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

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services Internation (APM AU)</a>, <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>, <a href="https://www.smartkarma.com/entities/qantm-intellectual-property" target="_blank" data-smartkarma-citation="entities:24317:1" rel="noopener">Qantm Intellectual Property (QIP AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a>. 
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/roland-dg-corp" target="_blank" data-smartkarma-citation="entities:10653:1" rel="noopener">Roland DG Corp (6789 JP)</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>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>, <a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 HK)</a>, <a href="https://www.smartkarma.com/entities/snow-peak-inc" target="_blank" data-smartkarma-citation="entities:7218:1" rel="noopener">Snow Peak Inc (7816 JP)</a>.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: APM Human Services Internation (APM AU), Chilled &amp; Frozen Logistics Holdings (9099 JP), Qantm Intellectual Property (QIP AU), Genex Power Ltd (GNX AU), Probiotec Ltd (PBP AU). 

Lowest spreads: Roland DG Corp (6789 JP), Tietto Minerals Ltd (TIE AU), CPMC Holdings (906 HK), Pact Group Holdings (PGH AU), Vinda International (3331 HK), Snow Peak Inc (7816 JP).


Merger Arb Mondays (25 Mar) - APM, Genex, C&F Logistics, Roland DG, IntelliCentrics, China TCM

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services Internation (APM AU)</a>, <a href="https://www.smartkarma.com/entities/qantm-intellectual-property" target="_blank" data-smartkarma-citation="entities:24317:1" rel="noopener">Qantm Intellectual Property (QIP AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a>, Silver Lake.
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/roland-dg-corp" target="_blank" data-smartkarma-citation="entities:10653:1" rel="noopener">Roland DG Corp (6789 JP)</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>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>, <a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 HK)</a>, <a href="https://www.smartkarma.com/entities/snow-peak-inc" target="_blank" data-smartkarma-citation="entities:7218:1" rel="noopener">Snow Peak Inc (7816 JP)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: APM Human Services Internation (APM AU), Qantm Intellectual Property (QIP AU), Genex Power Ltd (GNX AU), Probiotec Ltd (PBP AU), Alumina Ltd (AWC AU), Silver Lake.

Lowest spreads: Roland DG Corp (6789 JP), Tietto Minerals Ltd (TIE AU), CPMC Holdings (906 HK), Pact Group Holdings (PGH AU), Vinda International (3331 HK), Snow Peak Inc (7816 JP). 


Merger Arb Mondays (18 Mar) - Roland DG, JSR, YSK, CIMC Vehicles, Alumina, QV Equities, Qantm

<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/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> and <a href="https://www.smartkarma.com/entities/lianlian-digitech" target="_blank" data-smartkarma-citation="entities:39940:1" rel="noopener">Lianlian DigiTech (2104619D CH)</a> IPOs.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/roland-dg-corp" target="_blank" data-smartkarma-citation="entities:10653:1" rel="noopener">Roland DG Corp (6789 JP)</a>, <a href="https://www.smartkarma.com/entities/yaizu-suisankagaku-industry" target="_blank" data-smartkarma-citation="entities:20044:1" rel="noopener">Yaizu Suisankagaku Industry (2812 JP)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities Ltd (QVE AU)</a>, CIMC Vehicles.
</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: Trial Holdings (5882 JP) and Lianlian DigiTech (2104619D CH) IPOs.
Event-Driven developments: JSR Corp (4185 JP), Roland DG Corp (6789 JP), Yaizu Suisankagaku Industry (2812 JP), Alumina Ltd (AWC AU), QV Equities Ltd (QVE AU), CIMC Vehicles.



