IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/golden-eagle-retail-group" target="_blank" data-smartkarma-citation="entities:470:1" rel="noopener">Golden Eagle Retail (3308 HK)</a>'s scheme document is out, with the court meeting scheduled for 15 September. The IFA considers the HK$6.88 per share offer fair and reasonable. </li>
<li>The key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The shareholder with a blocking stake has provided an irrevocable.</li>
<li>This is a done deal which help by the material derating of peers. At the current price of HK$6.75 and for the 17 October payment, the gross/annualised spread is 1.9%/13.4%.</li>
</ul>



Golden Eagle Retail (3308 HK)'s scheme document is out, with the court meeting scheduled for 15 September. The IFA considers the HK$6.88 per share offer fair and reasonable. 
The key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The shareholder with a blocking stake has provided an irrevocable.
This is a done deal which help by the material derating of peers. At the current price of HK$6.75 and for the 17 October payment, the gross/annualised spread is 1.9%/13.4%.


Golden Eagle Retail (3308 HK): Scheme Vote on 15 September

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 5 August, Thomas Yau, <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a>'s controlling shareholder, tabled a Scheme at HK$5/share, a 62.3% premium to last close.  </li>
<li>The Scheme Doc is now out with the Court Meeting on the 21st of November. The outcome of this transaction will pivot off the reassessed net asset value of HK$10.60/share.</li>
<li>Trading at a gross spread of 9.6% using yesterday's close, reflecting the perceived opportunistic nature of the Offer. Yet Hong Kong's 2018 visitor glory days remain a long way off. </li>
</ul>


Back on the 5 August, Thomas Yau, Lifestyle International Holdings (1212 HK)'s controlling shareholder, tabled a Scheme at HK$5/share, a 62.3% premium to last close.  
The Scheme Doc is now out with the Court Meeting on the 21st of November. The outcome of this transaction will pivot off the reassessed net asset value of HK$10.60/share.
Trading at a gross spread of 9.6% using yesterday's close, reflecting the perceived opportunistic nature of the Offer. Yet Hong Kong's 2018 visitor glory days remain a long way off. 


Lifestyle (1212 HK): Timing Is Everything As Shareholders Go To Vote on 21 Nov

<ul>
<li>Thomas Yau, <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a>'s controlling shareholder, is offering to take the company private by way of a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0807/2022080700233.pdf" target="_blank" rel="noopener">Scheme</a> at HK$5/share, a 62.3% premium to last close.  </li>
<li>Independent shareholders comprise 23.51% of shares out, therefore the blocking stake at the forthcoming Court Meeting is 2.351% of shares out. </li>
<li>The Offer price is final. No dividends will be paid during the Offer period.</li>
</ul>


Thomas Yau, Lifestyle International Holdings (1212 HK)'s controlling shareholder, is offering to take the company private by way of a Scheme at HK$5/share, a 62.3% premium to last close.  
Independent shareholders comprise 23.51% of shares out, therefore the blocking stake at the forthcoming Court Meeting is 2.351% of shares out. 
The Offer price is final. No dividends will be paid during the Offer period.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a> was <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0805/2022080500226.pdf" target="_blank" rel="noopener">suspended</a> this morning pursuant to Hong Kong's Takeovers Code. </li>
<li>Thomas Lau is the largest shareholder with 74.97%, as he has been since April 2019.</li>
<li>A possible Offer ahead of a (potentially) improving retail outlook and the imminent opening of its Kai Tak project? </li>
</ul>



Lifestyle International Holdings (1212 HK) was suspended this morning pursuant to Hong Kong's Takeovers Code. 
Thomas Lau is the largest shareholder with 74.97%, as he has been since April 2019.
A possible Offer ahead of a (potentially) improving retail outlook and the imminent opening of its Kai Tak project? 


Lifestyle Int'l (1212 HK): Thomas Yau Offer?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

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Equity Capital Markets

Lifestyle International / Equity Capital Markets

Qatar Holdings plans to raise US$665m by selling its stake in <a href="https://www.smartkarma.com/entities/112" target="_blank" data-smartkarma-citation="entities:112:1">Lifestyle Intl Hldgs Ltd (1212 HK)</a> and <a href="https://www.smartkarma.com/entities/26090" target="_blank" data-smartkarma-citation="entities:26090:1">Lifestyle China Group Ltd (2136 HK)</a> . The founder Mr. Lau Luen Hung Thomas, has undertaken to buy the bulk of these shares leaving only US$140m worth of Lifestyle International and US$48m worth of Lifestyle China to be placed. We will not be looking at Lifestyle China deal given its small size.In this insight, we will run the Lifestyle China Group deal through our framework and comment on recent…

Qatar Holdings plans to raise US$665m by selling its stake in Lifestyle Intl Hldgs Ltd (1212 HK) and Lifestyle China Group Ltd (2136 HK) . The founder Mr. Lau Luen Hung Thomas, has undertaken to buy the bulk of these shares leaving only US$140m worth of Lifestyle International and US$48m worth of Lifestyle China to be placed. We will not be looking at Lifestyle China deal given its small size.In this insight, we will run the Lifestyle China Group deal through our framework and comment on recent…

Lifestyle International Holdings Placement - Worth a Punt as Operations Seem to Be Improving

Hong Kong

Lifestyle China Group is an investment holding company that operates department stores and related retailing businesses, primarily under the 'Jiuguang' brand in Shanghai and Suzhou. The company also engages in property investment and development. It was incorporated in 2016 and is headquartered in Causeway Bay, Hong Kong.

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Lifestyle China Group (2136 HK)

Golden Eagle Retail (3308 HK): Scheme Vote on 15 September

The scheme was overwhelmingly approved. Minority turnout was good with 68.2% of disinterested shares casting a vote. The scheme was approved by...

Arun George

Lifestyle (1212 HK): Timing Is Everything As Shareholders Go To Vote on 21 Nov

Expect Lifestyle to trade wide-ish to terms given the vote risk. But on balance, I think Yau has got the timing just right.

David Blennerhassett

Lifestyle (1212 HK): Thomas Yau's Scheme

I'd be buying Lifestyle International (1212 HK) up to around $4.75 or a gross/annualised spread of 5%/15%, assuming mid-December completion.

David Blennerhassett

Lifestyle Int'l (1212 HK): Thomas Yau Offer?

Shares are currently suspended, so there is nothing to be done. IF a firm Offer unfolds from Yau, expect a punchy premium. Optically, HK$6/share is...

David Blennerhassett

Lifestyle International Holdings Placement - Worth a Punt as Operations Seem to Be Improving

Qatar Holdings plans to raise US$665m by selling its stake in Lifestyle Intl Hldgs Ltd (1212 HK) and Lifestyle China Group Ltd (2136 HK) . The...

Sumeet Singh

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