Last Week In Event SPACE: Hang Seng Bank, Soft99, Sihuan Pharma, Dongfeng Motor

429 Views12 Oct 2025 06:30

SUMMARY

As with large, clean liquid deals in Asia-Pac, expect Hang Seng (11 HK)'s annualised spreads to widen (i.e. gross spread remains static) as investors hit their full quota early on.
The question is whether Soft99 (4464 JP)'s MBO Bidco raises the price to ¥3,200 saying "let's split the difference", and that would make some people happy. It's doubtful they will.
Sihuan Pharmaceutical (460 HK) has benefited a little from the HK$500mn buyback programme announced last October. But a HK$11bn run up in market cap YTD? This looks stretched to me.

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