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

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>Since announcing <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 pre-conditional voluntary offer for <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> at HK$2.65 per share, the gross spread has increased. </li>
<li>The Board’s strategy is to rally shareholders against a hostile offer. However, the recent AGM protest votes suggest that the Board cannot easily thwart the offer. </li>
<li>Shandong Xinjufeng's renewed efforts to secure Board representation suggest that its offer is in trouble. Meanwhile, <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a> seems disinclined to engage in a bidding war. </li>
</ul>


Since announcing Shandong Xinjufeng Technology Packaging (301296 CH)’s pre-conditional voluntary offer for Greatview Aseptic Packaging (468 HK) at HK$2.65 per share, the gross spread has increased. 
The Board’s strategy is to rally shareholders against a hostile offer. However, the recent AGM protest votes suggest that the Board cannot easily thwart the offer. 
Shandong Xinjufeng's renewed efforts to secure Board representation suggest that its offer is in trouble. Meanwhile, China Mengniu Dairy Co (2319 HK) seems disinclined to engage in a bidding war. 


GAPack (468 HK): Grinding Towards a Stalemate

<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/yichang-hec-changjiang-pharmaceutical" target="_blank" data-smartkarma-citation="entities:21040:1" rel="noopener">Yichang HEC Changjiang Pharma (1558 HK)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, <a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada Group Ltd (AND AU)</a>, <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>, <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>.
</li>
<li>Lowest spreads: <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/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</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/nagatanien-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:8059:1" rel="noopener">Nagatanien Holdings (2899 JP)</a>, <a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</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>. </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: Yichang HEC Changjiang Pharma (1558 HK), Hollysys Automation Technologies (HOLI US), Ansarada Group Ltd (AND AU), Asia Cement China (743 HK), Greatview Aseptic Packaging (468 HK).

Lowest spreads: Alumina Ltd (AWC AU), Great Eastern Holdings (GE SP), Pact Group Holdings (PGH AU), Nagatanien Holdings (2899 JP), Mimasu Semiconductor Industry (8155 JP), QV Equities Ltd (QVE AU). 


Merger Arb Mondays (10 Jun) - GA Pack, Asia Cement, CPMC, Nagatanien, APM, Ansarada, Genex, Hollysys

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 9th May, <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 (301296 CH)</a> (XJF) made a pre-conditional voluntary general Offer at $2.65/share (best &amp; final), contingent on a 50% acceptance. Final/special dividends to be added.</li>
<li>
<a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">GAPack(468 HK)</a> has made it clear that XJF is a competitor of GAPack. And <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">Mengniu (2319 HK)</a> may review its relationship if pre-cons are satisfied/waived; or the Offer gets up.</li>
<li>XJF has announced the necessary applications have been sent to NDRC, MoC, and SAMR; and it prepping for a shareholder meeting to approve the Offer. </li>
</ul>


On the 9th May, Shandong Xinjufeng (301296 CH) (XJF) made a pre-conditional voluntary general Offer at $2.65/share (best &amp; final), contingent on a 50% acceptance. Final/special dividends to be added.

GAPack(468 HK) has made it clear that XJF is a competitor of GAPack. And Mengniu (2319 HK) may review its relationship if pre-cons are satisfied/waived; or the Offer gets up.
XJF has announced the necessary applications have been sent to NDRC, MoC, and SAMR; and it prepping for a shareholder meeting to approve the Offer. 


GAPack (468 HK): Shandong Xinjufeng Offer Progesses

<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/yichang-hec-changjiang-pharmaceutical" target="_blank" data-smartkarma-citation="entities:21040:1" rel="noopener">Yichang HEC Changjiang Pharma (1558 HK)</a>, <a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, <a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada Group Ltd (AND AU)</a>, <a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a>. </li>
<li>Lowest spreads: <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/mma-offshore-ltd" target="_blank" data-smartkarma-citation="entities:594:1" rel="noopener">Mma Offshore (MRM AU)</a>, <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</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/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</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: Yichang HEC Changjiang Pharma (1558 HK), Alps Logistics (9055 JP), Hollysys Automation Technologies (HOLI US), Ansarada Group Ltd (AND AU), Southern Cross Media (SXL AU). 
Lowest spreads: Chilled &amp; Frozen Logistics Holdings (9099 JP), Mma Offshore (MRM AU), Great Eastern Holdings (GE SP), Pact Group Holdings (PGH AU), Alumina Ltd (AWC AU). 


