IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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

Guodian Technology & Environment Group / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guodian-technology-environment-group-corp" target="_blank" data-smartkarma-citation="entities:3941:1" rel="noopener">Guodian Technology &amp; Environment Group (1296 HK)</a>'s composite document is out with the H Shareholders’ class meeting on 20 May. The IFA considers the offer to be fair and reasonable. </li>
<li>The key condition for the privatisation is approval by at least 75% of independent H-shareholders (&lt;10% of all independent H-shareholders rejection). There is no minimum acceptance condition. </li>
<li>The H Shareholder with a blocking stake has provided an irrevocable. For a 9 June payment, the gross and annualised spread to the offer is 1.9% and 19.5%, respectively. </li>
</ul>



Guodian Technology &amp; Environment Group (1296 HK)'s composite document is out with the H Shareholders’ class meeting on 20 May. The IFA considers the offer to be fair and reasonable. 
The key condition for the privatisation is approval by at least 75% of independent H-shareholders (&lt;10% of all independent H-shareholders rejection). There is no minimum acceptance condition. 
The H Shareholder with a blocking stake has provided an irrevocable. For a 9 June payment, the gross and annualised spread to the offer is 1.9% and 19.5%, respectively. 


Guodian’s H Share Class Meeting on 20 May, IFA Opinion

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guodian-technology-environment-group-corp" target="_blank" data-smartkarma-citation="entities:3941:1" rel="noopener">Guodian Technology &amp; Environment (1296 HK)</a>'s Composite Document is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0428/2022042803435.pdf" target="_blank" rel="noopener">out</a>. The Scheme Meeting will be held on the 20th May with expected payment on or before the 9 June. </li>
<li>The Independent Financial Advisor (Gram Capital) has concluded China Energy and Guodian Power's Offer is fair and reasonable. </li>
<li>This is a done deal - play the spread. This is trading at a gross/annualised spread of 1.9%/18.6%. </li>
</ul>



Guodian Technology &amp; Environment (1296 HK)'s Composite Document is now out. The Scheme Meeting will be held on the 20th May with expected payment on or before the 9 June. 
The Independent Financial Advisor (Gram Capital) has concluded China Energy and Guodian Power's Offer is fair and reasonable. 
This is a done deal - play the spread. This is trading at a gross/annualised spread of 1.9%/18.6%. 


Guodian Tech (1296 HK): Composite Doc Out. 20th May H-Class Meeting

Beijing Enterprises Urban Resources / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-enterprises-water-group-limited" target="_blank" data-smartkarma-citation="entities:1660:1" rel="noopener">Beijing Enterprises Water Group (371 HK)</a> (BEW) and <a href="https://www.smartkarma.com/entities/beijing-enterprises-urban-re" target="_blank" data-smartkarma-citation="entities:29131:1" rel="noopener">Beijing Enterprises Urban Resources (3718 HK)</a> (BEUR) were both suspended this morning, the latter pursuant to the Takeovers Code. </li>
<li>BEW holds ~29% in BEUR, a stake largely unchanged since BEUR's listing in January 2020.</li>
<li>A possible privatisation of BEUR follows on the heels of the ongoing take-private transaction for <a href="https://www.smartkarma.com/entities/guodian-technology-environment-group-corp" target="_blank" data-smartkarma-citation="entities:3941:1" rel="noopener">Guodian Technology &amp; Environment Group (1296 HK)</a>, another waste treatment and environmental play.</li>
</ul>



Beijing Enterprises Water Group (371 HK) (BEW) and Beijing Enterprises Urban Resources (3718 HK) (BEUR) were both suspended this morning, the latter pursuant to the Takeovers Code. 
BEW holds ~29% in BEUR, a stake largely unchanged since BEUR's listing in January 2020.
A possible privatisation of BEUR follows on the heels of the ongoing take-private transaction for Guodian Technology &amp; Environment Group (1296 HK), another waste treatment and environmental play.


