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 href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>/GNF’s scheme offer from <a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice Holdings (64 HK)</a>/GNH is at 4 GNH shares per GNF share + HK$0.50 scheme dividend.</li>
<li>The implied GNF offer value is HK$1.116, a 39.5% premium to the last close. The offer is conditional on the GNH/GNF shareholder approval, which is low risk</li>
<li>The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is likely the first step towards privatising GNH.</li>
</ul>



Get Nice Financial Group Ltd (1469 HK)/GNF’s scheme offer from Get Nice Holdings (64 HK)/GNH is at 4 GNH shares per GNF share + HK$0.50 scheme dividend.
The implied GNF offer value is HK$1.116, a 39.5% premium to the last close. The offer is conditional on the GNH/GNF shareholder approval, which is low risk
The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is likely the first step towards privatising GNH.


Get Nice Financial (1469 HK): Get Nice Holdings (64 HK) Share Exchange Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice Holdings (64 HK)</a> and <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a> are on a trading halt “in relation to the Hong Kong Code on Takeovers and Mergers.”</li>
<li>Mr Hung (Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH at this time.   </li>
<li>We use three methods to triangulate the likely offer price. Our methods suggest a price range of HK$0.179-0.251 per share, a 16.3%-62.8% premium to the last close</li>
</ul>



Get Nice Holdings (64 HK) and Get Nice Financial Group Ltd (1469 HK) are on a trading halt “in relation to the Hong Kong Code on Takeovers and Mergers.”
Mr Hung (Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH at this time.   
We use three methods to triangulate the likely offer price. Our methods suggest a price range of HK$0.179-0.251 per share, a 16.3%-62.8% premium to the last close


Get Nice Holdings (64 HK): Chairman to Reload with a Privatisation Offer?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Haitong International Securities / Event-Driven

Haitong International Securities (TFZ GR)

<ul>
<li>Once the pre-cons were satisfied on the 15th November, it seemed pessimistic to stick to the delayed 29 December dispatch date for <a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a>'s Scheme Document. </li>
<li>And right on cue, the Doc was issued last night (21 Nov). The Court Meeting is the 15 December. with an expected cash despatch on or around the 18 January.</li>
<li>Trading at a gross spread to terms of 2.7%. The headcount test applies. But this should comfortably get up. </li>
</ul>


Once the pre-cons were satisfied on the 15th November, it seemed pessimistic to stick to the delayed 29 December dispatch date for Haitong International Securities Group (665 HK)'s Scheme Document. 
And right on cue, the Doc was issued last night (21 Nov). The Court Meeting is the 15 December. with an expected cash despatch on or around the 18 January.
Trading at a gross spread to terms of 2.7%. The headcount test applies. But this should comfortably get up. 


Haitong Sec (665 HK) 15th Dec Scheme Vote

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a>’s scheme meeting is on 15 December. The IFA considers <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities Co Ltd (H) (6837 HK)</a>’s HK$1.52 per share offer fair and reasonable. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. No shareholder holds a blocking stake.</li>
<li>The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and 18.2%, respectively.</li>
</ul>



Haitong International Securities Group (665 HK)’s scheme meeting is on 15 December. The IFA considers Haitong Securities Co Ltd (H) (6837 HK)’s HK$1.52 per share offer fair and reasonable. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and a headcount test. No shareholder holds a blocking stake.
The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and 18.2%, respectively.


Haitong International (665 HK): Vote on 15 December

<ul>
<li>When <a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a> was suspended on the 27 September, a punchy premium was expected if controlling shareholder <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:166:1" rel="noopener">Haitong Securities Co (600837 CH)</a> was launching an Offer. </li>
<li>And that is what we got: a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1006/2023100601477.pdf" target="_blank" rel="noopener">$1.52/share Offer</a>, by way of a Scheme, and a 114% premium to last close. Terms have been declared final.</li>
<li>This is a pre-conditional Offer, requiring approvals from approvals from Shanghai SASAC, CSRC, NDRC, and the Shanghai branch of the PBOC. </li>
</ul>


When Haitong International Securities Group (665 HK) was suspended on the 27 September, a punchy premium was expected if controlling shareholder Haitong Securities Co (600837 CH) was launching an Offer. 
And that is what we got: a $1.52/share Offer, by way of a Scheme, and a 114% premium to last close. Terms have been declared final.
This is a pre-conditional Offer, requiring approvals from approvals from Shanghai SASAC, CSRC, NDRC, and the Shanghai branch of the PBOC. 


Haitong Int'l Securities (665 HK): A 114% Offer Premium Should Do The Trick

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)

Get Nice Holdings (64 HK): Chairman to Reload with a Privatisation Offer?

Mr Hung Hon Man (founder and Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH now.

Arun George

Haitong Sec (665 HK) 15th Dec Scheme Vote

Trading at a gross/annualised spread of 2.7%/18.6%. Probably a tad wide for what should be a relatively straightforward arb.

David Blennerhassett

Haitong International (665 HK): Vote on 15 December

The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and...

Arun George

Haitong Int'l Securities (665 HK): A 114% Offer Premium Should Do The Trick

Pre-cons fulfilled. Now for the Scheme Doc. The despatch date had previously been pushed out to 29 December. That's now disproportionate. Perhaps...

David Blennerhassett

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Get Nice Financial (1469 HK): Get Nice Holdings (64 HK) Share Exchange Offer

The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is...

Arun George

Get Nice Holdings (64 HK): Chairman to Reload with a Privatisation Offer?

Mr Hung Hon Man (founder and Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH now.

Arun George

Haitong Sec (665 HK) 15th Dec Scheme Vote

Trading at a gross/annualised spread of 2.7%/18.6%. Probably a tad wide for what should be a relatively straightforward arb.

David Blennerhassett

Haitong International (665 HK): Vote on 15 December

The high takeover premium ensures a done deal. At the last close and for the 18 January 2024 payment, the gross and annualised spread is 2.7% and...

Arun George

Haitong Int'l Securities (665 HK): A 114% Offer Premium Should Do The Trick

Pre-cons fulfilled. Now for the Scheme Doc. The despatch date had previously been pushed out to 29 December. That's now disproportionate. Perhaps...

David Blennerhassett