Smartkarma Daily Briefs

NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million.
The IPO portfolio comprises six data centres – three located in California, one in Virginia, one in Vienna, and one in Singapore.
NTT DC REIT offers an attractive value proposition, comprising a blue-chip tenant base, a staggered lease expiry profile, a robust growth pipeline, and sizable debt headroom.

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Jul 04

Daily Brief Indonesia: MAP Aktif Adiperkasa PT and more

By Smartkarma Daily Briefs | Daily Briefs, Indonesia

In today’s briefing:

MAP Aktif (MAPA IJ) — 2025 Update

MAP Aktif (MAPA IJ) — 2025 Update

By Michael Fritzell

MAP Aktif is the sportswear subsidiary of Indonesian retail giant Mitra Adiperkasa.
I wrote a deep dive on MAP Aktif in January 2022, during the depths of the COVID-19 pandemic.
At the time, it was suffering from Indonesia’s large-scale social distancing restrictions. But I thought that it would eventually recover, continue growing its store count, and end up with a single-digit P/E ratio.

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Jul 04

Daily Brief Quantitative Analysis: HS TECH Index Earning Revision (Jun): BYD and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

HS TECH Index Earning Revision (Jun): BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit
ASX Short Interest Weekly (Jun 27th): National Australia Bank, Cochlear, Northern Star Resources
STAR50 Index Earning Revision (Jun): Bestechnic, Csi Solar, Biwin Storage Technology

HS TECH Index Earning Revision (Jun): BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit

We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index’s EPS, stocks’ EPS revision, and revenue revision.
We highlighted EPS revision on BYD, Ntes, Kuaishou, Lenovo, Li Auto, Horizonrobot, China Lit, Asmpt.

ASX Short Interest Weekly (Jun 27th): National Australia Bank, Cochlear, Northern Star Resources

We analyzed the changes in short interest of ASX Stocks as of Jun 27th (reported today). The aggregated short interest was USD25.9bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in National Australia Bank, Cochlear, Northern Star Resources, Brambles, Westpac.

STAR50 Index Earning Revision (Jun): Bestechnic, Csi Solar, Biwin Storage Technology

We analysed the earning revision of component stocks of STAR50 in the past month.
We tabulated stocks with the top impact on index’s EPS, stocks’ EPS revision, and revenue revision.
We highlighted EPS revision on Bestechnic (Shanghai), Csi Solar, Biwin Storage Technology, Transsion, Xinjiang Daqo.

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Jul 04

Daily Brief China: Alibaba Health Information Tec, Shandong Fengxiang, Geekplus Technology, Nanjing Leads Biolabs, Anjoy Foods Group, Boxihe Outdoor Sports Group, Jilin Jiutai Rural Comm Bank, Shanghai Stock Exchange Composite Index, China Travel International Investment Hong Kong, EACON Group Co., Ltd and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Alibaba Health Placement – Delta Placement for EB, but Track Record Isn’t Great
Fengxiang (9977 HK): Precondition Satisfied
Geekplus Technology IPO (2590 HK): Valuation Insights
Leads Biolabs (维立志生物) Pre-IPO: Valuation
Anjoy Foods Group A/H Trading – Cheap Price but Sluggish Demand
Boxihe Outdoor Sports Pre-IPO – Scaling Fast in China’s Outdoor Boom
Jilin Jiutai RCB (6122 HK): A Conditional VGO Puts Minorities Between a Rock and a Hard Place
China and Japan Breaking Out — Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak
China Travel Intl Inv (308 HK): What’s UP?
Eacon Group Co., Ltd Pre-IPO Tearsheet

Alibaba Health Placement – Delta Placement for EB, but Track Record Isn’t Great

Banks are offering US$500m of Alibaba Health Information Tec (241 HK) stock in order to allow Exchangeable Bond investors to hedge their exposure.
Alibaba Health (AH) stock has been heading in the wrong direction for the past few years and it remains unclear if the EB offering was well flagged.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Fengxiang (9977 HK): Precondition Satisfied

The precondition for the PAG privatisation offer for Shandong Fengxiang (9977 HK) is satisfied. The composite document will be despatched by 11 July.
Despite being a 39.9% discount to the IPO price, the offer is attractive compared to precedent transactions and peer multiples.
The scheme vote remains low-risk due to the irrevocables, the lack of protest votes at the recent AGM, and the signalling from PAG’s decision not to introduce a scrip offer.

