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/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a> seeks to raise up to US$837 million, and <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> seeks to raise US$300 million.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</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/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>, <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</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: LG CNS (LGCNSZ KS) seeks to raise up to US$837 million, and Guming Holdings (GUM HK) seeks to raise US$300 million.
Event-Driven developments: Seven &amp; I Holdings (3382 JP), Shinko Electric Industries (6967 JP), Fuji Soft Inc (9749 JP), Japfa Ltd (JAP SP), Get Nice Financial Group Ltd (1469 HK). 



Weekly Deals Digest (26 Jan) - Seven & I, Shinko, Canvest, GAPack, Get Nice, Japfa, LG CNS, Guming

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Daiichi Sankyo received FDA approval for Datroway for the treatment of unresectable or metastatic hormone receptor (HR) positive, HER2 negative breast cancer who have received prior endocrine-based therapy and chemotherapy.</li>
<li>Sumitomo Pharma partnered with J&amp;J for co-promotion of the long-acting antipsychotic medication XEPLION. Shanghai Fosun Pharma’s proposed buyout of Shanghai Henlius Biotech for HK$5.4B (~$693M) failed to pass shareholders’ vote.</li>
<li>SK Bioscience signed a co-promotion and distribution agreement with Sanofi for RSV and hepatitis A vaccines. Hugel received approval for its botulinum toxin for five indications from the UAE.</li>
</ul>


Daiichi Sankyo received FDA approval for Datroway for the treatment of unresectable or metastatic hormone receptor (HR) positive, HER2 negative breast cancer who have received prior endocrine-based therapy and chemotherapy.
Sumitomo Pharma partnered with J&amp;J for co-promotion of the long-acting antipsychotic medication XEPLION. Shanghai Fosun Pharma’s proposed buyout of Shanghai Henlius Biotech for HK$5.4B (~$693M) failed to pass shareholders’ vote.
SK Bioscience signed a co-promotion and distribution agreement with Sanofi for RSV and hepatitis A vaccines. Hugel received approval for its botulinum toxin for five indications from the UAE.


APAC Healthcare Weekly (Jan 26)- Daiichi Sankyo, Sumitomo Pharma, Fosun Pharma, SK Bioscience, Hugel

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. </li>
<li>One new deal was discussed this week: <a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57:1" rel="noopener">City Developments (CIT SP)</a>'s Offer for <a href="https://www.smartkarma.com/entities/millennium-copthorne-hotels-nz-ltd" target="_blank" data-smartkarma-citation="entities:5040:1" rel="noopener">Millennium &amp; Copthorne Hotels Nz (MCK NZ)</a>.</li>
<li>Key updates/news took place on: <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/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">AVJennings (AVJ AU)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest (1381 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, and <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine (6135 JP)</a>. </li>
</ul>


I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. 
One new deal was discussed this week: City Developments (CIT SP)'s Offer for Millennium &amp; Copthorne Hotels Nz (MCK NZ).
Key updates/news took place on: Insignia Financial (IFL AU), AVJennings (AVJ AU), Shanghai Henlius Biotech (2696 HK), Canvest (1381 HK), Greatview Aseptic Packaging (468 HK), and Makino Milling Machine (6135 JP). 


(Mostly) Asia-Pac M&A:Millennium & Copthorne, Insignia, AVJennings, Henlius, Canvest, Makino Milling

Malaysia Airports Holdings / Event-Driven

<ul>
<li>On the 17th January, <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>'s Offer was <a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=239237&amp;name=EA_DS_ATTACHMENTS" target="_blank" rel="noopener">extended</a> to the 24th January. Shares held by the Consortium plus tendering was then 86.18%. This looked done.</li>
<li>The closing date of the Offer could have been pushed out to 4th Feb. However the consortium has now opted to<a href="https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=239254&amp;name=EA_DS_ATTACHMENTS" target="_blank" rel="noopener"> lower the acceptance threshold</a> to 85% from 90%. </li>
<li>Because of the revision, shareholders can withdraw shares tendered before the 28th January. But why would they? This is now very much done. And trading accordingly. </li>
</ul>


On the 17th January, Malaysia Airports Holdings (MAHB MK)'s Offer was extended to the 24th January. Shares held by the Consortium plus tendering was then 86.18%. This looked done.
The closing date of the Offer could have been pushed out to 4th Feb. However the consortium has now opted to lower the acceptance threshold to 85% from 90%. 
Because of the revision, shareholders can withdraw shares tendered before the 28th January. But why would they? This is now very much done. And trading accordingly. 


Malaysia Airports (MAHB MK): Lower Acceptance Condition Assures Completion

<ul>
<li>On the 17th Jan, CC Capital lifted is indicative Offer for <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> to A$4.60/share from A$4.30/share, a ~50% premium to undisturbed. Limited, non-exclusive due diligence was subsequently provided.</li>
<li>As discussed in <a href="https://www.smartkarma.com/compose/insight/173397/Insignia%20Financial%20(IFL%20AU):%20Bumpity%20Bumpity.%20Expect%20Bain%20To%20Match%20-%20Or%20Exceed%20-%20CC%20Capital's%20Terms.%20Read%20more:%20https:/skr.ma/RiVBa" target="_blank" rel="noopener">Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Term</a>, I expected Bain to match CC Capital's terms.</li>
<li>Today Bain did just that, tabling a NBIO at A$4.60/share. Bain was also provided with limited, non-exclusive due diligence.</li>
</ul>


On the 17th Jan, CC Capital lifted is indicative Offer for Insignia Financial (IFL AU) to A$4.60/share from A$4.30/share, a ~50% premium to undisturbed. Limited, non-exclusive due diligence was subsequently provided.
As discussed in Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Term, I expected Bain to match CC Capital's terms.
Today Bain did just that, tabling a NBIO at A$4.60/share. Bain was also provided with limited, non-exclusive due diligence.


Insignia Financial (IFL AU): Bain Matches CC Capital's Terms. And Also Afforded DD

China

Shanghai Henlius Biotech, Inc develops and produces drugs. The Company develops and produces monoclonal antibody biosimilar drugs, bio betters, novel monoclonal antibodys, and other drugs. Shanghai Henlius Biotech throughout China.

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Shanghai Henlius Biotech (2696 HK)

Weekly Deals Digest (26 Jan) - Seven & I, Shinko, Canvest, GAPack, Get Nice, Japfa, LG CNS, Guming

Last week, notable developments occurred in Event-Driven (Canvest, Henlius, GAPack, Get Nice, Seven & I, Shinko Electric, Fuji Soft, Japfa,...

Arun George

APAC Healthcare Weekly (Jan 26)- Daiichi Sankyo, Sumitomo Pharma, Fosun Pharma, SK Bioscience, Hugel

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

(Mostly) Asia-Pac M&A:Millennium & Copthorne, Insignia, AVJennings, Henlius, Canvest, Makino Milling

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

Malaysia Airports (MAHB MK): Lower Acceptance Condition Assures Completion

This is done. Assuming the offer turns unconditional on (or around) the 28th January, payment is expected within 10 days or around the 7th...

David Blennerhassett

Insignia Financial (IFL AU): Bain Matches CC Capital's Terms. And Also Afforded DD

Both Offers remain non-binding. IFL has now engaged. (I'd think) Tanarra is supportive here. I still would not be paying through terms. Currently...

David Blennerhassett

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