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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<p>Following the <a href="https://www.smartkarma.com/entities/gamestop-corp-class-a" target="_blank" data-smartkarma-citation="entities:13790:1" rel="noopener">GameStop Corp Class A (GME US)</a> saga that has been all over the financial press (and is now spreading into the mainstream press), we have been getting questions on names in Hong Kong that could be prone to a squeeze.</p><p>We do not believe that retail players in Hong Kong have the heft that retail investors in the US do, nor are single stock options frequently used (though there is a lot of retail activity in warrants on large cap names), but the pain that is being felt in global portfolios could lead to unwinding in Hong Kong shorts too.</p><p>Some highly shorted stocks in Hong Kong that have seen prices jump today along with volume surge are <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a>, <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a>, <a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a>, <a href="https://www.smartkarma.com/entities/china-literature-ltd" target="_blank" data-smartkarma-citation="entities:24388:1" rel="noopener">China Literature (772 HK)</a>, <a href="https://www.smartkarma.com/entities/bank-of-east-asia-ltd" target="_blank" data-smartkarma-citation="entities:341:1" rel="noopener">Bank of East Asia (23 HK)</a>, <a href="https://www.smartkarma.com/entities/mtr-corp" target="_blank" data-smartkarma-citation="entities:13289:1" rel="noopener">MTR Corp (66 HK)</a>, <a href="https://www.smartkarma.com/entities/want-want-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:355:1" rel="noopener">Want Want (151 HK)</a>, <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a> and <a href="https://www.smartkarma.com/entities/wharf-real-estate-investment" target="_blank" data-smartkarma-citation="entities:26031:1" rel="noopener">Wharf Real Estate Investment (1997 HK)</a>.</p><p>We identify more stocks that could be prone to short covering based on short interest as a percentage of issued shares, free float and in terms of days of ADV to cover.</p>

Following the GameStop Corp Class A (GME US) saga that has been all over the financial press (and is now spreading into the mainstream press), we have been getting questions on names in Hong Kong that could be prone to a squeeze.We do not believe that retail players in Hong Kong have the heft that retail investors in the US do, nor are single stock options frequently used (though there is a lot of retail activity in warrants on large cap names), but the pain that is being felt in global portfolios could lead to unwinding in Hong Kong shorts too.Some highly shorted stocks in Hong Kong that have seen prices jump today along with volume surge are Ping An Healthcare and Technology Company Limited (1833 HK), Hang Seng Bank (11 HK), Vitasoy Intl Holdings (345 HK), China Literature (772 HK), Bank of East Asia (23 HK), MTR Corp (66 HK), Want Want (151 HK), Samsonite (1910 HK) and Wharf Real Estate Investment (1997 HK).We identify more stocks that could be prone to short covering based on short interest as a percentage of issued shares, free float and in terms of days of ADV to cover.

