Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Lanzhou Zhuangyuan Pasture / Event-Driven

<ul>
<li>On the 25 April, PRC dairy farmer <a href="https://www.smartkarma.com/entities/lanzhou-zhuangyuan-pasture-co-ltd" target="_blank" data-smartkarma-citation="entities:10174:1" rel="noopener">Lanzhou Zhuangyuan Pasture (1533 HK)</a> announced a Conditional Cash Offer for all its H-shares at $10.89/share. </li>
<li>This two-step voluntary cash offer incorporated a Scheme-like vote and a 90% tendering condition. </li>
<li>Shareholders voted for the transaction on the 29 June. The tendering condition has now been satisfied. The last day of trading is on the 1 August.  </li>
</ul>


On the 25 April, PRC dairy farmer Lanzhou Zhuangyuan Pasture (1533 HK) announced a Conditional Cash Offer for all its H-shares at $10.89/share. 
This two-step voluntary cash offer incorporated a Scheme-like vote and a 90% tendering condition. 
Shareholders voted for the transaction on the 29 June. The tendering condition has now been satisfied. The last day of trading is on the 1 August.  


Zhuangyuan Pasture (1533 HK): Offer Now Unconditional

<ul>
<li>Back on the 25 April, PRC dairy farmer <a href="https://www.smartkarma.com/entities/lanzhou-zhuangyuan-pasture-co-ltd" target="_blank" data-smartkarma-citation="entities:10174:1" rel="noopener">Lanzhou Zhuangyuan Pasture (1533 HK)</a> announced a Conditional Cash Offer for all its H-shares at $10.89/share. The Offer Doc is now out.</li>
<li>This two-step voluntary cash offer involves a Scheme-like vote and a 90% tendering condition. The EGM will be held on the 29 June. </li>
<li>This transaction could potentially be wrapped up late-July. The FY21 dividend should also be added to the Offer terms.</li>
</ul>


Back on the 25 April, PRC dairy farmer Lanzhou Zhuangyuan Pasture (1533 HK) announced a Conditional Cash Offer for all its H-shares at $10.89/share. The Offer Doc is now out.
This two-step voluntary cash offer involves a Scheme-like vote and a 90% tendering condition. The EGM will be held on the 29 June. 
This transaction could potentially be wrapped up late-July. The FY21 dividend should also be added to the Offer terms.


Zhuangyuan Pasture (1533 HK): 29th June EGM For H-Share Offer

<ul>
<li>PRC dairy farmer <a href="https://www.smartkarma.com/entities/lanzhou-zhuangyuan-pasture-co-ltd" target="_blank" data-smartkarma-citation="entities:10174:1" rel="noopener">Lanzhou Zhuangyuan Pasture (1533 HK)</a> has announced a Conditional Cash Offer for all H-shares at $10.89/share.</li>
<li>The Offer is being done via a Voluntary Cash Offer, therefore an onerous 90% tendering condition is present.</li>
<li>This transaction could potentially be wrapped up late-July. The FY21 dividend may also be added to terms. </li>
</ul>


PRC dairy farmer Lanzhou Zhuangyuan Pasture (1533 HK) has announced a Conditional Cash Offer for all H-shares at $10.89/share.
The Offer is being done via a Voluntary Cash Offer, therefore an onerous 90% tendering condition is present.
This transaction could potentially be wrapped up late-July. The FY21 dividend may also be added to terms. 


Zhuangyuan Pasture (1533 HK): H-Share Offer Via Buyback

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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.

Shandong Hi-Speed New Energy G / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-enterprises-clean-energy-grp-ltd" target="_blank" data-smartkarma-citation="entities:6927:1" rel="noopener">Beijing Enterprises Clean Energy Grp (1250 HK)</a> and <a href="https://www.smartkarma.com/entities/china-shandong-hi-speed-financial-group-limited" target="_blank" data-smartkarma-citation="entities:10356:1" rel="noopener">China Shandong Hi-Speed Financial Group (412 HK)</a>/CSFG have simultaneously entered trading halts today. CSFG is likely a suitor for BE Clean Energy.</li>
<li>There is a track record of SOE privatisations of clean energy companies – <a href="https://www.smartkarma.com/entities/huadian-fuxin-energy-corp-ltd" target="_blank" data-smartkarma-citation="entities:59:1" rel="noopener">Huadian Fuxin Energy Corp (816 HK)</a>,  <a href="https://www.smartkarma.com/entities/huaneng-renewables-corp-h" target="_blank" data-smartkarma-citation="entities:7542:1" rel="noopener">Huaneng Renewables Corp H (958 HK)</a> and CP Clean Energy</li>
<li>In this note, we look at CSFG’s recent failed attempt at acquiring a 22.78% stake at a price of HK$0.088, along with BE Clean Energy's trading updates and peer multiples.   </li>
</ul>



