In today’s briefing:
- Soundwill Holdings (878 HK): 23rd May Vote On Founder’s Offer
- ICBC: Signs of a Turnaround in Fund Positioning
- Asia Real Estate Tracker (29-Apr-2025): Link Points Tokyo expansion with Nuveen executive hire
- A Wealth of Moves: Mediobanca Bets on Banca Generali Strength to Outflank BMPS
- Aspen Insurance Holdings Limited (AHL): Apollo Backed Company Sets Terms; Seeking $2.9b Valuation
- American Integrity Insurance Group (AII): Florida Based Insurance Company Sets Terms for IPO
- SES AI Corp: 1Q25 Shows Solid Revenue, Margin, and Cash Position
Soundwill Holdings (878 HK): 23rd May Vote On Founder’s Offer
- On the 7th March, small-cap property developer Soundwill (878 HK) announced an Offer from Grace Foo (ED) and her family, controlling 74.97% of shares out, by way of a Scheme.
- The Offer Price of $8.50/share, including a $1.00/share dividend, was a 62.84% premium to undisturbed. But a 87.66% discount to the (then) most recent NAV. Terms were final.
- The Scheme Doc is now out, with a Court Meeting on the 23rd May, and payment on or before the 11th June. The IFA (Altus Capital) says “fair & reasonable”.
ICBC: Signs of a Turnaround in Fund Positioning
- Consistent declines in fund ownership in ICBC finally hit a floor.
- Over the past six-months, 8 new positions — led by Goldman Sachs and Heptagon — have outpaced 3 closures, with 29 buyers versus 18 sellers.
- ICBC is the 6th most widely owned stock in the China & HK Financials sector, ahead of Bank Of China Ltd but behind China Merchants and China Construction Bank.
Asia Real Estate Tracker (29-Apr-2025): Link Points Tokyo expansion with Nuveen executive hire
- Link has appointed a former Nuveen executive to lead its expansion into Japan, signaling the company’s commitment to growing its presence in the region.
- Amara Chairman is spearheading a $392 million bid to privatize a Singapore hotel group, demonstrating a growing trend of investments in the hospitality industry.
- ANREV reports a significant decline of over 50% in global real estate capital raising from its peak in 2022, highlighting challenges in the current market environment.
A Wealth of Moves: Mediobanca Bets on Banca Generali Strength to Outflank BMPS
- Mediobanca’s €6.3bn all-share offer for Banca Generali transforms its strategic profile, shifting focus to wealth management while creating a strong industrial partnership with Generali through a stake divestment.
- The deal offers a 4.6% gross spread and an estimated 9.4% annualized return over a six-month timeline, underpinned by €660 million synergies that exceed the acquisition premium.
- Shareholder approval remains uncertain due to opposition from major investors Delfin and Caltagirone, making institutional support critical as Mediobanca fends off BMPS’s competing, state-aligned hostile bid.
Aspen Insurance Holdings Limited (AHL): Apollo Backed Company Sets Terms; Seeking $2.9b Valuation
- A total of 11.0mm shares are being offered with the entirety being offloaded by the sponsor, Apollo Global Securities.
- This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019.
- For the three months ended March 31, 2025, Aspen Insurance had gross written premiums of $1.287b vs. $1.231b in the same period in 2024 for an increase of 4.5%.
American Integrity Insurance Group (AII): Florida Based Insurance Company Sets Terms for IPO
- American Integrity Insurance Group (AII US) was one of two insurance companies to set terms for an IPO on Tuesday morning for a debut next week.
- Gross premiums written increased 43.9% to $212.2 million for the three months ended March 31, 2025, compared to $147.5 million for the three months ended March 31, 2024.
- The underwriting lineup on this sector, led by Keefe Bruyette & Woods, has a strong track record of pricing and placing transactions in this sector.
SES AI Corp: 1Q25 Shows Solid Revenue, Margin, and Cash Position
- SES AI, a leader in AI-powered battery research, announced its 1Q25 revenue came in at the high end of its preannounced range at $5.8 million.
- SES AI’s gross margin for 1Q25 came in at 79%, with the company guiding to long-term gross margins in the 60% range as manufacturing, software licenses, and services mix stabilize. The company also reiterated 2025 revenue guidance of $15-25 million.
- SES AI’s announcement of a $30 million share buyback was accompanied by expectations of more than $200 million liquidity at the end of 2025.
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