In today’s briefing:
- Weekly Deals Digest (12 Jan) – Henlius, GA Pack, Fujitsu General, Fuji Soft, Pressance, LG CNS
- Henlius (2696 HK): LVC Won’t Block. Buy Here & On Weakness
- STAR50/STAR100 Index Rebalance Preview: Migrations & Outright Changes Lead to Outperformance
- Imugene (IMU AU): Pipeline Progresses; Capital Injection to Extend Cash Runway to Late 2025
Weekly Deals Digest (12 Jan) – Henlius, GA Pack, Fujitsu General, Fuji Soft, Pressance, LG CNS
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: LG CNS (LGCNSZ KS) seeks to raise up to US$837 million through a primary/secondary offering.
- Event-Driven developments: Shanghai Henlius Biotech (2696 HK), Greatview Aseptic Packaging (468 HK), Fujitsu General (6755 JP), Fuji Soft Inc (9749 JP), Pressance Corp (3254 JP), Smart Share Global (EM US).
Henlius (2696 HK): LVC Won’t Block. Buy Here & On Weakness
- Ahead of Shanghai Henlius Biotech (2696 HK)‘s EGM and Court Meeting on the 22 January, the focus has shifted to Loyal Valley Capital (LVC)’s continued buying in the market.
- After the close of market last Friday, LVC held 7.8295%, above the 7.826% blocking stake. That % was as at 9th January. I assume LVC are still buying.
- Yet if you analyse how LVC has traded in and out of Henlius, they are not in it to block. They’re in for the back-end scrip option.
STAR50/STAR100 Index Rebalance Preview: Migrations & Outright Changes Lead to Outperformance
- 95% of the way through the review period, there could be 3 changes for the SSE STAR50 (STAR50 INDEX) and 8 changes for the STAR100 Index.
- We estimate turnover of 4.1% for the STAR50 INDEX and 9.3% for the STAR100 Index. The net round-trip trade is CNY 14.1bn (US$1.9bn).
- The forecast adds to the STAR50 INDEX have outperformed the forecast deletes with steady outperformance over the last 3 months; the performance for the STAR100 Index is a lot better.
Imugene (IMU AU): Pipeline Progresses; Capital Injection to Extend Cash Runway to Late 2025
- Imugene Ltd (IMU AU) announced dosing of the first Australian patient in the Phase 1b clinical trial of its allogeneic CAR T-cell therapy azer-cel in diffuse large B-cell lymphoma.
- Azer-Cel is one of the few allogeneic CAR T-cell therapies currently being evaluated in Australia. Azer-cel has potential revenue opportunity of $2.5B per annum.
- Imugene intends to raise A$46M through convertible bonds and warrants. Cost savings initiatives provide cash runway into late 2025. Early-stage pipeline and fund raising requirement make Imugene a risky bet.
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