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

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a> and <a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> will launch US$1.0bn and US$0.8bn HKEx IPOs this week, respectively. <a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a> is bookbuilding a US$692m KRX IPO</li>
<li>Event-Driven developments -<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a>, <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>, <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>, <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>, <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</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, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Leapmotor (2007699D HK) and Onewo Space-Tech (ONEWO HK) will launch US$1.0bn and US$0.8bn HKEx IPOs this week, respectively. WCP (WCP KS) is bookbuilding a US$692m KRX IPO
Event-Driven developments -Link Administration (LNK AU), Ramsay Health Care (RHC AU), Giordano International (709 HK), Xiamen International Port H (3378 HK), Frasers Hospitality Trust (FHT SP), 21Vianet Group (VNET US)



Weekly Deals Digest (18 Sep) - Leapmotor, Onewo, WCP, Link, Ramsay, Giordano, VNET, FHT, Moya

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, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free-corp-ltd" target="_blank" data-smartkarma-citation="entities:12278:1" rel="noopener">China Tourism Group Duty Free Corp Ltd (601888 CH)</a> H Share's flat debut, <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a>'s listing approval for a US$1.5 billion HKEx IPO.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a>, <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a>, DTAC/True </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - China Tourism Group Duty Free Corp Ltd (601888 CH) H Share's flat debut, Leapmotor (2007699D HK)'s listing approval for a US$1.5 billion HKEx IPO.
Event-Driven developments - Ramsay Health Care (RHC AU), Pendal Group (PDL AU), Link Administration (LNK AU), Nearmap Ltd (NEA AU), Infomedia Ltd (IFM AU), MACA Ltd (MLD AU), DTAC/True 


Weekly Deals Digest (28 Aug) - Leapmotor, DTAC/True, Ramsay, Pendal, Link Admin, Infomedia, ResApp

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>'s composite document is out with the H Shareholders’ class meeting scheduled for 16 September. The IFA considers the offer to be fair and reasonable. </li>
<li>The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders' rejection). There is no minimum acceptance condition.</li>
<li>This is a done deal. At last close and for a 6 October payment, the gross and annualised spread to the offer is 0.9% and 7.6%, respectively. </li>
</ul>



Xiamen International Port H (3378 HK)'s composite document is out with the H Shareholders’ class meeting scheduled for 16 September. The IFA considers the offer to be fair and reasonable. 
The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders' rejection). There is no minimum acceptance condition.
This is a done deal. At last close and for a 6 October payment, the gross and annualised spread to the offer is 0.9% and 7.6%, respectively. 


Xiamen Port’s H Share Class Meeting on 16 September

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on 2 June, SOE terminal operator <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port (3378 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0602/2022060202446.pdf" target="_blank" rel="noopener">announced</a> a pre-conditional Offer of $2.25/share from Xiamen Port Holding, a Fujian SASAC-controlled entity.</li>
<li>The pre-conditions  - NDRC, MoC, SAFE, and CSRC - were fulfilled on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0816/2022081601198.pdf" target="_blank" rel="noopener">16 August</a>.</li>
<li>The Composite Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0822/2022082200558.pdf" target="_blank" rel="noopener">out</a>. The H-class meeting will be held on the 16 September. There is no tendering condition. Payment should be the 6 October.</li>
</ul>


Back on 2 June, SOE terminal operator Xiamen International Port (3378 HK) announced a pre-conditional Offer of $2.25/share from Xiamen Port Holding, a Fujian SASAC-controlled entity.
The pre-conditions  - NDRC, MoC, SAFE, and CSRC - were fulfilled on the 16 August.
The Composite Doc is now out. The H-class meeting will be held on the 16 September. There is no tendering condition. Payment should be the 6 October.


