Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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> announced a possible unconditional MGO take-under at HK$6.67/share.</li>
<li>The Boyu-backed Offeror and Concert Parties, (then) holding 37.86%, bought a 18.05% stake in Jinke at auction, subject to CSDC oversight. CSGC approval was received on the 19th September.</li>
<li>The Offer period has been twice extended. Prior to the second extension, shares were suspended. To date, no plausible reason has been given. So I tapped the FA for answers.</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, (then) holding 37.86%, bought a 18.05% stake in Jinke at auction, subject to CSDC oversight. CSGC approval was received on the 19th September.
The Offer period has been twice extended. Prior to the second extension, shares were suspended. To date, no plausible reason has been given. So I tapped the FA for answers.


Why Is Jinke Smart (9666 HK) Still Suspended?

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We are positive towards PM sector in 2023 as it is the key beneficiary of both housing completion push (GFA gain) and reopening (Community VAS), so higher growth and better cash collection.</li><li>This would create room for the existing market leaders and surviving POEs (after property crisis) to accelerate earnings growth, both organically and via M&amp;A activities.</li><li>Therefore, we forecast 2023E earnings growth at 23% from a low base of 12% in 2022E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We are positive towards PM sector in 2023 as it is the key beneficiary of both housing completion push (GFA gain) and reopening (Community VAS), so higher growth and better cash collection.This would create room for the existing market leaders and surviving POEs (after property crisis) to accelerate earnings growth, both organically and via M&amp;A activities.Therefore, we forecast 2023E earnings growth at 23% from a low base of 12% in 2022E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Property Service Sector – 2023 a year for market leaders and survivors

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

China property management companies (PMCs) have had a dramatic pull back despite asset-light models and strong earnings visibility. We think it gives investors a chance to accumulate positions in the leaders of the industry.In this note, we take a brief look at the industry, how the PMCs have traded, and share some thoughts on which names that could continue to do well in the industry.

China property management companies (PMCs) have had a dramatic pull back despite asset-light models and strong earnings visibility. We think it gives investors a chance to accumulate positions in the leaders of the industry.In this note, we take a brief look at the industry, how the PMCs have traded, and share some thoughts on which names that could continue to do well in the industry.

China Property Management Services - Pullback Is a Chance to Accumulate the Leaders

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.

Evergrande Property Services Group / Event-Driven

Evergrande Property Services Group (6666 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/evergrande-property-services" target="_blank" data-smartkarma-citation="entities:30921:1" rel="noopener">Evergrande Property Services (6666 HK)</a> notes that the liquidators have entered into the final stage of the process by entering into an exclusivity agreement with a selected bidder.</li>
<li>The exclusivity period runs for 30 business days. i.e., until 20 May. The sale, when completed, will trigger an unconditional mandatory general offer.</li>
<li>The identity of the bidder and the sale price are unknown. My analysis suggests an offer price range of HK$1.40 to HK$1.50 (14.8% to 23.0% premium to the last close).</li>
</ul>



Evergrande Property Services (6666 HK) notes that the liquidators have entered into the final stage of the process by entering into an exclusivity agreement with a selected bidder.
The exclusivity period runs for 30 business days. i.e., until 20 May. The sale, when completed, will trigger an unconditional mandatory general offer.
The identity of the bidder and the sale price are unknown. My analysis suggests an offer price range of HK$1.40 to HK$1.50 (14.8% to 23.0% premium to the last close).


Evergrande Property Services (6666 HK): Entering the Final Stages Towards an Unconditional MGO

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Hang Seng Indexes announced the latest Hang Seng Family / HSCI review results after market close on Feb 13</li>
<li>We reviewed the Sep 2025 HK Connect round to guide positioning for the upcoming adjustment.</li>
<li>We highlight the most actionable patterns from the Sep 2025 episode.</li>
</ul>


Hang Seng Indexes announced the latest Hang Seng Family / HSCI review results after market close on Feb 13
We reviewed the Sep 2025 HK Connect round to guide positioning for the upcoming adjustment.
We highlight the most actionable patterns from the Sep 2025 episode.


HSCI / HK Connect Inclusion (Mar 2026): Lessons from a Sep 2025 Retrospective Event Study

China

Jinke Smart Services Group Co., Ltd. is a smart property management service provider in China, offering residential property management, value-added services to non-property owners, community value-added services, local catering services, and smart living technology solutions. The company was established on July 18, 2000, and is headquartered in Chongqing, China.

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Jinke Smart Services (9666 HK)

Why Is Jinke Smart (9666 HK) Still Suspended?

The Offer period has been twice extended. Prior to the second extension, shares were suspended. To date, no plausable reason has been given. So I...

David Blennerhassett

China Property Service Sector – 2023 a year for market leaders and survivors

We are positive towards PM sector in 2023 as it is the key beneficiary of both housing completion push (GFA gain) and reopening (Community VAS), so...

CMB International

China Property Management Services - Pullback Is a Chance to Accumulate the Leaders

China property management companies (PMCs) have had a dramatic pull back despite asset-light models and strong earnings visibility. We think this...

Sumeet Singh

Evergrande Property Services (6666 HK): Entering the Final Stages Towards an Unconditional MGO

Selecting a final bidder brings the process closer to an unconditional MGO. My analysis suggests an offer price range of HK$1.40 to HK$1.50 per share.

Arun George

HSCI / HK Connect Inclusion (Mar 2026): Lessons from a Sep 2025 Retrospective Event Study

A retrospective study of the Sep 2025 HK Connect event reveals where the alpha sat, when mean reversion kicks in, and how Connect inflows and...

Ke Yan, CFA, FRM

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