In today’s briefing:
- Zijin Gold (2259 HK) IPO: HSCI Fast Entry; Quick Stock Connect Add; Global Indices Entry in 2026
- [Japan M&A/Activism] The Nagging Little Detail In the Soft99 MBO Extension Target Doc
- Flagging a New Passive Flow Trading Opportunity Triggered by Korea’s Divvy Policy Momentum
- ANE Cayman (9956 HK): Centurium / Management Buyout?
- SmartPay (SPY NZ/SMP AU): 14th October Vote On Shift4’s Offer
- ANE Cayman (9956 HK): Trade Buyer or Centurium Capital to Launch a Privatisation Offer?
- FleetPartners (FPR AU): Mitsubishi Motors’ Register Raid Foreshadows An Offer
- Smartpay (SPY NZ/SMP AU): Scheme Vote on 14 October
- EQT Partners – To Acquire a Controlling Stake In Douzone Bizon & A Tender Offer of Minority Shares?
- Zijin Mining (2899 HK): Zijin Gold Priced At US$24bn
Zijin Gold (2259 HK) IPO: HSCI Fast Entry; Quick Stock Connect Add; Global Indices Entry in 2026
- Zijin Gold (2259 HK) is looking to raise up to HK$28.7bn (US$3.7bn) in its IPO, valuing the company at HK$191.6bn (US$24.6bn).
- Zijin Mining (2899 HK) will hold between 85-86.7% of Zijin Gold and that will limit the free float of the stock. Half the IPO has been allotted to cornerstones.
- Zijin Gold could be added to the HSCI via Fast Entry and to Stock Connect in October. Global index inclusion should take place in the first half of 2026.
[Japan M&A/Activism] The Nagging Little Detail In the Soft99 MBO Extension Target Doc
- Yesterday, Soft99 Corp (4464 JP) announced a slight change in its “Target Opinion Document” after the MBO Bidco extended its TOB by 8 days the day before.
- The detail was not in the MBO Bidco extension. It was just revealed in an added note on p3 of the Target Opinion.
- That details matters A LOT to people looking at the Effissimo Overbid. The company’s Board has some serious work ahead.
Flagging a New Passive Flow Trading Opportunity Triggered by Korea’s Divvy Policy Momentum
- PLUS High Dividend ETF (161510 KS) reshuffle is now a key flow catalyst: June saw GS E&C and HD Hyundai out, Hyundai Motor in, with sharp one-day moves.
- December review shaping up as 2-in/2-out: Seoul Guarantee (031210) and LG Corp (003550) in, Shinhan (055550) and KB (105560) out.
- Passive flows: Shinhan/KB ~0.3–0.4x DTV, LG ~3x, Seoul Guarantee 5–6x. With AUM up 30% since June, upcoming adds face outsized passive impact.
ANE Cayman (9956 HK): Centurium / Management Buyout?
- ANE Cayman (9956 HK), a road freight transportation play, is suspended pursuant to the Takeovers Code.
- PE outfit Centurium Partners, a pre-IPO investor, holds 24.6%. Two senior management – past & present – hold a further 20.2%.
- ANE’s share price is up 29% YTD, but 27% adrift of its November 2021 IPO price.
SmartPay (SPY NZ/SMP AU): 14th October Vote On Shift4’s Offer
- Back on the 23rd June, eftpos terminal provider SmartPay Holdings (SMP AU/NZ) entered into a Scheme Implementation Deed withShift4 Payments (FOUR US).
- Shift4 is offering NZ$1.20, a 90.5% premium to undisturbed. The Offer has the unanimous backing of both boards. Microequities with 13.3% of shares out, is supportive.
- The Scheme Booklet is now out, with a Scheme Meeting on the 14th October, and expected implementation on or before the 4th November. The IE (Calibre) says “fair & reasonable“.
ANE Cayman (9956 HK): Trade Buyer or Centurium Capital to Launch a Privatisation Offer?
- ANE Cayman Inc (9956 HK) is on a halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.”
- I expect the halt is related to a potential privatisation bid from either a trade buyer, such as one of the Tongda operators, or an MBO sponsored by Centurium Capital.
- I use several methods to triangulate the likely offer price, which suggests a range of HK$11.34-11.80 per share, with an average of HK$11.55, a 14% premium to the last close.
FleetPartners (FPR AU): Mitsubishi Motors’ Register Raid Foreshadows An Offer
- Mitsubishi Motors (7211 JP) has aggressively built a 19.93% position in FleetPartners (FPR AU), an Aussie provider of fleet leasing services, paying up to $3.10/share for a ~15% stake.
- Earlier this year, Sydney PE outfit Pacific Equity Partners privatised Sg Fleet (SGF AU), one of FleetPartners key competitors.
- MMC said it has no current intention to acquire control or a make a takeover offer. Mmm. I wouldn’t be so sure.
Smartpay (SPY NZ/SMP AU): Scheme Vote on 14 October
- The Smartpay Holdings (SPY NZ) IE considers Shift4 Payments (FOUR US)’s NZ$1.20 offer fair and reasonable as it is within the NZ$1.07 to A$1.43 valuation range.
- Microequities has provided an irrevocable, and the other substantial shareholders should be supportive, as the offer is attractive and no competing proposal has emerged.
- The scheme vote is low risk. At the last close and for the 4 November payment, the gross/annualised spread was 3.4%/31.0%.
EQT Partners – To Acquire a Controlling Stake In Douzone Bizon & A Tender Offer of Minority Shares?
- It was reported in Seoul Economic Daily today that EQT Partners is close to acquiring a controlling stake (31.4%) in Douzone Bizon (012510 KS).
- A 31.4% stake of Douzone is now worth 0.91 trillion won (with no premium or discount).
- Douzone’s chairman Kim has demanded up to twice the market cap of the company for the management rights premium.
Zijin Mining (2899 HK): Zijin Gold Priced At US$24bn
- The global offering doc for Zijin Gold (2259 HK) is out.
- At the IPO Price of HK$71.59/share, Zijin Gold’s implied market cap is HK$187.9bn or US$24bn. Commencement of trading is the 29th September.
- Zijin Mining (2899 HK) will hold 86.7% in Zijin Gold post-IPO (before over-allotment). Even if Zijin Gold trades north of HK$100/share, Zijin Mining is fully valued.
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