Beijing Enterprises Clean Energy Grp (1250 HK) and China Shandong Hi-Speed Financial Group (412 HK)/CSFG have simultaneously entered trading halts today. CSFG is likely a suitor for BE Clean Energy.
There is a track record of SOE privatisations of clean energy companies – Huadian Fuxin Energy Corp (816 HK),  Huaneng Renewables Corp H (958 HK) and CP Clean Energy
In this note, we look at CSFG’s recent failed attempt at acquiring a 22.78% stake at a price of HK$0.088, along with BE Clean Energy's trading updates and peer multiples.   


BE Clean Energy Back in the Cross Hairs of China Shandong Hi-Speed Financial Group?

Beijing Jingneng Clean Energy / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-jingneng-clean-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:16316:1" rel="noopener">Beijing Jingneng Clean Energy (579 HK)</a>, whose privatisation unceremoniously failed last year, is inexpensive versus its peer basket. </li>
<li>The 12-month moratorium restricting Beijing Energy Holding from relaunching an Offer expires on the 1 March.</li>
<li>The key reason for privatisation remains. A new Offer should be structured such that no tendering condition is present.</li>
</ul>



Beijing Jingneng Clean Energy (579 HK), whose privatisation unceremoniously failed last year, is inexpensive versus its peer basket. 
The 12-month moratorium restricting Beijing Energy Holding from relaunching an Offer expires on the 1 March.
The key reason for privatisation remains. A new Offer should be structured such that no tendering condition is present.


Beijing Jingneng (579 HK): Trading Cheap As Possible Offer Reload Looms

China

Guodian Changyuan Electric Power Co., Ltd. generates electric power and thermal power through its hydroelectric and thermal power plants.

Guodian Changyuan Electric Power Co. (000966 CH)

Jilin Power Share Co., Ltd. operates thermal power plants through its subsidiaries. The electric power generated by the Company is supplied to Northeast China. The Company also supplies heat power and natural gas.

China Datang Corporation Renewable Power Company Ltd. generates electricity from renewable resources.  The Company operates wind farms and hydroelectric power plants.

China Datang Corp Renewable Power (1798 HK)

Guangdong Baolihua New Energy Stock Co.,Ltd. is an investment holding company. Through its subsidiaries, the Company undertakes heavy construction projects, invests in real estate development, develops computer software, generates and supplies electricity.

Guangdong Baolihua New Energy Stock A (000690 CH)

Huadian Energy Co., Ltd. generates electric power.  The electric power generated by the Company is supplied to the Heilongjiang Province.

Guangdong Electric Power Development Co.,Ltd offers power supply services. The Company provides power transmission, power system management, power network maintenance, and other services. Guangdong Electric Power Development also operates power project investment, power industry technical consultation, and other businesses.

Guangdong Electric Power Devel (000539 CH)

Jointo Energy Investment Co Ltd Hebei operates heat-engine plant and hotel business. Through its subsidiaries, the Company also operates department stores and develops real estate.

Jointo Energy Investment Co.,Ltd. Hebei (000600 CH)

Zhongmin Energy Co., Ltd. operates in the electricity generation industry. The Company produces and markets energy from wind and solar power stations throughout China.

CECEP Wind-power Corporation develops and constructs wind power projects. The Company provides wind power generation, transmission, and electricity distribution services. CECEP Wind-power conducts businesses domestically.

Jiangsu New Energy Development Co., Ltd. operates renewable energy development businesses. The Company generates wind energy, solar energy, biomass and geothermal energy, ocean energy, and other energy products. Jiangsu New Energy Development also operates industrial investments, investment management, and other businesses.

