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 href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> is in a trading halt “<em>pending the release of an announcement pursuant to the Hong Kong Code on Takeovers and Mergers which constitutes inside information</em>.”</li>
<li>It is likely that Boyu, the largest shareholder, is seeking to privatise Jinke. The privatisation of PRC-incorporated entities is usually done through a merger by absorption.</li>
<li>I use several methods to triangulate the likely offer price, which suggests a price range of HK$10.00-16.86, with an average of HK$12.47, a 45% premium to the last close.</li>
</ul>



Jinke Smart Services (9666 HK) is in a trading halt “pending the release of an announcement pursuant to the Hong Kong Code on Takeovers and Mergers which constitutes inside information.”
It is likely that Boyu, the largest shareholder, is seeking to privatise Jinke. The privatisation of PRC-incorporated entities is usually done through a merger by absorption.
I use several methods to triangulate the likely offer price, which suggests a price range of HK$10.00-16.86, with an average of HK$12.47, a 45% premium to the last close.


Jinke Smart Services (9666 HK): Boyu to Launch a Privatisation Offer?

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into Alibaba, Tencent, Xiaomi, CCB, Ping An, and outflows from PICC P&amp;C, BYD, CNOOC.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into Alibaba, Tencent, Xiaomi, CCB, Ping An, and outflows from PICC P&amp;C, BYD, CNOOC.


Hong Kong Connect Flows (November): Top Monthly Inflows in 12 Months

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 15th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC.


Hong Kong Connect Flows (Nov 15th): Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 26th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, HKEx, Kuaishou Technology, Meituan, Tencent, China Mobile, CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 26th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, HKEx, Kuaishou Technology, Meituan, Tencent, China Mobile, CNOOC.


Hong Kong Connect Flows (Sep 26th): Alibaba, HKEx, Kuaishou Technology, Meituan, Tencent

<ul>
<li>On 25 June, <a href="https://www.smartkarma.com/entities/midea-real-estate-holding-ltd" target="_blank" data-smartkarma-citation="entities:27450:1" rel="noopener">Midea Real Estate Holding (3990 HK)</a> disclosed an in-specie distribution of its PD&amp;S business through a scrip or cash (HK$5.90 per share, 57.33% premium to undisturbed price).</li>
<li>The key condition will be approval of the distribution by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection).</li>
<li>Midea RE will remain listed with an asset-light retained business, which is estimated to be worth HK$1.93. The Group's estimated value is HK$7.83, a 17.6% upside to the last close.</li>
</ul>


On 25 June, Midea Real Estate Holding (3990 HK) disclosed an in-specie distribution of its PD&amp;S business through a scrip or cash (HK$5.90 per share, 57.33% premium to undisturbed price).
The key condition will be approval of the distribution by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection).
Midea RE will remain listed with an asset-light retained business, which is estimated to be worth HK$1.93. The Group's estimated value is HK$7.83, a 17.6% upside to the last close.


Midea Real Estate (3990 HK): An In-Specie Distribution to Unlock Value

China

Poly Property Services is a China-based company primarily engaged in providing property management services, community value-added services, and value-added services to non-property owners. Its property management services encompass security, cleaning, greening, gardening, and maintenance for property owners, residents, and developers. The company was established on June 26, 1996, and is headquartered in Guangzhou, China.

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Poly Property Services (6049 HK)

Jinke Smart Services (9666 HK): Boyu to Launch a Privatisation Offer?

I use several methods to triangulate the likely offer price, which suggests a price range of HK$10.00-16.86, with an average of HK$12.47, a 45%...

Arun George

Hong Kong Connect Flows (November): Top Monthly Inflows in 12 Months

We analyzed the Hong Kong Connect Scheme for November and highlighted flows for Alibaba, Tencent, Xiaomi, CCB, Ping An, PICC P&C, BYD, CNOOC.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Nov 15th): Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Xiaomi, SMIC, Tencent, Ping An Insurance, HKEx,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Sep 26th): Alibaba, HKEx, Kuaishou Technology, Meituan, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, HKEx, Kuaishou Technology, Meituan, Tencent,...

Ke Yan, CFA, FRM

Midea Real Estate (3990 HK): An In-Specie Distribution to Unlock Value

After the distribution of the asset-heavy business, Midea RE will remain listed as an asset-light business, estimated to be worth HK$1.93. The...

Arun George

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