In today’s briefing:
- Weekly Deals Digest (25 Jan) – Skyworth, Dongfeng, Mamezo, Logisnext, Toyota Ind, Busy Ming, Eastroc
- Merger Arb Mondays (26 Jan) – Toyota Ind, Raksul, Mamezo, Skyworth, IJM, ENN, Australian Strategic
- Busy Ming (1768 HK): Not so Busy on the Index Inclusions
- [Japan M&A/Activism] Murakami Group Jump into Sankei REIT (2972) Complicating Things
- Weekly Update (NLOP, APTV, ETN)
Weekly Deals Digest (25 Jan) – Skyworth, Dongfeng, Mamezo, Logisnext, Toyota Ind, Busy Ming, Eastroc
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Busy Ming Group (1768 HK), Eastroc Beverage Group (605499 CH), Montage Technology (688008 CH) and Muyuan Foodstuff Co Ltd A (002714 CH) are seeking listings on HKEx.
- Event-Driven developments: Dongfeng Motor (489 HK), Skyworth Group Limited (751 HK), Mamezo (202A JP), Maruwn Corp (9067 JP), Mitsubishi Logisnext Co., Ltd. (7105 JP), Toyota Industries (6201 JP).
Merger Arb Mondays (26 Jan) – Toyota Ind, Raksul, Mamezo, Skyworth, IJM, ENN, Australian Strategic
- I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads: Skyworth Group Limited (751 HK), Ijm Corp Bhd (IJM MK), ENN Energy (2688 HK), Dongfeng Motor (489 HK), Australian Strategic Materials (ASM AU), Webjet Group (WJL AU).
- Lowest spreads: Bright Smart Securities (1428 HK), Raksul Inc (4384 JP), Mamezo (202A JP), Hisamitsu Pharmaceutical Co (4530 JP), Toyota Industries (6201 JP), BioDlink International (1875 HK).
Busy Ming (1768 HK): Not so Busy on the Index Inclusions
- Busy Ming Group (1768 HK) is looking to raise up to HK$4.22bn (US$541m) in its IPO, valuing the company at HK$50.7bn (US$6.5bn).
- The large allocation to cornerstone investors reduces free-float market cap and could delay inclusion in global indices. Inclusion in one global index could take place in September at the earliest.
- Busy Ming Group (1768 HK) should be added to the HSCI in June and subsequently added to Southbound Stock Connect.
[Japan M&A/Activism] Murakami Group Jump into Sankei REIT (2972) Complicating Things
- Friday after the close, City Index Eleventh announced that it and joint holders held 7.36% of Sankei Real Estate (2972 JP) which is currently undergoing a Tender Offer.
- I had said at the beginning this might need a bump. Units opened just above terms on Day 1, stayed at or around. Now they are trading 7% through.
- Murakami group likely controls the outcome here. That could mean a bump. It could mean buying into the bidco as a silent partner. Think of what you’d rather own.
Weekly Update (NLOP, APTV, ETN)
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Aptiv PLC (APTV), an automotive technology supplier, will split into two distinct companies in Q1 2026.
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Aptiv will spin-off its electrical systems business.
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The RemainCo will concentrate on technological components, including sensor-to-cloud solutions and autonomous driving software.
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