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, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a> pre-marketing a US$500 million HKEx IPO. <a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro (BTG TB)</a> closes its books early for its THB17.4 billion (US$462 million) IPO.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/kingston-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:3566:1" rel="noopener">Kingston Financial (1031 HK)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">China Vast Industrial Urban Development (6166 HK)</a>, <a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, DTAC/True. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Giant Biogene Holding (GBH HK) pre-marketing a US$500 million HKEx IPO. Betagro (BTG TB) closes its books early for its THB17.4 billion (US$462 million) IPO.
Event-Driven developments - Kingston Financial (1031 HK), Yashili International Holdings (1230 HK), China Vast Industrial Urban Development (6166 HK), Elmo Software (ELO AU), Pushpay Holdings (PPH NZ), DTAC/True. 


Weekly Deals Digest (16 Oct) - Yashili, Kingston, Elmo, Pushpay, DTAC/True, Giant Biogene, Betagro

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>In April, reportedly <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault (RNO FP)</a> might sell <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a> shares to support EV investments. We have news talks are coming to a head. The results won't be pretty.</li>
<li>The Nikkei says the JIP consortium is the "Preferred Bidder" for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>. That is a stalking horse. The proposed price of ¥2.5trn is also a stalking horse</li>
<li>Reportedly the Widjaja Family may be looking to take Indonesian/Australian energy/met coal play <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a> private.</li>
</ul>


In April, reportedly Renault (RNO FP) might sell Nissan (7201 JP) shares to support EV investments. We have news talks are coming to a head. The results won't be pretty.
The Nikkei says the JIP consortium is the "Preferred Bidder" for Toshiba Corp (6502 JP). That is a stalking horse. The proposed price of ¥2.5trn is also a stalking horse
Reportedly the Widjaja Family may be looking to take Indonesian/Australian energy/met coal play Golden Energy &amp; Resources (GER SP) private.


Last Week In Event SPACE: Renault/Nissan, Toshiba, Golden Energy, Bilibili, Shinsei, Macau Casinos

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kingston-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:3566:1" rel="noopener">Kingston Financial (1031 HK)</a> entered a trading halt pending an announcement under the Hong Kong Code on Takeovers and Mergers on 14 October. The shares are at all-time lows. </li>
<li>It is likely that Pollyanna Chu Yuet Wah (CEO and co-founder), the largest shareholder representing 75.61% of ordinary shares (80.09% of diluted shares), is seeking to privatise Kingston.</li>
<li>As privatisation through a Bermuda scheme involves the headcount test, a decent premium is required - an offer at the 1-year average price of HK$0.33 implies a 63% premium.</li>
</ul>



Kingston Financial (1031 HK) entered a trading halt pending an announcement under the Hong Kong Code on Takeovers and Mergers on 14 October. The shares are at all-time lows. 
It is likely that Pollyanna Chu Yuet Wah (CEO and co-founder), the largest shareholder representing 75.61% of ordinary shares (80.09% of diluted shares), is seeking to privatise Kingston.
As privatisation through a Bermuda scheme involves the headcount test, a decent premium is required - an offer at the 1-year average price of HK$0.33 implies a 63% premium.


Kingston’s All-Time Lows to Draw an Offer from Mrs Chu?

<ul>
<li>Hong Kong brokerage <a href="https://www.smartkarma.com/entities/kingston-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:3566:1" rel="noopener">Kingston Financial (1031 HK)</a> was suspended this morning pursuant to Hong Kong's Takeovers Code. </li>
<li>Chu Yuet Wah is the largest shareholder with 74.6% of shares out.</li>
<li>Shares are down 98% from the January 2018 peak. A chunky premium may be on the cards if a firm Offer unfolds. </li>
</ul>


Hong Kong brokerage Kingston Financial (1031 HK) was suspended this morning pursuant to Hong Kong's Takeovers Code. 
Chu Yuet Wah is the largest shareholder with 74.6% of shares out.
Shares are down 98% from the January 2018 peak. A chunky premium may be on the cards if a firm Offer unfolds. 


Kingston Financial (1031 HK): What Will Chu Choose To Do?

Hong Kong

Kingston Financial Group is a financial institution that provides services including securities and futures trading, corporate finance, and asset management. The company also operates in the hotel and casino sectors. It is headquartered in Hong Kong and was founded in 1996.

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Kingston Financial Group (KNGTF US)

Weekly Deals Digest (16 Oct) - Yashili, Kingston, Elmo, Pushpay, DTAC/True, Giant Biogene, Betagro

Last week, notable developments occurred in Event-Driven (China VAST, Kingston, Yashili, Elmo, Genex, PTB, Pushpay, DTAC/True) and ECM (Giant...

Arun George

Last Week In Event SPACE: Renault/Nissan, Toshiba, Golden Energy, Bilibili, Shinsei, Macau Casinos

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Kingston’s All-Time Lows to Draw an Offer from Mrs Chu?

Mrs Chu (CEO and co-founder) is likely seeking to privatise Kingston. A decent premium is required as privatisation through a Bermuda scheme (most...

Arun George

Kingston Financial (1031 HK): What Will Chu Choose To Do?

Kingston Financial is suspended pursuant to the Takeovers Code. Chu Yuet Wah holds 74.6%. Shares are down 98% from the Jan 2018 peak. A chunky...

David Blennerhassett

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