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>The monthly update notes further progress made by <a href="https://www.smartkarma.com/entities/org-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:17510:1" rel="noopener">ORG Technology Co., Ltd. A (002701 CH)</a> in satisfying the precondition for its HK$7.21 voluntary offer for <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>. </li>
<li>The remaining preconditions (ORG shareholder and NDRC/SAFE approval) are low-risk. Including irrevocable, ORG represents 46.45% of outstanding shares within reach of the 50% minimum acceptance condition. </li>
<li>The two event risks (irrevocable termination date, precondition long stop date) should not derail the deal. At the last close, the gross spread was 4.9%. </li>
</ul>


The monthly update notes further progress made by ORG Technology Co., Ltd. A (002701 CH) in satisfying the precondition for its HK$7.21 voluntary offer for CPMC Holdings (906 HK). 
The remaining preconditions (ORG shareholder and NDRC/SAFE approval) are low-risk. Including irrevocable, ORG represents 46.45% of outstanding shares within reach of the 50% minimum acceptance condition. 
The two event risks (irrevocable termination date, precondition long stop date) should not derail the deal. At the last close, the gross spread was 4.9%. 


CPMC Holdings (906 HK): ORG Inching Towards the Launch of the Offer

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>Unsurprisingly, the <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a> Board has recommended shareholders vote against the appointment of <a href="https://www.smartkarma.com/entities/shandong-xinjufeng-technology-packaging-co-ltd" target="_blank" data-smartkarma-citation="entities:36744:1" rel="noopener">Shandong Xinjufeng Technology Packaging (301296 CH)</a>’s two director nominees.</li>
<li>The EGM vote on 18 October is too close to call and depends on Shandong Xinjufeng and management's ability to rally disengaged minorities to their respective causes.   </li>
<li>Irrespective of the EGM vote results, Shandong Xinjufeng will be keen to launch its offer to ward off the threat of a possible competing offer from management. </li>
</ul>


Unsurprisingly, the Greatview Aseptic Packaging (468 HK) Board has recommended shareholders vote against the appointment of Shandong Xinjufeng Technology Packaging (301296 CH)’s two director nominees.
The EGM vote on 18 October is too close to call and depends on Shandong Xinjufeng and management's ability to rally disengaged minorities to their respective causes.   
Irrespective of the EGM vote results, Shandong Xinjufeng will be keen to launch its offer to ward off the threat of a possible competing offer from management. 


Global Head of Research & Head of Europe, Lucror Analytics

Felix Fischer

Global Head of Research & Head of Europe

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p><br/> The Europe HY Trade Book for September 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.<br/></p>

  The Europe HY Trade Book for September 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - September 2024 - Lucror Analytics

<h3>Europe High Yield Trade Book</h3>
<p><br>The Europe HY Trade Book for August 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.  </p>

Europe High Yield Trade Book
 The Europe HY Trade Book for August 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.  

Europe HY Trade Book - August 2024 - Lucror Analytics

<ul>
<li>
<a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a> disclosed that Mr Bi Hua Jeff (CEO) and Mr Hong Gang (co-founder) are contemplating a possible voluntary conditional offer. The terms and conditions were not disclosed.</li>
<li>Due to the recent AGM protest votes, management needed to provide a credible alternative to shareholders to ensure that <a href="https://www.smartkarma.com/entities/shandong-xinjufeng-technology-packaging-co-ltd" target="_blank" data-smartkarma-citation="entities:36744:1" rel="noopener">Shandong Xinjufeng Technology Packaging (301296 CH)</a>’s offer failed.   </li>
<li>Shandong Xinjufeng's likely game plan is to wait for a binding counteroffer, focus on satisfying the preconditions, and requisition an EGM again to get Board representation.</li>
</ul>



Greatview Aseptic Packaging (468 HK) disclosed that Mr Bi Hua Jeff (CEO) and Mr Hong Gang (co-founder) are contemplating a possible voluntary conditional offer. The terms and conditions were not disclosed.
Due to the recent AGM protest votes, management needed to provide a credible alternative to shareholders to ensure that Shandong Xinjufeng Technology Packaging (301296 CH)’s offer failed.   
Shandong Xinjufeng's likely game plan is to wait for a binding counteroffer, focus on satisfying the preconditions, and requisition an EGM again to get Board representation.


GA Pack (468 HK): Stalemate Broken as Management Considers a Possible Counteroffer

United States

Crown Holdings, Inc. designs, manufactures, and sells packaging products for consumer goods through plants located in countries around the world.  The Company's primary products include steel and aluminum cans for food, beverage, household, and other consumer products.  Crown also provides a variety of metal caps, closures, and dispensing systems.

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Crown Holdings (CCK US)

CPMC Holdings (906 HK): ORG Inching Towards the Launch of the Offer

The precondition is almost done as CPMC shareholder and NDRC approvals are secured. Only SAFE approval, which is a formality, is outstanding. This...

Arun George

GA Pack (468 HK): Crunch Time

The EGM vote will be close. Irrespective of the vote, Shandong Xinjufeng has a solid incentive to satisfy its offer’s precondition and management...

Arun George

Europe HY Trade Book - September 2024 - Lucror Analytics

The Europe HY Trade Book for September 2024 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

Europe HY Trade Book - August 2024 - Lucror Analytics

The Europe HY Trade Book for August 2024 includes current trade recommendations drawn from our European HY coverage universe, along with...

Lucror Analytics

GA Pack (468 HK): Stalemate Broken as Management Considers a Possible Counteroffer

As expected, Shandong Xinjufeng has resubmitted an EGM requisition for appointing two director nominees, this time with the correct entity. The...

Arun George

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