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/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a> seeks to raise up to US$837 million through a primary/secondary offering.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/jamco-corp" target="_blank" data-smartkarma-citation="entities:14741:1" rel="noopener">Jamco Corp (7408 JP)</a>, <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</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: LG CNS (LGCNSZ KS) seeks to raise up to US$837 million through a primary/secondary offering.
Event-Driven developments: Shanghai Henlius Biotech (2696 HK), Greatview Aseptic Packaging (468 HK), Jamco Corp (7408 JP), Macromill, Inc (3978 JP), Insignia Financial (IFL AU), Avjennings Ltd (AVJ AU). 



Weekly Deals Digest (19 Jan) - Henlius, GA Pack, Lifestyle China, Jamco, Macromill, Insignia, AVJ

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>LVC sits a blocking stake ahead of <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>'s shareholder vote on the 22nd Janaury. I've yet to see a solid rationality why they would block.</li>
<li>
<a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>extends the closing date to the 24th January. Shares held plus tendering is currently 86.18%. This is done.</li>
<li>
<a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> was IPOed in September 2023. Lockup expiry is next week, and there is a likely large index event in ~10 weeks</li>
</ul>


LVC sits a blocking stake ahead of Shanghai Henlius Biotech (2696 HK)'s shareholder vote on the 22nd Janaury. I've yet to see a solid rationality why they would block.

Malaysia Airports Holdings (MAHB MK)extends the closing date to the 24th January. Shares held plus tendering is currently 86.18%. This is done.

Kokusai Electric (6525 JP) was IPOed in September 2023. Lockup expiry is next week, and there is a likely large index event in ~10 weeks


Last Week In Event SPACE: Shanghai Henlius, Malaysia Airports, Kokusai Electric, Smart Share

<ul>
<li>I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. I've yet to see a solid rationality why they would block.</li>
<li>One new deal was discussed this week: Bain's Tender Offer for <a href="https://www.smartkarma.com/entities/jamco-corp" target="_blank" data-smartkarma-citation="entities:14741:1" rel="noopener">Jamco Corp (7408 JP)</a>. <a href="https://www.smartkarma.com/entities/ho-bee-land-ltd" target="_blank" data-smartkarma-citation="entities:18298:1" rel="noopener">Ho Bee Land Ltd (HOBEE SP)</a> also countered for <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">AVJennings Ltd (AVJ AU)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, and <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>/<a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a>.</li>
</ul>


I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. I've yet to see a solid rationality why they would block.
One new deal was discussed this week: Bain's Tender Offer for Jamco Corp (7408 JP). Ho Bee Land Ltd (HOBEE SP) also countered for AVJennings Ltd (AVJ AU).
Key updates/news took place on: Insignia Financial (IFL AU), Lifestyle China (2136 HK), and Advanced Info Service (ADVANC TB)/Thaicom Pcl (THCOM TB).


(Mostly) Asia-Pac M&A: Jamco, AVJennings, Insignia Financial, Advanced Info Service/Thaicom

<ul>
<li>After CC Capital waded in on the 6th January with a A$4.30/share NBIO for wealth manager <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, trumping Bain's A$4.00/share proposal, Bain subsequently matched CC Capital's terms.  </li>
<li>CC Capital has now lifted is indicative Offer to <a href="https://announcements.asx.com.au/asxpdf/20250117/pdf/06dm4ygnv88lmw.pdf" target="_blank" rel="noopener">A$4.60/share</a>, a ~50% premium to undisturbed. Time for IFL to engage. And for Tanarra to be supportive. </li>
<li>And Bain? I expect them to match CC Capital's terms, again; if not a small premium. </li>
</ul>


After CC Capital waded in on the 6th January with a A$4.30/share NBIO for wealth manager Insignia Financial (IFL AU), trumping Bain's A$4.00/share proposal, Bain subsequently matched CC Capital's terms.  
CC Capital has now lifted is indicative Offer to A$4.60/share, a ~50% premium to undisturbed. Time for IFL to engage. And for Tanarra to be supportive. 
And Bain? I expect them to match CC Capital's terms, again; if not a small premium. 


Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Terms

<ul>
<li>Back on the 28th November, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">AVJennings Ltd (AVJ AU)</a>, a reputable home builder in Australia/New Zealand, <a href="https://announcements.asx.com.au/asxpdf/20241128/pdf/06bywtrktl1j89.pdf" target="_blank" rel="noopener">entered into a deed</a> granting the AVID consortium exclusive confirmatory due diligence.</li>
<li>The AVID consortium, comprising Proprium Capital Partners and AVID Property Group, pitched an NBIO (by way of a Scheme) of A$0.67/share. Singapore's SC Global (54.5% shareholder) was supportive.</li>
<li>In what appeared to be clean deal, <a href="https://www.smartkarma.com/entities/ho-bee-land-ltd" target="_blank" data-smartkarma-citation="entities:18298:1" rel="noopener">Ho Bee Land Ltd (HOBEE SP)</a> then acquired a <a href="https://announcements.asx.com.au/asxpdf/20241227/pdf/06d2p7fykvslm6.pdf" target="_blank" rel="noopener">5.39% stake</a> on the 23rd December. Now they've made their own <a href="https://announcements.asx.com.au/asxpdf/20250115/pdf/06dk238wkx2778.pdf" target="_blank" rel="noopener">NBIO at A$0.70/share</a>. </li>
</ul>


Back on the 28th November, AVJennings Ltd (AVJ AU), a reputable home builder in Australia/New Zealand, entered into a deed granting the AVID consortium exclusive confirmatory due diligence.
The AVID consortium, comprising Proprium Capital Partners and AVID Property Group, pitched an NBIO (by way of a Scheme) of A$0.67/share. Singapore's SC Global (54.5% shareholder) was supportive.
In what appeared to be clean deal, Ho Bee Land Ltd (HOBEE SP) then acquired a 5.39% stake on the 23rd December. Now they've made their own NBIO at A$0.70/share. 


AVJennings (AVJ AU): Ho Bee's Superior Proposal

Hong Kong

Lifestyle China Group Limited operates department store chains. The Company sells a wide range of merchandise including apparels, cosmetics, household products, toys, foods, candy, and other related products.

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Lifestyle China (2136 HK)

Weekly Deals Digest (19 Jan) - Henlius, GA Pack, Lifestyle China, Jamco, Macromill, Insignia, AVJ

Last week, notable developments occurred in Event-Driven (Canvest, Henlius, GA Pack, Lifestyle China, Haitong/GJTA, Jamco, Macromill, 7&i,...

Arun George

(Mostly) Asia-Pac M&A: Jamco, AVJennings, Insignia Financial, Advanced Info Service/Thaicom

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

Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Terms

Both Offers remain non-binding. IFL should engage. Which means Bain needs to step up to at least match CC Capital. I'd be surprised if Tanarra...

David Blennerhassett

AVJennings (AVJ AU): Ho Bee's Superior Proposal

Although terms are indicative, buy a tick or three below Ho Bee's terms. You could also consider buying the Singaporean leg (quoted in AUD), and...

David Blennerhassett

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Weekly Deals Digest (19 Jan) - Henlius, GA Pack, Lifestyle China, Jamco, Macromill, Insignia, AVJ

Last week, notable developments occurred in Event-Driven (Canvest, Henlius, GA Pack, Lifestyle China, Haitong/GJTA, Jamco, Macromill, 7&i,...

Arun George

Last Week In Event SPACE: Shanghai Henlius, Malaysia Airports, Kokusai Electric, Smart Share

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Jamco, AVJennings, Insignia Financial, Advanced Info Service/Thaicom

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

Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Terms

Both Offers remain non-binding. IFL should engage. Which means Bain needs to step up to at least match CC Capital. I'd be surprised if Tanarra...

David Blennerhassett

AVJennings (AVJ AU): Ho Bee's Superior Proposal

Although terms are indicative, buy a tick or three below Ho Bee's terms. You could also consider buying the Singaporean leg (quoted in AUD), and...

David Blennerhassett