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

Chery Automobile / Equity Capital Markets

<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/chery-automobile-co-ltd" target="_blank" data-smartkarma-citation="entities:39918:1" rel="noopener">Chery Automobile (9973 HK)</a>, <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a> and <a href="https://www.smartkarma.com/entities/centurion-accomodation-reit" target="_blank" data-smartkarma-citation="entities:45779:1" rel="noopener">Centurion Accomodation REIT (CAREIT SP)</a> IPOs. </li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/soft99-corp" target="_blank" data-smartkarma-citation="entities:18486:1" rel="noopener">Soft99 Corp (4464 JP)</a>, <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a>, <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>, <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>, <a href="https://www.smartkarma.com/entities/shengjing-bank-co-ltd-h" target="_blank" data-smartkarma-citation="entities:96:1" rel="noopener">Shengjing Bank Co Ltd H (2066 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: Chery Automobile (9973 HK), Zijin Gold (2259 HK) and Centurion Accomodation REIT (CAREIT SP) IPOs. 
Event-Driven developments: Soft99 Corp (4464 JP), Mandom Corp (4917 JP), ANE Cayman Inc (9956 HK), Jinke Smart Services (9666 HK), Shengjing Bank Co Ltd H (2066 HK). 


Weekly Deals Digest (21 Sep) - Chery Auto, Zijin Gold, Centurion, Soft99, Mandom, Jinke, Shengjing

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Zijin Mining Group Co Ltd H / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK)</a>'s IPO is, arguably, priced reasonably. Yet, no matter how you slice it, <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin Mining Group Co Ltd H (2899 HK)</a> has overshot the mark.</li>
<li>KKR's lock up in <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> expires in less than three weeks. It's not ideal stepping in front of fast-moving trains, so challenging to recommend a full-throated short.</li>
<li>Abu Dhabis' ADNOC walks away from <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>. That was, realistically, the most likely outcome.</li>
</ul>



Zijin Gold (2259 HK)'s IPO is, arguably, priced reasonably. Yet, no matter how you slice it, Zijin Mining Group Co Ltd H (2899 HK) has overshot the mark.
KKR's lock up in Kokusai Electric (6525 JP) expires in less than three weeks. It's not ideal stepping in front of fast-moving trains, so challenging to recommend a full-throated short.
Abu Dhabis' ADNOC walks away from Santos Ltd (STO AU). That was, realistically, the most likely outcome.


Last Week In Event SPACE: Zijin Mining/Gold, Kokusai Electric, Santos, Krungthai Card

<ul>
<li>I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>No new deals were discussed on Smartkarma this week. Although <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a> and <a href="https://www.smartkarma.com/entities/emeco-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8126:1" rel="noopener">Emeco Holdings (EHL AU)</a> appear to be in the crosshairs. </li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/smartpay-holdings-limited" target="_blank" data-smartkarma-citation="entities:45153:1" rel="noopener">SmartPay Holdings (SMP AU)</a>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <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>, <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/soft99-corp" target="_blank" data-smartkarma-citation="entities:18486:1" rel="noopener">Soft99 (4464 JP)</a>, and <a href="https://www.smartkarma.com/entities/ci-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:26170:1" rel="noopener">Ci Medical (3540 JP)</a>.</li>
</ul>


I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
No new deals were discussed on Smartkarma this week. Although ANE Cayman Inc (9956 HK) and Emeco Holdings (EHL AU) appear to be in the crosshairs. 
Key updates/news took place on SmartPay Holdings (SMP AU), Humm Group (HUM AU), Jinke Smart Services (9666 HK), Shibaura Electronics (6957 JP), Soft99 (4464 JP), and Ci Medical (3540 JP).


