IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Merger Arb Mondays (06 Jul) - Kakaku, Taiyo, Shinko Shoji, Arclands, Qoria, Steadfast, Dida

Merger Arb Mondays (13 Jul) - Dida, Shengmu, Kakaku, Shinko Shoji, Steadfast, Vault, Accent, Cygnus

Curator's Cut: Asia Gets Fit, Thailand Bucks the Asia Sell-Off & Mobility-Tech Consolidates

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>On 29 June, <a href="https://www.smartkarma.com/entities/dida-inc" target="_blank" data-smartkarma-citation="entities:29701:1" rel="noopener">Dida (2559 HK)</a> announced two transactions: <a href="https://www.smartkarma.com/entities/tongcheng-travel-holdings-limited" target="_blank" data-smartkarma-citation="entities:27363:1" rel="noopener">Tongcheng Travel (780 HK)</a>'s voluntary conditional offer at HK$1.3875 per share and a special dividend of HK$1.1745 per share. </li>
<li>The total consideration of HK$2.5620 is a 108.3% premium to the undisturbed price. The key condition is a minimum acceptance of 50%, which will be satisfied by the irrevocables.</li>
<li>This is a low-risk deal as the offer does not require PRC regulatory approvals. Despite being below the 52-week high, the total offer is attractive. </li>
</ul>


On 29 June, Dida (2559 HK) announced two transactions: Tongcheng Travel (780 HK)'s voluntary conditional offer at HK$1.3875 per share and a special dividend of HK$1.1745 per share. 
The total consideration of HK$2.5620 is a 108.3% premium to the undisturbed price. The key condition is a minimum acceptance of 50%, which will be satisfied by the irrevocables.
This is a low-risk deal as the offer does not require PRC regulatory approvals. Despite being below the 52-week high, the total offer is attractive. 


Dida (2559 HK): Tongcheng (780 HK)’s VGO and Special Dividend