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/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> priced its IPO at JPY1,455, the midpoint of the IPO price range.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 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>. 
</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: Kioxia Holdings (285A JP) priced its IPO at JPY1,455, the midpoint of the IPO price range.
Event-Driven developments: Fosun Tourism (1992 HK), CPMC Holdings (906 HK), Fuji Soft Inc (9749 JP), Nec Networks &amp; System Integr (1973 JP), Topcon Corp (7732 JP), Insignia Financial (IFL AU). 



Weekly Deals Digest (15 Dec) - Fosun Tourism, CPMC, ESR, Fuji Soft, NEC Networks, Topcon, Kioxia

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>I tally 51 - 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>Five new deals this week: <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/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a>, and <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>. <a href="https://www.smartkarma.com/entities/vcredit-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27143:1" rel="noopener">VCredit Holdings (2003 HK)</a> and <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a> also in the crosshairs. </li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/guotai-junan-securities-co-ltd-5dfaf2c5-76d3-4f34-a77d-118787fd7091" target="_blank" data-smartkarma-citation="entities:23752:1" rel="noopener">Guotai Junan Securities (2611 HK)</a>/<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>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, and <a href="https://www.smartkarma.com/entities/dexus" target="_blank" data-smartkarma-citation="entities:403:1" rel="noopener">Dexus Property (DXS AU)</a> 
</li>
</ul>


I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Five new deals this week: Insignia Financial (IFL AU), Fosun Tourism (1992 HK), and Lifestyle China (2136 HK). VCredit Holdings (2003 HK) and Vesync (2148 HK) also in the crosshairs. 
Key updates/news took place on: Guotai Junan Securities (2611 HK)/Haitong Securities Co Ltd (H) (6837 HK), Fuji Soft Inc (9749 JP), CPMC Holdings (906 HK), and Dexus Property (DXS AU) 



(Mostly) Asia-Pac M&A: Insignia, Fosun Tourism, GJS/Haitong, Fuji Soft, Dexus Property

Travis Lundy

Nec Networks & System Integr / Event-Driven

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/nec-corp" target="_blank" data-smartkarma-citation="entities:17084:1" rel="noopener">NEC Corp (6701 JP)</a> extended its Tender Offer to buy controlled subsidiary <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a> for another 10 days. It did not have enough shares.</li>
<li>As discussed <a href="https://www.smartkarma.com/insights/nec-network-1973-jp-tender-offer-the-landscape-has-fully-changed" target="_blank" rel="noopener">here</a> 4wks ago, then <a href="https://www.smartkarma.com/insights/nec-networks-1973-jp-final-showdown-i-extendy-extendy-but-not-yet-bumpity-bumpity" target="_blank" rel="noopener">here</a> yesterday, NEC might not get enough shares unless it offers a higher price. There's a reason. It is not a high enough price. </li>
<li>METI Fair M&amp;A Guidelines and Guidelines for Corporate Takeovers define fair. Guarantees of a floor price and a fair allocation of synergies. One is questionable. The other is not there.</li>
</ul>


Yesterday, NEC Corp (6701 JP) extended its Tender Offer to buy controlled subsidiary Nec Networks &amp; System Integr (1973 JP) for another 10 days. It did not have enough shares.
As discussed here 4wks ago, then here yesterday, NEC might not get enough shares unless it offers a higher price. There's a reason. It is not a high enough price. 
METI Fair M&amp;A Guidelines and Guidelines for Corporate Takeovers define fair. Guarantees of a floor price and a fair allocation of synergies. One is questionable. The other is not there.


NEC Networks (1973 JP) Final Showdown II - Synergies Not Included, So Fair Value Not Offered

<ul>
<li>Two days before the close of its TOB on subsidiary <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, <a href="https://www.smartkarma.com/entities/nec-corp" target="_blank" data-smartkarma-citation="entities:17084:1" rel="noopener">NEC Corp (6701 JP)</a> announced it had no plans to raise the price. </li>
<li>The next day, the second largest shareholder reported a stake increase from 11.68% to 13.12%. That changes the dynamic further, and a change in terms was likely. </li>
<li>Today post-close, NEC extended the Tender Offer by 10 days. It is worthwhile understanding the likely current disposition of shares. </li>
</ul>


Two days before the close of its TOB on subsidiary Nec Networks &amp; System Integr (1973 JP), NEC Corp (6701 JP) announced it had no plans to raise the price. 
The next day, the second largest shareholder reported a stake increase from 11.68% to 13.12%. That changes the dynamic further, and a change in terms was likely. 
Today post-close, NEC extended the Tender Offer by 10 days. It is worthwhile understanding the likely current disposition of shares. 


NEC Networks (1973 JP) Final Showdown I - Extendy-Extendy, But Not Yet Bumpity Bumpity

<ul>
<li>Oasis has become a substantial shareholder of <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, representing 13.2 million shares or an 8.83% ownership ratio. </li>
<li>Oasis has not commented on its intentions, but its stake signifies two possibilities – the start of an activist campaign to secure a bump or a play on appraisal rights.</li>
<li>A bump while possible is not a certainty. NEC is likely to wait to see to if Oasis increases its stake to a level which threatens its offer. </li>
</ul>


Oasis has become a substantial shareholder of Nec Networks &amp; System Integr (1973 JP), representing 13.2 million shares or an 8.83% ownership ratio. 
Oasis has not commented on its intentions, but its stake signifies two possibilities – the start of an activist campaign to secure a bump or a play on appraisal rights.
A bump while possible is not a certainty. NEC is likely to wait to see to if Oasis increases its stake to a level which threatens its offer. 


NEC Networks & System (1973 JP): Oasis Stake Could Be a Headache for NEC

Japan

NEC Networks & System Integration Corporation designs, constructs, and maintains communication systems.  The Company's services include system integration services for digital switching, local area network (LAN), and mobile communication systems.  NEC Networks & System Integration also constructs information infrastructure and intelligent building facilities.

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Nec Networks & System Integr (1973 JP)

Weekly Deals Digest (15 Dec) - Fosun Tourism, CPMC, ESR, Fuji Soft, NEC Networks, Topcon, Kioxia

Last week, notable developments occurred in Event-Driven (CNBM, CPMC, ESR, Fosun Tourism, Vesync, Fuji Soft, NEC Networks, Topcon, Insignia...

Arun George

(Mostly) Asia-Pac M&A: Insignia, Fosun Tourism, GJS/Haitong, Fuji Soft, Dexus Property

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

NEC Networks (1973 JP) Final Showdown II - Synergies Not Included, So Fair Value Not Offered

NEC extended its TOB for ICT subsidiary NESIC (1973). It wasn't a fair price before. They don't want to raise. They may not get done. This piece...

Travis Lundy

NEC Networks (1973 JP) Final Showdown I - Extendy-Extendy, But Not Yet Bumpity Bumpity

After warning they wouldn't pay more and begging holders to tender, NEC today extended their TOB for NEC Networks. There are 3-4 possible outcomes....

Travis Lundy

NEC Networks & System (1973 JP): Oasis Stake Could Be a Headache for NEC

Since announcing the offer, the shares have traded at or above terms. Including Oasis’ pre-tender stake, the total potential “NO” volume is 35.0m...

Arun George

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