Beijing Enterprises Urban Resources (3718 HK): Potential Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guodian-technology-environment-group-corp" target="_blank" data-smartkarma-citation="entities:3941:1" rel="noopener">Guodian Technology &amp; Environment Group (1296 HK)</a>'s (GTE) pre-cons are now fulfilled - bang in line with my timetable estimate.</li>
<li>The Composite Document should be despatched to the shareholders on or before 29 April 2022. </li>
<li>Assuming all goes to plan - and there is every indication it will - payment under the Offer is expected around mid-June.</li>
</ul>



Guodian Technology &amp; Environment Group (1296 HK)'s (GTE) pre-cons are now fulfilled - bang in line with my timetable estimate.
The Composite Document should be despatched to the shareholders on or before 29 April 2022. 
Assuming all goes to plan - and there is every indication it will - payment under the Offer is expected around mid-June.


Guodian Tech (1296 HK): Done Deal As Pre-Cons Fulfilled

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only).</li>
<li>This week, the highest gross spreads are <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a>, <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>. </li>
<li>The lowest gross spreads are <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>, <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc Adr (JOBS US)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>, Jin Jiang Capital.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only).
This week, the highest gross spreads are 21Vianet Group (VNET US), Yashili International Holdings (1230 HK), Dongzheng Automotive Finance (2718 HK), Sezzle Inc (SZL AU), Link Administration Holdings (LNK AU). 
The lowest gross spreads are Virtus Health (VRT AU), Uniti Group Ltd (UWL AU), 51 Job Inc Adr (JOBS US), China Logistics Property Holdings (1589 HK), Jin Jiang Capital.


Merger Arb Mondays (25 Apr) - VNET, Yashili, Dongzheng AFC, Sezzle, Link, Razer, Ramsay Health

China

Guodian Technology & Environment Group Corporation Ltd. developes and promotes environmental friendly, energy-saving solutions and new energy technologies while focusing on core R&D efforts and supporting strategic clusters of emerging industries.

Guodian Technology & Environment Group (1296 HK)

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Guodian Technology & Environment Group (1296 HK)

Guodian Tech (1296 HK): Composite Doc Out. 20th May H-Class Meeting

This transaction is all stitched up. The absence of a tendering condition assures a successful outcome. Trading at a gross/annualised spread at...

David Blennerhassett

Beijing Enterprises Urban Resources (3718 HK): Potential Offer

Shares are currently suspended, so there is nothing to be done yet. IF a firm Offer unfolds from Beijing Enterprise Water, I expect a punchy premium.

David Blennerhassett

Guodian Tech (1296 HK): Done Deal As Pre-Cons Fulfilled

This is a done deal - play the spread. Assuming mid-June payment, this is trading at a gross/annualised spread at 2.8%/21.9%.

David Blennerhassett

Merger Arb Mondays (25 Apr) - VNET, Yashili, Dongzheng AFC, Sezzle, Link, Razer, Ramsay Health

This week, the highest gross spreads are VNET (45.5%), Yashili (44.6%), Dongzheng AFC (39.1%), Sezzle (12.3%), Link (9.3%), Razer (7.6%), Ramsay...

Arun George

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52-week Range

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Guodian’s H Share Class Meeting on 20 May, IFA Opinion

The IFA considers the offer to be fair and reasonable. The H Shareholder with a blocking stake provided an irrevocable on 28 Feb. For a 9 June...

Arun George

Guodian Tech (1296 HK): Composite Doc Out. 20th May H-Class Meeting

This transaction is all stitched up. The absence of a tendering condition assures a successful outcome. Trading at a gross/annualised spread at...

David Blennerhassett

Beijing Enterprises Urban Resources (3718 HK): Potential Offer

Shares are currently suspended, so there is nothing to be done yet. IF a firm Offer unfolds from Beijing Enterprise Water, I expect a punchy premium.

David Blennerhassett

Guodian Tech (1296 HK): Done Deal As Pre-Cons Fulfilled

This is a done deal - play the spread. Assuming mid-June payment, this is trading at a gross/annualised spread at 2.8%/21.9%.

David Blennerhassett

Merger Arb Mondays (25 Apr) - VNET, Yashili, Dongzheng AFC, Sezzle, Link, Razer, Ramsay Health

This week, the highest gross spreads are VNET (45.5%), Yashili (44.6%), Dongzheng AFC (39.1%), Sezzle (12.3%), Link (9.3%), Razer (7.6%), Ramsay...

Arun George