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>As of the closing date of 7 January, <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 disclosed that Boyu has received acceptances for 218.6 million shares, or 36.61% of outstanding shares.</li>
<li>To satisfy the delisting acceptance condition, Boyu needs additional acceptances representing 3.5 million or 0.58% of outstanding shares. This is a surprising outcome given the previous trend of tepid acceptances.</li>
<li>This requires an 11.6% acceptance rate among remaining disinterested shareholders, which should be met. At the last close, the gross spread of the enhanced offer was 3.6%. </li>
</ul>


As of the closing date of 7 January, Jinke Smart Services (9666 HK) has disclosed that Boyu has received acceptances for 218.6 million shares, or 36.61% of outstanding shares.
To satisfy the delisting acceptance condition, Boyu needs additional acceptances representing 3.5 million or 0.58% of outstanding shares. This is a surprising outcome given the previous trend of tepid acceptances.
This requires an 11.6% acceptance rate among remaining disinterested shareholders, which should be met. At the last close, the gross spread of the enhanced offer was 3.6%. 


Jinke Smart Services (9666 HK): Against All Odds, Satisfying the Delisting Condition Is at Hand

<ul>
<li>Boyu’s enhanced offer (HK$8.69) for <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> requires satisfaction of the delisting resolution and the delisting acceptance condition (90% minimum acceptance from disinterested shareholders).</li>
<li>On 24 December, the delisting resolution was comfortably passed with 99.37% of disinterested shares voting in favour. The disinterested shareholder participation rate was 67.4%.</li>
<li>However, the key data points from the EGM results suggest that satisfying the delisting acceptance condition is increasingly challenging. The closing date is 26 January.</li>
</ul>


Boyu’s enhanced offer (HK$8.69) for Jinke Smart Services (9666 HK) requires satisfaction of the delisting resolution and the delisting acceptance condition (90% minimum acceptance from disinterested shareholders).
On 24 December, the delisting resolution was comfortably passed with 99.37% of disinterested shares voting in favour. The disinterested shareholder participation rate was 67.4%.
However, the key data points from the EGM results suggest that satisfying the delisting acceptance condition is increasingly challenging. The closing date is 26 January.


Jinke Smart Services (9666 HK): Delisting Resolution Passed, but Now for the Hard Part

<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 revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.</li>
<li>The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).</li>
<li>Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic. </li>
</ul>



Jinke Smart Services (9666 HK)’s revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.
The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).
Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic. 


Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

<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> has announced an enhanced offer from Boyu at HK$8.69, a 30.3% premium to the existing base offer of HK$6.67.</li>
<li>The enhanced offer is conditional on the shareholders’ approval of the delisting resolution and the 90% minimum acceptance condition from disinterested shareholders.</li>
<li>The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the undisturbed price. </li>
</ul>



Jinke Smart Services (9666 HK) has announced an enhanced offer from Boyu at HK$8.69, a 30.3% premium to the existing base offer of HK$6.67.
The enhanced offer is conditional on the shareholders’ approval of the delisting resolution and the 90% minimum acceptance condition from disinterested shareholders.
The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the undisturbed price. 


Jinke Smart Services (9666 HK): Boyu’s Enhanced Offer but with Potentially Problematic Conditions

<ul>
<li>On 19 September, Boyu completed the auction share transfer to take its <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> shareholding to 55.91% of outstanding shares.</li>
<li>Pursuant to Rule 26.1 of the Takeovers Code, Boyu is required to make a mandatory unconditional general offer at HK$6.67. The offer should open by 26 September.</li>
<li>The offer price is unattractive, suggesting a low chance of breaching the public float requirements (23.4% of outstanding shares). At the last close, the gross/annualised spread is 0.9%/10.0%.</li>
</ul>


On 19 September, Boyu completed the auction share transfer to take its Jinke Smart Services (9666 HK) shareholding to 55.91% of outstanding shares.
Pursuant to Rule 26.1 of the Takeovers Code, Boyu is required to make a mandatory unconditional general offer at HK$6.67. The offer should open by 26 September.
The offer price is unattractive, suggesting a low chance of breaching the public float requirements (23.4% of outstanding shares). At the last close, the gross/annualised spread is 0.9%/10.0%.


Jinke Smart Services (9666 HK): Boyu’s Unconditional Offer Set to Open

China

Jinmao Property Services Co., Ltd. is primarily engaged in providing comprehensive property management services for residential, commercial, office, and public properties, including security, cleaning, greening, and maintenance. The company also offers value-added services to non-property owners, such as sales assistance and consultancy, and community value-added services like community space operation and real estate brokerage. It was founded in 1993 and is headquartered in Beijing, People's Republic of China.

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Jinmao Property Services (816 HK)

Jinke Smart Services (9666 HK): Against All Odds, Satisfying the Delisting Condition Is at Hand

While I thought it was challenging, today's disclosure on acceptance levels suggests that the delisting condition will soon be satisfied. At the...

Arun George

Jinke Smart Services (9666 HK): Delisting Resolution Passed, but Now for the Hard Part

The key data points from the EGM results suggest that satisfying the delisting acceptance condition is increasingly challenging.

Arun George

Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

The delisting resolution was comfortably passed with a disinterested shareholder participation rate of 67.4%. Boyu’s acceptances have increased...

Arun George

Jinke Smart Services (9666 HK): Boyu’s Enhanced Offer but with Potentially Problematic Conditions

The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the...

Arun George

Jinke Smart Services (9666 HK): Boyu’s Unconditional Offer Set to Open

Boyu’s unconditional offer is open and closes on 17 October. The IFA opines that the HK$6.67 offer is fair and reasonable. The long-term play is...

Arun George

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