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

ENN Energy (2688 HK): Regulatory Precondition Satisfied

ENN Energy (2688 HK): Chipping Away at the Precondition

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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>More than a year in, the <a href="https://www.smartkarma.com/entities/enn-natural-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:16456:1" rel="noopener">ENN Natural Gas (600803 CH)</a> offer for <a href="https://www.smartkarma.com/entities/enn-energy-holdings-limited" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> lapses as the long stop date (12 June) was not extended.</li>
<li>The offer was effectively blocked, not by an explicit CSRC rejection with stated reasons, but by the approval process failing to conclude within a viable timeframe.</li>
<li>The CSRC's non-approval is unprecedented, as the transaction has received NDRC, MoC, and SAFE approvals. My estimated deal-break price is HK$49.00 (broadly in line with the last close).</li>
</ul>


More than a year in, the ENN Natural Gas (600803 CH) offer for ENN Energy (2688 HK) lapses as the long stop date (12 June) was not extended.
The offer was effectively blocked, not by an explicit CSRC rejection with stated reasons, but by the approval process failing to conclude within a viable timeframe.
The CSRC's non-approval is unprecedented, as the transaction has received NDRC, MoC, and SAFE approvals. My estimated deal-break price is HK$49.00 (broadly in line with the last close).


China Traditional Chinese Medicine (570 HK)

ENN Energy (2688 HK): Precedent Set as the Offer Is Effectively Blocked by Regulators