Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Hong Kong Television Network / Event-Driven

Hong Kong Television Network Limited, through its subsidiaries, provides international telecommunications services and fixed telecommunication network services. The Company's services include broadband Internet access, local VoIP, IP-TV and corporate data services, direct dial, international calling cards, and mobile call forwarding services.

<ul>
<li>Back in May, online shopping platform play <a href="https://www.smartkarma.com/entities/hong-kong-television-network-limited" target="_blank" data-smartkarma-citation="entities:12953:1" rel="noopener">Hong Kong Television Network (1137 HK)</a> announced a buy-back of 11.25% of shares out, at $2.15/share, a mediocre 20.8% premium to undisturbed.</li>
<li>The thrust of the Offer was to lift co-founder Ricky Wong's stake to 51.55% from 45.75%.  But that required independent shareholders approving a whitewash waiver not to make a MGO.</li>
<li>I didn't expect shareholder pushback. <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0709/2024070900793.pdf" target="_blank" rel="noopener">And there wasn't</a>. Tendering closes on the 23rd July. Keep an eye on CCASS movements. Shares gained 4.7% yesterday prior to the EGM outcome. Mmm.</li>
</ul>


Back in May, online shopping platform play Hong Kong Television Network (1137 HK) announced a buy-back of 11.25% of shares out, at $2.15/share, a mediocre 20.8% premium to undisturbed.
The thrust of the Offer was to lift co-founder Ricky Wong's stake to 51.55% from 45.75%.  But that required independent shareholders approving a whitewash waiver not to make a MGO.
I didn't expect shareholder pushback. And there wasn't. Tendering closes on the 23rd July. Keep an eye on CCASS movements. Shares gained 4.7% yesterday prior to the EGM outcome. Mmm.


HKTV (1137 HK)'s Low-Balled Buyback Gets The Nod

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

RoboSense Technology Co., Ltd provides LiDAR and perception solutions. The Company offers hardware, sensors, and AI perception software. RoboSense Technology applies its products in a wide range of application scenarios, particularly ADAS (advanced driving assistance system) and robotics. RoboSense Technology serves customers in China and North America.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.</li>
<li>The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Robosense Technology (2498 HK) raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.
The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

Zhejiang Leapmotor Technologie / Event-Driven

Zhejiang Leapmotor Technologies Ltd. operates as an electric vehicles manufacturer. The Company develops and sells electric vehicles and other products. Zhejiang Leapmotor Technologies markets its products throughout China.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technologie" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> (LM) raised around US$800m in its Hong Kong IPO. The stock was listed in Sep 2022, its lockup on pre-IPO investors will expire on 29th Sep 2023.</li>
<li>LM is a smart EV company based in China, founded in 2015.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Leapmotor (9863 HK) (LM) raised around US$800m in its Hong Kong IPO. The stock was listed in Sep 2022, its lockup on pre-IPO investors will expire on 29th Sep 2023.
LM is a smart EV company based in China, founded in 2015.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Leapmotor IPO Lock-Up - US$3.3bn Lockup Expiry, Everyone in the Money, CCASS Movement to Boot

Golden Eagle Retail Group Limited operates department stores in China. The Company's stores target mid-range and high-end market segments in China, and contain various functions and amenities such as dining, entertainment, beauty and personal care, cinemas, and preschool education in addition to their core function as an international department store.

<ul>
<li>Back on the 28th May, PRC department store play <a href="https://www.smartkarma.com/entities/golden-eagle-retail-group" target="_blank" data-smartkarma-citation="entities:470:1" rel="noopener">Golden Eagle (3308 HK)</a> announced a privatisation offer, by way of a Scheme, at $6.88/share, a 40.41% premium to last close.</li>
<li>The Offeror is the Wang family, who together with concert parties, held 80.29%. 7.18% of the 19.71% held by the disinterested stakeholders have given irrevocables in favour of the Scheme.</li>
<li>Ahead of the Scheme Meeting on September 15th, a significant amount of shares have moved out of CCASS. This is not something to concern investors. </li>
</ul>


Back on the 28th May, PRC department store play Golden Eagle (3308 HK) announced a privatisation offer, by way of a Scheme, at $6.88/share, a 40.41% premium to last close.
The Offeror is the Wang family, who together with concert parties, held 80.29%. 7.18% of the 19.71% held by the disinterested stakeholders have given irrevocables in favour of the Scheme.
Ahead of the Scheme Meeting on September 15th, a significant amount of shares have moved out of CCASS. This is not something to concern investors. 


Golden Eagle (3308 HK): CCASS Movements Are Standard Fare

Travis Lundy

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

<ul>
<li>On April 11, <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> made an <a href="https://www.prosus.com/news/update-on-repurchase-programme-110423/" target="_blank" rel="noopener">Update on Repurchase Programme</a> that it had repurchased shares in the market from the 3-7 April. They do so every week.</li>
<li>This one said they would move 96 million shares of <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> currently held in non-transferrable shares into CCASS so they could be sold. </li>
<li>The ADRs dropped in New York time. Tencent shares fell hard today. If the share price fell because of a block offering, that would be unwarranted. </li>
</ul>


On April 11, Prosus (PRX NA) made an Update on Repurchase Programme that it had repurchased shares in the market from the 3-7 April. They do so every week.
This one said they would move 96 million shares of Tencent (700 HK) currently held in non-transferrable shares into CCASS so they could be sold. 
The ADRs dropped in New York time. Tencent shares fell hard today. If the share price fell because of a block offering, that would be unwarranted. 


Tencent (700 HK) - This Is Not the Selldown You Are Looking For

CCASS Changes
Fine details

HKTV (1137 HK)'s Low-Balled Buyback Gets The Nod

I didn't expect minority shareholders to push back. Expect pro-ration to be higher than the 20.74% base. I'd buy some shares around here. Keep an...

David Blennerhassett

Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

The pre-IPO shareholders came out of lockup today, leading to a 67% drop in the share price with an accompanying spike in volumes.

Sumeet Singh

Leapmotor IPO Lock-Up - US$3.3bn Lockup Expiry, Everyone in the Money, CCASS Movement to Boot

Leapmotor (9863 HK) (LM) raised around US$800m in its Hong Kong IPO. The stock was listed in Sep 2022, its lockup on pre-IPO investors will expire...

Sumeet Singh

Golden Eagle (3308 HK): CCASS Movements Are Standard Fare

There's probably enough here for the deal to get up. But with a <2% gross spread and mindful of the recent AGAINST vote in the Dali Foods Group...

David Blennerhassett

Tencent (700 HK) - This Is Not the Selldown You Are Looking For

Prosus put out their weekly repurchase update on 11 April and included a note they'd put 96mm shares of Tencent into CCASS. Tencent then fell...

Travis Lundy