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

Bright Smart Securities And / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bright-smart-securities-and" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities And (1428 HK)</a>'s Chairman entered a SPA with Ant Holdco to sell his 50.55% stake at HK$3.28, a 7.5% premium to the last close.</li>
<li>The SPA completion requires approval from both the NDRC and SFC. Unusually, Ant has the option of extending the long-stop date, reflecting a possibility of extra scrutiny by the regulators.</li>
<li>Under Rule 26.1 of the Code, upon completion, Ant will be required to make an unconditional mandatory cash offer at HK$3.28. The MGO price is final and a knockout offer.  </li>
</ul>



Bright Smart Securities And (1428 HK)'s Chairman entered a SPA with Ant Holdco to sell his 50.55% stake at HK$3.28, a 7.5% premium to the last close.
The SPA completion requires approval from both the NDRC and SFC. Unusually, Ant has the option of extending the long-stop date, reflecting a possibility of extra scrutiny by the regulators.
Under Rule 26.1 of the Code, upon completion, Ant will be required to make an unconditional mandatory cash offer at HK$3.28. The MGO price is final and a knockout offer.  


Bright Smart Securities (1428 HK): Ant’s Possible Unconditional MGO at HK$3.28

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>China considers launching a stock stabilization fund which could release RmB800B in liquidity support for the market.  Securities firms and insurance companies will be the major beneficiaries.</li>
<li>The mega merger between  <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> and <a href="https://www.smartkarma.com/entities/guotai-junan-securities-co-ltd-5dfaf2c5-76d3-4f34-a77d-118787fd7091" target="_blank" data-smartkarma-citation="entities:23752:1" rel="noopener">Guotai Junan Securities (2611 HK)</a> could be the precursor to further industry consolidation.</li>
<li>Hong Kong trading volumes and IPO's set to surge as Beijing lifts sentiment.</li>
</ul>


China considers launching a stock stabilization fund which could release RmB800B in liquidity support for the market.  Securities firms and insurance companies will be the major beneficiaries.
The mega merger between  Haitong Securities Co Ltd (H) (6837 HK) and Guotai Junan Securities (2611 HK) could be the precursor to further industry consolidation.
Hong Kong trading volumes and IPO's set to surge as Beijing lifts sentiment.


APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at broker performance for HK IPOs from 2019-2022. </li>
<li>The following dataset includes all HK IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 173 deals.  
</li>
<li>The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.</li>
</ul>


In this note, we will take a look at broker performance for HK IPOs from 2019-2022. 
The following dataset includes all HK IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 173 deals.  

The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.


Aequitas HK IPOs Sponsor + GC Performance (2019-2022)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bright-smart-securities-and" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities And (1428 HK)</a> is in a trading halt “pursuant to the Hong Kong Code on Takeovers and Mergers, which constitutes inside information of the Company.”</li>
<li>It is likely that Mr Lum, the founder and chairman, has entered a sale and purchase agreement to sell his controlling stake, which would trigger a mandatory general offer (MGO).   </li>
<li>The shares are at an all-time high and have a P/B multiple that is a material premium to peers. The MGO price is likely to be lower than last close.</li>
</ul>



Bright Smart Securities And (1428 HK) is in a trading halt “pursuant to the Hong Kong Code on Takeovers and Mergers, which constitutes inside information of the Company.”
It is likely that Mr Lum, the founder and chairman, has entered a sale and purchase agreement to sell his controlling stake, which would trigger a mandatory general offer (MGO).   
The shares are at an all-time high and have a P/B multiple that is a material premium to peers. The MGO price is likely to be lower than last close.


Bright Smart Securities (1428 HK): A Takeunder MGO?

Get Nice Financial Group Ltd / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>/GNF’s scheme offer from <a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice Holdings (64 HK)</a>/GNH is at 4 GNH shares per GNF share + HK$0.50 scheme dividend.</li>
<li>The implied GNF offer value is HK$1.116, a 39.5% premium to the last close. The offer is conditional on the GNH/GNF shareholder approval, which is low risk</li>
<li>The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is likely the first step towards privatising GNH.</li>
</ul>



Get Nice Financial Group Ltd (1469 HK)/GNF’s scheme offer from Get Nice Holdings (64 HK)/GNH is at 4 GNH shares per GNF share + HK$0.50 scheme dividend.
The implied GNF offer value is HK$1.116, a 39.5% premium to the last close. The offer is conditional on the GNH/GNF shareholder approval, which is low risk
The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is likely the first step towards privatising GNH.


Get Nice Financial (1469 HK): Get Nice Holdings (64 HK) Share Exchange Offer

Hong Kong

Haitong International Securities Group Ltd. provides brokerage and retail margin  financing, corporate finance, investment management, fixed income, currency and  commodities as well as structured financing products and services to domestic and international institutional clients and individual investors.

Haitong International Securities Group (665 HK)

Price Gauge
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Haitong International Securities Group (665 HK)

Bright Smart Securities (1428 HK): Ant’s Possible Unconditional MGO at HK$3.28

The Chairman is selling out to Ant at a knockout price (HK$3.28). Completion will trigger an unconditional MGO. Timing is the key risk, which is...

Arun George

Hong Kong/China Brokers: TAKE THE OFFER!

The HK/China brokers: 6030, 3908, 6886, 6806, 6881, 1776, 6178, 1456, 165, and 6099 have gained between 90% and 100% since the report was published...

David Mudd

Bright Smart Securities (1428 HK): A Takeunder MGO?

It is likely that Mr Lum, the founder, has entered a sale and purchase agreement to sell his controlling stake, which would trigger an MGO.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bright Smart Securities (1428 HK): Ant’s Possible Unconditional MGO at HK$3.28

The Chairman is selling out to Ant at a knockout price (HK$3.28). Completion will trigger an unconditional MGO. Timing is the key risk, which is...

Arun George

Hong Kong/China Brokers: TAKE THE OFFER!

The HK/China brokers: 6030, 3908, 6886, 6806, 6881, 1776, 6178, 1456, 165, and 6099 have gained between 90% and 100% since the report was published...

David Mudd

Aequitas HK IPOs Sponsor + GC Performance (2019-2022)

In this note, we will take a look at broker performance for HK IPOs from 2019-2022. The following dataset includes all HK IPOs above US$100m for...

Ethan Aw

Bright Smart Securities (1428 HK): A Takeunder MGO?

It is likely that Mr Lum, the founder, has entered a sale and purchase agreement to sell his controlling stake, which would trigger an MGO.

Arun George

Get Nice Financial (1469 HK): Get Nice Holdings (64 HK) Share Exchange Offer

The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is...

Arun George