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (HK) (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/idreamsky-technology-holdings" target="_blank" data-smartkarma-citation="entities:5570:1" rel="noopener">iDreamsky Technology Limited (1119 HK)</a> and <a href="https://www.smartkarma.com/entities/galaxy-entertainment-group-limited" target="_blank" data-smartkarma-citation="entities:806:1" rel="noopener">Galaxy Entertainment Group (27 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a> and <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a> . Shorts increased in Real Estate, Energy and Consumer Staples and decreased in Financials, Consumer Discretionary, Health Care and Communication Services.</p></div><div>
<p>There was a lot of short covering in Japan during the week. Stocks that saw the most shorts covered were <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>, <a href="https://www.smartkarma.com/entities/asahi-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10482:1" rel="noopener">Asahi Group Holdings (2502 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> and <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" data-smartkarma-citation="entities:9924:1" rel="noopener">Taiyo Yuden (6976 JP)</a>, while shorts increased on <a href="https://www.smartkarma.com/entities/nihon-m-a-center-inc" target="_blank" data-smartkarma-citation="entities:17616:1" rel="noopener">Nihon M&amp;A Center (2127 JP)</a>, <a href="https://www.smartkarma.com/entities/yamato-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2:1" rel="noopener">Yamato Holdings (9064 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a>. Sectorally, the most shorts were covered in Consumer Staples, Information Technology, Consumer Discretionary and Financials.</p>
<p>Stocks in Korea that saw an increase in shorts were <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> and <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> while stocks that saw the most short covering were <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-display-co-ltd" target="_blank" data-smartkarma-citation="entities:7145:1" rel="noopener">LG Display (034220 KS)</a>, <a href="https://www.smartkarma.com/entities/netmarble-corporation" target="_blank" data-smartkarma-citation="entities:22839:1" rel="noopener">Netmarble Corporation (251270 KS)</a> and <a href="https://www.smartkarma.com/entities/lg-household-health-care" target="_blank" data-smartkarma-citation="entities:6501:1" rel="noopener">LG Household &amp; Health Care (051900 KS)</a>.</p>
</div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/genius-electronic-optical-co-ltd" target="_blank" data-smartkarma-citation="entities:9632:1" rel="noopener">Genius Electronic Optical (3406 TT)</a> and <a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai Precision Industry (2317 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a>, <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>, <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> and <a href="https://www.smartkarma.com/entities/ase-technology-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:27270:1" rel="noopener">ASE Technology Holding Co Ltd (3711 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on JD.com (HK) (9618 HK), Xiaomi Corp (1810 HK), iDreamsky Technology Limited (1119 HK) and Galaxy Entertainment Group (27 HK) while there was short covering on Alibaba Group (9988 HK), Tencent Holdings (700 HK), Ping An Insurance (H) (2318 HK) and Ping An Healthcare and Technology Company Limited (1833 HK) . Shorts increased in Real Estate, Energy and Consumer Staples and decreased in Financials, Consumer Discretionary, Health Care and Communication Services.
There was a lot of short covering in Japan during the week. Stocks that saw the most shorts covered were Fast Retailing (9983 JP), Asahi Group Holdings (2502 JP), Toshiba Corp (6502 JP) and Taiyo Yuden (6976 JP), while shorts increased on Nihon M&amp;A Center (2127 JP), Yamato Holdings (9064 JP), Canon Inc (7751 JP) and Mitsubishi UFJ Financial (MUFG) (8306 JP). Sectorally, the most shorts were covered in Consumer Staples, Information Technology, Consumer Discretionary and Financials.
Stocks in Korea that saw an increase in shorts were Kakao Corp (035720 KS) and Celltrion Inc (068270 KS) while stocks that saw the most short covering were Doosan Infracore (042670 KS), LG Display (034220 KS), Netmarble Corporation (251270 KS) and LG Household &amp; Health Care (051900 KS).
Stocks in Taiwan that saw the highest increase in shorts were Largan Precision (3008 TT), TSMC (2330 TT), Genius Electronic Optical (3406 TT) and Hon Hai Precision Industry (2317 TT) while shorts were covered on Yageo Corporation (2327 TT), Novatek Microelectronics Corp (3034 TT), United Microelectronics Corp (2303 TT) and ASE Technology Holding Co Ltd (3711 TT). 

Asia Short Interest Weekly: JD, Xiaomi, Nihon M&A, Asahi, Toshiba, Kakao, Netmarble, Largan, Novatek

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

<p><a href="https://www.smartkarma.com/entities/leyou-technologies-holdings" target="_blank" data-smartkarma-citation="entities:5831:1" rel="noopener">Leyou Technologies (1089 HK)</a>’s long-drawn takeover saga has entered its final act. After market close on Thursday, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a> announced a privatisation offer by way of a scheme of arrangement for Leyou. Tencent will offer HK$3.3219 per scheme share. The bid represents a premium of 30.27% over the closing price of HK$2.5500 per share on the last trading day (19 September 2019) and a premium of 4.46% over the last close price of HK$3.18 per share.</p><p>As a reminder on 10 July, Leyou announced that Mr Yuk, the controlling shareholder, entered into a three months exclusivity agreement with Tencent Mobility, a wholly-owned subsidiary of Tencent, to sell his stake. In <a href="https://www.smartkarma.com/insights/tencent-ending-the-leyou-takeover-saga" target="_blank" rel="noopener">our previous note</a>, we opined that there is a high chance that this takeover saga ends with an agreement between Mr Yuk and Tencent.</p><div class="content-highlight"><p>We think that this is a done deal due to the irrevocables, no other shareholder holding a blocking stake along with the attractive premium to peers multiples and historical VWAPs implied by the privatisation price.   </p></div>

Leyou Technologies (1089 HK)’s long-drawn takeover saga has entered its final act. After market close on Thursday, Tencent Holdings (700 HK) announced a privatisation offer by way of a scheme of arrangement for Leyou. Tencent will offer HK$3.3219 per scheme share. The bid represents a premium of 30.27% over the closing price of HK$2.5500 per share on the last trading day (19 September 2019) and a premium of 4.46% over the last close price of HK$3.18 per share.As a reminder on 10 July, Leyou announced that Mr Yuk, the controlling shareholder, entered into a three months exclusivity agreement with Tencent Mobility, a wholly-owned subsidiary of Tencent, to sell his stake. In our previous note, we opined that there is a high chance that this takeover saga ends with an agreement between Mr Yuk and Tencent.We think that this is a done deal due to the irrevocables, no other shareholder holding a blocking stake along with the attractive premium to peers multiples and historical VWAPs implied by the privatisation price.   

