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/national-securities-depository-ltd-nsdl" target="_blank" data-smartkarma-citation="entities:39939:1" rel="noopener">NSDL (NSDL IN)</a> is seeking to raise US$464 million.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>, <a href="https://www.smartkarma.com/entities/joy-city-property-ltd" target="_blank" data-smartkarma-citation="entities:10958:1" rel="noopener">Joy City Property (207 HK)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/fujitec-co-ltd" target="_blank" data-smartkarma-citation="entities:11686:1" rel="noopener">Fujitec Co Ltd (6406 JP)</a>, <a href="https://www.smartkarma.com/entities/nihon-chouzai-co-ltd" target="_blank" data-smartkarma-citation="entities:5873:1" rel="noopener">Nihon Chouzai (3341 JP)</a>, <a href="https://www.smartkarma.com/entities/krosaki-harima-corp" target="_blank" data-smartkarma-citation="entities:18889:1" rel="noopener">Krosaki Harima (5352 JP)</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: NSDL (NSDL IN) is seeking to raise US$464 million.
Event-Driven developments: CK Hutchison Holdings (1 HK), Joy City Property (207 HK), HKBN Ltd (1310 HK), Fujitec Co Ltd (6406 JP), Nihon Chouzai (3341 JP), Krosaki Harima (5352 JP). 



Weekly Deals Digest (03 Aug) - CK Hutchison, Joy City, HKBN, Fujitec, Krosaki Harima, NSDL

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Intervention seeds participation as a PRC investor (COSCO?) is expected to join the bidding consortium for <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a> ports.</li>
<li>
<a href="https://www.smartkarma.com/entities/gmo-internet-group-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet Group (9449 JP)</a> needs to sell shares in <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a>to achieve a "float" of 35% by 31 December 2026. Recent filings show they are selling. </li>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> has been selling <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, then buying back its shares. (As has Tencent). Reportedly Prosus is now selling shares in <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>.</li>
</ul>


Intervention seeds participation as a PRC investor (COSCO?) is expected to join the bidding consortium for CK Hutchison Holdings (1 HK) ports.

GMO Internet Group (9449 JP) needs to sell shares in GMO Internet (4784 JP)to achieve a "float" of 35% by 31 December 2026. Recent filings show they are selling. 

Prosus NV (PRX NA) has been selling Tencent (700 HK), then buying back its shares. (As has Tencent). Reportedly Prosus is now selling shares in Meituan (3690 HK).


Last Week In Event SPACE: CK Hutch, GMO Internet, Prosus/Meituan, Piedmont Lithium

<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/joy-city-property-ltd" target="_blank" data-smartkarma-citation="entities:10958:1" rel="noopener">Joy City Property (207 HK)</a>, <a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>, and <a href="https://www.smartkarma.com/entities/nihon-chouzai-co-ltd" target="_blank" data-smartkarma-citation="entities:5873:1" rel="noopener">Nihon Chouzai (3341 JP)</a>.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/mac-copper-limited-6dcb19d0-2c56-496c-817a-5d64e48b3c5d" target="_blank" data-smartkarma-citation="entities:45237:1" rel="noopener">MAC Copper (MAC AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/ainsworth-game-technology-limited" target="_blank" data-smartkarma-citation="entities:957:1" rel="noopener">Ainsworth Game Technology (AGI AU)</a>, <a href="https://www.smartkarma.com/entities/piedmont-lithium-ltd" target="_blank" data-smartkarma-citation="entities:17619:1" rel="noopener">Piedmont Lithium (PLL AU)</a>,<a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a>, and <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon (7732 JP)</a> .</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal was discussed on Smartkarma this week: Joy City Property (207 HK), Hogy Medical (3593 JP), and Nihon Chouzai (3341 JP).
Key updates/news took place on MAC Copper (MAC AU), PointsBet (PBH AU), Ainsworth Game Technology (AGI AU), Piedmont Lithium (PLL AU),Pacific Industrial (7250 JP), and Topcon (7732 JP) .


