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.

Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>'s large offering of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> shares, <a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> aims to raise up to US$440 million. </li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</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/gk-goh-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8482:1" rel="noopener">GK Goh Holdings (GKG SP)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, OZ Minerals. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Japan Post Holdings (6178 JP)'s large offering of Japan Post Bank (7182 JP) shares, SBI Sumishin Net Bank (7163 JP) aims to raise up to US$440 million. 
Event-Driven developments - HKBN Ltd (1310 HK), Yashili International Holdings (1230 HK), GK Goh Holdings (GKG SP), Golden Energy &amp; Resources (GER SP), Pushpay Holdings (PPH NZ), OZ Minerals. 


Weekly Deals Digest (05 Mar) - Japan Post Bank, SBI Sumishin, HKBN, Yashili, GK Goh, Golden Energy

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Big picture: <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post (6178 JP)</a> selling 29% of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> is a Very Big Offering at ¥1.236trln. 80/20 dom/international. A TOUGH sell. 1.089bn shares is 4x float. </li>
<li>
<a href="https://www.smartkarma.com/entities/downer-edi-ltd" target="_blank" data-smartkarma-citation="entities:12350:1" rel="noopener">Downer EDI (DOW AU)</a>'s CEO resigned ahead of announcing accounting irregularities last December. The CFO resigned this week after Downer announced another profit downgrade. Now the chairman is exiting. </li>
<li>Hong Kong broadband play <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>said it has been approached by I Squares' HGC. No pricing announced, but talks continue. </li>
</ul>


Big picture: Japan Post (6178 JP) selling 29% of Japan Post Bank (7182 JP) is a Very Big Offering at ¥1.236trln. 80/20 dom/international. A TOUGH sell. 1.089bn shares is 4x float. 

Downer EDI (DOW AU)'s CEO resigned ahead of announcing accounting irregularities last December. The CFO resigned this week after Downer announced another profit downgrade. Now the chairman is exiting. 
Hong Kong broadband play HKBN Ltd (1310 HK)said it has been approached by I Squares' HGC. No pricing announced, but talks continue. 


Last Week in Event SPACE: Japan Post/Japan Post Bank, Downer, HKBN, Golden Energy

<ul>
<li>
Reportedly (Bloomberg) Hong Kong broadband play <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> has received a takeover offer from  I Square's HGC Global Communications. </li>
<li>HKBN's shares were halted in the late afternoon trading session yesterday after gaining 11.6%. The reason stated for the suspension was "possible inside information", not pursuant to the Takeovers Code. </li>
<li>Last May, Bloomberg reported that KKR, PAG, and Stonepeak - amongst others - were considering bids for HKBN. The market cap at the time was US$1.6bn versus US$934mn now.</li>
</ul>



Reportedly (Bloomberg) Hong Kong broadband play HKBN Ltd (1310 HK) has received a takeover offer from  I Square's HGC Global Communications. 
HKBN's shares were halted in the late afternoon trading session yesterday after gaining 11.6%. The reason stated for the suspension was "possible inside information", not pursuant to the Takeovers Code. 
Last May, Bloomberg reported that KKR, PAG, and Stonepeak - amongst others - were considering bids for HKBN. The market cap at the time was US$1.6bn versus US$934mn now.


HKBN Ltd (1310 HK) Mulls I Square's HGC Offer

Total Access Communication / Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/chongqing-hongjiu-fruit" target="_blank" data-smartkarma-citation="entities:36023:1" rel="noopener">Chongqing Hongjiu Fruit (CHF HK)</a> is pre-marketing a US$200-300m IPO.</li>
<li>Event-Driven developments at <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM 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 (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a>, ResApp, DTAC/True, Dongzheng AFC.  </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Chongqing Hongjiu Fruit (CHF HK) is pre-marketing a US$200-300m IPO.
Event-Driven developments at Atlas Arteria (ALX AU), Genex Power Ltd (GNX AU), Infomedia Ltd (IFM AU), Link Administration (LNK AU), Ramsay Health Care (RHC AU), ResApp, DTAC/True, Dongzheng AFC.  


Weekly Deals Digest (07 Aug) - Hongjiu Fruit, Link, Infomedia, Atlas Arteria, ResApp, DTAC/True

China Vast Industrial Urban Development / Event-Driven

<ul>
<li>After a prolonged delay, the Cayman Islands legislative gazette <a href="https://legislation.gov.ky/cms/images/LEGISLATION/AMENDING/2022/2022-0028/CompaniesAmendmentAct2021CommencementOrder2022SL28of2022.pdf" target="_blank" rel="noopener">was published on 29 July</a>, which stated that the amended Cayman Islands Act would come into force on 31 August. </li>
<li>The Act will remove the headcount test for schemes, eliminating a layer of uncertainty for controlling shareholders wishing to privatise listed Cayman-incorporated companies.</li>
<li>In light of this development, we look at current active privatisations, past failed privatisations and rumoured transactions which stand to gain a new lease of life from this Act.</li>
</ul>


After a prolonged delay, the Cayman Islands legislative gazette was published on 29 July, which stated that the amended Cayman Islands Act would come into force on 31 August. 
The Act will remove the headcount test for schemes, eliminating a layer of uncertainty for controlling shareholders wishing to privatise listed Cayman-incorporated companies.
In light of this development, we look at current active privatisations, past failed privatisations and rumoured transactions which stand to gain a new lease of life from this Act.


The Cayman Islands to Remove the Headcount Test on 31 August

Hong Kong

APT Satellite Holdings Limited, through its subsidiaries, maintains, operates, and leases satellite telecommunication systems.

