In today’s briefing:
- HKBN (1310 HK): Pre-Cons Satisfied. Offer To Open Shortly
- HKBN (1310 HK): China Mobile Satisfies the Precondition
- Last Week In Event SPACE: CK Hutch, GMO Internet, Prosus/Meituan, Piedmont Lithium
- China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement
HKBN (1310 HK): Pre-Cons Satisfied. Offer To Open Shortly
- Almost exactly eight months after HKBN Ltd (1310 HK) announced a pre-conditional Offer, China Mobile (941 HK) has now satisfied all pre-cons.
- The Offer Doc will be dispatched on or around the 12th August, at which time the Offer will be open for acceptances.
- This could turn unconditional early September. Trading tight at a gross spread of 1.5%. Keep in mind a basket of peers are up 23% since the Offer was announced.
HKBN (1310 HK): China Mobile Satisfies the Precondition
- The precondition for China Mobile (941 HK)’s HK$5.075 offer for HKBN Ltd (1310 HK) is satisfied. The offer is final. The offer document must be despatched by 8 August.
- The HKBN CEO has commented that the China Mobile offer is not good enough, suggesting a possibility that the Board does not recommend the offer.
- Nevertheless, there is a clear pathway for the offer to satisfy the 50% minimum acceptance condition and be declared unconditional. The gross/annualised spread for a 13 September payment is 1.5%/13.0%.
Last Week In Event SPACE: CK Hutch, GMO Internet, Prosus/Meituan, Piedmont Lithium
- Intervention seeds participation as a PRC investor (COSCO?) is expected to join the bidding consortium for CK Hutchison Holdings (1 HK) ports.
- GMO Internet Group (9449 JP) needs to sell shares in GMO Internet (4784 JP)to achieve a “float” of 35% by 31 December 2026. Recent filings show they are selling.
- Prosus NV (PRX NA) has been selling Tencent (700 HK), then buying back its shares. (As has Tencent). Reportedly Prosus is now selling shares in Meituan (3690 HK).
China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement
- A key point of the press conference held by the NHSA is that the selection in centralized procurement of medical devices will no longer be based on the lowest price.
- Investors have high hopes for the licensing cooperation of IBI363. Our guess is a 50:50 licensing deal with MNC is expected, so as to maximize the value/potential of the drug.
- Considering Li Ge’s rich experience in capital operation, WuXi AppTec’s Placement implies its H-share is already at high level.Investors can consider taking profits, as share price adjustment may be coming.
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