Jiangsu New Energy Development (603693 CH)

Ratch Group PCL operates as a power producer company. The Company focuses on investment fossil fuel power generation and renewable projects, as well as businesses adjacent to electricity generation and energy. Ratchaburi Group serves customers in Asia.

TransAlta Corporation is a non-regulated electric generation and marketing company with its growth focused in developing coal and gas-fired generation. The Company is currently focused on Australia, Canada, the United States, and Mexico.

ContourGlobal PLC operates as power generation company. The Company owns, manages, and generates electricity through wind, solar, and hydro power plants. ContourGlobal serves customers worldwide.

Jaiprakash Power Ventures Ltd. generates electricity.  The Company operates a private sector hydroelectric power plant.

Electricity Generating Public Company Limited is an electric utility holding company.  The Company, through its two major subsidiaries, produces and supplies electricity to the Electricity Generating Authority of Thailand (EGAT), under long term power purchase agreements of 20 and 15 years.  It also operates energy related businesses through joint ventures.

B.Grimm Power Public Company Limited operates as a renewable energy company. The Company focuses on the development, financing, construction, and operation of green field power plants. B.Grimm Power also renders electricity distribution, operations, and maintenance services. B.Grimm Power serves clients in Asia.

Boralex Inc. is an electricity producer whose core business is the development and  operation of renewable energy power stations. The Corporation operates assets  in the following power generation types - wind, hydroelectric, thermal and solar - based in Canada, the Northeastern United States and France

Innergex Renewable Energy, Inc. is an independent developer and operator of renewable power generating facilities. The Company focuses on hydroelectric and wind power projects.

TransAlta Renewables Inc. owns renewable power generation facilities. The Company invests in contracted, renewable power generation assets including wind and hydroelectric plants.

NextEra Energy Partners LP owns, operates and acquires contracted clean energy projects including wind and solar.

Beijing Jingneng Clean Energy Co, Ltd. provides clean energy in China.  The Company offers gas-fired power, heat energy, wind power, small to medium hydropower, and other clean energy projects.  Beijing Jingneng Clean Energy owns and operates various energy plants.

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Beijing Jingneng Clean Energy (579 HK)

Zhuangyuan Pasture (1533 HK): Offer Now Unconditional

The gross spread has narrowed to 0.5%. The Offer is now unconditional in all respects. This is not a super liquid arb situation. If not in, I'd be...

David Blennerhassett

BE Clean Energy Back in the Cross Hairs of China Shandong Hi-Speed Financial Group?

BE Clean Energy and CSFG have simultaneously entered trading halts today. CSFG is likely a suitor for BE Clean Energy. CSFG recently failed to...

Arun George

Beijing Jingneng (579 HK): Trading Cheap As Possible Offer Reload Looms

No doubt investors are still licking their wounds after last year's deal failure. However, Jingnang is a buy at current levels on the pretext BEH...

David Blennerhassett

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Zhuangyuan Pasture (1533 HK): Offer Now Unconditional

The gross spread has narrowed to 0.5%. The Offer is now unconditional in all respects. This is not a super liquid arb situation. If not in, I'd be...

David Blennerhassett

Zhuangyuan Pasture (1533 HK): 29th June EGM For H-Share Offer

Currently trading at gross/annualised spread of 8.6%/52.8%, incl. the final divi. That looks attractive. Although recent deal structures have...

David Blennerhassett

Zhuangyuan Pasture (1533 HK): H-Share Offer Via Buyback

Assuming late July payment, and inclusive of the FY21 dividend of RMB0.047/share, then I suggest buying up to ~HK$10.50/share or a gross/annualised...

David Blennerhassett

BE Clean Energy Back in the Cross Hairs of China Shandong Hi-Speed Financial Group?

BE Clean Energy and CSFG have simultaneously entered trading halts today. CSFG is likely a suitor for BE Clean Energy. CSFG recently failed to...

Arun George

Beijing Jingneng (579 HK): Trading Cheap As Possible Offer Reload Looms

No doubt investors are still licking their wounds after last year's deal failure. However, Jingnang is a buy at current levels on the pretext BEH...

David Blennerhassett