Daily Brief China: ANE Cayman Inc, Theme International Holdings, China International Capital Corporation, OneRobotics (Shenzhen) Co, iQIYI Inc, Shenzhen Mindray Bio-Medical Electronics, Tanboer Group and more

• Back on the 28th October, ANE Cayman (9956 HK), a road freight transportation play, announced an Offer from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light. 
• The Scheme Doc is now out, with a Scheme Meeting on the 9th Jan 2026, and expected payment on the 16th Feb. The IFA (Anglo Chinese) says “fair & reasonable“.
• Noticeably absent from this Doc is CDH, believed to be in control of ~18% of shares out.  Given precedents with similar fact patterns, this is probably one deal to avoid. 

• ANE Cayman Inc (9956 HK)’s IFA opines that the consortium’s offer of cash (HK$12.18 per share) or scrip is fair and reasonable. The vote is on 9 January. 
• The consortium’s decision on 4 December not to raise the share alternative cap from 5.00% to 7.50% of outstanding shares is a red flag, casting doubt on the vote’s success. 
• The lack of irrevocables from Mr Wang Yongjun and CDH adds to the uncertainty. Therefore, caution is warranted due to an unfavourable risk/reward profile. 

• Theme International Holdings, recently renamed Deep Source Holdings Limited, is a diversified company operating in two core, yet volatile, segments: high-volume, low-margin bulk commodity trading and financial services.
• The company is experiencing a significant downturn in profitability, with net income and margins declining sharply in the most recent fiscal year, despite a strong long-term revenue growth history. This raises concerns about the sustainability of its current business model.
• The recent proposal to change the company name to Deep Source Holdings Limited signals a potential strategic shift or rebranding effort to better reflect its future business development, the success of which remains a key variable for future performance.

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• CICC (3908 HK) announced details of its merger, and as Dongxing Securities (601198 CH) is valued higher, FY26F EPS dilution will be 8.5% on a weighted average basis.
• Its post-merger FY26 and FY27 PERs are higher than the sector average, but given its rise to the 3rd largest H-share securities company, the premium can be justified.
• Larger H-share securities companies have edged up since 19-Nov, which bodes well for CICC. We envisage a muted share price reaction, but long-term investors can build a position.  

• OneRobotics (Shenzhen) Co (ONE HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Guotai Junan and Huatai.
• OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.
• The company covers the full industry chain from R&D and production to sales, and aims to expand the application of embedded AI across a wide range of home living scenarios.

• iQIYI’s third-quarter 2025 earnings call presented a snapshot of the company’s performance and strategic direction, marked by a balanced view of advancements and challenges.
• As a leading player in China’s online video space, iQIYI’s ability to produce widely appreciated content—such as the highly successful drama “The Thriving Land”—remains a significant asset.
• This drama, with its universal appeal, underscores the company’s strength in long-form content that transcends cultural and temporal boundaries.

• Shenzhen Mindray Bio-Medical Electronics (300760 CH) filed for a Hongkong IPO. The company’s A shares are already listed on the Shenzhen Stock Exchange. The IPO will consist of fresh issue.
• Mindray intends to use the proceeds for funding global R&D efforts, to further enhance global sales network and supply chain capabilities and, for working capital and general corporate purposes.
• The long-term growth scenario looks largely subdued with the overseas market (revenue achieved a CAGR of over 18% from 2022-24) compensating for the sales lost in the domestic market.

• Tanboer has rapidly expanded through a model of “affordable products + online marketing-driven”, but it lacks core technological barriers and is highly dependent on marketing and channels.
• Under the heavy marketing strategy, Tanboer’s inventory backlog problem has become prominent, with inventory turnover days significantly higher than peers. So, Tanboer’s marketing strategy is not as effective as expected.
• The large dividend payout on the eve of IPO has sparked controversy. Due to lower market share/profit margin, weakness in high-end market, valuation of Tanboer would be lower than peers.