Geekplus Technology IPO (2590 HK): Valuation Insights

Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.
I discussed the investment case in Geekplus Technology IPO (2590 HK): The Investment Case.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is unattractive.

Leads Biolabs (维立志生物) Pre-IPO: Valuation

Leads Biolabs, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are MS and CITIC.
In our previous insight, we looked at the company’s core products and its management team, as well as investor backing, as well as PHIP updates.
In this note we will provide an rNPV-based valuation for the company.

Anjoy Foods Group A/H Trading – Cheap Price but Sluggish Demand

Anjoy Foods Group (2648 HK), a quick-frozen food company in China, raised around US$350m in its H-share listing.
AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost & Sullivan report.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

Boxihe Outdoor Sports Pre-IPO – Scaling Fast in China’s Outdoor Boom

Boxihe Outdoor Sports (BOS) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
BOS has delivered impressive growth, with a 122% revenue CAGR (FY22–24) led by its core Pelliot brand.
Its shift from a pure online DTC model to include offline and distributor channels has broadened reach, while improving gross margins reflect strong pricing and cost control.

Jilin Jiutai RCB (6122 HK): A Conditional VGO Puts Minorities Between a Rock and a Hard Place

Jilin Jiutai Rural Comm Bank (6122 HK) has disclosed a voluntary conditional offer and delisting proposal by Jilin Province at HK$0.70 per H Share, a 70.7% premium to the undisturbed price.
The key conditions are H Shareholder approval of the delisting proposal and a minimum acceptance condition (50% of outstanding and 90% of H shares).
Minorities are caught between a rock and a hard place, as the offer is unattractive, but the timeline for lifting the trading suspension is uncertain.

China and Japan Breaking Out — Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

By Joe Jasper

We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.

China Travel Intl Inv (308 HK): What’s UP?

By Osbert Tang, CFA

China Travel International Investment Hong Kong (308 HK)‘s 1-week share price rally was driven by restructuring speculations. Yet, underlying operations have improved in 2H24.
Tourist attractions and hotel operations will stay decent in FY25, and more projects will come on stream to fuel profitability.
Asset-Based valuation should be the focus, and its 0.49x P/B is inexpensive. Net cash now equals 8.2% of the share price.

Eacon Group Co., Ltd Pre-IPO Tearsheet

Eacon Group Co., Ltd (EG) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Haitong.
EG ranks first among all L4 autonomous driving companies globally by revenue in 2024, as per Frost & Sullivan.
EG had 11 end-customer groups. Its technology has been deployed across 24 mining sites of leading mining groups like CHN Energy, SPIC, TBEA, Zijin Mining, Shougang Group, and Baowu Group.

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Jul 04

Daily Brief Japan: Shibaura Electronics, Mitsui & Co Ltd, Nikkei 225, Softbank Group, Onward Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

[Japan M&A] YAGEO Extends Shibaura TOB Limbo at FSA/METI/BOJ Request on FEFTA
Mitsui & Co. (8031.T): Strong Cash Flows, Weak Growth Despite Portfolio Shift
Nikkei: Failed Breakout and Summer Seasonals Signal Opportunity
Lucror Analytics – Morning Views Asia
Onward Holdings (8016 JP): Q1 FY02/26 flash update

[Japan M&A] YAGEO Extends Shibaura TOB Limbo at FSA/METI/BOJ Request on FEFTA

By Travis Lundy

YAGEO’s deal for Shibaura Electronics (6957 JP) had been extended a couple of times – once for Shibaura’s yuho, and once for Taiwan Investment Commission Approval.
YAGEO had re-filed its notification for FEFTA on 2 June, and the “normal” 30 day waiting period expired 1 July. YAGEO extended by 4 business days to 15 July.
The TRS amendment was less informative than the TDNET release today. That’s worth reading. More waiting ahead. But the timing may be politically strategic.

