Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<p>Logan Property (3380 HK) has been halted with effect from 1 June 2016 - pending the release by the Company of an announcement pursuant to The Hong Kong Code on Takeovers and Mergers. </p><p>There is a trend towards delisting from SEHK and relisting on the domestic market, where the valuations are generous - Logan's trading halt comes after:</p><ol><li>30 May 2016 - Dalian Wanda Group announced a binding privatization offer for Dalian Wanda Commercial Properties (3699 HK)</li><li>Recent news of Evergrande (3333 HK) having intentions to follow suit; and</li><li>25 May 2016 - Ever Sound, the controlling shareholder of Peak Sport (1968 HK), informing Peak Sport that it is considering a scheme that could result in the privatization and delisting of Peak from SEHK </li></ol><p>The controlling shareholder of Logan holds 76.58% - we believe this shareholder is likely to announce a privatization offer for the company. </p><p><em>In this insight, we look at similar precedent transactions and examine what a potential bid could look like.</em></p>

Logan Property (3380 HK) has been halted with effect from 1 June 2016 - pending the release by the Company of an announcement pursuant to The Hong Kong Code on Takeovers and Mergers. There is a trend towards delisting from SEHK and relisting on the domestic market, where the valuations are generous - Logan's trading halt comes after:30 May 2016 - Dalian Wanda Group announced a binding privatization offer for Dalian Wanda Commercial Properties (3699 HK)Recent news of Evergrande (3333 HK) having intentions to follow suit; and25 May 2016 - Ever Sound, the controlling shareholder of Peak Sport (1968 HK), informing Peak Sport that it is considering a scheme that could result in the privatization and delisting of Peak from SEHK The controlling shareholder of Logan holds 76.58% - we believe this shareholder is likely to announce a privatization offer for the company. In this insight, we look at similar precedent transactions and examine what a potential bid could look like.

Logan Property - Jumping on The (Privatization) Bandwagon?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Dalian Wanda Commercial Properties / Event-Driven

<p>The shareholder structure of the <a href="https://www.smartkarma.com/entities/84" target="_blank" data-smartkarma-citation="entities:84">Dalian Wanda Commercial Properties</a> H-shares is of interest to those looking at whether the take-private transaction as discussed by <a href="https://www.smartkarma.com/profiles/11" target="_blank" data-smartkarma-citation="accounts:11">Crispin Francis</a> in his previous insights is likely to go through. </p><p>Of the 652.5 million H-shares outstanding, no more than 10% of the shares must vote against in order to see the transaction go ahead. </p><p>That's actually not a lot. </p><p>The potential for a deal was announced at HK$38 and the minimum price noted was HK$48/share. That was the…</p>

The shareholder structure of the Dalian Wanda Commercial Properties H-shares is of interest to those looking at whether the take-private transaction as discussed by Crispin Francis in his previous insights is likely to go through. Of the 652.5 million H-shares outstanding, no more than 10% of the shares must vote against in order to see the transaction go ahead. That's actually not a lot. The potential for a deal was announced at HK$38 and the minimum price noted was HK$48/share. That was the…

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

<p>Today's house price indices data from SouFun-CREIS on new home sales in China show accelerated growth for 100 cities overall index of 10% year-on-year in May, compared to 9% in April. Shenzhen continues to stand out on 12-month basis with 59% increase, ahead of Huizhou and Dongguan (both in Guangdong province) with 35% and 34%, respectively. On sequential month-on-month basis, the 100 cities index increased by 1.7% compared to 1.45% in April. Xiamen and Hefei had strongest sequential…</p>

Today's house price indices data from SouFun-CREIS on new home sales in China show accelerated growth for 100 cities overall index of 10% year-on-year in May, compared to 9% in April. Shenzhen continues to stand out on 12-month basis with 59% increase, ahead of Huizhou and Dongguan (both in Guangdong province) with 35% and 34%, respectively. On sequential month-on-month basis, the 100 cities index increased by 1.7% compared to 1.45% in April. Xiamen and Hefei had strongest sequential…

Editor, Bixmoor

Nick Fielding

Editor

Bespoke Research on China and neighbouring regions

Bixmoor

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

<p>China's 13th Five Year Plan aims to re-balance the economy, to encourage innovation and to clean up the environment. But a major assessment of the plan finds considerable room for doubt, whilst offering insights into possible areas for investment.</p>

China's 13th Five Year Plan aims to re-balance the economy, to encourage innovation and to clean up the environment. But a major assessment of the plan finds considerable room for doubt, whilst offering insights into possible areas for investment.

