Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Zhuhai Holdings Investment / Event-Driven

On the 21 January, <a href="https://www.smartkarma.com/entities/zhuhai-holdings-investment-group-ltd" target="_blank" data-smartkarma-citation="entities:17863:1" rel="noopener">Zhuhai Holdings Investment (908 HK)</a> (ZHI) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0122/2020012200085.pdf" target="_blank" rel="noopener">announced</a> a wholly-owned subsidiary of SOE ZJ Holdings (the Offeror), and a 25.73% shareholder of ZHI, had entered into a SPA with <a href="https://www.smartkarma.com/entities/lbs-bina-group-bhd" target="_blank" data-smartkarma-citation="entities:12060:1" rel="noopener">Lbs Bina Group (LBS MK)</a>, to acquire LBS' 5.53% stake in ZHI. The sale price was $1.21/share, a 0.83% premium to last close.
Upon the completion of the SPA, the Concert Group (including ZJ Holdings' direct stake of 16.47%) would own 47.95%, up from 42.42%. This will trigger a mandatory conditional cash offer by the Convert Group under Rule 26.1 of the Takeovers Code.
ZHI operations include port facilities and ferry services in China; the operation of Jiuzhou Blue Sea Jet and Blue Marine Tourism (a ferry service); and the management of holiday resort hotel and theme/amusement park.
The SPA was <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0122/2020012200940.pdf" target="_blank" rel="noopener">completed</a> on the 22 January. The dispatch of the Composite Document has been pushed back to the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0210/2020021000293.pdf" target="_blank" rel="noopener">20 April</a>. The MGO, also at HK$1.21/share, is conditional on the Concert Group holding 50% of shares out at the close of the Offer.
What was probably just an opportunity to take out a large shareholder, may ultimately result in ZJ Holdings taking majority control in the company, as ZHI, which is largely a tourist play, faces an uncertain earnings outlook. A <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0227/2020022700871.pdf" target="_blank" rel="noopener">profit warning</a> on the 27 Feb provides early guidance on ZHI's financials.

On the 21 January, Zhuhai Holdings Investment (908 HK) (ZHI) announced a wholly-owned subsidiary of SOE ZJ Holdings (the Offeror), and a 25.73% shareholder of ZHI, had entered into a SPA with Lbs Bina Group (LBS MK), to acquire LBS' 5.53% stake in ZHI. The sale price was $1.21/share, a 0.83% premium to last close.
Upon the completion of the SPA, the Concert Group (including ZJ Holdings' direct stake of 16.47%) would own 47.95%, up from 42.42%. This will trigger a mandatory conditional cash offer by the Convert Group under Rule 26.1 of the Takeovers Code.
ZHI operations include port facilities and ferry services in China; the operation of Jiuzhou Blue Sea Jet and Blue Marine Tourism (a ferry service); and the management of holiday resort hotel and theme/amusement park.
The SPA was completed on the 22 January. The dispatch of the Composite Document has been pushed back to the 20 April. The MGO, also at HK$1.21/share, is conditional on the Concert Group holding 50% of shares out at the close of the Offer.
What was probably just an opportunity to take out a large shareholder, may ultimately result in ZJ Holdings taking majority control in the company, as ZHI, which is largely a tourist play, faces an uncertain earnings outlook. A profit warning on the 27 Feb provides early guidance on ZHI's financials.

Zhuhai Holdings: SOE Offer For Tourist Play

Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

Thematic (Sector/Industry)

We visited Forest City in Iskandar Malaysia over the weekend following reports of the Chinese government's order for <a href="https://www.smartkarma.com/entities/5225" target="_blank" data-smartkarma-citation="entities:5225:1">Country Garden Holdings Co (2007 HK)</a> to close all its showrooms in China.  The following are some observations from us, post-visit. <h2>Key observations from the visit</h2>The following are our key observations and feedback from agents/visitors we spoke to: <ul><li>
The number of visitors shrank: The sale agent we met told us that the news of closing down of all showrooms in China really hurt their…</li></ul>

We visited Forest City in Iskandar Malaysia over the weekend following reports of the Chinese government's order for Country Garden Holdings Co (2007 HK) to close all its showrooms in China.  The following are some observations from us, post-visit. Key observations from the visitThe following are our key observations and feedback from agents/visitors we spoke to: 
The number of visitors shrank: The sale agent we met told us that the news of closing down of all showrooms in China really hurt their…

Seeing the Forest for the Trees in Malaysia - Country Garden

Malaysia

LBS Bina Group Berhad is a management and investment holding company.  The Company, through its subsidiaries, operates property development and investment. LBS also provides project management and contractor services for property development, turf and landscaping contracting, insurance services, sells motor vehicles, and trades building materials.

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LBS Bina Group (LBS MK)

Zhuhai Holdings: SOE Offer For Tourist Play

On the 21 January, Zhuhai Holdings Investment (908 HK) (ZHI) announced a wholly-owned subsidiary of SOE ZJ Holdings (the Offeror), and a 25.73%...

David Blennerhassett

Seeing the Forest for the Trees in Malaysia - Country Garden

We visited Forest City in Iskandar Malaysia over the weekend following reports of the Chinese government's order for Country Garden Holdings Co...

TAN Kok Keong

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