Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Low volatility investing has taken the mantle from Dividend yield as the top strategy during July</li>
<li><a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> are rated BUYs as their businesses show improvement.  </li>
<li>
<a href="https://www.smartkarma.com/entities/kingdee-international-sftwr" target="_blank" data-smartkarma-citation="entities:37:1" rel="noopener">Kingdee International Software (268 HK)</a> is seeing a softening in its SME business, however there is  potential to gain market share from foreign ERP companies given the pledged government's policies.
</li>
</ul>


Low volatility investing has taken the mantle from Dividend yield as the top strategy during July
BYD Electronics (285 HK) and Alibaba Group Holding (9988 HK) are rated BUYs as their businesses show improvement.  

Kingdee International Software (268 HK) is seeing a softening in its SME business, however there is  potential to gain market share from foreign ERP companies given the pledged government's policies.



BUY/SELL/HOLD: Hong Kong Stock Updates (July 29)

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

EVOC Intelligent Technology / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/evoc-intelligent-technology-company-limited-h" target="_blank" data-smartkarma-citation="entities:2015:1" rel="noopener">EVOC Intelligent Technology Company Limited H (2308 HK)</a>’s delisting resolution was approved - 81.20 % of independent H Share votes cast FOR (7.05% of all independent H Shareholders AGAINST).</li>
<li>The gross spread recently increased from 2.9% (11 October) to 7.5% (13 October) due to nervousness about another failed privatisation attempt after two failed bids. </li>
<li>The last trading date is 20 October. At last close and for the 7 November payment date, the gross and annualised spread to the offer is 5.4% and 164.7%, respectively.</li>
</ul>



EVOC Intelligent Technology Company Limited H (2308 HK)’s delisting resolution was approved - 81.20 % of independent H Share votes cast FOR (7.05% of all independent H Shareholders AGAINST).
The gross spread recently increased from 2.9% (11 October) to 7.5% (13 October) due to nervousness about another failed privatisation attempt after two failed bids. 
The last trading date is 20 October. At last close and for the 7 November payment date, the gross and annualised spread to the offer is 5.4% and 164.7%, respectively.


EVOC’s H Share Class Meeting – And that Is a Pass

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The Composite Document for electronics play and property developer <a href="https://www.smartkarma.com/entities/evoc-intelligent-technology-company-limited-h" target="_blank" data-smartkarma-citation="entities:2015:1" rel="noopener">EVOC Intelligent Technology Company  (2308 HK)</a>, has been dispatched.  The EM and H-Class meeting will be held on the 19 October. </li>
<li>The Offer Price is HK$1.75/share. It will not be increased. No further dividends will be added. </li>
<li>This is done. Trading at a gross/annualised spread of 2.9%/34%.</li>
</ul>


The Composite Document for electronics play and property developer EVOC Intelligent Technology Company  (2308 HK), has been dispatched.  The EM and H-Class meeting will be held on the 19 October. 
The Offer Price is HK$1.75/share. It will not be increased. No further dividends will be added. 
This is done. Trading at a gross/annualised spread of 2.9%/34%.


EVOC (2308 HK): 19 October H-Class Meeting. IFA Says Fair & Reasonable

<ul>
<li>
<a href="https://www.smartkarma.com/entities/evoc-intelligent-technology-company-limited-h" target="_blank" data-smartkarma-citation="entities:2015:1" rel="noopener">EVOC Intelligent Technology Company Limited H (2308 HK)</a>'s H Shareholders’ class meeting is scheduled for 19 October. The IFA considers the offer to be fair and reasonable.</li>
<li>The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders' rejection). There is no minimum acceptance condition.</li>
<li>The offer is attractive and should gain approval. At last close and for a 7 November payment, the gross and annualised spread to the offer is 2.9% and 26.0%, respectively. </li>
</ul>



EVOC Intelligent Technology Company Limited H (2308 HK)'s H Shareholders’ class meeting is scheduled for 19 October. The IFA considers the offer to be fair and reasonable.
The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders' rejection). There is no minimum acceptance condition.
The offer is attractive and should gain approval. At last close and for a 7 November payment, the gross and annualised spread to the offer is 2.9% and 26.0%, respectively. 


EVOC’s H Share Class Meeting on 19 October

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/biel-crystal" target="_blank" data-smartkarma-citation="entities:33919:1" rel="noopener">Biel Crystal (0924581D HK)</a> is one of the world’s largest suppliers of cover glass for smartphones. </li>
<li>Biel has won approval for an HKEx IPO to raise $1-2 billion, according to press reports. </li>
<li>Biel’s fundamentals are attractive with solid top-line growth, operating leverage and cash generation. </li>
</ul>



Biel Crystal (0924581D HK) is one of the world’s largest suppliers of cover glass for smartphones. 
Biel has won approval for an HKEx IPO to raise $1-2 billion, according to press reports. 
Biel’s fundamentals are attractive with solid top-line growth, operating leverage and cash generation. 


Biel Crystal IPO Initiation: Through the Looking Glass

Hong Kong

Ju Teng International manufactures casings for notebooks, televisions, and handheld devices, specializing in plastic injection, metal stamping, and surface coating technologies. The company also provides mold development, design, and assembly services for computer, communication, and consumer electronics. It was founded in 2000 and is headquartered in Central, Hong Kong.

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Ju Teng International (3336 HK)

BUY/SELL/HOLD: Hong Kong Stock Updates (July 29)

Low volatility investing is performing well in July. BYD Electronics has seen better Apple related and NEV sales and Alibaba is increasing some...

David Mudd

EVOC (2308 HK): 19 October H-Class Meeting. IFA Says Fair & Reasonable

There's enough here to see the Offer get up. It has been declared final for that reason. Buy here. I expect the share price to increase to...

David Blennerhassett

Biel Crystal IPO Initiation: Through the Looking Glass

Biel has won approval for an HKEx IPO to raise $1-2 billion. Biel’s fundamentals are attractive with solid top-line growth, operating leverage and...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BUY/SELL/HOLD: Hong Kong Stock Updates (July 29)

Low volatility investing is performing well in July. BYD Electronics has seen better Apple related and NEV sales and Alibaba is increasing some...

David Mudd

EVOC’s H Share Class Meeting – And that Is a Pass

The last trading date is 20 October. At last close and for the 7 November payment date, the gross and annualised spread to the offer is 5.4% and...

Arun George

EVOC (2308 HK): 19 October H-Class Meeting. IFA Says Fair & Reasonable

There's enough here to see the Offer get up. It has been declared final for that reason. Buy here. I expect the share price to increase to...

David Blennerhassett

EVOC’s H Share Class Meeting on 19 October

The offer is attractive and should gain approval. At the last close and for a 7 November payment, the annualised spread to the offer is 26.0%.

Arun George

Biel Crystal IPO Initiation: Through the Looking Glass

Biel has won approval for an HKEx IPO to raise $1-2 billion. Biel’s fundamentals are attractive with solid top-line growth, operating leverage and...

Arun George