Xiamen Port (3378 HK)’s Composite Doc Out; Shareholders To Vote On 16 Sept

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free-corporation-limited" target="_blank" data-smartkarma-citation="entities:36229:1" rel="noopener">China Tourism Group Duty Free Corp Ltd (1880 HK)</a> priced its H Share at HK$158, <a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a> issued an updated prospectus.</li>
<li>Event-Driven developments <a href="https://www.smartkarma.com/entities/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>, <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>, <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 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, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - China Tourism Group Duty Free Corp Ltd (1880 HK) priced its H Share at HK$158, WCP (WCP KS) issued an updated prospectus.
Event-Driven developments Alliance Aviation Services (AQZ AU), Nearmap Ltd (NEA AU), Tassal (TGR AU), Genex Power Ltd (GNX AU), Yashili International Holdings (1230 HK), Xiamen International Port H (3378 HK).


Weekly Deals Digest (21 Aug) - CTGDF, Frasers Hospitality, Nearmap, Alliance, Tassal, Yashili

China

Xiamen International Port Co. Ltd. is a port terminal operator primarily engaged in container, bulk, and general cargo loading, unloading, and storage, as well as comprehensive port logistics services. The company also conducts merchandise trading and manufactures and sells building materials. It was incorporated on March 3, 2005, and is headquartered in Hong Kong.

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Xiamen International Port (3378 HK)

Weekly Deals Digest (18 Sep) - Leapmotor, Onewo, WCP, Link, Ramsay, Giordano, VNET, FHT, Moya

Last week, notable developments occurred in Event-Driven (Giordano, Xiamen, Dongzheng, Link Admin, Ramsay, MACA, Frasers Hospitality, Moya,...

Arun George

Weekly Deals Digest (28 Aug) - Leapmotor, DTAC/True, Ramsay, Pendal, Link Admin, Infomedia, ResApp

Last week, notable developments occurred in Event-Driven (DTAC/True, Ramsay, Pendal, Link Admin, ResApp, Infomedia, Nearmap, MACA, Lifestyle) and...

Arun George

Xiamen Port (3378 HK)’s Composite Doc Out; Shareholders To Vote On 16 Sept

This is done - play the spread here. Assuming payment early October payment, this is trading at a modestly attractive gross/annualised spread at 2%...

David Blennerhassett

Weekly Deals Digest (21 Aug) - CTGDF, Frasers Hospitality, Nearmap, Alliance, Tassal, Yashili

Last week, notable developments occurred in Event-Driven (Alliance, Genex, MACA, Nearmap, PTB, Nearmap, Tassal, Giordano, Xiamen Port, Yashili,...

Arun George

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Weekly Deals Digest (18 Sep) - Leapmotor, Onewo, WCP, Link, Ramsay, Giordano, VNET, FHT, Moya

Last week, notable developments occurred in Event-Driven (Giordano, Xiamen, Dongzheng, Link Admin, Ramsay, MACA, Frasers Hospitality, Moya,...

Arun George

Weekly Deals Digest (28 Aug) - Leapmotor, DTAC/True, Ramsay, Pendal, Link Admin, Infomedia, ResApp

Last week, notable developments occurred in Event-Driven (DTAC/True, Ramsay, Pendal, Link Admin, ResApp, Infomedia, Nearmap, MACA, Lifestyle) and...

Arun George

Xiamen Port’s H Share Class Meeting on 16 September

This is a done deal. At the last close price of HK$2.23 per H Share and for a 6 October payment, the annualised spread to the offer is 7.6%.

Arun George

Xiamen Port (3378 HK)’s Composite Doc Out; Shareholders To Vote On 16 Sept

This is done - play the spread here. Assuming payment early October payment, this is trading at a modestly attractive gross/annualised spread at 2%...

David Blennerhassett

Weekly Deals Digest (21 Aug) - CTGDF, Frasers Hospitality, Nearmap, Alliance, Tassal, Yashili

Last week, notable developments occurred in Event-Driven (Alliance, Genex, MACA, Nearmap, PTB, Nearmap, Tassal, Giordano, Xiamen Port, Yashili,...

Arun George