In today’s briefing:
- LHN’s Co-Living Spin-Off And HK Delisting
- Shengjing Bank (2066 HK): A Light Conditional VGO and Delisting Proposal
- Shengjing Bank (2066 HK): Dire Status, Dire Offer Price
- PLYM Faces Potential Takeover by Sixth Street Capital Amid Management Incentives and Shareholder Pressure
- FT Intermediate, Inc.(FIGR): Peeking at the IPO Prospectus of Blockchain Powered Lender Platform
- Lucror Analytics – Morning Views Asia
LHN’s Co-Living Spin-Off And HK Delisting
- LHN Ltd (LHN SP) is delisting its secondary listing in Hong Kong and concurrently spinning off its co-living business.
- The Hong Kong-listing, which was illiquid from the onset, has received approval from the HK Listing Committee to delist. Shareholders will vote on the spin-off on the 9th September.
- LHN is up 95% since the spin-off announcement. The accretion from the new listing is well baked in. And then some.
Shengjing Bank (2066 HK): A Light Conditional VGO and Delisting Proposal
- Shengjing Bank Co Ltd H (2066 HK) disclosed a voluntary conditional offer and delisting proposal by Shenyang SASAC at HK$1.32 per H Share, a 15.8% premium to the undisturbed price.
- The key conditions are H Shareholder approval of the delisting and a minimum acceptance condition (50% of outstanding and 90% of H Shares). The offer has NOT been declared final.
- The offer is unattractive compared to precedent transactions, peer multiples and historical trading ranges. The satisfaction of the minimum acceptance condition is the key risk.
Shengjing Bank (2066 HK): Dire Status, Dire Offer Price
- HK$1.32/Share, a 15.79% premium to undisturbed, and a massive 86.49% discount to NAV. For a rural commercial bank privatisation, there is nothing pretty in those numbers.
- Even the Offers for Bank Of Jinzhou (416 HK) and Jilin Jiutai Rural Comm Bank (6122 HK) were pitched (slightly) higher, from a P/NAV standpoint. And both were perennially suspended.
- This is privatisation via a voluntary offer, NOT a privatisation via a Merger by Absorption. As such there is scheme-like vote AND a 90% tendering condition.
PLYM Faces Potential Takeover by Sixth Street Capital Amid Management Incentives and Shareholder Pressure
- PLYM received a $24.10/share takeover bid from Sixth Street Capital, with a 14-15% spread to the bid price.
- Sixth Street has a prior relationship with PLYM, having invested $250m for a 65% stake in PLYM’s Chicago portfolio JV.
- PLYM’s governance structure lacks staggered boards and dual-class shares, making management vulnerable to activist investors.
FT Intermediate, Inc.(FIGR): Peeking at the IPO Prospectus of Blockchain Powered Lender Platform
- The company with proprietary technology that powers next-generation lending, trading and investing activities in areas such as consumer credit and digital assets filed for an IPO on August 18th.
- For the six months ended June 30, 2025 and 2024, they generated net revenue of $191 million and $156 million, respectively.
- They are a first mover in what some analyst see as an industry that could be transformed by the blockchain.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Greentown China, SK Hynix, JSW Infrastructure
- UST yields rose slightly amid limited new catalysts yesterday, reversing a portion of the steep declines from last Friday.
- The yield on the 2Y UST advanced 3 bps to 3.72%, while that on the 10Y UST was up 2 bps at 4.28%. Equities retreated, with the S&P 500 and Nasdaq down 0.4% and 0.2% at 6,439 and 21,449, respectively.
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