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.

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>A weekly summary of key developments in ECM and Event-Driven names that I track in 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/shein-global-holdings" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (SHEIN HK)</a> and <a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt) (GCASH PM)</a> IPOs; <a href="https://www.smartkarma.com/entities/lintec-corp" target="_blank" data-smartkarma-citation="entities:5564:1" rel="noopener">Lintec Corp (7966 JP)</a> secondary offering.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/baudroie-inc" target="_blank" data-smartkarma-citation="entities:44459:1" rel="noopener">Baudroie (4413 JP)</a>, <a href="https://www.smartkarma.com/entities/ausgold-ltd" target="_blank" data-smartkarma-citation="entities:19133:1" rel="noopener">Ausgold Ltd (AUC AU)</a>, <a href="https://www.smartkarma.com/entities/carnaby-resources-ltd" target="_blank" data-smartkarma-citation="entities:4197:1" rel="noopener">Carnaby Resources (CNB AU)</a>, <a href="https://www.smartkarma.com/entities/eqt-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7541:1" rel="noopener">EQT Holdings (EQT AU)</a>, <a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, <a href="https://www.smartkarma.com/entities/reliance-worldwide-corp-ltd" target="_blank" data-smartkarma-citation="entities:22690:1" rel="noopener">Reliance Worldwide Corp (RWC AU)</a>. 
</li>
</ul>


A weekly summary of key developments in ECM and Event-Driven names that I track in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India, and Chinese ADRs.
ECM developments: SHEIN Global Holdings (SHEIN HK) and GCash (Mynt) (GCASH PM) IPOs; Lintec Corp (7966 JP) secondary offering.
Event-Driven developments: Baudroie (4413 JP), Ausgold Ltd (AUC AU), Carnaby Resources (CNB AU), EQT Holdings (EQT AU), European Lithium (EUR AU), Steadfast (SDF AU), Reliance Worldwide Corp (RWC AU). 



Weekly Deals Digest (23 Aug) - Shein, Baudroie, Lintec, Ausgold, Carnaby, EQT, Steadfast, Reliance

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 39 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Five new deals were was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/reliance-worldwide-corp-ltd" target="_blank" data-smartkarma-citation="entities:22690:1" rel="noopener">Reliance Worldwide Corp (RWC AU)</a>, <a href="https://www.smartkarma.com/entities/ausgold-ltd" target="_blank" data-smartkarma-citation="entities:19133:1" rel="noopener">Ausgold Ltd (AUC AU)</a>, <a href="https://www.smartkarma.com/entities/eqt-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7541:1" rel="noopener">EQT Holdings (EQT AU)</a>, <a href="https://www.smartkarma.com/entities/refine-co-ltd" target="_blank" data-smartkarma-citation="entities:34857:1" rel="noopener">Refine (377450 KS)</a>, and <a href="https://www.smartkarma.com/entities/baudroie-inc" target="_blank" data-smartkarma-citation="entities:44459:1" rel="noopener">Baudroie (4413 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, <a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a>, <a href="https://www.smartkarma.com/entities/public-financial-holdings-limited" target="_blank" data-smartkarma-citation="entities:9760:1" rel="noopener">Public Financial (626 HK)</a>, and <a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>.</li>
</ul>


I tally 39 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Five new deals were was discussed on Smartkarma this week: Reliance Worldwide Corp (RWC AU), Ausgold Ltd (AUC AU), EQT Holdings (EQT AU), Refine (377450 KS), and Baudroie (4413 JP).
Key updates/news also took place on: Kakaku.com Inc (2371 JP), Steadfast (SDF AU), FleetPartners Group (FPR AU), Public Financial (626 HK), and European Lithium (EUR AU).


Asia-Pac Weekly Wrap: Kakaku.com, Reliance Worldwide, Ausgold, EQT, Baudroie, Refine, Steadfast

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison (1 HK)</a> initiates a second arbitration against the Republic of Panama after Panama's highest court annulled CKH's port contracts earlier this year. </li>
<li>After falling post-1H26 results,  <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-limited" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom (762 HK)</a> is inexpensive to its parent <a href="https://www.smartkarma.com/entities/china-united-network-a" target="_blank" data-smartkarma-citation="entities:12620:1" rel="noopener">China United Network A (600050 CH)</a> - its hybrid domestic A-share twin </li>
<li>The "upside-down world" continues as Trump embraces North Korea, and amps up hostility towards it southern neighbour, possibly disrupting Hanwha's acquisition of <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a>'s US ops. </li>
</ul>



CK Hutchison (1 HK) initiates a second arbitration against the Republic of Panama after Panama's highest court annulled CKH's port contracts earlier this year. 
After falling post-1H26 results,  China Unicom (762 HK) is inexpensive to its parent China United Network A (600050 CH) - its hybrid domestic A-share twin 
The "upside-down world" continues as Trump embraces North Korea, and amps up hostility towards it southern neighbour, possibly disrupting Hanwha's acquisition of Austal Ltd (ASB AU)'s US ops. 


