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/iqiyi-inc" target="_blank" data-smartkarma-citation="entities:26755:1" rel="noopener">iQIYI Inc (IQ US)</a>, <a href="https://www.smartkarma.com/entities/bilibili-inc" target="_blank" data-smartkarma-citation="entities:26793:1" rel="noopener">Bilibili Inc (BILI US)</a> placements, <a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (1905332D VN)</a> continues to pre-market a US$1bn IPO.</li>
<li>Event-Driven developments - China Internet (810 HK), <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, <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/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, <a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a>, <a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</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 - iQIYI Inc (IQ US), Bilibili Inc (BILI US) placements, VinFast (1905332D VN) continues to pre-market a US$1bn IPO.
Event-Driven developments - China Internet (810 HK), Shandong Fengxiang (9977 HK), Kingston Financial (1031 HK),  Golden Energy &amp; Resources (GER SP), Olam Group (OLG SP), Sabana Industrial REIT (SSREIT SP). 


Weekly Deals Digest (22 Dec) - Kingston, Fengxiang, Yashili, Golden Energy, Olam, SSREIT, Warrego

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Japanese banks are the hottest new thing but unless you think <a href="https://www.smartkarma.com/entities/bank-of-kyoto" target="_blank" data-smartkarma-citation="entities:5248:1" rel="noopener">Bank of Kyoto</a> is going to change its spots, it's still best thought of as a range trade. </li>
<li>WM Motors opts for a backdoor listing via merging with <a href="https://www.smartkarma.com/entities/we-solutions-ltd" target="_blank" data-smartkarma-citation="entities:9818:1" rel="noopener">WE Solutions Limited (860 HK)</a>. There's probably a good reason for doing so.</li>
<li>You pay for the liquidity of Japanese banks by paying a higher PBR against not as much improvement in ROE. That's life.</li>
</ul>


Japanese banks are the hottest new thing but unless you think Bank of Kyoto is going to change its spots, it's still best thought of as a range trade. 
WM Motors opts for a backdoor listing via merging with WE Solutions Limited (860 HK). There's probably a good reason for doing so.
You pay for the liquidity of Japanese banks by paying a higher PBR against not as much improvement in ROE. That's life.


Last Week In SPACE: Bank of Kyoto, WM Motors, Japanese Banks, Hong Kong Aerospace, CP ALL/MAKRO

<ul>
<li>There are 43 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deal was discussed on Smartkarma in the past week: Mitsui &amp; Co's tilt for <a href="https://www.smartkarma.com/entities/relia-inc" target="_blank" data-smartkarma-citation="entities:16219:1" rel="noopener">Relia Inc (4708 JP)</a>.</li>
<li>Key updates took place for: <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/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, <a href="https://www.smartkarma.com/entities/jafco-co-ltd" target="_blank" data-smartkarma-citation="entities:8848:1" rel="noopener">Jafco Co Ltd (8595 JP)</a>, <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>, and <a href="https://www.smartkarma.com/entities/esso-thailand-pcl" target="_blank" data-smartkarma-citation="entities:17717:1" rel="noopener">Esso Thailand (ESSO TB)</a>.</li>
</ul>


There are 43 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed on Smartkarma in the past week: Mitsui &amp; Co's tilt for Relia Inc (4708 JP).
Key updates took place for: Kingston Financial (1031 HK), Shandong Fengxiang (9977 HK), Jafco Co Ltd (8595 JP), Golden Energy &amp; Resources (GER SP), and Esso Thailand (ESSO TB).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Relia, Kingston, Fengxiang, Jafco, Esso, Golden Energy

<ul>
<li>The <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0117/2023011700011.pdf" target="_blank" rel="noopener">Scheme Booklet</a> is now out and <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>'s shareholders can vote on Chu Yuet Wah's Offer on the 9 February.</li>
<li>The Cancellation price of HK$0.30/share was a 47.78% premium to the undisturbed prices. It will not be increased. </li>
<li>Currently trading at a gross/annualised spread of 5.3%/44.4%, assuming payment on the 10 March. </li>
</ul>


The Scheme Booklet is now out and Kingston Financial (1031 HK)'s shareholders can vote on Chu Yuet Wah's Offer on the 9 February.
The Cancellation price of HK$0.30/share was a 47.78% premium to the undisturbed prices. It will not be increased. 
Currently trading at a gross/annualised spread of 5.3%/44.4%, assuming payment on the 10 March. 


Kingston Financial (1031 HK): 9th Feb Scheme Vote. IFA Says Fair

<ul>
<li>The <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> scheme document is out with the scheme meeting scheduled for 9 February. The IFA considers the offer to be fair and reasonable. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and the headcount test. No shareholder holds a blocking stake.</li>
<li>Peer re-rating increases the headcount test risk. At the last close and for the 10 March payment, the gross and annualised spread is 5.3% and 42.2%, respectively.</li>
</ul>


The Kingston Financial (1031 HK) scheme document is out with the scheme meeting scheduled for 9 February. The IFA considers the offer to be fair and reasonable. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and the headcount test. No shareholder holds a blocking stake.
Peer re-rating increases the headcount test risk. At the last close and for the 10 March payment, the gross and annualised spread is 5.3% and 42.2%, respectively.


Kingston Financial’s (1031 HK) Vote on 9 February

Hong Kong

Kingston Financial Group Ltd., through subsidiaries, operates entertainment and financial services businesses.  The Company operates casinos and hotels in Macau; and offers investment banking, securities trading, and financing services.

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Kingston Financial (1031 HK)

Weekly Deals Digest (22 Dec) - Kingston, Fengxiang, Yashili, Golden Energy, Olam, SSREIT, Warrego

Last week, notable developments occurred in Event-Driven (Norwest, Origin, Warrego, CIIF, Fengxiang, Kingston, Yashili, Golden Energy, Olam,...

Arun George

Last Week In SPACE: Bank of Kyoto, WM Motors, Japanese Banks, Hong Kong Aerospace, CP ALL/MAKRO

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

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Relia, Kingston, Fengxiang, Jafco, Esso, Golden Energy

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