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.

Event-Driven

Hollysys Automation Technologies / Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> and <a href="https://www.smartkarma.com/entities/j-t-global-express-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a> lock-ups. <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>, <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a> and <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial (2555 HK)</a> IPOs.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>, <a href="https://www.smartkarma.com/entities/inageya-co-ltd" target="_blank" data-smartkarma-citation="entities:13994:1" rel="noopener">Inageya Co Ltd (8182 JP)</a>, <a href="https://www.smartkarma.com/entities/hang-lung-properties-ltd" target="_blank" data-smartkarma-citation="entities:49:1" rel="noopener">Hang Lung Properties (101 HK)</a>, <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Kokusai Electric (6525 JP) and J&amp;T Global Express (1519 HK) lock-ups. HD Hyundai Marine Solution (443060 KS), ZEEKR (ZK US) and Sichuan Baicha Baidao Industrial (2555 HK) IPOs.
Event-Driven developments: Hollysys Automation Technologies (HOLI US), Shinko Electric Industries (6967 JP), Inageya Co Ltd (8182 JP), Hang Lung Properties (101 HK), Tietto Minerals Ltd (TIE AU). 


Weekly Deals Digest (21 Apr) - Hollysys, Shinko, Inageya, Hang Lung, Kokusai, HD Hyundai Marine

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a> stock has continued to drop and the decrease in market cap should result in selling from passive trackers at the end of the month.</li>
<li>
<a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a> has underperformed its peers and now trades at cheaper valuations on most parameters.</li>
<li>Passive trackers will need to sell over 100m shares of <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development</a>. That could provide liquidity for investors that see value and for shorts to cover their positions.</li>
</ul>



New World Development (17 HK) stock has continued to drop and the decrease in market cap should result in selling from passive trackers at the end of the month.

New World Development (17 HK) has underperformed its peers and now trades at cheaper valuations on most parameters.
Passive trackers will need to sell over 100m shares of New World Development. That could provide liquidity for investors that see value and for shorts to cover their positions.


New World Development (17 HK): Stock Trading Cheap as Passive Selling Nears

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>As totally expected, <a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a> extended its expected start date for the Tender Offer on <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a>.</li>
<li>The possibility of a fourth Offer attempt by the Queks is raised as Elliott surprisingly exits its position in <a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener">Guoco Group Ltd (53 HK)</a><a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener"></a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a> is eminently bumpable, But unless investors force the issue, don't expect a bump.</li>
</ul>


As totally expected, Dai Ichi Life Insurance (8750 JP) extended its expected start date for the Tender Offer on Benefit One Inc (2412 JP).
The possibility of a fourth Offer attempt by the Queks is raised as Elliott surprisingly exits its position in Guoco Group Ltd (53 HK).

Outsourcing Inc (2427 JP) is eminently bumpable, But unless investors force the issue, don't expect a bump.


Last Week in Event SPACE: Benefit One, Guoco, Outsourcing, Hang Lung, Hollysys, Dalek

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a> reversal was overdue, but the bounce looks weak: so far it did not even reach Q1 resistance on week 1 and on week 2 (current).</li>
<li>Resistance level to watch where the current bounce could end is 18874, or any price around that area at Close, at the end of this week. High probability SHORT.</li>
<li>If some unexpected catalyst pushes the index to rally, look for resistance at 19459 on week 3, we think this won't happen but a tail is always possible.</li>
</ul>



HSI reversal was overdue, but the bounce looks weak: so far it did not even reach Q1 resistance on week 1 and on week 2 (current).
Resistance level to watch where the current bounce could end is 18874, or any price around that area at Close, at the end of this week. High probability SHORT.
If some unexpected catalyst pushes the index to rally, look for resistance at 19459 on week 3, we think this won't happen but a tail is always possible.


EQD | Hang Seng Index (HSI) WEEKLY Weak Bounce: Resistance Analysis

<ul>
<li>Concerning Australian tax-loss selling baskets, the sell across the four baskets made 4.2% vs ASX200 in May, then is up.</li>
<li>Be long <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>. Or long<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> for a long JPB position. Don't be short JPB or short JPB vs JPH.</li>
<li>As a PRC aviation/defense play, <a href="https://www.smartkarma.com/entities/avichina-industry-technology-h" target="_blank" data-smartkarma-citation="entities:16315:1" rel="noopener">AviChina Industry &amp; Technology H (2357 HK)</a>'s fundamentals are undemanding. </li>
</ul>


Concerning Australian tax-loss selling baskets, the sell across the four baskets made 4.2% vs ASX200 in May, then is up.
Be long Japan Post Bank (7182 JP). Or longJapan Post Holdings (6178 JP) for a long JPB position. Don't be short JPB or short JPB vs JPH.
As a PRC aviation/defense play, AviChina Industry &amp; Technology H (2357 HK)'s fundamentals are undemanding. 


Last Week in Event SPACE: Aussie Tax-Loss Selling, Japan Post Bank/Holdings, AviChina, Hang Lung

Hong Kong

Tsim Sha Tsui Properties Limited, through its subsidiaries, develops, invests in, and sells properties.  The Company also provides management services, operates hotels, trades securities, and provides financing services.

C&D International Investment Group Limited is a green building property development and management company based in Hong Kong.

Kerry Properties Limited, through its subsidiaries, invests in and develops real estate.  The Company also owns and operates logistics, freight and warehouses business.  In addition, Kerry Properties invests in infrastructure-related projects and operates hotels.