Merger Arb Mondays (13 May) - GA Pack, HEC Pharma, L'Occitane, Alps Logistics, Great Eastern

<ul>
<li>
<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> disclosed a pre-conditional voluntary offer for <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> at HK$2.65, a 26.2% premium to the undisturbed price.</li>
<li>The pre-condition relates to Chinese regulatory approvals and Shandong Xinjufeng shareholder approval. The offer is conditional on a 50% minimum acceptance condition.</li>
<li>Shandong Xinjufeng’s previous acquisition of Jardine Matheson’s 28.22% stake elicited a defensive move by <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a>. This development is likely to force a Mengniu competing VGO.  </li>
</ul>



Shandong Xinjufeng Technology Packaging (301296 CH) disclosed a pre-conditional voluntary offer for Greatview Aseptic Packaging (468 HK) at HK$2.65, a 26.2% premium to the undisturbed price.
The pre-condition relates to Chinese regulatory approvals and Shandong Xinjufeng shareholder approval. The offer is conditional on a 50% minimum acceptance condition.
Shandong Xinjufeng’s previous acquisition of Jardine Matheson’s 28.22% stake elicited a defensive move by China Mengniu Dairy Co (2319 HK). This development is likely to force a Mengniu competing VGO.  


Greatview Aseptic (468 HK): Shandong Xinjufeng VGO Could Force Mengniu to Act

China

Zhejiang Great Southeast Company Ltd. manufactures a wide range of plastic packaging products. The Company produces plastic film, plastic bags, and other plastic packaging.

Zhejiang Jingxing Paper JSC Ltd manufactures and markets paper products including kraft box paper for packaging, corrugated paper, paperboard, and paper boxes.

Anhui Guofeng Plastic Industry Co., Ltd. develops and manufactures plastic products.  The Company's products include biaxially oriented polypropylene (BOPP) and polyethylene (PE) films, plastic building materials, injection molds, and other plastic products.  Anhui Guofeng also produces evaporimeters.

Shantou Wanshun New Material Group Co., Ltd. develops, manufactures and sells environmentally friendly paper packaging materials. The Company produces and sells aluminum foil, functional films, and other packaging materials. Shantou Wanshun New Material Group markets its products throughout China.

Shantou Wanshun Package Mtrl Stck (300057 CH)

Xiamen Hexing Packaging Printing Co., Ltd manufactures paper packaging products. The Company produces corrugated boxes, corrugated boards, corrugated cartons, and other products. Xiamen Hexing Packaging Printing also provides printing services.

Xiamen Hexing Packaging Printi (002228 CH)

MYS Group Co., Ltd. manufactures cardboard and plastic packaging.

Shanghai Sunglow Packaging Technology Co., Ltd operates as a packaging products manufacturing company. The Company produces and sells gift boxes, paper handbags, cartons, labels, and other products. Shanghai Sunglow Packaging Technology markets its products in China.

Shanghai Luxin Packing Materials Science & Technology Company Limited develops, produces, processes and sells vacuum metallized paper, white cardboard, laminated paper and polypropylene filament for cigarette filters.  The Company's main products are vacuum metallized paper and other environmentally friendly packaging materials.

Shanghai Luxin Packing Materials Science (002565 CH)

Zhuhai Zhongfu Enterprise Co. Ltd. is a beverage packaging manufacturer. The Company mainly develops, manufactures and markets beverage packaging products, including beverage bottles, labels and other related products.

China Sunshine Paper Holdings Co, Ltd. produces and sales white top linerboard, light-coated linerboard, and core board.  The Company offers products that are used to package various consumer products, including food, beverages, and electronics.

The Pack Corporation produces paper products such as paper bags and corrugated cardboard boxes. The Company also manufactures plastic bags.