(Mostly) Asia-Pac M&A: Shibaura, ANE, Emeco, SmartPay, Humm, Jinke Smart Service, Soft99, Ci Medical

<ul>
<li>The <a href="https://www.smartkarma.com/entities/smartpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20456:1" rel="noopener">Smartpay Holdings (SPY NZ)</a> IE considers <a href="https://www.smartkarma.com/entities/shift4-payments-inc" target="_blank" data-smartkarma-citation="entities:28965:1" rel="noopener">Shift4 Payments (FOUR US)</a>’s NZ$1.20 offer fair and reasonable as it is within the NZ$1.07 to A$1.43 valuation range. </li>
<li>Microequities has provided an irrevocable, and the other substantial shareholders should be supportive, as the offer is attractive and no competing proposal has emerged.</li>
<li>The scheme vote is low risk. At the last close and for the 4 November payment, the gross/annualised spread was 3.4%/31.0%.  </li>
</ul>


The Smartpay Holdings (SPY NZ) IE considers Shift4 Payments (FOUR US)’s NZ$1.20 offer fair and reasonable as it is within the NZ$1.07 to A$1.43 valuation range. 
Microequities has provided an irrevocable, and the other substantial shareholders should be supportive, as the offer is attractive and no competing proposal has emerged.
The scheme vote is low risk. At the last close and for the 4 November payment, the gross/annualised spread was 3.4%/31.0%.  


Smartpay (SPY NZ/SMP AU): Scheme Vote on 14 October

<ul>
<li>Back on the 23rd June, eftpos terminal provider <a href="https://www.smartkarma.com/entities/smartpay-holdings-limited" target="_blank" data-smartkarma-citation="entities:45153:1" rel="noopener">SmartPay Holdings (SMP AU/NZ)</a> entered into a Scheme Implementation Deed with<a href="https://www.smartkarma.com/entities/shift4-payments-inc" target="_blank" data-smartkarma-citation="entities:28965:1" rel="noopener">Shift4 Payments (FOUR US)</a>.</li>
<li>Shift4 is offering NZ$1.20, a 90.5% premium to undisturbed. The Offer has the unanimous backing of both boards. Microequities with 13.3% of shares out, is supportive.</li>
<li>
The Scheme Booklet is now out, with a Scheme Meeting on the 14th October, and expected implementation on or before the 4th November. The IE (Calibre) says "fair &amp; reasonable".</li>
</ul>


Back on the 23rd June, eftpos terminal provider SmartPay Holdings (SMP AU/NZ) entered into a Scheme Implementation Deed withShift4 Payments (FOUR US).
Shift4 is offering NZ$1.20, a 90.5% premium to undisturbed. The Offer has the unanimous backing of both boards. Microequities with 13.3% of shares out, is supportive.

The Scheme Booklet is now out, with a Scheme Meeting on the 14th October, and expected implementation on or before the 4th November. The IE (Calibre) says "fair &amp; reasonable".


SmartPay (SPY NZ/SMP AU): 14th October Vote On Shift4's Offer

New Zealand

SmartPay Holdings Limited is a developer and distributor of electronic prepay solutions. The Company's solutions including network distribution for mobile phones, international calling cards, Internet services, gift cards and a range of other products.

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Smartpay Holdings (SPY NZ)

Weekly Deals Digest (21 Sep) - Chery Auto, Zijin Gold, Centurion, Soft99, Mandom, Jinke, Shengjing

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, NZ, Singapore, Japan, Indonesia,...

Arun George

Last Week In Event SPACE: Zijin Mining/Gold, Kokusai Electric, Santos, Krungthai Card

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

(Mostly) Asia-Pac M&A: Shibaura, ANE, Emeco, SmartPay, Humm, Jinke Smart Service, Soft99, Ci Medical

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

Smartpay (SPY NZ/SMP AU): Scheme Vote on 14 October

The scheme vote is low risk. At the last close and for the 4 November payment, the gross/annualised spread was 3.4%/31.0%.

Arun George

SmartPay (SPY NZ/SMP AU): 14th October Vote On Shift4's Offer

Trading at a 3.4%/30.1% gross/annual. spread, ostensibly reflecting various large shareholders on the register who could push back on terms. If...

David Blennerhassett

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