Weekly Deals Digest (17 Mar) - JSR, Roland DG, CIMC Vehicles, Li Ning, Alumina, QV Equities, Japfa

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/alcoa-corp" target="_blank" data-smartkarma-citation="entities:6510:1" rel="noopener">Alcoa (AA US)</a> at 0.02854 Alcoa shares per Alumina share. The scheme meeting is targeted for 3Q.</li>
<li>While the offer is not a knockout bid, the 15% increase in Alcoa shares lowers the headcount risk from retail opposition and lowers the bump potential. </li>
<li>Regulatory approvals are a formality, and <a href="https://www.smartkarma.com/entities/citic-resources-holdings-limited" target="_blank" data-smartkarma-citation="entities:4408:1" rel="noopener">Citic Resources Holdings (1205 HK)</a> lack of support reflects HKEx listing requirements. At the last close, the gross spread was 3.4%.</li>
</ul>



Alumina Ltd (AWC AU) has entered a scheme implementation deed with Alcoa (AA US) at 0.02854 Alcoa shares per Alumina share. The scheme meeting is targeted for 3Q.
While the offer is not a knockout bid, the 15% increase in Alcoa shares lowers the headcount risk from retail opposition and lowers the bump potential. 
Regulatory approvals are a formality, and Citic Resources Holdings (1205 HK) lack of support reflects HKEx listing requirements. At the last close, the gross spread was 3.4%.


Alumina (AWC AU): Alcoa’s Binding Proposal Aided by Alcoa’s Re-Rating

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 26 February, via an <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02776932-3A637267" target="_blank" rel="noopener">NBIO</a>, <a href="https://www.smartkarma.com/entities/alcoa-corp" target="_blank" data-smartkarma-citation="entities:6510:1" rel="noopener">Alcoa (AA US)</a> offered 0.02854 of its own shares for each <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a> share, a 13% premium to last close.</li>
<li>Alcoa/Alumina control 60%/40% of the AWAC JV, an owner and operator of global bauxite mines and alumina refineries. Both companies have now entered into a Scheme on the same terms. </li>
<li>Alcoa holds 19.9% in AWC after reaching an agreement with Allan Gray Australia. The key risks to the deal are FIRB approval and how CITIC, holding 18.9%, will respond.</li>
</ul>


On the 26 February, via an NBIO, Alcoa (AA US) offered 0.02854 of its own shares for each Alumina Ltd (AWC AU) share, a 13% premium to last close.
Alcoa/Alumina control 60%/40% of the AWAC JV, an owner and operator of global bauxite mines and alumina refineries. Both companies have now entered into a Scheme on the same terms. 
Alcoa holds 19.9% in AWC after reaching an agreement with Allan Gray Australia. The key risks to the deal are FIRB approval and how CITIC, holding 18.9%, will respond.


Alumina/Alcoa: Binding Agreement On The Same Terms

Hong Kong

Hong Kong ChaoShang Group Limited operates an investment holding company. The Company, through its subsidiaries, operates vessel chartering, trading, money lending, factoring, and finance leasing business. Hong Kong ChaoShang Group provides services in Hong Kong.

China Aircraft Leasing Group Holdings Limited operates as investment holding company. The Company, through its subsidiaries, provides aircraft leasing services. China Aircraft Leasing offers its services throughout China.

China Aircraft Leasing Group Holdings (1848 HK)

APAC Resources Limited is an investment holding company. The Company is principally involved in investments in global resources companies and commodity trading. APAC has offices in Hong Kong and Shanghai.

Pizu Group Holdings Limited , through its subsidiaries,provides, develops, and distributes educational software in China. The Company also provides software services for management of power sales, power production and power plant.

CNNC International Limited participates in uranium products trading and other nuclear power generation projects.

Zhaobangji Properties Holdings Limited operates as a construction machinery trading company. The Company markets construction machinery products, drilling accessories, and other products. Zhaobangji Properties Holdings also provides local transportation services.

Greater China Financial Holdings Limited provides pawnshop, P2P online financial platform and financial leasing. The Company's primary business also includes securities trading, asset management, money lending and other types of financial services.

China Chengtong Development Group Limited, through its subsidiaries, has main business in properties investment, strategic investment in cement business, and trading in metal and chemical business in China.

China Strategic Holdings Limited, through its subsidiaries, manufactures and trades pharmaceutical, batteries, and related products.  The Company also invests in securities.

