Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Oneconnect Financial Technology / Event-Driven

<ul>
<li>Back on 3rd March, dual-listed <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">OneConnect Financial (6638 HK/OFT US)</a>, a digital retail banking/commercial banking/digital insurance play, announced a non-binding proposal from Ping An, OneConnect's controlling shareholder with 32.12%.</li>
<li>By way of a Scheme, Ping An offered HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. The price was final. 
</li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0515/2025051501347.pdf" target="_blank" rel="noopener">SAMR has now signed off on the deal and terms are now firmed</a>. M&amp;G is supportive (1.98% of shares out,  ~8% of disinterested shares). Perhaps mid-September completion. </li>
</ul>


Back on 3rd March, dual-listed OneConnect Financial (6638 HK/OFT US), a digital retail banking/commercial banking/digital insurance play, announced a non-binding proposal from Ping An, OneConnect's controlling shareholder with 32.12%.
By way of a Scheme, Ping An offered HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. The price was final. 


SAMR has now signed off on the deal and terms are now firmed. M&amp;G is supportive (1.98% of shares out,  ~8% of disinterested shares). Perhaps mid-September completion. 


OneConnect Financial (6638 HK/OCFT US): Ping An Firms Offer @ HK$2.068/Share

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a> disclosed a preconditional scheme offer from <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a> at HK$2.068 per share (US$7.976 per ADS).</li>
<li>Despite the hefty premium, the offer is opportunistic as it values OneConnect below net cash, and the FCF burn is modest (net cash can fund 8 years of FCF burn).</li>
<li>Ping An has secured support from M&amp;G to lower vote risk. The key risk remains that an activist stealthily builds a blocking stake (below the 5% HKEx disclosure threshold).</li>
</ul>



Oneconnect Financial Technology (6638 HK) disclosed a preconditional scheme offer from Ping An Insurance (H) (2318 HK) at HK$2.068 per share (US$7.976 per ADS).
Despite the hefty premium, the offer is opportunistic as it values OneConnect below net cash, and the FCF burn is modest (net cash can fund 8 years of FCF burn).
Ping An has secured support from M&amp;G to lower vote risk. The key risk remains that an activist stealthily builds a blocking stake (below the 5% HKEx disclosure threshold).


OneConnect Financial (6638 HK/OCFT US): Ping An’s Preconditional Scheme Offer Is Below Net Cash

<ul>
<li>I tally 46 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Four new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>, <a href="https://www.smartkarma.com/entities/adriatic-metals-plc" target="_blank" data-smartkarma-citation="entities:30797:1" rel="noopener">Adriatic Metals PLC (ADT AU)</a>, <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a>, and <a href="https://www.smartkarma.com/entities/carta-holdings-inc" target="_blank" data-smartkarma-citation="entities:9634:1" rel="noopener">Carta Holdings, Inc. (3688 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, and <a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts Intl (113 HK)</a>.</li>
</ul>


I tally 46 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Four new deal were discussed on Smartkarma this week: Santos Ltd (STO AU), Adriatic Metals PLC (ADT AU), Tourism Holdings (THL NZ), and Carta Holdings, Inc. (3688 JP).
Key updates/news took place on: Mayne Pharma (MYX AU), PointsBet Holdings (PBH AU), New World Resources (NWC AU), and Dickson Concepts Intl (113 HK).


(Mostly) Asia-Pac M&A: Adriatic Metals, Carta, Mayne Pharma, PointsBet, Tourism Holdings

<ul>
<li>Dual-Listed <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">OneConnect Financial Technology (6638 HK/OCFT US)</a>, a digital retail banking/commercial banking/ digital insurance play, has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0303/2025030303864.pdf" target="_blank" rel="noopener">announced</a> a non-binding proposal from Ping An, OneConnect's controlling shareholder with 32.12%.</li>
<li>Ping An is offering, by way of a Scheme, HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. The price is final. </li>
<li>What now? Back in OneConnect's boards' court whether to engage or not. Which they should. No competing Offer will emerge.</li>
</ul>


Dual-Listed OneConnect Financial Technology (6638 HK/OCFT US), a digital retail banking/commercial banking/ digital insurance play, has announced a non-binding proposal from Ping An, OneConnect's controlling shareholder with 32.12%.
Ping An is offering, by way of a Scheme, HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. The price is final. 
What now? Back in OneConnect's boards' court whether to engage or not. Which they should. No competing Offer will emerge.


