Daily Brief Industrials: Hainan Meilan International Airport, ANE Cayman Inc, SNT Holdings, IGI (India) Limited, Citius TransNet Investment Trust, Luxvisions Innovation Technology, Shenzhen SDMC, Emeren Group, Austal Ltd, SK Holdings Co Ltd/Old and more

• Given the change of control into Meilan Airport (357 HK), was, in effect, a  re-arrangement of Meilan Airport shares under the same ultimate parent, the regulatory approval process curiously dragged.
• Yesterday Meilan Airport announced all SPA conditions have now been satisfied, and that the SPA should complete in 20 business days. A Composite Doc will then be issued.
• Trading almost at terms. This is a back-end proposition play. My peer basket is up 11%, on average, since the Offer was first announced. Asian peers are up 15%.

• The feedback I get on this transaction canvasses comments such as: “it just doesn’t feel right“, or “there’s something funny going on“, or simply “weird“. 
• With~20% of the shareholder register, involving opaque pre-IPO investors, none of whom have provided IUs, a Shanghai Henlius (2696 HK)-like situation unfolding is bandied around. The comparison is, however, tenuous.
• Further inquiries suggest CDH is likely in control of 18% of that 20%. This needs to be clarified.

• SNT Holdings (036530 KS) is issuing convertible bonds (CB) and exchangeable bonds (EB) totalling 148 billion won to improve its financial structure and secure funds for new business investments. 
• The investor in this CB and EB is IMM Credit & Solution (ICS), which will acquire the entire amount through a private placement.
• This additional capital raise could result in S&T Holdings potentially increasing its stake in Smec Co Ltd (099440 KS).

• IGI (India) Limited (IGIL IN) (IGII) raised around US$500m in its India IPO in December 2024. The lockup on its PE shareholders is set to expire soon.
• IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
• In this note, we will talk about the lockup dynamics and possible placement.

• Citius TransNet Investment Trust (CTIT IN) is looking to raise about US$148m in its upcoming India IPO. The deal will be run by Axis, Ambit and ICICI.
• CTIT is a transport sector-focused infrastructure investment trust (InVIT) with an objective to acquire, manage and invest in a portfolio of transport infrastructure assets, including roads, in India.
• The InVIT’s initial asset portfolio will comprise a total of 3,406.71 lane-kilometers across nine different Indian states as of the date of this DRHP (Dec 3, 2025).

• Luxvisions Innovation Technology (1853852D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CITIC, CICC.
• It is a globally leading provider of precision optical solutions, focusing on the mid- to high-end optical module and system integration markets for global brand manufacturers across multiple sectors.
• Its products and solutions primarily serve the consumer electronics, automotive electronics, smart office applications and other emerging sectors.

• Shenzhen SDMC (1385919D CH) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CSI.
• It is a specialized provider of smart home solutions for enterprise customers, dedicated to advancing the application of AI technologies in home settings. 
• The Company’s business model involves developing and selling primarily hardware products.

• Emeren Group’s merger arbitrage presents a 13% spread with a shareholder vote imminent, despite operational softness concerns.
• TrueCar’s buyout vote is set for December 22, with AutoNation potentially reducing required financing by joining.
• AUB Group’s merger discussions with EQT and CVC ended without a binding proposal, reflecting management’s confidence in fundamentals.

• After the US’ CFIUS permitted the Hanwha Group to acquire up to a 100% stake in Aussie-based shipbuilding and defense firm Austal Ltd (ASB AU), FIRB’s support appeared a lock.
• FIRB has now cleared Hanwha to lift its stake to 19.9% from 9.9%, “and cannot increase its shareholding above 19.9 per cent“. Andrew and Nicola Forrest’s Tattarang currently holds ~19.4%. 
• This development should not come as a surprise. Fundamentally, Austal is not inexpensive. 

• SK Inc. operates as the holding company for South Korea’s SK Group, a major conglomerate with a diversified portfolio spanning energy, telecommunications, semiconductors, chemicals, and biopharmaceuticals.
• The company is strategically focused on four key growth areas: advanced materials, green energy, biopharmaceuticals, and digital technologies, actively investing to secure future growth engines.
• As a holding company, its financial performance is closely tied to the performance of its major subsidiaries, including SK Hynix, SK Innovation, and SK Telecom, making it a proxy for the broader South Korean industrial landscape.

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