Mitsui & Co. (8031.T): Strong Cash Flows, Weak Growth Despite Portfolio Shift

By Rahul Jain

Mitsui & Co. has delivered robust earnings and cash flows, fueled by commodity tailwinds and disciplined capital returns over the last 5 years.
Looking ahead, the company plans to rebalance its portfolio through increased exposure to LNG and energy transition assets
However, muted near-term growth and persistently low ROCE—driven by scattered, low-control holdings—suggest limited upside until newer investments begin contributing meaningfully to the bottom line.

Nikkei: Failed Breakout and Summer Seasonals Signal Opportunity

By John Ley

Seasonal weakness and failure at highs support a tactical short.
July has historically been weak for the Nikkei in both price and realized vol; Trump-era data showed summer vol was suppressed.
We propose a tactical trade that aligns with the current setup and supportive price and volatility seasonals.

Lucror Analytics – Morning Views Asia

By Trung Nguyen

In today’s Morning Views publication we comment on developments of the following high yield issuers: Softbank Group
The UST curve bear-steepened yesterday, alongside a selloff in long-dated UK gilts. The yield on the 2Y UST rose 1 bp to 3.79%, while that on the 10Y UST climbed 4 bps to 4.28%.
Equities advanced after US President Donald Trump announced that he had reached a trade deal with Vietnam. The S&P 500 was up 0.5% to a fresh record of 6,227, while the Nasdaq rose 0.9% to 20,393.

Onward Holdings (8016 JP): Q1 FY02/26 flash update

By Shared Research

Sales increased 17.1% YoY to JPY60.2bn, driven by Domestic Business growth and strategic brand strengthening.
Operating profit rose 5.5% YoY to JPY5.4bn, with improved profitability and higher gross profit margin despite increased SG&A expenses.
Overseas Business sales fell 14.0% YoY to JPY3.5bn, but operating loss narrowed due to improved profitability in Asia and the US.

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Jul 04

Daily Brief Technical Analysis: China and Japan Breaking Out — Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak and more

By Smartkarma Daily Briefs | Daily Briefs, Technical Analysis

In today’s briefing:

China and Japan Breaking Out — Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China and Japan Breaking Out — Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

By Joe Jasper

We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.

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Jul 04

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Jobs Data Lifts Wall Street to Record Highs and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Jobs Data Lifts Wall Street to Record Highs
Japan Activist Watch | Shiseido, Ricoh, Orico, Anicom
Japan Morning Connection: Chinese EDA Restrictions Lifted but No Follow Through for Semi-Cap
Undervalued Copper, Twitter Activism and IperionX with Hank Ruehl
What’s New(S) In Amsterdam – 3 July (Ahold Delhaize | AkzoNobel | JDE Peet’s)

Ohayo Japan | Jobs Data Lifts Wall Street to Record Highs

By Mark Chadwick

U.S. stocks rose, with S&P 500 and Nasdaq hitting records after strong jobs data boosted confidence in economic resilience.
The Japan Semiconductor Equipment Association (SEAJ) forecasts Japanese semiconductor manufacturing equipment sales will rise 2% to 4.9 trillion yen in FY2025
Daikin Industries plans to increase global air conditioner production by 11% to 9.64 million units in FY2025

Japan Activist Watch | Shiseido, Ricoh, Orico, Anicom

By Mark Chadwick

Shiseido: Weak sales in China and Travel Retail hurt performance, but cost-cutting and deep-value appeal raise potential for turnaround or takeover.
Ricoh: Effissimo bets on Ricoh’s slow pivot to digital services; low valuation offers downside protection despite unclear timeline for ROE recovery.
Orico: Strategic Capital targets Mizuho affiliate for underperformance and insider-led governance, pushing for reform and better capital discipline.

