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

US Banks - At 6 Weeks into 3Q25, +USD85bn Loans, Vs +USD1bn at 6 Weeks into 2Q24

Merger Arb Mondays (18 Aug) - Santos, Shibaura, ENN Energy, Kangji, OneConnect, Smart Share

Smart Share Global (EM US): Trustar Capital-Sponsored MBO’s US$1.25 Per ADS Non-Binding Offer

Smart Share Global (EM US): Trustar Capital-Sponsored MBO a Done Deal

Smart Share Global IPO: Valuation Insights

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smart-share-global-limited" target="_blank" data-smartkarma-citation="entities:32217:1" rel="noopener">Smart Share Global (EM US)</a> has disclosed a competing non-binding offer from Hillhouse at US$1.77 per ADS, a 41.6% premium to the Trustar offer.</li>
<li>The Hillhouse proposal meets the criteria for a superior proposal. The support agreement enables management rollover shareholders to switch allegiance from Trustar to Hillhouse.</li>
<li>Unlike the Trustar offer, the Hillhouse offer is above the last reported net cash (US$1.62 per ADS). The high premium suggests a low probability that Trustar bumps. </li>
</ul>



Smart Share Global (EM US) has disclosed a competing non-binding offer from Hillhouse at US$1.77 per ADS, a 41.6% premium to the Trustar offer.
The Hillhouse proposal meets the criteria for a superior proposal. The support agreement enables management rollover shareholders to switch allegiance from Trustar to Hillhouse.
Unlike the Trustar offer, the Hillhouse offer is above the last reported net cash (US$1.62 per ADS). The high premium suggests a low probability that Trustar bumps. 


スマートシェア・グローバル（EM US）：ヒルハウスが競合相手に登場