In today’s briefing:
- Meilan Airport (357 HK)’s Special Deal And Tardy MGO
- Douzone Bizon Situation: TOB Setup Looks Weak; Risks Remain, but Still a Tactical Angle in Play
Meilan Airport (357 HK)’s Special Deal And Tardy MGO
- Back on the 30th April 2025, Hainan Meilan International Airport (357 HK) (“Meilan Airport”) announced a potential change of control, via its domestic shares.
- In principle, this situation involves the re-arrangement of Meilan Airport shares under the same ultimate beneficiary. Nevertheless, the share transfer will trigger an unconditional MGO at HK$10.62/share.
- Yesterday, H-class shareholders approved a “Special Deal” at an EGM. And the share price closed above terms. That vote has nothing to do with the share transfer. Perhaps …
Douzone Bizon Situation: TOB Setup Looks Weak; Risks Remain, but Still a Tactical Angle in Play
- EQT appears to be focused on IRR, prioritizing integration over equity; TOB looks low-return, rights issue chatter spooked markets today, so TOB-driven positioning isn’t realistic near term.
- EQT also faces risks: FSS cap raise approval and a relatively light 34.85% stake limiting exit flexibility. Still, there’s a tactical angle in play.
- EQT skipping TOB, but stealthy on-screen buys could spark a flow bounce; local market still eyes short-term setup trade on gradual stake-building.
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