Japan Morning Connection: Chinese EDA Restrictions Lifted but No Follow Through for Semi-Cap

By Andrew Jackson

Coreweave rolling out NVDA’s Blackwell Ultra GB300 may help the likes of Ibiden and Advantest.
Intel moving away from in-house glass substrate production may see the likes of AGC pick up new demand.
Trade deal deadline looms with Japan still playing it ‘tough’, and with momo up defense may rise.

Undervalued Copper, Twitter Activism and IperionX with Hank Ruehl

By Money of Mine

Discussion on IperionX a titanium tech play mining adjacent company, and TNR Gold with royalty activist drama on Twitter
Introduction of Hank Rule from Sierra Morena Capital to explore US insight on mining sector
Analysis of the escalating bidding war between Kinterra and CAML for New World, with Kinterra matching CAML’s offer, signaling price discipline and potential for further escalation.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

What’s New(S) In Amsterdam – 3 July (Ahold Delhaize | AkzoNobel | JDE Peet’s)

By The IDEA!

More than 130 Albert Heijn franchisees, operating nearly 300 stores, have reached a settlement with supermarket chain Albert Heijn after over a decade-long legal dispute.
The core issue was the franchisees’ claim that Albert Heijn retained too many financial benefits, including purchasing bonuses and online sales profits from AH.nl, without fair distribution.
In 2014, the franchisees initiated legal proceedings, claiming EUR 200m after failed negotiations.

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Jul 04

Daily Brief ECM: NTT DC REIT IPO: The Investment Case and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

NTT DC REIT IPO: The Investment Case
Alibaba Health Placement – Delta Placement for EB, but Track Record Isn’t Great
Geekplus Technology IPO (2590 HK): Valuation Insights
Leads Biolabs (维立志生物) Pre-IPO: Valuation
Anjoy Foods Group A/H Trading – Cheap Price but Sluggish Demand
Boxihe Outdoor Sports Pre-IPO – Scaling Fast in China’s Outdoor Boom
Wakefit Innovations Ltd Pre-IPO Tearsheet
Eacon Group Co., Ltd Pre-IPO Tearsheet
Anjoy Foods: Joyless HK Issue-Priced Below Target. Value Play. Valuations Update.

NTT DC REIT IPO: The Investment Case

NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million.
The IPO portfolio comprises six data centres – three located in California, one in Virginia, one in Vienna, and one in Singapore.
NTT DC REIT offers an attractive value proposition, comprising a blue-chip tenant base, a staggered lease expiry profile, a robust growth pipeline, and sizable debt headroom.

Alibaba Health Placement – Delta Placement for EB, but Track Record Isn’t Great

Banks are offering US$500m of Alibaba Health Information Tec (241 HK) stock in order to allow Exchangeable Bond investors to hedge their exposure.
Alibaba Health (AH) stock has been heading in the wrong direction for the past few years and it remains unclear if the EB offering was well flagged.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Geekplus Technology IPO (2590 HK): Valuation Insights

Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.
I discussed the investment case in Geekplus Technology IPO (2590 HK): The Investment Case.
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is unattractive.

Leads Biolabs (维立志生物) Pre-IPO: Valuation

Leads Biolabs, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The joint book runners are MS and CITIC.
In our previous insight, we looked at the company’s core products and its management team, as well as investor backing, as well as PHIP updates.
In this note we will provide an rNPV-based valuation for the company.

Anjoy Foods Group A/H Trading – Cheap Price but Sluggish Demand

Anjoy Foods Group (2648 HK), a quick-frozen food company in China, raised around US$350m in its H-share listing.
AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost & Sullivan report.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.

Boxihe Outdoor Sports Pre-IPO – Scaling Fast in China’s Outdoor Boom

Boxihe Outdoor Sports (BOS) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
BOS has delivered impressive growth, with a 122% revenue CAGR (FY22–24) led by its core Pelliot brand.
Its shift from a pure online DTC model to include offline and distributor channels has broadened reach, while improving gross margins reflect strong pricing and cost control.

