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

<a href="https://www.smartkarma.com/entities/golden-throat-holdings-group" target="_blank" data-smartkarma-citation="entities:22664:1" rel="noopener">Golden Throat Holdings (6896 HK)</a> is a leading manufacturer of lozenges in China. After market close on Thursday, it announced a privatisation offer by way of a scheme of arrangement from Aureli Investments. The offeror will offer HK$2.80 cash per scheme share. The bid represents a premium of 55.6% over the closing price of HK$1.80 per share on the undisturbed date (4 August 2021 prior to irregular price movements) and a premium of 25.6% over the closing price of HK$2.23 per share on the last trading date (5 August 2021 prior to the trading halt). On 10 August, Golden Throat issued a positive profit alert. The 1H21 net profit is expected to be around RMB80.0 million in comparison to the 1H20 net profit of RMB15.8 million. The profit increase was due to a recovery in 1H21 sales to the pre-COVID-19 pandemic levels. <div class="content-highlight">The key condition precedents are the headcount test along with the scheme approved by at least 75% disinterested shareholders and &lt;10% rejection by all disinterested shareholders. As disinterested scheme shareholders represent 189.3 million shares or 25.60% of shares outstanding, the 10% blocking stake is 18.9 million shares or 2.56% of shares outstanding. No shareholder holds a blocking stake. Overall, we think the offer price is attractive and that the privatisation bid will be successful. </div>

Golden Throat Holdings (6896 HK) is a leading manufacturer of lozenges in China. After market close on Thursday, it announced a privatisation offer by way of a scheme of arrangement from Aureli Investments. The offeror will offer HK$2.80 cash per scheme share. The bid represents a premium of 55.6% over the closing price of HK$1.80 per share on the undisturbed date (4 August 2021 prior to irregular price movements) and a premium of 25.6% over the closing price of HK$2.23 per share on the last trading date (5 August 2021 prior to the trading halt). On 10 August, Golden Throat issued a positive profit alert. The 1H21 net profit is expected to be around RMB80.0 million in comparison to the 1H20 net profit of RMB15.8 million. The profit increase was due to a recovery in 1H21 sales to the pre-COVID-19 pandemic levels. The key condition precedents are the headcount test along with the scheme approved by at least 75% disinterested shareholders and &lt;10% rejection by all disinterested shareholders. As disinterested scheme shareholders represent 189.3 million shares or 25.60% of shares outstanding, the 10% blocking stake is 18.9 million shares or 2.56% of shares outstanding. No shareholder holds a blocking stake. Overall, we think the offer price is attractive and that the privatisation bid will be successful. 

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

On June 16, <a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (ABB HK)</a> submitted a prospectus to the HKEX to be listed on the main board. Abbisko is a R&amp;D-driven, clinical-stage biopharmaceutical company dedicated to the discovery and development of innovative and differentiated small molecule oncology therapies, with a pipeline of 14 programs focused on oncology. This insight mainly analyzed the four important product candidates at the clinical stage (ABSK011, ABSK091, ABSK021 and ABSK081) in the pipeline.

On June 16, Abbisko Cayman (ABB HK) submitted a prospectus to the HKEX to be listed on the main board. Abbisko is a R&amp;D-driven, clinical-stage biopharmaceutical company dedicated to the discovery and development of innovative and differentiated small molecule oncology therapies, with a pipeline of 14 programs focused on oncology. This insight mainly analyzed the four important product candidates at the clinical stage (ABSK011, ABSK091, ABSK021 and ABSK081) in the pipeline.

Pre-IPO Abbisko Cayman - It Still Takes Some Time for Commercialization

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

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.

Thematic (Sector/Industry)

By allowing couples to have up to two children China hopes to reverse its likely population decline. But falling fertility and the pressures of urban living mean that existing policies are unlikely to deliver a baby boom.

By allowing couples to have up to two children China hopes to reverse its likely population decline. But falling fertility and the pressures of urban living mean that existing policies are unlikely to deliver a baby boom.

Falling Fertility Adds to China's Population Woes

Faced with dramatically falling birth rates, Iran has introduced a wide range of pro-natalist policies. In contrast, China has been half-hearted in the policies it has introduced and continues to boast about its family planning services.

Faced with dramatically falling birth rates, Iran has introduced a wide range of pro-natalist policies. In contrast, China has been half-hearted in the policies it has introduced and continues to boast about its family planning services.

Iran Shows China the Way on Population Expansion

Air quality in China appears to have improved slightly in recent months. However, it is still well above World Health Organisation recommended levels and could lead to an estimated 4-5 million premature deaths by 2030

Air quality in China appears to have improved slightly in recent months. However, it is still well above World Health Organisation recommended levels and could lead to an estimated 4-5 million premature deaths by 2030

China

Guilin Sanjin Pharmaceutical Co Ltd is a pharmaceutical company. The Company specializes in research and production of Traditional Chinese Medicine(TCM) and natural medicines.

Guilin Sanjin Pharmaceutical Co Ltd A (002275 CH)

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Guilin Sanjin Pharmaceutical Co Ltd A (002275 CH)

Golden Throat’s Privatisation Bid

Golden Throat announced a privatisation offer at HK$2.80 cash per scheme share, a 25.6% premium to the last close. We think the offer price is...

Arun George

Pre-IPO Abbisko Cayman - It Still Takes Some Time for Commercialization

This article analyzed Abbisko in terms of its four product candidates at the clinical stage (ABSK011, ABSK091, ABSK021 and ABSK081) in the...

Xinyao (Criss) Wang

Falling Fertility Adds to China's Population Woes

By allowing couples to have up to two children China hopes to reverse its likely population decline. But falling fertility and the pressures of...

Bixmoor

Iran Shows China the Way on Population Expansion

Faced with dramatically falling birth rates, Iran has introduced a wide range of pro-natalist policies. In contrast, China has been half-hearted in...

Bixmoor

Small Improvement in China Air Quality

Air quality in China appears to have improved slightly in recent months. However, it is still well above World Health Organisation recommended...

Bixmoor

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