New Provenance Everlasting Holdings Limited wholesales and distributes mineral products. The Company provides metal minerals, ores, and other products. New Provenance Everlasting Holdings also provides industrial materials, public products, electrical appliances, consumer electronics, and other products.

SUMISEKI HOLDINGS, INC. is a holding company established through the reorganization of Sumitomo Coal Mining Co., Ltd.  The Company, through its subsidiaries, wholesales coal, cement, and industrial machinery. Sumiseki Holdings also operates truck and marine transportation services.

Orient Group Incorporation principally engages in planting, processing, marketing, distributing, purchasing, and selling cereals and oil in China. It is also involved in developing, mining, and processing gold, silver, and other mineral resources and the retail and sale of home building materials.

KAMEI CORPORATION is a trading company specializing in petroleum and gas products.  The Company also operates gas stations in Tohoku area (north part of Japan) and distributes alcoholic beverages, food, and construction material such as cement and concrete.

China National Complete Plant Import & Export Corp., Ltd. imports and exports industrial equipment and technologies, trades general merchandise, and invests in overseas operations.

China National Complete Import & Export (000151 CH)

Ideal United Bintang Berhad is an investment holding company which trades in heavy equipment and spare parts. The Company, through its subsidiaries, trades and leases heavy machinery.

Shinsho Corporation is a steel maker and trader.  The Company produces steel products, steel making materials, nonferrous metals, machinery, welding materials, and electronics products.

Japan Pulp and Paper Co Ltd distributes papers, paperboard, pulps, and paper-related products.  The Company also operates real estate business. Japan Pulp & Paper owns a network of overseas operations in Asia, Oceania, and the North America.

DAIICHI JITSUGYO CO., LTD. trades machinery.  The Company also trades various type of materials such as pipes, construction, plastics, fastener, and chemicals.  Daiichi Jitsugyo leases machinery and real estate.

Fujian Furi Electronics Co., Ltd. manufactures and markets computers and related parts, electronic products, communication equipment, household electrical appliances, electronic components, and laser products.  The Company is involved in import and export businesses, develops computer software, and provides technical services.

Mitsui Matsushima Co., Ltd. sells coal primarily in the Kyushu region.  The Company also produces construction machinery, cement, and building materials. Mitsui Matsushima operates supermarkets and real estate business as well.

CITIC Resources Holdings Limited, through its subsidiaries, operates the Portland Aluminum Smelter and sells aluminum finished products. The Company also imports and exports commodities. In addition, Citic Resources operates coal mining and exploration business.

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Citic Resources Holdings (1205 HK)

Merger Arb Mondays (25 Mar) - APM, Genex, C&F Logistics, Roland DG, IntelliCentrics, China TCM

This week, the highest gross spreads are APM (20.1%), C and F Logistics (18.1%), Qantm IP (17.2%), Genex (10.0%), Probiotec (9.4%), QV Equities...

Arun George

Merger Arb Mondays (18 Mar) - Roland DG, JSR, YSK, CIMC Vehicles, Alumina, QV Equities, Qantm

This week, the highest gross spreads are APM (29.0%), Qantm IP (19.1%), Genex Power (12.2%), Probiotec (9.4%), Alumina (8.5%), Silver Lake (7.1%),...

Arun George

Weekly Deals Digest (17 Mar) - JSR, Roland DG, CIMC Vehicles, Li Ning, Alumina, QV Equities, Japfa

Last week, notable developments occurred in Event-Driven (JSR, Roland DG, YSK, Alumina, Qantm IP, QV Equities, Volpara, CIMC Vehicles, Li Ning,...

Arun George

Alumina (AWC AU): Alcoa’s Binding Proposal Aided by Alcoa’s Re-Rating

While the offer is not a knockout bid, the 15% increase in Alcoa shares lowers the headcount risk from retail opposition and lowers the bump...

Arun George

Alumina/Alcoa: Binding Agreement On The Same Terms

Reg approvals should be fine. CITIC should be supportive. Current gross/annualised spread of 3.6%/8.0%, assuming late-Aug completion. Look to short...

David Blennerhassett

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