Wakefit Innovations Ltd Pre-IPO Tearsheet

By Rosita Fernandes

Wakefit Innovations (1684049D IN) (WIL) is looking to raise about US$231m in its upcoming India IPO. The bookrunners for the deal are Axis, IIFL, Nomura.
Wakefit Innovations is direct‑to‑consumer and sleep and home‑solutions company, founded in 2016.
According to the Redseer Report, the company was the largest D2C home and furnishings company in India by revenue in FY24.

Eacon Group Co., Ltd Pre-IPO Tearsheet

Eacon Group Co., Ltd (EG) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by Haitong.
EG ranks first among all L4 autonomous driving companies globally by revenue in 2024, as per Frost & Sullivan.
EG had 11 end-customer groups. Its technology has been deployed across 24 mining sites of leading mining groups like CHN Energy, SPIC, TBEA, Zijin Mining, Shougang Group, and Baowu Group.

Anjoy Foods: Joyless HK Issue-Priced Below Target. Value Play. Valuations Update.

By Devi Subhakesan

Anjoy Foods (2648 HK) has priced its HK offer at HKD 60/share—10% below the previously indicated HKD66, and a 30% discount to A share price, raising a HKD2.4 billion (USD305 million)
Anjoy’s muted investor response—just 5.85x coverage on the international tranche—triggered a clawback, increasing the Hong Kong public allocation from 10% to 30%.
Foshan Haitian(3288 HK) ’s disappointing post-listing performance has probably made investors more cautious, likely contributing to the subdued appetite for Anjoy’s HK offer despite inexpensive valuations.

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Jul 04

Daily Brief Event-Driven: [Japan M&A] YAGEO Extends Shibaura TOB Limbo at FSA/METI/BOJ Request on FEFTA and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

[Japan M&A] YAGEO Extends Shibaura TOB Limbo at FSA/METI/BOJ Request on FEFTA
KCC Corp: EB Issue of $625 Million Of HD KSOE + KCC Corp and KCC Glass Share Swaps
Fengxiang (9977 HK): Precondition Satisfied
New World Resources (NWC AU): Yes, The Board Is Frustrating Kinterra’s Bid
Coronado Global (CRN AU): Partial/Full Sale? Something’s Up (As Is The Share Price)
Event Driven: Apollo’s Restructuring-Unlocking Value in India’s Omni-Channel Healthcare Ecosystem
Jilin Jiutai RCB (6122 HK): A Conditional VGO Puts Minorities Between a Rock and a Hard Place
Silk Logistics (SLH AU): ACCC’s Green Light
Analyzing Active Portfolio Ideas: SPACs, Mergers, Asset Sales, and Litigation Opportunities in 2025
Fengxiang (9977 HK): Pre-Cons Done. Possible Payment Mid-September

[Japan M&A] YAGEO Extends Shibaura TOB Limbo at FSA/METI/BOJ Request on FEFTA

By Travis Lundy

YAGEO’s deal for Shibaura Electronics (6957 JP) had been extended a couple of times – once for Shibaura’s yuho, and once for Taiwan Investment Commission Approval.
YAGEO had re-filed its notification for FEFTA on 2 June, and the “normal” 30 day waiting period expired 1 July. YAGEO extended by 4 business days to 15 July.
The TRS amendment was less informative than the TDNET release today. That’s worth reading. More waiting ahead. But the timing may be politically strategic.

KCC Corp: EB Issue of $625 Million Of HD KSOE + KCC Corp and KCC Glass Share Swaps

By Douglas Kim

KCC announced that it is issuing an EB worth $625 million in foreign currency using its stake in HD Korea Shipbuilding & Offshore Engineering as the underlying asset.
The asset that is used as the underlying asset for the EB is 2.056 million shares of HD Korea Shipbuilding & Offshore Engineering held by the KCC Corp
We believe this large EB issue by KCC Corp is likely to have a positive impact on KCC Corp but slightly negative impact on HD KSOE.

