Daily Brief Industrials: Kuang-Chi Technologies , ANE Cayman Inc, Low Keng Huat Singapore, Qube Holdings, Wuhu Conch Profiles And Science Co.,, Enviri, Aiphone Co Ltd and more

• There are 11 changes for the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX) with implementation taking place at the close on 12 December.
• Nearly all the changes are in line with forecasts. Jiangsu Zhongtian Technologies Co, Ltd. (600522 CH) is the one surprise addition.
• The adds outperformed the deletes and the CSI300 from June-September but have given back a chunk of the gains since then. Expect positioning to build over the next few days.

• The precondition for the consortium’s privatisation offer for ANE Cayman Inc (9956 HK) has been satisfied. The right to increase the share alternative cap was also satisfied. 
• The consortium has until 12 December to decide whether to increase the share cap. The option helps the consortium gain support from shareholders who would not accept the cash offer. 
• The scheme vote remains low risk, as the offer is attractive relative to historical ranges and peer multiples. The de-rating of peers is also helpful. 

• Low Keng Huat Singapore (LKH SP) has disclosed a voluntary conditional offer from the Managing Director at S$0.72 per share, a 17.1% premium to the last close price. 
• While the offer represents an all-time high, it is below net asset value (implying a P/NAV of 0.91x). It is also light compared to precedent transactions. 
• The offer price has not been declared final. A bump may be needed to satisfy the 90% minimum acceptance condition.

• Late Friday (28th November), general building contractor Low Keng Huat Singapore (LKH SP) (“LKH”) announced a voluntary conditional Offer from Dato’ Marco Low Peng Kiat, LKH’s controlling shareholder (54.13%).
• Low is offering S$0.72/share, a so-so 17.1% premium to undisturbed, but a decade-high price. Plus the share price is up 104% YTD. Recent results (to 31st July) were also underwhelming.
• The Offer has a 90% acceptance hurdle condition. Low does not intend to maintain listing. The price hasn’t been declared final, possibly leading to a bump in the home stretch. 

• Back on the 28th October, ANE Cayman (9956 HK), a road freight transportation play, announced an Offer from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light.
• The consortium offered HK$12.18/share (best & final) via a Scheme, a 48.54% premium to undisturbed. A scrip alternative (mix & match) was also afforded. Plus a special dividend bolted on.
• Pre-Cons included SAMR signing off. With JPM as the FA, I previously concluded, given JPM’s recent track record, the reg process should be straightforward. Those pre-cons have now been satisfied.

• For November 2025, eight new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$10bn.
• The average premium for the new transactions announced (or first discussed) in November was ~31%, with a year-to-date average of ~48%.
• The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.

• Wuhu Conch Profiles and Science Co., Ltd. is a leading manufacturer of plastic profiles and other building materials in China, facing a challenging domestic construction market. The company has diversified its product portfolio to include energy-saving and environmentally friendly materials, which presents a potential growth avenue.
• The financial performance has been under pressure, with the company reporting net losses in recent years. This is largely attributable to the downturn in the Chinese real estate sector, which is a key end-market for its products.
• Despite the current headwinds, the company’s strong brand recognition, extensive distribution network, and focus on technological innovation provide a solid foundation for future recovery and growth as the construction market stabilizes and demand for higher-value, specialized products increases.

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• One market sector that hasn’t been lifted by the AI narrative is the oil and gas industry.
• Enviri Corporation (NVRI) announced on November 21, 2025, that it had reached a definitive agreement to sell its Clean Earth specialty-waste business to Veolia for $3 billion while simultaneously preparing to spin off its remaining Harsco Environmental and Harsco Rail divisions into a new standalone public company called New Enviri.

• NVRI reacted positively to the news.

Key points (machine generated)

• Aiphone Co., Ltd. aims for a 10% or higher return on equity by 2032 through its 8th Medium-Term Management Plan.
• The company projects net sales of ¥65,400 million and operating income of ¥4,500 million for the fiscal year ending March 2026, despite a temporary profit decline.
• Aiphone holds a 61% share of the domestic intercom market and is expanding its product offerings while maintaining a strong financial position and stable dividends.

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