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>On 17 December, <a href="https://www.smartkarma.com/entities/goldlion-holdings-ltd" target="_blank" data-smartkarma-citation="entities:12359:1" rel="noopener">Goldlion Holdings (533 HK)</a> announced a scheme offer from Mr Tsang (Chairman/CEO) at HK$1.5232 per share, a 71.1% premium to the undisturbed price of HK$0.89 (20 November). </li>
<li>The key condition is the scheme approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). The shareholder with a blocking stake is a seller. </li>
<li>The offer is reasonable compared to peer multiples and historical trading ranges. At the last close and for a late April payment, the gross/annualised spread is 7.3%/22.7%.</li>
</ul>


On 17 December, Goldlion Holdings (533 HK) announced a scheme offer from Mr Tsang (Chairman/CEO) at HK$1.5232 per share, a 71.1% premium to the undisturbed price of HK$0.89 (20 November). 
The key condition is the scheme approved by at least 75% disinterested shareholders (&lt;10% disinterested shareholders rejection). The shareholder with a blocking stake is a seller. 
The offer is reasonable compared to peer multiples and historical trading ranges. At the last close and for a late April payment, the gross/annualised spread is 7.3%/22.7%.


Goldlion Holdings (533 HK): Chairman’s Scheme Privatisation Is a Done Deal

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Pou Sheng International / Equity Bottom-Up

<ul><li>Pou Sheng, the second-largest sporting goods retailer in China, is facing challenges like declining sales</li><li>The company is trading at an undervalued price with a negative EV but remains profitable</li><li>Despite concerns about China's geopolitical situation and low cash returns, Pou Sheng offers a high dividend yield and has a strong balance sheet with significant net tangible asset value, indicating potential for upside if sales performance improves.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Pou Sheng, the second-largest sporting goods retailer in China, is facing challenges like declining salesThe company is trading at an undervalued price with a negative EV but remains profitableDespite concerns about China's geopolitical situation and low cash returns, Pou Sheng offers a high dividend yield and has a strong balance sheet with significant net tangible asset value, indicating potential for upside if sales performance improves.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Pou Sheng (3813) - Wednesday, Sep 11, 2024

Global TMT Analyst, Ex-PM, 30 years experience

Neil Campling

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/topsports-international-holdings" target="_blank" data-smartkarma-citation="entities:28153" rel="noopener">Topsports International Holdings (6110 HK)</a> miss suggests inventory fire sale ahead. Negative for demand in China, <a href="https://www.smartkarma.com/entities/nike-inc-cl-b" target="_blank" data-smartkarma-citation="entities:6658:1" rel="noopener">Nike (NKE US)</a>, <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> and the whole sector</li>
<li>Chinese consumers aren't buying <a href="https://www.smartkarma.com/entities/bayerische-motoren-werke-ag-bmw-72824b26-c157-46b2-bafe-650cb75a091f" target="_blank" data-smartkarma-citation="entities:21591:1" rel="noopener">Bayerische Motoren Werke (BMW) (BMW GR)</a> or going to the Movies</li>
<li>But Americans are still walking in Westerns Boots <a href="https://www.smartkarma.com/entities/boot-barn-holdings-inc" target="_blank" data-smartkarma-citation="entities:11647:1" rel="noopener">Boot Barn Holdings (BOOT US)</a> </li>
</ul>



Topsports International Holdings (6110 HK) miss suggests inventory fire sale ahead. Negative for demand in China, Nike (NKE US), Anta Sports Products (2020 HK) and the whole sector
Chinese consumers aren't buying Bayerische Motoren Werke (BMW) (BMW GR) or going to the Movies
But Americans are still walking in Westerns Boots Boot Barn Holdings (BOOT US) 


Global Consumer (Midweek Update): Consumer Woes Persist, Especially in China.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Hua Hong Semiconductor / Equity Bottom-Up

<ul>
<li>After hitting a low point in Q4 2023, Research on Hong Kong companies has been slow to pick up reflecting the ongoing skepticism from investors. </li>
<li>Reports on the large China tech companies dominated the top ten companies covered over the last couple of years and in the first half of 2024.</li>
<li>As China continues to dominate and make news in the global EV market, research in that sector has picked up.</li>
</ul>


After hitting a low point in Q4 2023, Research on Hong Kong companies has been slow to pick up reflecting the ongoing skepticism from investors. 
Reports on the large China tech companies dominated the top ten companies covered over the last couple of years and in the first half of 2024.
As China continues to dominate and make news in the global EV market, research in that sector has picked up.