Fengxiang (9977 HK): Precondition Satisfied

The precondition for the PAG privatisation offer for Shandong Fengxiang (9977 HK) is satisfied. The composite document will be despatched by 11 July.
Despite being a 39.9% discount to the IPO price, the offer is attractive compared to precedent transactions and peer multiples.
The scheme vote remains low-risk due to the irrevocables, the lack of protest votes at the recent AGM, and the signalling from PAG’s decision not to introduce a scrip offer.

New World Resources (NWC AU): Yes, The Board Is Frustrating Kinterra’s Bid

Suitors Central Asia Metals (CAML LN) and Kinterra Capital are locked at A$0.062/share bids apiece for copper play New World Resources (NWC AU).
Kinterra has tapped the Takeovers Panel after NWC failed to terminate the CAML placement “despite the relevant condition for the termination of that agreement having been satisfied“.
Kinterra’s application has merit. Expect the Panel to make orders preventing the placement. Kinterra currently holds 19.3% of shares out and CAML 12.08%.

Coronado Global (CRN AU): Partial/Full Sale? Something’s Up (As Is The Share Price)

Declining coking coal prices, operational issues, a credit rating downgrade, and Sev.en Global’s failed Offer, have resulted in met coal play Coronado (CRN AU)‘s shares trading around an all-time low.
Shares popped 14.8% today, and are now up ~48% from its all-time low a month ago.
What gives? Coronado has already confirmed the potential sale of a minority interest in certain assets. But there is speculation a full Offer may be in the wings.

Event Driven: Apollo’s Restructuring-Unlocking Value in India’s Omni-Channel Healthcare Ecosystem

By Nimish Maheshwari

Apollo Hospitals Enterprise (APHS IN) is demerging its omni-channel pharmacy and digital health business into a new entity, later merging with Keimed ltd, the wholesale pharmacy distribution arm.
The reorganisation aims to unlock shareholder value, enhance operational focus, and create a transparent, comprehensive pharmacy and digital healthcare platform.
The NewCo(AHL) targets INR 25,000 crore revenue(50%+) by FY27 from digital health and pharmacy scale-up, while core hospitals expand with new beds and high-value therapies.

Jilin Jiutai RCB (6122 HK): A Conditional VGO Puts Minorities Between a Rock and a Hard Place

Jilin Jiutai Rural Comm Bank (6122 HK) has disclosed a voluntary conditional offer and delisting proposal by Jilin Province at HK$0.70 per H Share, a 70.7% premium to the undisturbed price.
The key conditions are H Shareholder approval of the delisting proposal and a minimum acceptance condition (50% of outstanding and 90% of H shares).
Minorities are caught between a rock and a hard place, as the offer is unattractive, but the timeline for lifting the trading suspension is uncertain.

Silk Logistics (SLH AU): ACCC’s Green Light

By Special Situation Investments

Given the ACCC’s comprehensive list of concerns, as detailed in Silk Logistics (SLH AU): ACCC’s Statement Of Issues, this approval comes as a (pleasant) surprise.
DP World’s Offer for Silk Logistics (SLH AU) remains subject to FIRB signing off and a Scheme vote. Neither of which should pose an issue.
Timing? The IE and Scheme Booklet are all in place – from December last year. This requires a new schedule from the Courts. A possible revised timetable suggest late-August completion.

Analyzing Active Portfolio Ideas: SPACs, Mergers, Asset Sales, and Litigation Opportunities in 2025

Yorkville Acquisition and Lutnick’s SPACs are politically connected, targeting speculative capital tied to Trump’s administration and crypto.
Mayne Pharma’s merger with Cosette faces legal challenges over a material adverse change, with a court hearing set.
Lifeway Foods may be sold to Danone; shareholder campaign aims to overhaul the board for negotiations.

Fengxiang (9977 HK): Pre-Cons Done. Possible Payment Mid-September