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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shougang-fushan-resources-group-ltd" target="_blank" data-smartkarma-citation="entities:19494:1" rel="noopener">Shougang Fushan Resources (639 HK)</a> shareholders approved the partial offer to acquire a maximum of 125.0 million shares (2.47% of outstanding shares) at HK$2.40 per share and the whitewash waiver.</li>
<li>The partial offer is now unconditional and will close on 12 September. Considering the irrevocables not to tender, a 100% minority participation rate implies a minimum proration of 2.98%.</li>
<li>If the partial offer’s acceptance rate mirrors today’s general meeting minorities participation rate of 63.6%, it would imply a minimum proration of 4.69%. </li>
</ul>



Shougang Fushan Resources (639 HK) shareholders approved the partial offer to acquire a maximum of 125.0 million shares (2.47% of outstanding shares) at HK$2.40 per share and the whitewash waiver.
The partial offer is now unconditional and will close on 12 September. Considering the irrevocables not to tender, a 100% minority participation rate implies a minimum proration of 2.98%.
If the partial offer’s acceptance rate mirrors today’s general meeting minorities participation rate of 63.6%, it would imply a minimum proration of 4.69%. 


Shougang Fushan Resources (639 HK): Partial Offer Is Unconditional

Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

THE MAIN IDEA (Relative Value Approach in USD Terms) Long Term Allocation (Strategic view) Relative Value vs MXAP in USD terms ⦁ SOUTH KOREA: Strategic downgrade on Kospi from overweight to neutral ( Note that Kospi has broken key support at 270 as well.) ⦁ JAPAN: Nikkei 225 long term outperformance in progress. ⦁ HONG KONG: HSI strategic view remains "Neutral" due to mixed elements. ⦁ CHINA: HSCEI strategic view remains "Neutral", awaiting elements/signals. ⦁ AUSTRALIA: ASX 200 outperformance still valid. ⦁ TAIWAN: TWSE/MXAP in sideways/range. Neutral at the moment. ⦁ INDIA: NIFTY/MXAP shows mixed elements. Neutral India for now. Mid Term Country Allocation (Tactical view) Relative Value vs MXAP in USD terms ⦁ Downgrade Korea (KOSPI 200), Taiwan (TWSE) from “Hold” to “Decrease Exposure” as respective Ratios vs MXAP are below tactical resistances. ⦁ Maintain “Increase Exposure” for Japan (Nikkei), Australia (ASX) and still a “Hold” for Hong Kong (HSI), China (HSCEI) and India (Nifty).

THE MAIN IDEA (Relative Value Approach in USD Terms) Long Term Allocation (Strategic view) Relative Value vs MXAP in USD terms ⦁ SOUTH KOREA: Strategic downgrade on Kospi from overweight to neutral ( Note that Kospi has broken key support at 270 as well.) ⦁ JAPAN: Nikkei 225 long term outperformance in progress. ⦁ HONG KONG: HSI strategic view remains "Neutral" due to mixed elements. ⦁ CHINA: HSCEI strategic view remains "Neutral", awaiting elements/signals. ⦁ AUSTRALIA: ASX 200 outperformance still valid. ⦁ TAIWAN: TWSE/MXAP in sideways/range. Neutral at the moment. ⦁ INDIA: NIFTY/MXAP shows mixed elements. Neutral India for now. Mid Term Country Allocation (Tactical view) Relative Value vs MXAP in USD terms ⦁ Downgrade Korea (KOSPI 200), Taiwan (TWSE) from “Hold” to “Decrease Exposure” as respective Ratios vs MXAP are below tactical resistances. ⦁ Maintain “Increase Exposure” for Japan (Nikkei), Australia (ASX) and still a “Hold” for Hong Kong (HSI), China (HSCEI) and India (Nifty).

Hong Kong

Huili Resources (Group) Limited is a mineral exploration company. The Company is a nickel-oriented diversified mining company principally engaged in mining and ore processing of nickel and copper in Hami, Xinjiang.

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Huili Resources (1303 HK)

Shougang Fushan Resources (639 HK): Partial Offer Is Unconditional

If the partial offer’s acceptance rate mirrors today’s general meeting minorities participation rate of 63.6%, it would imply a minimum proration...

Arun George

BBSP Asia Weekly Equity Book

THE MAIN IDEA(Relative Value Approach in USD Terms)Long Term Allocation (Strategic view) Relative Value vs MXAP in USD terms⦁ SOUTH KOREA:...

BBSP Asia

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