Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth Group Limited (751 HK)</a> has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0120/2026012000750.pdf" target="_blank" rel="noopener">announced</a> an inter-conditional Scheme and concurrent listing of 70%-held Skyworth Photovoltaic on the HKEx by way of introduction. </li>
<li>Independent shareholders are offered HK$4.03/share under the Scheme, or new scrip. All shareholders will be in-specied Skyworth Photovoltaic shares with a theoretical value of HK$6.13/share. Or HK$10.16/share all-in.</li>
<li>Delisting the loss-making old school ops (TVs, set top boxes), and listing the now dominant photovoltaic ops, makes sense. Now it's just a question of timing. </li>
</ul>



Skyworth Group Limited (751 HK) has announced an inter-conditional Scheme and concurrent listing of 70%-held Skyworth Photovoltaic on the HKEx by way of introduction. 
Independent shareholders are offered HK$4.03/share under the Scheme, or new scrip. All shareholders will be in-specied Skyworth Photovoltaic shares with a theoretical value of HK$6.13/share. Or HK$10.16/share all-in.
Delisting the loss-making old school ops (TVs, set top boxes), and listing the now dominant photovoltaic ops, makes sense. Now it's just a question of timing. 


Skyworth (751 HK): Delisting/Spin-Off Terms Are Fair. Get Involved Here

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/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth Group Limited (751 HK)</a> disclosed a preconditional privatisation through a share buyback scheme along with a proposed distribution and listing of Skyworth Photovoltaic shares.</li>
<li>The offer comprises HK$4.03 + 0.3699779 Skyworth Photovoltaic shares per Skyworth share, for an estimated total value of HK$10.16, representing a 96.1% premium to the last close price. </li>
<li>While the offer is attractive, the appraised value of Skyworth Photovoltaic is optimistic - my estimated total value is HK$8.43. Timing is the key risk.</li>
</ul>



Skyworth Group Limited (751 HK) disclosed a preconditional privatisation through a share buyback scheme along with a proposed distribution and listing of Skyworth Photovoltaic shares.
The offer comprises HK$4.03 + 0.3699779 Skyworth Photovoltaic shares per Skyworth share, for an estimated total value of HK$10.16, representing a 96.1% premium to the last close price. 
While the offer is attractive, the appraised value of Skyworth Photovoltaic is optimistic - my estimated total value is HK$8.43. Timing is the key risk.


Skyworth (751 HK): A Long-Dated but Attractive Distribution and Share Buyback Scheme Proposal

Cleanaway Waste Management / Event-Driven

<ul>
<li>I tally 40 - 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>Two new deals weres discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/haitong-unitrust-international-financial-leasing-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:28044:1" rel="noopener">Haitong Unitrust International Financial Leasing (1905 HK)</a> and <a href="https://www.smartkarma.com/entities/xin-yuan-enterprises-group-ltd" target="_blank" data-smartkarma-citation="entities:40062:1" rel="noopener">Xin Yuan Enterprises (1748 HK)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a>, <a href="https://www.smartkarma.com/entities/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals Ltd (VAU AU)</a>, <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a>, <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</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>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deals weres discussed on Smartkarma this week: Haitong Unitrust International Financial Leasing (1905 HK) and Xin Yuan Enterprises (1748 HK).
Key updates/news also took place on: Ingenia Communities (INA AU), Vault Minerals Ltd (VAU AU), Cleanaway Waste Management (CWY AU), Changhong Jiahua (3991 HK), and Baudroie (4413 JP).


Asia-Pac Weekly Wrap: Haitong Unitrust, Xin Yuan Enterprise, Ingenia, Vault, Cleanaway, Baudroie

Haitong Unitrust International Financial Leasing / Event-Driven

Haitong Unitrust International Financial Leasing (1905 HK)

Haitong Unitrust International Financial Leasing

<ul>
<li>PRC-Focused financial leasing play <a href="https://www.smartkarma.com/entities/haitong-unitrust-international-financial-leasing-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:28044:1" rel="noopener">Haitong Unitrust International Financial Leasing (1905 HK)</a>  (HUIFL) is suspended pursuant to Hong Kong Code on Takeovers and Mergers. </li>
<li>Expect a privatisation Offer from <a href="https://www.smartkarma.com/entities/guotai-haitong-securities-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:23752:1" rel="noopener">Guotai Haitong Securities (2611 HK)</a>, currently holding an 85% stake. Guotai Haitong is presently in the midst of taking <a href="https://www.smartkarma.com/entities/guotai-junan-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:13438:1" rel="noopener">Guotai Junan International (1788 HK)</a> private.</li>
<li>As HUIFL is PRC-incorporated, this Offer may be structured as a Merger by Absorption, involving a Scheme-like vote for independent H-shareholders. There may, or may not be, a tendering condition.</li>
</ul>


