
In today’s briefing:
- Haitong Securities (6837 HK)/GTJA (2611 HK) Merger: The Home Stretch
- Bloks (325 HK): Global Index Inclusion Following IPO Lock-Up Expiry
- Guming Holdings (Goodme) Pre-IPO – Refiling Updates – Showing Some Recent Weakness in Margins
- LXJ International IPO Preview
- Asia Real Estate Tracker (09-Jan-2025): Centurion explores REIT IPO as Singapore trusts rebound.
- Bloks Group IPO Trading – Strongest HK IPO Demand in Recent Years

Haitong Securities (6837 HK)/GTJA (2611 HK) Merger: The Home Stretch
- The exchange ratio for the merger between Guotai Junan Securities (2611 HK) and Haitong Securities Co Ltd (H) (6837 HK) is 0.62x.
- The merger closing is subject to several effectiveness and implementation conditions. The latest update suggests that the remaining conditions are CSRC and HKEx approvals.
- The satisfaction of the remaining conditions is a formality. At the last close and for an end February payment, the gross/annualised spread is 3.2%/26.4%.
Bloks (325 HK): Global Index Inclusion Following IPO Lock-Up Expiry
- Bloks (325 HK) is expected to be assigned an index nationality of Hong Kong instead of China due to its incorporation in the Cayman Islands.
- The security is expected to be added at the September 2025 review following the 6-month IPO lock-up expiry which increases the fcap above the APAC threshold.
- The security is ineligible for the other global index until January 2026 because of the free float being below the minimum threshold of 15%.
Guming Holdings (Goodme) Pre-IPO – Refiling Updates – Showing Some Recent Weakness in Margins
- Guming Holdings (GUM HK) is looking to raise US$300m in its upcoming Hong Kong IPO.
- Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
- In our earlier notes, we had looked at the firm’s past performance. In this note, we discuss its refiling updates.
LXJ International IPO Preview
- LXJ International Holdings (LXJ HK) (knowns as Lao Xiang Ji or Home Original Chicken) is getting ready to complete its IPO in Hong Kong in 1H 2025.
- Founded in 1982 by Shu Congxuan, LXJ International specializes in traditional Chinese style chicken dishes. The company is one of the major local players in China’s fast food industry.
- LXJ’s solid growth in sales and profits in the past several years despite weak Chinese economy is a strong reflection of the company’s loyal customers in China.
Asia Real Estate Tracker (09-Jan-2025): Centurion explores REIT IPO as Singapore trusts rebound.
- Centurion is considering an REIT IPO amidst a rebound in Singapore property trusts, indicating positive market sentiment.
- Microsoft plans to make a significant investment of $3 billion in India’s digital infrastructure, the largest commitment in Asia.
- Hong Kong is testing the market by announcing a land tender following the successful sale of an MTR plot, signaling confidence in the property sector.
Bloks Group IPO Trading – Strongest HK IPO Demand in Recent Years
- Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO.
- Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.