BUY/SELL/HOLD: China/Hong Kong Stock Updates (July 8th)

Equity Capital Markets

Belle Fashion Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belle-fashion-group" target="_blank" data-smartkarma-citation="entities:40959:1" rel="noopener">Belle Fashion Group (2007708D HK)</a>, the largest fashion footwear company in China, is seeking to raise up to US$1 billion in a HKEx IPO. </li>
<li>Belle Fashion originated from <a href="https://www.smartkarma.com/entities/belle-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:17174:1" rel="noopener">Belle International Holdings (2129452D HK)</a>, which was privatised in 2017. In October 2019, Belle International spun off its sportswear business as <a href="https://www.smartkarma.com/entities/topsports-international-holdings" target="_blank" data-smartkarma-citation="entities:28153:1" rel="noopener">Topsports International Holdings (6110 HK)</a>.</li>
<li>The investment case rests on a market-leading position, return to growth, margin improvement, cash generation and modest leverage. </li>
</ul>



Belle Fashion Group (2007708D HK), the largest fashion footwear company in China, is seeking to raise up to US$1 billion in a HKEx IPO. 
Belle Fashion originated from Belle International Holdings (2129452D HK), which was privatised in 2017. In October 2019, Belle International spun off its sportswear business as Topsports International Holdings (6110 HK).
The investment case rests on a market-leading position, return to growth, margin improvement, cash generation and modest leverage. 


Hong Kong

Pou Sheng International (Holdings) Limited retails and wholesales sportswear, including sports footwear, apparel and accessories.

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Pou Sheng International (3813 HK)

Goldlion Holdings (533 HK): Chairman’s Scheme Privatisation Is a Done Deal

The offer is reasonable compared to peer multiples and historical trading ranges. At the last close and for a late April payment, the gross...

Arun George

Pou Sheng (3813) - Wednesday, Sep 11, 2024

Pou Sheng, the second-largest sporting goods retailer in China, is facing challenges like declining sales. The company is trading at an undervalued...

Value Investors Club (VIC)

Global Consumer (Midweek Update): Consumer Woes Persist, Especially in China.

Topsports miss signals inventory fire sale in China, impacting Nike, Anta Sports Products, and the sector as a whole. Chinese consumers shun...

Neil Campling

BUY/SELL/HOLD: China/Hong Kong Stock Updates (July 8th)

Tech NEV companies continue to dominate the research landscape for Hong Kong coverage. Bosideng, China Water Affairs, Topsports, BYD and Xiaomi...

David Mudd

Belle Fashion IPO: The Investment Case

The investment case rests on a market-leading position, return to growth, margin improvement, cash generation and modest leverage.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Goldlion Holdings (533 HK): Chairman’s Scheme Privatisation Is a Done Deal

The offer is reasonable compared to peer multiples and historical trading ranges. At the last close and for a late April payment, the gross...

Arun George

Pou Sheng (3813) - Wednesday, Sep 11, 2024

Pou Sheng, the second-largest sporting goods retailer in China, is facing challenges like declining sales. The company is trading at an undervalued...

Value Investors Club (VIC)

Global Consumer (Midweek Update): Consumer Woes Persist, Especially in China.

​Topsports miss signals inventory fire sale in China, impacting Nike, Anta Sports Products, and the sector as a whole. Chinese consumers shun...

Neil Campling

BUY/SELL/HOLD: China/Hong Kong Stock Updates (July 8th)

Tech NEV companies continue to dominate the research landscape for Hong Kong coverage. Bosideng, China Water Affairs, Topsports, BYD and Xiaomi...

David Mudd

Belle Fashion IPO: The Investment Case

The investment case rests on a market-leading position, return to growth, margin improvement, cash generation and modest leverage.

Arun George

Topsports miss signals inventory fire sale in China, impacting Nike, Anta Sports Products, and the sector as a whole. Chinese consumers shun...