Growth with Volatility - The Next Five Years in China

<h2>Indicative Timetable</h2><table class="table table-striped"><tbody>
<tr>
<td><strong>Dates</strong></td>
<td><strong>Events</strong></td>
</tr>
<tr>
<td>30-Mar-16</td>
<td><a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0330/LTN201603301343.pdf" target="_blank">Notice of Preliminary phase of Consideration</a></td>
</tr>
<tr>
<td>21-Apr-16</td>
<td>Dalia Wanda Group <a href="http://www.reuters.com/article/dalian-wanda-privatisation-idUSL3N17P1LX" target="_blank">offers</a> 12% annual interest to offshore investors in take-private plan</td>
</tr>
<tr>
<td>25-Apr-16</td>
<td>Dalian Wanda Commercial Properties ("3699") <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0425/LTN20160425121.PDF" target="_blank">trading halt</a>
</td>
</tr>
<tr>
<td>30-May-16</td>
<td>
<a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0530/LTN20160530158.pdf" target="_blank">Voluntary Conditional Cash Offer</a> for SEHK:3699 at HKD 52.80/Share</td>
</tr>
<tr>
<td>20-Jun-16*</td>
<td>Est. Composite Offer Document Released</td>
</tr>
<tr>
<td>15-Aug-16</td>
<td>Est. H Share Class Meeting &amp; EGM</td>
</tr>
<tr>
<td>12-Sep-16</td>
<td>Est. Unconditional Offer Announcement</td>
</tr>
<tr>
<td>21-Sep-16</td>
<td>Est. Payment Date </td>
</tr>
</tbody></table><div class="content-remarks"><p>*<em>We have seen</em>…</p></div>

Indicative Timetable

Dates
Events


30-Mar-16
Notice of Preliminary phase of Consideration


21-Apr-16
Dalia Wanda Group offers 12% annual interest to offshore investors in take-private plan


25-Apr-16
Dalian Wanda Commercial Properties ("3699") trading halt



30-May-16

Voluntary Conditional Cash Offer for SEHK:3699 at HKD 52.80/Share


20-Jun-16*
Est. Composite Offer Document Released


15-Aug-16
Est. H Share Class Meeting &amp; EGM


12-Sep-16
Est. Unconditional Offer Announcement


21-Sep-16
Est. Payment Date 

*We have seen…

Dalian Wanda - Detailed Analysis Of Binding Offer

China

Dalian Wanda Commercial Management Group Co., Ltd. operates as a commercial property developer, owner, and operator. The Company develops and manages mixed-use property projects including retail, office, hotel, residential, restaurant, entertainment, and other projects. Dalian Wanda Commercial Management Group conducts businesses in China.

Dalian Wanda Commercial Properties (1567411D HK)

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Dalian Wanda Commercial Properties (1567411D HK)

Logan Property - Jumping on The (Privatization) Bandwagon?

Logan Property (3380 HK) has been halted with effect from 1 June 2016 - pending the release by the Company of an announcement pursuant to The Hong...

Crispin Francis

Wanda Where The Shares Are?

The shareholder structure of the Dalian Wanda Commercial Properties H-shares is of interest to those looking at whether the take-private...

Travis Lundy

Latest China House Price Data

Today's house price indices data from SouFun-CREIS on new home sales in China show accelerated growth for 100 cities overall index of 10%...

Robert Ciemniak

Growth with Volatility - The Next Five Years in China

China's 13th Five Year Plan aims to re-balance the economy, to encourage innovation and to clean up the environment. But a major assessment of the...

Bixmoor

Dalian Wanda - Detailed Analysis Of Binding Offer

Indicative Timetable*We have seen similar precedent transactions take an average of 31 days to release the composite document, in this case, we...

Crispin Francis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)