Tencent Launches a Privatisation Bid for Leyou

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<div>
<p>After going into a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0710/2020071000137.pdf" target="_blank" rel="noopener">trading halt</a> on the 10 July, Leyou announced Charles Yuk - its largest shareholder - had <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0710/2020071000536.pdf" target="_blank" rel="noopener">entered</a> into a privatisation exclusivity agreement with <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>. No price was mentioned.</p>
<p>Shares were <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0710/2020071000137.pdf" target="_blank" rel="noopener">halted</a> ahead of the morning session on the 26 August, and late last night, Leyou <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0827/2020082701826.pdf" target="_blank" rel="noopener">announced</a> a Scheme from Tencent at $3.3219/share.</p>
<p>That's only a 4.46% premium to last close, and a 30.27% oremium over the closing price of HK$2.55/share on 19 September 2019, which was the last trading day prior to Leyou's <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0525/2020052501310.pdf" target="_blank" rel="noopener">announced</a> it was in preliminary discussions with various independent potential investors.</p>
<p>However, irrevocables (in favour of the Scheme) total 70.02% of shares out - primarily comprising Yuk's stake - and the Scheme is conditional on 75% of shares out voting in favour of the Scheme. </p>
<p>There are no shareholders acting in concert with Tencent, therefore Disinterested Shareholders comprise <em>all</em> shares out. Therefore the blocking stake at the Scheme Meeting is 308.5mn shares or 10% of shares out. No single shareholder has such a blocking stake.</p>
</div>
<div>
<p>The headcount test applies as Leyou is Cayman-incorporated. </p>
</div>
<div>
<p>Assuming the deal gets up, this may be wrapped up by early December, possibly late November.</p>
</div>
<div>
<p>As always, more below the fold.</p>
</div>
<hr>
<p><em>Previous insights covering the possible offer(s) for Leyou are:</em></p>
<div>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 124.782px;">
<h3>Date </h3>
</td>
<td style="width: 578.75px;">
<h3>Insight</h3>
</td>
</tr>
<tr>
<td style="width: 124.782px;">23-Sep-19</td>
<td style="width: 578.75px;"><em><a href="https://skr.ma/iWWVq" target="_blank" rel="noopener">Leyou The Latest "You" To Be Targeted</a></em></td>
</tr>
<tr>
<td style="width: 124.782px;">13-Mar-20</td>
<td style="width: 578.75px;"><em><a href="https://skr.ma/3doMj" target="_blank" rel="noopener">Leyou/IDreamsky: Locked In Negotiation</a></em></td>
</tr>
<tr>
<td style="width: 124.782px;">4-May-20</td>
<td style="width: 578.75px;"><em><a href="https://skr.ma/LZbuk" target="_blank" rel="noopener">Leyou (1089 HK): Enter Century Huatong As IDreamsky Tarries</a></em></td>
</tr>
<tr>
<td style="width: 124.782px;">26-May-20</td>
<td style="width: 578.75px;"><em><a href="https://skr.ma/z2FeR" target="_blank" rel="noopener">Leyou (1089 HK): VCredit Switcharoo Terminated</a></em></td>
</tr>
<tr>
<td style="width: 124.782px;">2-Jul-20</td>
<td style="width: 578.75px;"><em><a href="https://skr.ma/sgX9E" target="_blank" rel="noopener">Sony In The Mix To Takeover Leyou</a></em></td>
</tr>
<tr>
<td style="width: 124.782px;">12-Jul-20</td>
<td style="width: 578.75px;"><em><a href="https://skr.ma/dEKCz" target="_blank" rel="noopener">Tencent's Turn To Run A Ruler Over Leyou </a></em></td>
</tr>
</tbody>
</table>
</div>


After going into a trading halt on the 10 July, Leyou announced Charles Yuk - its largest shareholder - had entered into a privatisation exclusivity agreement with Tencent Holdings (700 HK). No price was mentioned.
Shares were halted ahead of the morning session on the 26 August, and late last night, Leyou announced a Scheme from Tencent at $3.3219/share.
That's only a 4.46% premium to last close, and a 30.27% oremium over the closing price of HK$2.55/share on 19 September 2019, which was the last trading day prior to Leyou's announced it was in preliminary discussions with various independent potential investors.
However, irrevocables (in favour of the Scheme) total 70.02% of shares out - primarily comprising Yuk's stake - and the Scheme is conditional on 75% of shares out voting in favour of the Scheme. 
There are no shareholders acting in concert with Tencent, therefore Disinterested Shareholders comprise all shares out. Therefore the blocking stake at the Scheme Meeting is 308.5mn shares or 10% of shares out. No single shareholder has such a blocking stake.