(Mostly) Asia-Pac M&A: Topcon, Joy City, Hogy Medical, Nihon Chouzai, Piedmont Lithium, Pacific Ind.

<ul>
<li>Chinese property play <a href="https://www.smartkarma.com/entities/joy-city-property-ltd" target="_blank" data-smartkarma-citation="entities:10958:1" rel="noopener">Joy City (207 HK)</a> has announced a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0731/2025073102020.pdf" target="_blank" rel="noopener">Scheme buyback</a>, with a price of $0.62/share (declared final), a 67.57% premium; but more like a 158% premium to undisturbed. </li>
<li>Yes, this is a 70% discount to NAV. Yet Joy City has traded at P/B of 0.14x, on average, the past five years. Earnings have trended south in that timeframe. </li>
<li>The IFA will likely cite liquidity and Joy City's historical discount to NAV, and opine "reasonable", and probably even "fair". It is what it is for long-suffering shareholders.</li>
</ul>


Chinese property play Joy City (207 HK) has announced a Scheme buyback, with a price of $0.62/share (declared final), a 67.57% premium; but more like a 158% premium to undisturbed. 
Yes, this is a 70% discount to NAV. Yet Joy City has traded at P/B of 0.14x, on average, the past five years. Earnings have trended south in that timeframe. 
The IFA will likely cite liquidity and Joy City's historical discount to NAV, and opine "reasonable", and probably even "fair". It is what it is for long-suffering shareholders.


Joy City (207 HK): Minorities Should Take The Cash

<ul>
<li>
<a href="https://www.smartkarma.com/entities/joy-city-property-ltd" target="_blank" data-smartkarma-citation="entities:10958:1" rel="noopener">Joy City Property (207 HK)</a> announced a share buyback by way of a scheme at HK$0.62, a 67.6% premium to the last close of HK$0.37 (17 July). The offer is final.</li>
<li>The buyback is effectively a privatisation by the controlling shareholder, COFCO, at a significant discount to book value. The offer implies a P/B of 0.30x.</li>
<li>While there are mitigating factors which lower the vote risk, there are several similarities to the failed Soundwill scheme. Therefore, the vote comes with non-neligible risk.</li>
</ul>



Joy City Property (207 HK) announced a share buyback by way of a scheme at HK$0.62, a 67.6% premium to the last close of HK$0.37 (17 July). The offer is final.
The buyback is effectively a privatisation by the controlling shareholder, COFCO, at a significant discount to book value. The offer implies a P/B of 0.30x.
While there are mitigating factors which lower the vote risk, there are several similarities to the failed Soundwill scheme. Therefore, the vote comes with non-neligible risk.


Joy City Property (207 HK): Privatisation Through a Low-Ball Share Buyback

Hong Kong

Joy City Property Limited is an investment holding company engaged in real estate business in Mainland China and Hong Kong. It focuses on the development, operation, sale, leasing, and management of mixed-use complexes, including shopping centers, hotels, offices, serviced apartments, and resort properties. The company was incorporated in 1992 and is headquartered in Causeway Bay, Hong Kong.

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Joy City Property (207 HK)

Weekly Deals Digest (03 Aug) - CK Hutchison, Joy City, HKBN, Fujitec, Krosaki Harima, NSDL

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

Last Week In Event SPACE: CK Hutch, GMO Internet, Prosus/Meituan, Piedmont Lithium

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Topcon, Joy City, Hogy Medical, Nihon Chouzai, Piedmont Lithium, Pacific Ind.

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

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...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Deals Digest (03 Aug) - CK Hutchison, Joy City, HKBN, Fujitec, Krosaki Harima, NSDL

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

Last Week In Event SPACE: CK Hutch, GMO Internet, Prosus/Meituan, Piedmont Lithium

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Topcon, Joy City, Hogy Medical, Nihon Chouzai, Piedmont Lithium, Pacific Ind.

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

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...

David Blennerhassett

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...

Arun George