Hutchison Telecommunications Hong Kong Holdings Limited is an integrated mobile and fixed-line services telecom operator. The Company operates GSM dual-band and 3G mobile telecom services in Hong Kong and Macau. It also provides fixed-line telecom services for corporate, carrier, and international customers under the licensed "HGC" brand.

Hutchison Telecommunications Hong Kong Holdings (215 HK)

Hutchison Telecommunications Hong Kong Holdings

Citic Telecom International Holdings Ltd. provides connectivity services to telecommunications operators with a focus on the China and Hong Kong markets. The group owns and operates and independent telecommunication hubs.

PCCW Limited, through its subsidiaries, provides telecommunications, Internet access, multimedia services and related equipment.  The Company also offers computer, engineering, and other technical services in Hong Kong.  In addition, PCCW invests in and develops system integration and technology-related business, infrastructure and properties in Hong Kong and China.

SmarTone Telecommunications Holdings Limited, through its subsidiaries, provides mobile telecommunication and related services and sells mobile telephones and accessories.

HKT Trust and HKT Ltd trade together as a stapled security.  HKT Ltd provides telecommunications services.  The Company's business provides telecommunications products and services including local telephony services, local data and broadband services, international telecommunications services, and other services.

Digital Domain Holdings Limited is a diversified investment holding company. The Company's operating and investment businesses span Hong Kong, the United States, Canada, Mainland China and other countries. Digital Domain Holdings also encompasses businesses such as media entertainment, VFX, co-production of movies, property investment, and trading.

Sunny Side Up Culture Holdings Limited operates funeral business. The Company provides funeral, funeral planning, and cemetery services. Sunny Side Up Culture Holdings also provide movies production, concerts organization, and other entertainment services.

Telecom Digital Holdings Limited is a group of companies engaged in providing interactive mobile data services mainly in Hong Kong, mainland China and Macau.

SEEC Media Group Limited, through its subsidiaries, provides advertising agency services.

ATN International, Inc. provides telecommunications services to rural, niche, and other under-served markets and geographies.  The Company, through subsidiaries, provides both wireless and wireline connectivity to residential and business customers. ATN International also provides a range of mobile wireless solutions, local exchange services and broadband internet services.

Mahanagar Telephone Nigam Limited operates a telecommunications company, which provides basic phone, Internet and cellular mobile telephony services in Delhi and Mumbai. The Company upgrades the quality of telecom services, expands the telecom network, introduces new services and raises revenue for the telecom development needs of Delhi and Mumbai.

PT Inti Bangun Sejahtera Tbk is is an independent tower company.  The Company engages in leasing space and other broadcast equipment for wireless signal transmission at tower sites under long-term lease agreement with mobile operators and wireless cable television providers.

Thaicom PCL operates satellite communication business. The Company operates and provides satellite transponder services. Thaicom also provides Internet, satellite uplink/downlink, and telephone network services.

Sri Lanka Telecom PLC operates a telecommunications company, which specializes within the South 
Asian region. The Group provides domestic and international telephone coverage, voice mail, fax and 
telex messages, Internet  and e-mail services, and an expanding cellular network.

GO internet S.p.A. is a provider of broadband telecommunications in Italy. The Company offers internet services through the use of wireless technologies and phone services through voice over IP technology.

Vision Inc. provides a variety of telecommunication services, including fixed-line telecom, wireless telecom and wifi services. The company also provides distribution and lease service of office equipments and communications equipments.

KINX INC is the Internet linkage and line adapter service providing firm.  The Company provides IX and Internet Data Center service to the network service providers to reduce the traffic and to contruct Internet infrastructure.  KINX also provides VoIP service.

Consolidated Communications Holdings, Inc. offers telecommunications services. The Company offers local and long distance telephone, digital telephone, high-speed Internet access, and digital television services to individuals and businesses in Illinois, Pennsylvania, and Texas.

Dr. Peng Telecom & Media Group Co., Ltd. provides value-added telecommunications services. The company offers Internet access, e-government, Internet data center, and private network and operations services, as well as network security monitoring, city surveillance, toll-shunt, and other value-added network services.

HKBN Ltd., provides telephone voice and data communications services. The Company offers wireless internet service, IDD and IPTV service, local telephony services, and other value-added services.

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HKBN Ltd (1310 HK)

Weekly Deals Digest (05 Mar) - Japan Post Bank, SBI Sumishin, HKBN, Yashili, GK Goh, Golden Energy

Last week, notable developments occurred in Event-Driven (Nitro, Norwest, OZ, Pushpay, HKBN, Yashili, GK Goh, Golden Energy, SHL-Japan) and ECM...

Arun George

Last Week in Event SPACE: Japan Post/Japan Post Bank, Downer, HKBN, Golden Energy

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

HKBN Ltd (1310 HK) Mulls I Square's HGC Offer

Pricing here is not compelling. This is a steady business and a decent yield. HKBN could attract interest from PRC companies or government-backed...

David Blennerhassett

Weekly Deals Digest (07 Aug) - Hongjiu Fruit, Link, Infomedia, Atlas Arteria, ResApp, DTAC/True

Last week, notable developments occurred in Event-Driven (Link Admin, ResApp, Ramsay, DTAC/True, Infomedia, Atlas Arteria, Genex Power, Dongzheng...

Arun George

The Cayman Islands to Remove the Headcount Test on 31 August

We expect the removal of the headcount test to stir up activity in privatisations of HKEx-listed Cayman-incorporated companies, especially in light...

Arun George

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