Uflex Ltd. manufactures flexible and laminated packaging.  The Company's products are used in packaging for cosmetics, pharmaceuticals and toiletries.

Huhtamaki PPL Limited makes paper products and packages, including a range of cartons and packing systems.  The Company also makes cellulose, polyethylene and plastic films and metal foils.

Nilkamal Limited manufactures and sells plastic furniture and material handling products.  The Company also has a retail chain of home decor stores. Nilkamal Ltd's products include chairs, cabinets, dining tables, trolleys, sofa sets and designer chairs, office chairs, crates, polypropylene corrugated boxes, insulated boxes, ballot units, readymade furnite, furnishings, and accessories.

Mold-Tek Packaging Ltd. manufactures plastic packaging products.  The Company manufactures bottles for pharmaceuticals and cosmetics; child-resistant caps; flip-top tablet packs; blow-molded shampoo and medicine packs; and injection-molded pails for lubricants, chemicals, paint, ink, adhesives and bulk drugs.

Myers Industries, Inc. manufactures plastic and rubber products for industrial, agricultural, automotive, commercial, and consumer markets.  The Company's products include plastic containers, rubber tire repair products, and custom rubber materials.  Myers is also a wholesale distributor of tools, equipment, and supplies for the tire service and automotive underbody repair industry.

Brodrene Hartmann A/S develops, designs, and produces molded fiber packaging. The Company makes the packaging from recycled papers, and the product line includes packaging for eggs and fruit, as well as for consumer electronics and domestic appliances.  Hartmann also makes liners and core boards. The Company manufactures the products in several countries and markets worldwide.

Youlchon Chemical Co., Ltd. develops and manufactures packaging materials such as single and multilayer oriented polypropylene films and corrugated cardboards for use in consumer product labeling and packaging applications.  The Company also produces laminated tubes to pack toothpaste, cosmetics, and adhesives.  In addition, Youlchon manufactures carrier tapes which carry electronic parts.

LOCK&LOCK CO., LTD. produces and sells plastic food storage and outdoor airtight containers.  The Company also produces various materials such as ceramic ware, pot, glass, and other kitchen stuffs.

Samkwang Glass manufactures glass containers and kitchenware. The Company mainly provides glass containers to beverage, pharmaceutical and cosmetic companies.  Samkwang Glass also manufactures metal cans for beverages.

Greatview Aseptic Packaging Company Limited is an integrated provider of aseptic packaging and related services. The Company also provides customers with a range of support services with respect to standard roll-fed filling machines, which include training and on-site technical assistance, as well as spare parts.

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Greatview Aseptic Packaging (468 HK)

GAPack (468 HK): Grinding Towards a Stalemate

There is a stalemate as the Board and Shandong Xinjufeng appear to have similar levels of support. The risk (12.1% downside to undisturbed)/reward...

Arun George

Merger Arb Mondays (10 Jun) - GA Pack, Asia Cement, CPMC, Nagatanien, APM, Ansarada, Genex, Hollysys

This week, the highest gross spreads are HEC Pharma (121.3%), Hollysys (18.9%), Ansarada (11.6%), Asia Cement China (11.1%), GA Pack (10.4%),...

Arun George

GAPack (468 HK): Shandong Xinjufeng Offer Progesses

Trading at a 6.4% gross spread to terms. Before factoring in any dividends. Bi and Mengniu may still counter. But this transaction will probably...

David Blennerhassett

Merger Arb Mondays (13 May) - GA Pack, HEC Pharma, L'Occitane, Alps Logistics, Great Eastern

This week, the highest gross spreads are HEC Pharma (58.1%), Alps Logistics (14.3%), Hollysys (12.9%), Ansarada (8.7%), Southern Cross (8.7%), QV...

Arun George

Greatview Aseptic (468 HK): Shandong Xinjufeng VGO Could Force Mengniu to Act

Shandong Xinjufeng’s previous acquisition of Jardine Matheson’s 28.22% stake elicited a defensive move by Mengniu. This development is likely to...

Arun George

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