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

OneConnect Financial (6638 HK/OCFT US): Ping An’s Preconditional Scheme Offer Is Below Net Cash

Merger Arb Mondays (19 May) - Seven & I, Nissin, Welcia/Tsuruha, Mayne, ESR, OneConnect, Frasers

OneConnect Financial (6638 HK/OCFT US): Precondition Satisfied for a Below Net Cash Offer

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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

Oneconnect Financial Technology / Event-Driven

Oneconnect Financial Technology (6638 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a> disclosed a preliminary non-binding privatisation offer from <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a> at HK$2.068 (US$7.98 per ADS), a 72.33% premium to the undisturbed price.</li>
<li>Despite the hefty premium, the offer is opportunistic as it values OneConnect around net cash and is at a material discount to historical trading ranges. </li>
<li>If a binding proposal materialises, the offer price will not be increased. A high minority participation rate could be an issue for the vote.  </li>
</ul>



Oneconnect Financial Technology (6638 HK) disclosed a preliminary non-binding privatisation offer from Ping An Insurance (H) (2318 HK) at HK$2.068 (US$7.98 per ADS), a 72.33% premium to the undisturbed price.
Despite the hefty premium, the offer is opportunistic as it values OneConnect around net cash and is at a material discount to historical trading ranges. 
If a binding proposal materialises, the offer price will not be increased. A high minority participation rate could be an issue for the vote.  


OneConnect Financial Technology (OCFT US)

OneConnect Financial (6638 HK/OCFT US): Negative EV Play Draws an Opportunistic Offer from Ping An