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 (27 Jul) - Skyworth, Changhong Jiahua, Z Fin, Con Aero, OFX, Cygnus, Kakaku

Z Fin (1168 HK): A High Spread That Reflects Real Vote Risk

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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>
<a href="https://www.smartkarma.com/entities/z-fin-limited" target="_blank" data-smartkarma-citation="entities:9999:1" rel="noopener">Z Fin (1168 HK)</a> announced a scheme privatisation offer from Mr Yaping Ou at HK$6.60 per share, a 61.4% premium to the last close. The offer is final.</li>
<li>The offer is light and well below intrinsic value. Based on the August 2025 funding round, the implied value of Z Fin’s stake in ZA Global materially exceeds the offer. </li>
<li>While no disinterested shareholder holds a blocking stake, the vote is not a foregone conclusion, particularly given the noticeable dissent at the recent AGM.   </li>
</ul>



Z Fin (1168 HK) announced a scheme privatisation offer from Mr Yaping Ou at HK$6.60 per share, a 61.4% premium to the last close. The offer is final.
The offer is light and well below intrinsic value. Based on the August 2025 funding round, the implied value of Z Fin’s stake in ZA Global materially exceeds the offer. 
While no disinterested shareholder holds a blocking stake, the vote is not a foregone conclusion, particularly given the noticeable dissent at the recent AGM.   


Z Fin (1168 HK): Despite the High Takeover Premium, the Offer Is Well Short of Intrinsic Value