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 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>’s revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.</li>
<li>The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).</li>
<li>Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic. </li>
</ul>



Jinke Smart Services (9666 HK)’s revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.
The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).
Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic. 


Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

Analyst

Steve

Equity Bottom-Up

Sunac Services Holdings / Equity Bottom-Up

<ul>
<li>On September 21, a debt restructuring agreement was reached with debt holders of Sunac China, in which part of the agreement included Sunac Services shares.</li>
<li>The debt restructuring for Sunac China should provide a positive feedback loop to the sentiment and fundamentals of Sunac Services.</li>
<li>The core property management business (86% of sales) grew 8% yoy in 1H23, with total gross floor area growing by 12% yoy. </li>
</ul>


On September 21, a debt restructuring agreement was reached with debt holders of Sunac China, in which part of the agreement included Sunac Services shares.
The debt restructuring for Sunac China should provide a positive feedback loop to the sentiment and fundamentals of Sunac Services.
The core property management business (86% of sales) grew 8% yoy in 1H23, with total gross floor area growing by 12% yoy. 


Sunac Services (1516 HK):  Positive Development From Debt Restructuring Of Parent Company

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 12th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Xiaomi, Tencent, CMB, Alibaba, Zhejiang Leapmotor Technology, BYD.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xiaomi, Tencent, CMB, Alibaba, Zhejiang Leapmotor Technology, BYD.


HK Connect Flows Weekly (Dec 12th): Xiaomi Inflows & Tencent/Alibaba Outflows

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>After suspending shares for near-on three weeks, Boyu had a change of heart on the 18th November, and tabled a delisting Offer for <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>. </li>
<li>Boyu is offering HK$8.69/share IF the Scheme-like vote and 90% tendering conditions are satisfied. Failing that, the unconditional MGO price of $6.67/share is the fall-back.</li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1209/2025120900141.pdf" target="_blank" rel="noopener">The Revised Composite Doc is now out</a>, with the EGM on the 24th December. The IFA says "fair &amp; reasonable". They said the same at HK$6.67/share. </li>
</ul>


After suspending shares for near-on three weeks, Boyu had a change of heart on the 18th November, and tabled a delisting Offer for Jinke Smart Services (9666 HK). 
Boyu is offering HK$8.69/share IF the Scheme-like vote and 90% tendering conditions are satisfied. Failing that, the unconditional MGO price of $6.67/share is the fall-back.

The Revised Composite Doc is now out, with the EGM on the 24th December. The IFA says "fair &amp; reasonable". They said the same at HK$6.67/share. 


Jinke Smart (9666 HK): 24th Dec Exit Vote. All Eyes On Tendering

<ul>
<li>
<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> has announced an enhanced offer from Boyu at HK$8.69, a 30.3% premium to the existing base offer of HK$6.67.</li>
<li>The enhanced offer is conditional on the shareholders’ approval of the delisting resolution and the 90% minimum acceptance condition from disinterested shareholders.</li>
<li>The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the undisturbed price. </li>
</ul>



Jinke Smart Services (9666 HK) has announced an enhanced offer from Boyu at HK$8.69, a 30.3% premium to the existing base offer of HK$6.67.
The enhanced offer is conditional on the shareholders’ approval of the delisting resolution and the 90% minimum acceptance condition from disinterested shareholders.
The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the undisturbed price. 


Jinke Smart Services (9666 HK): Boyu’s Enhanced Offer but with Potentially Problematic Conditions

China

Sunac Services Holdings Limited provides property management service. The Company offers property management services including security, cleaning, greening, gardening, and repair and maintenance services for the operation of common area facilities. Sunac Services Holdings also offers real estate brokerage, property interior decoration, and community living services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sunac Services Holdings (1516 HK)

Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

Boyu has announced additional irrevocables (51.0m or 8.55% of out shares) to accept the revised offer (option A). Total irrevocables are 108m or...

Arun George

Sunac Services (1516 HK): Positive Development From Debt Restructuring Of Parent Company

Debt restructuring agreement for Sunac China reached on September 21 should improve sentiment and fundamentals for Sunac Services.

Steve

HK Connect Flows Weekly (Dec 12th): Xiaomi Inflows & Tencent/Alibaba Outflows

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Tencent, CMB, Alibaba, Zhejiang Leapmotor...

Ke Yan, CFA, FRM

Jinke Smart (9666 HK): 24th Dec Exit Vote. All Eyes On Tendering

This enhanced Offer may get up; however a 90% tendering condition is not straightforward. Trading wide at 9.9%/83% gross/annualised, if early-Feb...

David Blennerhassett

Jinke Smart Services (9666 HK): Boyu’s Enhanced Offer but with Potentially Problematic Conditions

The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

Boyu has announced additional irrevocables (51.0m or 8.55% of out shares) to accept the revised offer (option A). Total irrevocables are 108m or...

Arun George

Sunac Services (1516 HK): Positive Development From Debt Restructuring Of Parent Company

​Debt restructuring agreement for Sunac China reached on September 21 should improve sentiment and fundamentals for Sunac Services.

Steve

HK Connect Flows Weekly (Dec 12th): Xiaomi Inflows & Tencent/Alibaba Outflows

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Xiaomi, Tencent, CMB, Alibaba, Zhejiang Leapmotor...

Ke Yan, CFA, FRM

Jinke Smart (9666 HK): 24th Dec Exit Vote. All Eyes On Tendering

This enhanced Offer may get up; however a 90% tendering condition is not straightforward. Trading wide at 9.9%/83% gross/annualised, if early-Feb...

David Blennerhassett

Jinke Smart Services (9666 HK): Boyu’s Enhanced Offer but with Potentially Problematic Conditions

The 90% minimum acceptance condition could be challenging, particularly as the peers have re-rated and the enhanced offer is barely above the...

Arun George

Debt restructuring agreement for Sunac China reached on September 21 should improve sentiment and fundamentals for Sunac Services.