Daily Brief Financials: Evergrande Property Services, Jilin Jiutai Rural Comm Bank, Awfis Space Solutions, LIC Housing Finance, Qbe Insurance, IoTeX, Inter & Co, Princess Private Equity Holdin and more

• Property management play Evergrande Property Services (6666 HK) (EPS) is currently suspended pursuant to the Takeovers Code. 
• Evergrande (3333 HK) controls 51.71%. This suspension is either a precursor to a Scheme; or (more likely) cash-strapped Evergrande is exiting, potentially triggering an unconditional MGO. 
• Evergrande, currently in liquidation, was delisted from the HKEx on the 25th August 2025 after failing to fulfil HKEx resumption guidance. The delisting was arguably symbolic, but remains a milestone.

• Back on the 3rd July 2025, Jilin Province Trust must a voluntary Offer at HK$0.70/share (~0.23x P/B!!) for troubled rural commercial bank Jilin Jiutai Rural Comm Bank (6122 HK). 
• Shares have been suspended since 12th March. Jilin Jiutai have yet to publish their 2024 annual results. It’s doubtful shares will resume trading. Ever. 
• The Composite Doc Booklet is now out, with a H-share class meeting on the 24th October, the same day as the first close. The IFA (Gram) says “fair & reasonable“.

• Evergrande Property Services (6666 HK) is in a trading halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” 
• The trading halt likely relates to Evergrande (3333 HK) liquidators’ efforts to sell Evergrande Group’s majority interest in Evergrande Services.
• The sale is likely to trigger an unconditional mandatory general offer. I estimate the potential offer price to be around HK$1.08 per share, a 17.8% premium to the last close.

• In Evergrande Property Services (6666 HK): Offer Expected As Parent (Likely) Exits., I speculated on the outcome of Evergrande Property Services (6666 HK) (EPS)’s suspension due to the Takeovers Code. 
• EPS has now announced that the liquidators for Evergrande (3333 HK) have been fielding non-binding Offers for Evergrande’s 51.016% stake in EPS. Final proposals are expected to be submitted by November.
• With a view to maximizing proceeds, the liquidators will ideally seek a sole bidder, leading to a change of control. And an unconditional MGO.  Shares resume trading this morning.

• Dev X planning to double the operational capacity in next two years.
• Company is also planning to repay certain debt, while its tier-2 focus and backward integration provides them edge over its peers
• Operationally, they are better than peers, evident from longer period lease and high occupancy rates

• Context: The LIC Housing Finance (LICHF IN) vs. Bank Of India (BOI IN) price-ratio deviates more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long LIC Housing Finance (LICHF IN) and short Bank Of India (BOI IN) targets a 7% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Context: The QBE Insurance (QBE AU) vs. Medibank Private (MPL AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long QBE Insurance (QBE AU) and short Medibank Private (MPL AU) targets a 6% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• The market for real-world AI is projected to be a significant driver of both enterprise and consumer AI adoption. While the enterprise AI market size is estimated to reach $450 billion by 2030, targeting industries such as manufacturing, logistics, healthcare, energy, and finance, the consumer AI market size is projected to reach $674.49 billion by 2030.
• IoTeX is a modular L1 blockchain and middleware platform connecting various centralized and decentralized real-world data sources to AI models and applications.  It empowers a decentralized agentic economy by enabling secure, scalable, and privacy-focused interactions between devices, humans, dapps, and AI agents.
• IoTeX’s unique strength lies in its three-layered real-world AI tech stack: data ingestion layer for connecting various centralized and decentralized data sources (APIs, modular DePIN infrastructure), data verification & processing layer for data aggregation, formatting, indexing, and proving (Quicksilver), and Adaptive AI core layer for domain-specific and foundation model training and AI inferences (Realm).

• We close out our long on Inter downgrading it from buy to neutral; Inter was the more profitable half of our prior pairs trade with our past short on Nubank
• This is in part a tactical downgrade, locking in gains but it also reflects that Inter is no longer a bargain neobank in terms of valuations
• In addition, Inter’s neobank metrics continue to lag those of its core peer Nubank meaningfully, and its risk weighted asset growth is accelerating, consuming more of its modest capital cushion

Partners Group Private Equity Limited (PEY) recently announced several major transactions, including a block sale of part of its shares in the listed Vishal Mega Mart, as well as exits from PCI Pharma Services and Techem (both coupled with a minority reinvestment). Partners Group (PG), PEY’s investment manager, expects a further pick-up in both realisations and investments in the coming quarters. This raises the prospects for PEY’s share repurchases in line with its capital allocation framework, alongside its regular dividend. Meanwhile, PEY’s NAV total return (TR) of -5.7% in H125 was affected by fx headwinds from the weakening of the US dollar. We note PEY’s recent inclusion in the UK 250 index.