In today’s briefing:
- Last Week In Event SPACE: ANE Cayman. Hogy Medical, Hang Seng, Zhejiang Sanhua Intelligent
- Hong Kong Single Stock Options Weekly (Dec 15–19): Fragile Internals Meet Depressed Impiled Vols
Last Week In Event SPACE: ANE Cayman. Hogy Medical, Hang Seng, Zhejiang Sanhua Intelligent
- ANE Cayman (9956 HK)‘s Scheme Doc is out, absent any reference to CDH (holding an estimated 18%). Given precedents with similar fact patterns, this is probably one deal to avoid.
- Hogy Medical (3593 JP)‘s Offer Price is more than expected; but the fact that Dalton , who really wanted to sell, but isn’t selling, suggests the price should be higher.
- 8th January vote on HSBC (5 HK)‘s Offer for Hang Seng Bank (11 HK). Safe deal. This is effectively a term deposit hybrid.
Hong Kong Single Stock Options Weekly (Dec 15–19): Fragile Internals Meet Depressed Impiled Vols
- Stocks were broadly lower, giving back last Friday’s rally with breadth continuing weak.
- We present new data showing average single stock implied vols.
- Average Single stock implied vols are reaching levels last seen before a major decline.
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