In today’s briefing:
- CNBM (3323 HK): A Closer Look At Proration
- Breton Technology Pre-IPO: Growing but Continues to Bleed
- Asia Real Estate Tracker (07-Feb-2025): KKR & Gaw negotiating $660M sale of Hyatt Regency Tokyo.
- Helixtap China Report: China Navigates Uncertain Rubber Market Amid US Tariff Tensions
CNBM (3323 HK): A Closer Look At Proration
- Back on the 6th December, China National Building Material (3323 HK) (CNBM), China’s leading building materials company, offered to buy back 841,749,304 H-shares at HK$4.03/share, a 15.1% premium to undisturbed.
- As this elevates CNBM’s parent’s stake to 50.01% of total shares from 45.02% currently, independent H-shareholder will vote on a whitewash waiver on the 19th February.
- Minimum pro-ration is 19.24%. It is likely to be higher. The question is whether to buy, and/or borrow, and tender; or simply short outright.
Breton Technology Pre-IPO: Growing but Continues to Bleed
- Breton Technology (1884270D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO.
- It is a new energy solution provider in China, focused on the design, development and commercialization of electric-powered engineering machinery, including battery-electric loaders and wide-body dump trucks.
- In this note, we look at the firm’s past performance.
Asia Real Estate Tracker (07-Feb-2025): KKR & Gaw negotiating $660M sale of Hyatt Regency Tokyo.
- KKR and Gaw are in talks for a $660M sale of Hyatt Regency Tokyo to Japan Hotel REIT, potentially reshaping the hospitality market.
- Singapore worker housing rents have surged by 10.8% in the second half of 2024, attributed to a significant increase in labor influx.
- Despite falling rent trends in APAC office markets, Australia and Japan have shown resistance, according to Knight Frank’s report.
Helixtap China Report: China Navigates Uncertain Rubber Market Amid US Tariff Tensions
- Trade war impacts the market sentiment
- Arbitrage widens for international cargoes
- Lower inventory could bring some buying back
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