The headcount test applies as Leyou is Cayman-incorporated. 


Assuming the deal gets up, this may be wrapped up by early December, possibly late November.


As always, more below the fold.


Previous insights covering the possible offer(s) for Leyou are:





Date 


Insight



23-Sep-19
Leyou The Latest "You" To Be Targeted


13-Mar-20
Leyou/IDreamsky: Locked In Negotiation


4-May-20
Leyou (1089 HK): Enter Century Huatong As IDreamsky Tarries


26-May-20
Leyou (1089 HK): VCredit Switcharoo Terminated


2-Jul-20
Sony In The Mix To Takeover Leyou


12-Jul-20
Tencent's Turn To Run A Ruler Over Leyou 





Leyou (1089): Tencent Is Game As Scheme Tabled

<p><a href="https://www.smartkarma.com/entities/leyou-technologies-holdings" target="_blank" data-smartkarma-citation="entities:5831:1" rel="noopener">Leyou Technologies (1089 HK)</a>’s long-drawn takeover saga is likely heading to a finale. <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a> is set to announce an agreement with Mr Yuk, Leyou’s controlling shareholder with a 69.20% stake, to acquire this stake at HK$3.30-3.40 per share, according to Bloomberg. As a reminder on 10 July, Leyou announced that Mr Yuk entered into a three months exclusivity agreement with Tencent Mobility, a wholly-owned subsidiary of Tencent, to sell his stake. If the stake sale completes, it can result in the possible acquisition and privatization of Leyou by Tencent. </p><div class="content-highlight"><p>The rumoured price range values Leyou’s healthy premium to peers, which should satiate Mr Yuk’s valuation aspirations. On the other hand, Tencent will get hold of valuable IP and strong game development capabilities which will increase the geographic diversification of its games revenue. Consequently, we think that there is a high chance that this takeover saga ends with an agreement between Mr Yuk and Tencent.  </p></div>

Leyou Technologies (1089 HK)’s long-drawn takeover saga is likely heading to a finale. Tencent Holdings (700 HK) is set to announce an agreement with Mr Yuk, Leyou’s controlling shareholder with a 69.20% stake, to acquire this stake at HK$3.30-3.40 per share, according to Bloomberg. As a reminder on 10 July, Leyou announced that Mr Yuk entered into a three months exclusivity agreement with Tencent Mobility, a wholly-owned subsidiary of Tencent, to sell his stake. If the stake sale completes, it can result in the possible acquisition and privatization of Leyou by Tencent. The rumoured price range values Leyou’s healthy premium to peers, which should satiate Mr Yuk’s valuation aspirations. On the other hand, Tencent will get hold of valuable IP and strong game development capabilities which will increase the geographic diversification of its games revenue. Consequently, we think that there is a high chance that this takeover saga ends with an agreement between Mr Yuk and Tencent.  

China

iDreamSky Technology Holdings Limited operates as a holding company. The Company, through its subsidiaries, designs, develops, and distributes video games for mobile, consoles, PC, and tablets, as well as offers live gaming services. iDreamSky Technology Holdings serves customers worldwide.

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iDreamsky Technology Limited (1119 HK)

HK Shorts: Squeeze-O-Meter

Following the GameStop saga, we try to identify stocks in HK that could be susceptible to a short squeeze based on short interest vs issued shares...

Brian Freitas

Asia Short Interest Weekly: JD, Xiaomi, Nihon M&A, Asahi, Toshiba, Kakao, Netmarble, Largan, Novatek

Highlighting changes in short interest across stocks in HK, Japan, Korea and Taiwan to pinpoint stocks/sectors that are being shorted or covered...

Brian Freitas

Tencent Launches a Privatisation Bid for Leyou

Leyou Technologies (1089 HK)’s long-drawn takeover saga has entered its final act. After market close on Thursday, Tencent Holdings (700 HK)...

Arun George

Leyou (1089): Tencent Is Game As Scheme Tabled

After going into a trading halt on the 10 July, Leyou announced Charles Yuk - its largest shareholder - had entered into a privatisation...

David Blennerhassett

Tencent Ending the Leyou Takeover Saga?

Leyou Technologies (1089 HK)’s long-drawn takeover saga is likely heading to a finale. Tencent Holdings (700 HK) is set to announce an agreement...

Arun George

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