In today’s briefing:
- HKBN (1310 HK): Pre-Cons Satisfied. Offer To Open Shortly
- HKBN (1310 HK): China Mobile Satisfies the Precondition
- Inside Samsung’s HBM3E Chicken Game
- [Earnings Review] Qualcomm Rides Android Wave, But Apple Exit and Licensing Strains Linger
- (Mostly) Asia-Pac M&A: Topcon, Joy City, Hogy Medical, Nihon Chouzai, Piedmont Lithium, Pacific Ind.
HKBN (1310 HK): Pre-Cons Satisfied. Offer To Open Shortly
- Almost exactly eight months after HKBN Ltd (1310 HK) announced a pre-conditional Offer, China Mobile (941 HK) has now satisfied all pre-cons.
- The Offer Doc will be dispatched on or around the 12th August, at which time the Offer will be open for acceptances.
- This could turn unconditional early September. Trading tight at a gross spread of 1.5%. Keep in mind a basket of peers are up 23% since the Offer was announced.
HKBN (1310 HK): China Mobile Satisfies the Precondition
- The precondition for China Mobile (941 HK)’s HK$5.075 offer for HKBN Ltd (1310 HK) is satisfied. The offer is final. The offer document must be despatched by 8 August.
- The HKBN CEO has commented that the China Mobile offer is not good enough, suggesting a possibility that the Board does not recommend the offer.
- Nevertheless, there is a clear pathway for the offer to satisfy the 50% minimum acceptance condition and be declared unconditional. The gross/annualised spread for a 13 September payment is 1.5%/13.0%.
Inside Samsung’s HBM3E Chicken Game
- Samsung’s playing its old game—sacrificing margins to shake rivals—aiming to disrupt DRAM and win HBM4, assuming it clears NVIDIA’s HBM3E qual test soon.
- Local intel says no official word from Samsung yet, but the street thinks qual’s done—hence Samsung’s bold HBM3E tone and oversupply warning on the call.
- There’s urgency—Samsung’s undercutting Hynix now to stop them from reinvesting cash into DRAM fab expansion, a playbook Samsung once dominated with.
[Earnings Review] Qualcomm Rides Android Wave, But Apple Exit and Licensing Strains Linger
- Handset and edge networking demand powered a strong QCT beat, but licensing growth underwhelmed, and margins declined sequentially.
- Apple modem revenues will fade by 2026, and the management conspicuously avoided commentary on China auto; both adding to uncertainty.
- Snapdragon X’s monetisation has been deferred, while XR design momentum was a rare bright spot beyond mobile.
(Mostly) Asia-Pac M&A: Topcon, Joy City, Hogy Medical, Nihon Chouzai, Piedmont Lithium, Pacific Ind.
- I tally 40 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
- Three new deal was discussed on Smartkarma this week: Joy City Property (207 HK), Hogy Medical (3593 JP), and Nihon Chouzai (3341 JP).
- Key updates/news took place on MAC Copper (MAC AU), PointsBet (PBH AU), Ainsworth Game Technology (AGI AU), Piedmont Lithium (PLL AU),Pacific Industrial (7250 JP), and Topcon (7732 JP) .
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
