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

Haitong International Securities Group / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a> announced a pre-conditional privatisation offer from <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities Co Ltd (H) (6837 HK)</a>, the controlling shareholder, at HK$1.52, a 114.1% premium to the undisturbed price.</li>
<li>The pre-condition related to regulatory approvals are a formality as Haitong Securities’ largest shareholder is the Shanghai SASAC. The offer price is final.</li>
<li>The key conditions are approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and headcount test. The highest HKEx takeover premium in a year facilitates approval.  </li>
</ul>



Haitong International Securities Group (665 HK) announced a pre-conditional privatisation offer from Haitong Securities Co Ltd (H) (6837 HK), the controlling shareholder, at HK$1.52, a 114.1% premium to the undisturbed price.
The pre-condition related to regulatory approvals are a formality as Haitong Securities’ largest shareholder is the Shanghai SASAC. The offer price is final.
The key conditions are approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection) and headcount test. The highest HKEx takeover premium in a year facilitates approval.  


Haitong International (665 HK): Haitong Securities’ Pre-Conditional Privatisation Offer at HK$1.52

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a> entered a trading halt pending the release of an announcement under the Hong Kong Code on Takeovers and Mergers on 27 September. </li>
<li>Bloomberg reported that <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong Securities Co Ltd (H) (6837 HK)</a>, the controlling shareholder, plans to buy the remainder of Haitong International to stem its losses.</li>
<li>Privatisation through a Bermuda scheme involves the headcount test, so a decent premium is required – privatisation precedents suggest HK$1.08-1.13 per share offer (52%-59% premium to last close). </li>
</ul>



Haitong International Securities Group (665 HK) entered a trading halt pending the release of an announcement under the Hong Kong Code on Takeovers and Mergers on 27 September. 
Bloomberg reported that Haitong Securities Co Ltd (H) (6837 HK), the controlling shareholder, plans to buy the remainder of Haitong International to stem its losses.
Privatisation through a Bermuda scheme involves the headcount test, so a decent premium is required – privatisation precedents suggest HK$1.08-1.13 per share offer (52%-59% premium to last close). 


Haitong International (665 HK): Haitong Securities Ponders an Offer

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jf-wealth-holdings" target="_blank" data-smartkarma-citation="entities:36805:1" rel="noopener">JF Wealth Holdings (9636 HK)</a> was listed on 10th March 2023, its one-year lockup will expire on 9th Sept 2023.</li>
<li>The firm had raised around US$129m in its Hong Kong IPO, at the bottom end of its indicative price range.</li>
<li>JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.</li>
</ul>



JF Wealth Holdings (9636 HK) was listed on 10th March 2023, its one-year lockup will expire on 9th Sept 2023.
The firm had raised around US$129m in its Hong Kong IPO, at the bottom end of its indicative price range.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.


JF Wealth Lock-Up - At Least US$465m to Be Unlocked, Needs Some Selling to Improve Its Liquidity

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul>
<li>Edtech /In Depth: New business comes with old risks for China’s struggling tutoring industry</li>
<li>Syngenta /: Syngenta IPO back on hold over concerns about its $9.4 billion goal, sources say</li>
<li>Private /: China’s private sector set for boost as local governments step up support</li>
</ul>


Edtech /In Depth: New business comes with old risks for China’s struggling tutoring industry
Syngenta /: Syngenta IPO back on hold over concerns about its $9.4 billion goal, sources say
Private /: China’s private sector set for boost as local governments step up support


CX Daily: New Business Comes With Old Risks for China’s Struggling Tutoring Industry

Equity Capital Markets

JF Wealth Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jf-wealth-holdings" target="_blank" data-smartkarma-citation="entities:36805:1" rel="noopener">JF Wealth Holdings (9636 HK)</a> raised around US$129m in its Hong Kong IPO.</li>
<li>JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note we will talk about the demand and trading dynamics.</li>
</ul>



JF Wealth Holdings (9636 HK) raised around US$129m in its Hong Kong IPO.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.
We have covered various aspects of the deal in our previous notes. In this note we will talk about the demand and trading dynamics.


JF Wealth IPO Trading - Tepid Subscription Here Probably Won’t Buck Recent HK IPO Trends

Hong Kong

Guotai Junan International Holdings Ltd. is a securities brokerage house. The Company's services include securities and futures dealing and broking services for various financial markets, corporate finance and ECM services, asset and fund management services and financing services such as margin financing and other types of financing.

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Guotai Junan International (1788 HK)

Haitong International (665 HK): Haitong Securities’ Pre-Conditional Privatisation Offer at HK$1.52

The offer price is final. The pre-condition is a formality. The 114.1% premium to the undisturbed price is the highest HKEx takeover premium in a...

Arun George

Haitong International (665 HK): Haitong Securities Ponders an Offer

Privatisation through a Bermuda scheme involves the headcount test, so a decent premium is required – privatisation precedents suggest HK$1.08-1.13...

Arun George

JF Wealth Lock-Up - At Least US$465m to Be Unlocked, Needs Some Selling to Improve Its Liquidity

JF Wealth Holdings (9636 HK) was listed on 10th March 2023, its one-year lockup will expire on 9th Sept 2023. The firm had raised around US$129m in...

Clarence Chu

CX Daily: New Business Comes With Old Risks for China’s Struggling Tutoring Industry

Edtech /In Depth: New business comes with old risks for China’s struggling tutoring industry Syngenta /: Syngenta IPO back on hold over concerns...

Caixin Global

JF Wealth IPO Trading - Tepid Subscription Here Probably Won’t Buck Recent HK IPO Trends

JF Wealth Holdings (9636 HK) raised around US$129m in its Hong Kong IPO. In this note we will talk about the demand and trading dynamics.

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)