PRC-Focused financial leasing play Haitong Unitrust International Financial Leasing (1905 HK)  (HUIFL) is suspended pursuant to Hong Kong Code on Takeovers and Mergers. 
Expect a privatisation Offer from Guotai Haitong Securities (2611 HK), currently holding an 85% stake. Guotai Haitong is presently in the midst of taking Guotai Junan International (1788 HK) private.
As HUIFL is PRC-incorporated, this Offer may be structured as a Merger by Absorption, involving a Scheme-like vote for independent H-shareholders. There may, or may not be, a tendering condition.


Haitong Unitrust (1905 HK) Halted: Guotai Haitong Takeover Expected

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong market pullbacks with global markets due to war and oil price uncertainty.  HSI fell below 200 DMA but holds well above long-term support.</li>
<li>Value and dividend yield factors are outperforming in 2026.  The energy sector has overtaken the materials sector as the top performer year-to-date, with a 24% return.</li>
<li>
<a href="https://www.smartkarma.com/entities/techtronic-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:4561:1" rel="noopener">Techtronic Industries (669 HK)</a> is rated BUY by UBS and OVERWEIGHT by JP Morgan.   It is pursuing Asia and Latin America, aiming to be the dominant brand in these regions.
</li>
</ul>


Hong Kong market pullbacks with global markets due to war and oil price uncertainty.  HSI fell below 200 DMA but holds well above long-term support.
Value and dividend yield factors are outperforming in 2026.  The energy sector has overtaken the materials sector as the top performer year-to-date, with a 24% return.

Techtronic Industries (669 HK) is rated BUY by UBS and OVERWEIGHT by JP Morgan.   It is pursuing Asia and Latin America, aiming to be the dominant brand in these regions.



BUY/SELL/HOLD: Hong Kong Market Update (March 10)

Hong Kong

Skyworth Group Limited is a Chinese holding company that designs, manufactures, and sells smart household appliances, including televisions, white goods, and audio-visual products. The company also operates in smart systems technology, new energy (photovoltaics), and modern services. It was founded in 1988 and is headquartered in Shenzhen, China.

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Skyworth (751 HK)

Skyworth (751 HK): Delisting/Spin-Off Terms Are Fair. Get Involved Here

IF this can wrapped up in seven months, and IF Skyworth Photovoltaic trades at ~9x trailing EV/EBITDA or HK$8.10/share all-in, this is trading at a...

David Blennerhassett

Asia-Pac Weekly Wrap: Haitong Unitrust, Xin Yuan Enterprise, Ingenia, Vault, Cleanaway, Baudroie

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

Haitong Unitrust (1905 HK) Halted: Guotai Haitong Takeover Expected

Haitong Unitrust is suspended. Expect a privatisation Offer from Guotai Haitong (2611 HK), currently holding an 85% stake. Given recent price...

David Blennerhassett

BUY/SELL/HOLD: Hong Kong Market Update (March 10)

Hong Kong market pullbacks with global markets due to war and oil price uncertainty. HSI fell below 200 DMA but holds well above long-term support.

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Skyworth (751 HK): Delisting/Spin-Off Terms Are Fair. Get Involved Here

IF this can wrapped up in seven months, and IF Skyworth Photovoltaic trades at ~9x trailing EV/EBITDA or HK$8.10/share all-in, this is trading at a...

David Blennerhassett

Skyworth (751 HK): A Long-Dated but Attractive Distribution and Share Buyback Scheme Proposal

While the offer is attractive, the appraised value of Skyworth Photovoltaic is optimistic - my estimated total value is HK$8.43 vs the IFA's...

Arun George

Asia-Pac Weekly Wrap: Haitong Unitrust, Xin Yuan Enterprise, Ingenia, Vault, Cleanaway, Baudroie

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

Haitong Unitrust (1905 HK) Halted: Guotai Haitong Takeover Expected

Haitong Unitrust is suspended. Expect a privatisation Offer from Guotai Haitong (2611 HK), currently holding an 85% stake. Given recent price...

David Blennerhassett

BUY/SELL/HOLD: Hong Kong Market Update (March 10)

Hong Kong market pullbacks with global markets due to war and oil price uncertainty. HSI fell below 200 DMA but holds well above long-term support.

David Mudd