Last Week In Event SPACE: CK Hutch, China Unicom, Austal, Steadfast

<ul>
<li>
<a href="https://www.smartkarma.com/entities/public-financial-holdings-limited" target="_blank" data-smartkarma-citation="entities:9760:1" rel="noopener">Public Financial (626 HK)</a> has entered a trading halt “pending the issuance of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” </li>
<li>It is likely that the controlling shareholder (<a href="https://www.smartkarma.com/entities/public-bank-berhad" target="_blank" data-smartkarma-citation="entities:583:1" rel="noopener">Public Bank (PBK MK)</a>), representing 73.23% of the outstanding shares, is seeking to launch a privatisation through a Bermuda scheme. </li>
<li>While no disinterested shareholder holds a blocking stake, the headcount test necessitates a reasonable offer. I estimate a potential offer range of HK$2.20-2.80 (41.9%-80.6% premium to last close).</li>
</ul>



Public Financial (626 HK) has entered a trading halt “pending the issuance of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” 
It is likely that the controlling shareholder (Public Bank (PBK MK)), representing 73.23% of the outstanding shares, is seeking to launch a privatisation through a Bermuda scheme. 
While no disinterested shareholder holds a blocking stake, the headcount test necessitates a reasonable offer. I estimate a potential offer range of HK$2.20-2.80 (41.9%-80.6% premium to last close).


Public Financial Holdings (626 HK): Privatisation Offer from Public Bank?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/public-financial-holdings-limited" target="_blank" data-smartkarma-citation="entities:9760:1" rel="noopener">Public Financial (626 HK)</a> is suspended pursuant to Hong Kong Code on Takeovers and Mergers. Expect a Scheme Offer from <a href="https://www.smartkarma.com/entities/public-bank-berhad" target="_blank" data-smartkarma-citation="entities:583:1" rel="noopener">Public Bank (PBK MK)</a>, holding 73.23%.</li>
<li>Public Bank could offer, say $2.50/share, a 60% premium, which still backs out a low trailing P/B of 0.35x. It may well go higher to factor in the headcount test.</li>
<li>Public Financial is super-illiquid. Look away now if this is not your thing.</li>
</ul>



Public Financial (626 HK) is suspended pursuant to Hong Kong Code on Takeovers and Mergers. Expect a Scheme Offer from Public Bank (PBK MK), holding 73.23%.
Public Bank could offer, say $2.50/share, a 60% premium, which still backs out a low trailing P/B of 0.35x. It may well go higher to factor in the headcount test.
Public Financial is super-illiquid. Look away now if this is not your thing.


Public Financial (626 HK) Halted: Public Bank (PBK MK) Takeover Expected

Malaysia

Public Bank Berhad provides a range of banking and financial services which include leasing and factoring, stock and futures broking, financing for the purchase of licensed public vehicles, and other financial services. The Group's overseas operations include branches in Hong Kong, Sri Lanka, Laos, Cambodia, and Vietnam.

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Public Bank (PBK MK)

Weekly Deals Digest (23 Aug) - Shein, Baudroie, Lintec, Ausgold, Carnaby, EQT, Steadfast, Reliance

A weekly summary of key developments in ECM and Event-Driven names that I track in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia,...

Arun George

Asia-Pac Weekly Wrap: Kakaku.com, Reliance Worldwide, Ausgold, EQT, Baudroie, Refine, Steadfast

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

Last Week In Event SPACE: CK Hutch, China Unicom, Austal, Steadfast

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

Public Financial Holdings (626 HK): Privatisation Offer from Public Bank?

It is likely that Public Bank is seeking to launch a scheme offer. I estimate a potential offer range of HK$2.20-2.80 (41.9%-80.6% premium to last...

Arun George

Public Financial (626 HK) Halted: Public Bank (PBK MK) Takeover Expected

Public Bank could offer, say $2.50/share, a 60% premium, which still backs out a trailing P/B of 0.35x. They may well go higher to factor in the...

David Blennerhassett

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