OneConnect Financial (6638 HK/OCFT US): Ping An's Fair NBIO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a> disclosed a preliminary non-binding privatisation offer from <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a> at HK$2.068 (US$7.98 per ADS), a 72.33% premium to the undisturbed price.</li>
<li>Despite the hefty premium, the offer is opportunistic as it values OneConnect around net cash and is at a material discount to historical trading ranges. </li>
<li>If a binding proposal materialises, the offer price will not be increased. A high minority participation rate could be an issue for the vote.  </li>
</ul>



Oneconnect Financial Technology (6638 HK) disclosed a preliminary non-binding privatisation offer from Ping An Insurance (H) (2318 HK) at HK$2.068 (US$7.98 per ADS), a 72.33% premium to the undisturbed price.
Despite the hefty premium, the offer is opportunistic as it values OneConnect around net cash and is at a material discount to historical trading ranges. 
If a binding proposal materialises, the offer price will not be increased. A high minority participation rate could be an issue for the vote.  


OneConnect Financial (6638 HK/OCFT US): Negative EV Play Draws an Opportunistic Offer from Ping An

Hong Kong

Oneconnect Financial Technology Co., Ltd. software as a services. The Company offers technological applications for financial institutes such as digital transformations, revenue increase, and risk management. Oneconnect Financial Technology serves customers in China.

Oneconnect Financial Technology (6638 HK)

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Oneconnect Financial Technology (6638 HK)

OneConnect Financial (6638 HK/OCFT US): Ping An’s Preconditional Scheme Offer Is Below Net Cash

The high takeover premium could suggest a fair offer. However, the offer is below net cash. The scheme should be blocked, but it is likely to go...

Arun George

(Mostly) Asia-Pac M&A: Adriatic Metals, Carta, Mayne Pharma, PointsBet, Tourism Holdings

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

OneConnect Financial (6638 HK/OCFT US): Ping An's Fair NBIO

This should be done. But we are talking about an illiquid Hong Kong arb. and an indicative one at that. If you can get in around here - do so. I...

David Blennerhassett

OneConnect Financial (6638 HK/OCFT US): Negative EV Play Draws an Opportunistic Offer from Ping An

Despite the hefty premium, the offer is opportunistic as it values OneConnect around net cash and is at a material discount to historical trading...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

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OneConnect Financial (6638 HK/OCFT US): Ping An Firms Offer @ HK$2.068/Share

Terms are light.But no competing offer will emerge. If illiquid Hong Kong arbs are your bag, get involved, and pay up to ~HK$1.90/share. After the...

David Blennerhassett

OneConnect Financial (6638 HK/OCFT US): Ping An’s Preconditional Scheme Offer Is Below Net Cash

The high takeover premium could suggest a fair offer. However, the offer is below net cash. The scheme should be blocked, but it is likely to go...

Arun George

(Mostly) Asia-Pac M&A: Adriatic Metals, Carta, Mayne Pharma, PointsBet, Tourism Holdings

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

OneConnect Financial (6638 HK/OCFT US): Ping An's Fair NBIO

This should be done. But we are talking about an illiquid Hong Kong arb. and an indicative one at that. If you can get in around here - do so. I...

David Blennerhassett

OneConnect Financial (6638 HK/OCFT US): Negative EV Play Draws an Opportunistic Offer from Ping An

Despite the hefty premium, the offer is opportunistic as it values OneConnect around net cash and is at a material discount to historical trading...

Arun George