Swire Pacific Limited operates as a holding company. The Company, through its subsidiaries, focuses on real estate, aviation, beverage, industrial, marine services, trading, and industrial businesses. Swire Pacific operates worldwide.

Hang Lung Group Limited, through its subsidiaries, invests in and develops properties.  The Company also owns and manages hotels, provides financial services, and operates parking lots.

Hysan Development Company Limited, through its subsidiaries, invests in real estate.  The Company's properties include commercial rental and luxury residential buildings in Hong Kong.  The Company also invests in treasuries.

China Jinmao Holdings Group Limited invests in and develops real estate projects in the Peoples Republic of China.

Great Eagle Holdings Limited, through its subsidiaries, develops and invests in properties, operates hotels and restaurants, and trades building materials.  The Company also invests in securities and provides management, maintenance, and insurance agency services.  In addition, Great Eagle operates sports clubs.

Shenzhen Investment Limited, through its subsidiaries, develops and invests in properties, sells commercial and industrial goods, and provides transportation services.

China Overseas Grand Oceans Group Ltd. is a property development and sales company. The Compnay'ss operations include the entire property development process, comprising land acquisition and investment, construction planning, design and execution, sales and marketing, after-sales service as well as property management.

City Developments Limited is a property developer and owner. The Company, through its subsidiaries, are principally engaged in the investment of properties and shares, property management, project management and the provision of consultancy services, hospitality-related information technology, and procurement services. City Developments has a global presence.

UOL Group Limited is a property company. The Company has a diversified portfolio of development and investment properties, hotels, and serviced suites. UOL Group, through its subsidiary owns a portfolio of commercial assets and hotels. UOL Group operates in Asia, Oceania, and North America.

Highwealth Construction Corp. develops and sells residential and commercial buildings which are constructed by independent construction contractors.

Brigade Enterprises Limited operates as a real estate development company. The Company focuses on the development of residential, commercial, and hospitality properties.

Shanghai Zhangjiang Hi-Tech Park Development Co.,Ltd. operates real estate development businesses. The Company provides new industry properties development, housing renovation, real estate sales, real estate rental, and other services. Shanghai Zhangjiang Hi-Tech Park Development also offers construction investment, hospitality operation, and other services.

Tokyu Fudosan Holdings, Corp. is a holding company established through the merger of Tokyu Land Corporation, Tokyu Community Corp, and Tokyu Livable Inc. The Company manages operations for its subsidiaries.

Ruentex Development Co., Ltd. develops, sells, and leases residential and commercial buildings which are constructed by independent contractors.

China World Trade Center Co., Ltd. provides real estate services. The Company operates office building leasing business, shopping mall leasing business, apartment leasing business, hotel management business, and other related businesses. China World Trade Center offers services in China.

Tokyo Tatemono Co., Ltd. develops, sells, and leases commercial buildings, condominiums, and houses.   The Company also develops and manages hotels, vacation houses, leisure facilities, and resort places.

Hangzhou Binjiang Real Estate Group Co., Ltd. develops and sells real estate properties. The Company also manages and operates hotels.

Hangzhou Binjiang Real Estate Grp (002244 CH)

Hang Lung Properties Limited, through its subsidiaries, invests in, develops, and manages properties. The Company also manages parking lots. Hang Lung Properties serves customers in Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hang Lung Properties (101 HK)

Weekly Deals Digest (21 Apr) - Hollysys, Shinko, Inageya, Hang Lung, Kokusai, HD Hyundai Marine

Last week, notable developments occurred in Event-Driven (Hollysys, CF Logistics, Shinko, Inageya, Hang Lung Properties, Tietto ) and ECM (Kokusai,...

Arun George

New World Development (17 HK): Stock Trading Cheap as Passive Selling Nears

There could be passive selling in New World Dev at the end of the month. Shorts have been building up as the stock has dropped and excess volume...

Brian Freitas

Last Week in Event SPACE: Benefit One, Guoco, Outsourcing, Hang Lung, Hollysys, Dalek

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

EQD | Hang Seng Index (HSI) WEEKLY Weak Bounce: Resistance Analysis

The Hang Seng Index reversal was overdue, but the bounce looks weak so far (has not even reached Q1 resistance). MRM SHORT Level at 18874, high...

Nico Rosti

Last Week in Event SPACE: Aussie Tax-Loss Selling, Japan Post Bank/Holdings, AviChina, Hang Lung

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Deals Digest (21 Apr) - Hollysys, Shinko, Inageya, Hang Lung, Kokusai, HD Hyundai Marine

Last week, notable developments occurred in Event-Driven (Hollysys, CF Logistics, Shinko, Inageya, Hang Lung Properties, Tietto ) and ECM (Kokusai,...

Arun George

New World Development (17 HK): Stock Trading Cheap as Passive Selling Nears

There could be passive selling in New World Dev at the end of the month. Shorts have been building up as the stock has dropped and excess volume...

Brian Freitas

Last Week in Event SPACE: Benefit One, Guoco, Outsourcing, Hang Lung, Hollysys, Dalek

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

EQD | Hang Seng Index (HSI) WEEKLY Weak Bounce: Resistance Analysis

​The Hang Seng Index reversal was overdue, but the bounce looks weak so far (has not even reached Q1 resistance). MRM SHORT Level at 18874, high...

Nico Rosti

Last Week in Event SPACE: Aussie Tax-Loss Selling, Japan Post Bank/Holdings, AviChina, Hang Lung

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

The Hang Seng Index reversal was overdue, but the bounce looks weak so far (has not even reached Q1 resistance). MRM SHORT Level at 18874, high...