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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile" target="_blank" data-smartkarma-citation="entities:35371:1" rel="noopener">China Mobile (600941 CH)</a> listed on 5 January after raising CNY 56bn in its A-share IPO. The stock could get Fast Entry to the CSI300, SSE50 and SSE180 indices.</li>
<li>Stocks will be deleted from these indices to maintain the number of index constituents. <a href="https://www.smartkarma.com/entities/jonjee-high-tech-industrial-and-commercial-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:14622:1" rel="noopener">Jonjee High-Tech</a> could be deleted from the CSI300 and <a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:12908:1" rel="noopener">Shandong Gold Mining</a> from the SSE50.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile" target="_blank" data-smartkarma-citation="entities:35371:1" rel="noopener">China Mobile (600941 CH)</a> trades at a 41.7% premium to <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>, substantially lower than the 89% premium for <a href="https://www.smartkarma.com/entities/china-telecom-corp-ltd" target="_blank" data-smartkarma-citation="entities:34045:1" rel="noopener">China Telecom (601728 CH)</a>/<a href="https://www.smartkarma.com/entities/china-telecom-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:1015:1" rel="noopener">China Telecom (H) (728 HK)</a>. </li>
</ul>



China Mobile (600941 CH) listed on 5 January after raising CNY 56bn in its A-share IPO. The stock could get Fast Entry to the CSI300, SSE50 and SSE180 indices.
Stocks will be deleted from these indices to maintain the number of index constituents. Jonjee High-Tech could be deleted from the CSI300 and Shandong Gold Mining from the SSE50.

China Mobile (600941 CH) trades at a 41.7% premium to China Mobile (941 HK), substantially lower than the 89% premium for China Telecom (601728 CH)/China Telecom (H) (728 HK). 


China Mobile (600941 CH): Potential Index Fast Entry

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Mapletree Pan Asia Commercial Trust / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> announced it would start executing on its buyback mandate (10% of H-shares out (2.047bn shares). This is potentially enormous. And absolutely praise-worthy.</li>
<li>The <a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> and <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> prospective merger means a lot of flow. Lots and lots of flow. </li>
<li>The market was assigning ₩18bn (₩232,000/share) less for <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem (051910 KS)</a> stub ops since December 2020, when the battery business division (<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a>) was carved out.</li>
</ul>



China Mobile (941 HK) announced it would start executing on its buyback mandate (10% of H-shares out (2.047bn shares). This is potentially enormous. And absolutely praise-worthy.
The Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) prospective merger means a lot of flow. Lots and lots of flow. 
The market was assigning ₩18bn (₩232,000/share) less for LG Chem (051910 KS) stub ops since December 2020, when the battery business division (LG Energy Solution (LGENERGY KS)) was carved out.


Last Week in Event SPACE: Mapletree Merger, China Mobile, LG Chem, China Logistics

Travis Lundy

<ul>
<li>The <a href="https://www.smartkarma.com/entities/china-mobile" target="_blank" data-smartkarma-citation="entities:35371:1" rel="noopener">China Mobile (600941 CH)</a> A-Share IPO at RMB 57.58/share starts trading tomorrow on 5 January. I thought this premium disappointing, and the dividend overly attractive.</li>
<li>At 800x over-subscribed, with substantial clawback, IPO allocations to mainland investors were limited. Cash should be back in investors' hands and the yield is very attractive on A-shares and H-shares.</li>
<li>Today, <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> announced it would start executing on its buyback mandate (10% of H-shares out (2.047bn shares). This is potentially enormous. And absolutely praise-worthy.</li>
</ul>


The China Mobile (600941 CH) A-Share IPO at RMB 57.58/share starts trading tomorrow on 5 January. I thought this premium disappointing, and the dividend overly attractive.
At 800x over-subscribed, with substantial clawback, IPO allocations to mainland investors were limited. Cash should be back in investors' hands and the yield is very attractive on A-shares and H-shares.
Today, China Mobile (941 HK) announced it would start executing on its buyback mandate (10% of H-shares out (2.047bn shares). This is potentially enormous. And absolutely praise-worthy.


China Mobile (941 HK) - Massive Buyback Announced on Eve of A-Share IPO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> declared an interim dividend by way of in-specie distribution of JD.com.  That interim dividend is ~ 3.0%. Not phenomenally large, but hints at possibilities to come. </li>
<li>Dye &amp; Durham come over the top with an all-cash bid for <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> as Carlyle remains silent after five weeks of due diligence.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> has priced its A-share IPO at RMB 57.58/share which is slightly disappointing in terms of premium to the H-share.  The "reasoning" is basically hogwash. </li>
</ul>



Tencent (700 HK) declared an interim dividend by way of in-specie distribution of JD.com.  That interim dividend is ~ 3.0%. Not phenomenally large, but hints at possibilities to come. 
Dye &amp; Durham come over the top with an all-cash bid for Link Administration Holdings (LNK AU) as Carlyle remains silent after five weeks of due diligence.

China Mobile (941 HK) has priced its A-share IPO at RMB 57.58/share which is slightly disappointing in terms of premium to the H-share.  The "reasoning" is basically hogwash. 


Last Week in Event SPACE: Tencent /JD.com, Link Admin, China Mobile, Sydney Airport, Katakura

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> has priced its A-share IPO at RMB 57.58/share which is slightly disappointing in terms of premium to the H-share. </li>
<li>Subscriptions start on 22 December, and the IPO should launch a week later, for the largest mainland offering this year and possibly the largest in a decade.</li>
<li>Given the more explicit SHAREHOLDER RETURN PLAN framework published in May this year with the A-Share Circular, expect more management clarity on dividend payout.</li>
</ul>



China Mobile (941 HK) has priced its A-share IPO at RMB 57.58/share which is slightly disappointing in terms of premium to the H-share. 
Subscriptions start on 22 December, and the IPO should launch a week later, for the largest mainland offering this year and possibly the largest in a decade.
Given the more explicit SHAREHOLDER RETURN PLAN framework published in May this year with the A-Share Circular, expect more management clarity on dividend payout.


China Mobile Prices RMB A-Share IPO - Disappointing IPO Price So A-Share Could Yield ~CGBs+230

Hong Kong

China Mobile Limited provides telecommunication services. The Company offers wireline voice, broadband, roaming, and other related services. China Mobile serves customers in Hong Kong.

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China Mobile (941 HK)

China Mobile (600941 CH): Potential Index Fast Entry

China Mobile listed on the SSE on 5 Jan after raising CNY 56bn. Based on the index methodology, the stock should get Fast Entry to the CSI300,...

Brian Freitas

Last Week in Event SPACE: Mapletree Merger, China Mobile, LG Chem, China Logistics

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

Last Week in Event SPACE: Tencent /JD.com, Link Admin, China Mobile, Sydney Airport, Katakura

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)

China Mobile (600941 CH): Potential Index Fast Entry

China Mobile listed on the SSE on 5 Jan after raising CNY 56bn. Based on the index methodology, the stock should get Fast Entry to the CSI300,...

Brian Freitas

Last Week in Event SPACE: Mapletree Merger, China Mobile, LG Chem, China Logistics

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