer is 3.4%. 


Jinke Smart’s VGO from Boyu Capital: Open with First Close of 14 November

China

Jinke Properties Group Company Ltd. develops and manages property.

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Jinke Property Group (000656 CH)

Weekly Deals Digest (13 Nov) - Toshiba, Uzabase, Origin Energy, Perpetual, Golden Energy, I-Tail

Last week, notable developments occurred in Event-Driven (Toshiba, Uzabase, Origin Energy, Perpetual, Pendal, Genex, Jinke, Golden Energy,...

Arun George

Jinke Smart (9666 HK): Offer Now Unconditional In All Respects

This is done. Optically, the Offer price is horrible. As such, with Boyu expected to be in the driving seat, this may trade through terms with some...

David Blennerhassett

Jinke Smart (9666 HK) VGO Unconditional

Boyu has waived the 7.71% valid acceptances condition. The final closing date is 22 November. At the last close price, the spread to the offer is...

Arun George

Hong Kong Stocks Priced For Liquidation

With investors chucking in the towel and the HSI touching a thirteen-year low, it's time for some old school perspective.

David Blennerhassett

Jinke Smart’s VGO from Boyu Capital: Open with First Close of 14 November

The offer is unattractive, but the low acceptance threshold and peer multiple derating suggest a high probability of success. At the current price,...

Arun George

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