Joy City Property (207 HK): Wide Spread Ahead of the 17 November Scheme Vote
While the offer is reasonable compared to peer multiples and historical trading ranges, there remains vote risk. For a 4 December payment, the...
566 Views
Joy City (207 HK): 17th November Vote On COFCO's Offer
Trading wide at a 3.8%/111.4% gross/annualised spread. To be expected. If small-cap illiquid arbs are your bent, get involved here. Otherwise, this...
504 Views
Joy City (207 HK): Minorities Should Take The Cash
Optically, pricing is not awesome. Yet, this whole space has been tragic for many years. It is what it is. If small-cap illiquid arbs are your...
536 Views
Joy City Property (207 HK): Privatisation Through a Low-Ball Share Buyback
The offer implies a P/B of 0.3x. While there are mitigating factors which lower the vote risk, there are several similarities to the failed...
703 Views
New Stamp Duty Negative on Transaction Volume in the NearTerm
The Hong Kong government announced a new ad valorem stamp duty, or AVD, late on Nov. 4. Effective Nov. 5, except for first-time homebuyers who are...
5.9k Views