Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 19th July, online Q&amp;A play <strong><a href="https://www.smartkarma.com/entities/zhihu-inc" target="_blank" data-smartkarma-citation="entities:36660:1" rel="noopener">Zhihu (2390 HK/</a><a href="https://www.smartkarma.com/entities/zhihu-technology-ltd" target="_blank" data-smartkarma-citation="entities:32185:1" rel="noopener">ZH US)</a></strong> announced the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0719/2024071901181.pdf" target="_blank" rel="noopener">buyback</a> of 46.92mn ordinary A shares (15.9% of shares out) at HK$9.11/share (US$3.50/ADS). </li>
<li>Assuming the buyback is fully taken up, chairman Yuan Zhou's stake will increase to 44.4% from 42.9% currently (held via A shares and the weighted-voting B shares). </li>
<li>The key condition is a simple majority vote from independent shareholders. Zhihu is sitting on  net cash of US$764mn. A significantly larger buyback, or higher price, could have been initiated. </li>
</ul>


Back on the 19th July, online Q&amp;A play Zhihu (2390 HK/ZH US) announced the buyback of 46.92mn ordinary A shares (15.9% of shares out) at HK$9.11/share (US$3.50/ADS). 
Assuming the buyback is fully taken up, chairman Yuan Zhou's stake will increase to 44.4% from 42.9% currently (held via A shares and the weighted-voting B shares). 
The key condition is a simple majority vote from independent shareholders. Zhihu is sitting on  net cash of US$764mn. A significantly larger buyback, or higher price, could have been initiated. 


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we discuss Dalton Investments which recently started to go activist on Kolmar Korea Holdings (024720 KS) and NAV valuation of this company.</li>
<li>Our base case valuation of Kolmar Holdings is NAV of 475 billion won or NAV per share of 13,836 won, representing a 46% upside from current levels.</li>
<li>Dalton Investments is likely to pressure Kolmar Holdings to increase share buyback and cancellations.</li>
</ul>


In this insight, we discuss Dalton Investments which recently started to go activist on Kolmar Korea Holdings (024720 KS) and NAV valuation of this company.
Our base case valuation of Kolmar Holdings is NAV of 475 billion won or NAV per share of 13,836 won, representing a 46% upside from current levels.
Dalton Investments is likely to pressure Kolmar Holdings to increase share buyback and cancellations.


Dalton Investments Going Activist on Kolmar Holdings and NAV Valuation

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.

Equity Capital Markets

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a> is looking to raise around US$160m via selling some of its stake in <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> .</li>
<li>KKR had come out of its IPO linked lockup in Nov 2024 and had earlier tried to launch a deal in Dec 2024. Hence, the selldown is very well flagged.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



KKR &amp; Co (KKR US) is looking to raise around US$160m via selling some of its stake in HD Hyundai Marine Solution (443060 KS) .
KKR had come out of its IPO linked lockup in Nov 2024 and had earlier tried to launch a deal in Dec 2024. Hence, the selldown is very well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.


HD Hyundai Marine Placement - Very Well Flagged but Overhang Remains

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sanil-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:43687:1" rel="noopener">Sanil Electric (062040 KS)</a> listed in Korea on 29th July 2024 after raising US$193m. Its six-month lockup will expire on 29th Jan 2025.</li>
<li>Sanil Electric is a specialized company that manufactures and sells reactors, transformers, railway vehicle parts, and switchboards. As an industrial transformer manufacturer, the company mainly manufactures power and distribution transformers.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Sanil Electric (062040 KS) listed in Korea on 29th July 2024 after raising US$193m. Its six-month lockup will expire on 29th Jan 2025.
Sanil Electric is a specialized company that manufactures and sells reactors, transformers, railway vehicle parts, and switchboards. As an industrial transformer manufacturer, the company mainly manufactures power and distribution transformers.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Sanil Electric US$1.1bn Lockup Expiry - Tempting to Book 2x Gains in Six Months

HD Hyundai Marine Solution  / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> was listed in Korea on 9th May 2024 after raising US$540m. Its six-month lockup will expire on 7th Nov 2024.</li>
<li>HD Hyundai Marine Solution is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



HD Hyundai Marine Solution (443060 KS) was listed in Korea on 9th May 2024 after raising US$540m. Its six-month lockup will expire on 7th Nov 2024.
HD Hyundai Marine Solution is a ship aftermarket service provider that provides necessary services throughout a ship's life cycle after the delivery of a new ship.
In this note, we will talk about the lock-up dynamics and updates since our last note.


HD Hyundai Marine US$1.18bn Lockup Expiry - KKR Might Be Tempted to Book Gains

South Korea

Hyundai Home Shopping Network Corporation  mechandises consumer products. The Company's products include clothes, home appliances, food, and luxuries. Hyundai Home Shopping retails through TV home shoppoing channels, catalogs, and the Inte rnet shopping mall.

Hyundai Home Shopping Network (057050 KS)

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Hyundai Home Shopping Network (057050 KS)

Zhihu (2390 HK/ZH US)'s Cheeky Buyback

This is an interesting, albeit illiquid, Partial Offer. The final pro-ration was ~45% in the partial for Hengdeli, in which the Offer price was...

David Blennerhassett

Dalton Investments Going Activist on Kolmar Holdings and NAV Valuation

In this insight, we discuss Dalton Investments which recently started to go activist on Kolmar Korea Holdings (024720 KS) and NAV valuation of this...

Douglas Kim

HD Hyundai Marine Placement - Very Well Flagged but Overhang Remains

KKR & Co (KKR US) is looking to raise around US$160m via selling some of its stake in HD Hyundai Marine Solution (443060 KS) . In this note, we...

Sumeet Singh

Sanil Electric US$1.1bn Lockup Expiry - Tempting to Book 2x Gains in Six Months

Sanil Electric (062040 KS) listed in Korea on 29th July 2024 after raising US$193m. Its six-month lockup will expire on 29th Jan 2025.

Clarence Chu

HD Hyundai Marine US$1.18bn Lockup Expiry - KKR Might Be Tempted to Book Gains

KKR is selling around 4% of HD Hyundai Marine's stock to raise US$160m. The selldown comes right after the PE comes out of its six-month IPO...

Clarence Chu

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