In today’s briefing:
- Jinke Smart’s VGO from Boyu Capital: Open with First Close of 14 November
- Sunshine Insurance Group Pre-IPO – The Positives – Steady Headline Growth
- BTC Market Share Hits 2-Year High
Jinke Smart’s VGO from Boyu Capital: Open with First Close of 14 November
- Jinke Smart Services (9666 HK)’s VGO from Boyu Capital is now open at HK$12.00 per share. The first closing date is 14 November. The IFA says it’s fair and reasonable.
- The offer is conditional on 7.71% valid acceptances and anti-trust approval. The conditions can be waived. The offeror has not received irrevocables.
- The offer is unattractive, but the low threshold and peer multiple derating suggest a high probability of success. At the current price, the spread to the offer is 3.4%.
Sunshine Insurance Group Pre-IPO – The Positives – Steady Headline Growth
- Sunshine Insurance Group (SIG), a life, health and P&C insurance company, aims to raise up to US$1bn in its HK IPO.
- SIG is an integrated insurance provider which offers both life and health (L&H) and property and casualty (P&C) insurance in China.
- In this note, we talk about the positive aspects of the deal.
BTC Market Share Hits 2-Year High
- Price Movements: In 7 out of the last 10 years, BTC has closed October in-the-green. As of this weekend, it is up slightly for the month with one week to go.
- Market Liquidity: BTC’s market share of volume vs. all other altcoin trading pairs has climbed to its highest level in two years.
- Derivatives: OI for Tether perpetual futures dropped and funding rates flipped positive since the stablecoin issuer removed commercial paper from its reserves.
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