Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

The Board of Hanergy Mobile Energy Holdings Group Limited, <a href="https://www.smartkarma.com/entities/432" target="_blank" data-smartkarma-citation="entities:432:1">Hanergy Thin Film Power (566 HK)</a>'s majority shareholder, is offering to privatise the company at "no less than HK$5/share" via cash or scrip. Following the privatisation, Hanergy will be listed on China's A-share market. The indicative offer values Hanergy at ~US$27bn. 
A <a href="http://en.hanergy.com/content/corporationNews/corporationNews_715.html" target="_blank">statement</a> is on the parent company's website. There is no corresponding announcement on the Exchange website, despite Hanergy's Board unanimously accepting the privatisation proposal, according to the statement. 
Hanergy has been suspended since the 20 May 2015 after 47% of its market cap was wiped out in less than an hour, likely pivoting off margin calls - although the company <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2015/0716/LTN20150716827.pdf" target="_blank">speculated</a> it was due to a loss of a sales contract. Shares last traded at HK$3.91.
The ultimate majority owner of Hanergy is Li Hejun, who was <a href="https://webb-site.com/codocs/SFC170904.pdf" target="_blank">disqualified</a> by the SFC on the 4 September 2017 from being a director or being involved in the management of any listed or unlisted corporation in Hong Kong for eight years.
The proposed privatisation appears geared towards benefitting minority shareholders ahead of a possible forced delisting next year after the Hong Kong Stock Exchange introduced new delisting rules on the 1 August 2018.
But presumably, Hanergy's share would first need to resume trading, with the SFC's approval, before a privatisation Offer (also requiring SFC approval) could unfold.
Should a privatisation not proceed and/or shares fail to resume trading before the 31 July 2019 delisting deadline, shareholders will likely be left holding unlisted Hanergy scrip.

The Board of Hanergy Mobile Energy Holdings Group Limited, Hanergy Thin Film Power (566 HK)'s majority shareholder, is offering to privatise the company at "no less than HK$5/share" via cash or scrip. Following the privatisation, Hanergy will be listed on China's A-share market. The indicative offer values Hanergy at ~US$27bn. 
A statement is on the parent company's website. There is no corresponding announcement on the Exchange website, despite Hanergy's Board unanimously accepting the privatisation proposal, according to the statement. 
Hanergy has been suspended since the 20 May 2015 after 47% of its market cap was wiped out in less than an hour, likely pivoting off margin calls - although the company speculated it was due to a loss of a sales contract. Shares last traded at HK$3.91.
The ultimate majority owner of Hanergy is Li Hejun, who was disqualified by the SFC on the 4 September 2017 from being a director or being involved in the management of any listed or unlisted corporation in Hong Kong for eight years.
The proposed privatisation appears geared towards benefitting minority shareholders ahead of a possible forced delisting next year after the Hong Kong Stock Exchange introduced new delisting rules on the 1 August 2018.
But presumably, Hanergy's share would first need to resume trading, with the SFC's approval, before a privatisation Offer (also requiring SFC approval) could unfold.
Should a privatisation not proceed and/or shares fail to resume trading before the 31 July 2019 delisting deadline, shareholders will likely be left holding unlisted Hanergy scrip.

Hanergy Thin Film - A Mooted Privatisation Ahead Of Possible Delisting

China

China Lumena New Materials Corp. mines, processes,and manufactures natural thenardite products. The Company is also engaged in the manufacturing and sale of PPS products, which include PPS resin, PPS compounds and PPS fiber.

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China Lumena New Materials Corp. (67 HK)

Hanergy Thin Film - A Mooted Privatisation Ahead Of Possible Delisting

The Board of Hanergy Mobile Energy Holdings Group Limited, Hanergy Thin Film Power (566 HK)'s majority shareholder, is offering to privatise the...

David Blennerhassett

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