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

Weekly Deals Digest (13 Jul) - Toyota Industries, OneConnect, Great Eastern, Johns Lyng, NTT DC REIT

Merger Arb Mondays (14 Jul) - Shibaura, Topcon, Nissin, OneConnect, Insignia, PointsBet, ENN Energy

US Banks - New Loans Up USD119bn in past 3 Weeks. There Is No Recent Comparative This High.

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

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

Uncompromised, Independent, Conflict-Free Research

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>The precondition for <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>’s scheme offer from Ping An is satisfied. The offer is HK$2.068 per share (US$7.976 per ADS). The offer price is final.</li>
<li>
<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> is hoping that a dire 1Q25 and letters of support will nudge minorities to accept an offer that values OneConnect below net cash. </li>
<li>The high minority participation rate and protest votes at the recent AGM are warning signs that the vote is far from a done deal. Tread carefully.</li>
</ul>


The precondition for Oneconnect Financial Technology (6638 HK)’s scheme offer from Ping An is satisfied. The offer is HK$2.068 per share (US$7.976 per ADS). The offer price is final.

Ping An Insurance (H) (2318 HK) is hoping that a dire 1Q25 and letters of support will nudge minorities to accept an offer that values OneConnect below net cash. 
The high minority participation rate and protest votes at the recent AGM are warning signs that the vote is far from a done deal. Tread carefully.


OneConnect Financial Technology (OCFT US)

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