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

<ul>
<li>The <a href="https://www.smartkarma.com/entities/jiangnan-group-ltd" target="_blank" data-smartkarma-citation="entities:9828:1" rel="noopener">Jiangnan (1366 HK)</a> scheme document is out with the court meeting scheduled for 15 May. The IFA considers the HK$0.40 per share offer to be fair and reasonable. </li>
<li>Key conditions include approval by at least 75% independent shareholders (&lt;10% rejection). The shareholder with a blocking stake has provided an irrevocable on 22 March.</li>
<li>This is a done deal. At the last close and for the 31 May payment, the gross and annualised spread is 3.9% and 44.0%, respectively.</li>
</ul>


The Jiangnan (1366 HK) scheme document is out with the court meeting scheduled for 15 May. The IFA considers the HK$0.40 per share offer to be fair and reasonable. 
Key conditions include approval by at least 75% independent shareholders (&lt;10% rejection). The shareholder with a blocking stake has provided an irrevocable on 22 March.
This is a done deal. At the last close and for the 31 May payment, the gross and annualised spread is 3.9% and 44.0%, respectively.


Jiangnan Group (1366 HK): Scheme Vote on 15 May

<ul>
<li>The shareholder with a blocking stake has provided an irrevocable to accept Mr Chu Hui (Chairman and CEO)’s offer to privatise <a href="https://www.smartkarma.com/entities/jiangnan-group-ltd" target="_blank" data-smartkarma-citation="entities:9828:1" rel="noopener">Jiangnan (1366 HK)</a> at HK$0.40 per share</li>
<li>Key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). There are no other shareholders with a blocking stake. </li>
<li>The price is final and attractive in the context of historical prices and multiples. At the last close, the gross spread is 8.1%. Scheme document likely despatched in mid-April.</li>
</ul>


The shareholder with a blocking stake has provided an irrevocable to accept Mr Chu Hui (Chairman and CEO)’s offer to privatise Jiangnan (1366 HK) at HK$0.40 per share
Key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). There are no other shareholders with a blocking stake. 
The price is final and attractive in the context of historical prices and multiples. At the last close, the gross spread is 8.1%. Scheme document likely despatched in mid-April.


Jiangnan Group (1366 HK): Irrevocable from the Shareholder with a Blocking Stake

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangnan-group-ltd" target="_blank" data-smartkarma-citation="entities:9828:1" rel="noopener">Jiangnan (1366 HK)</a> disclosed a scheme privatisation offer from Mr Chu Hui (Chairman and CEO) at HK$0.40 per share, a 107.3% premium to the undisturbed price (HK$0.193 on 13 February).</li>
<li>The key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The shareholder with a blocking stake will be supportive. </li>
<li>The price is final and attractive in the context of historical prices and multiples. The scheme meeting is likely in mid-May. At last close, the gross spread is 12.7%.</li>
</ul>



Jiangnan (1366 HK) disclosed a scheme privatisation offer from Mr Chu Hui (Chairman and CEO) at HK$0.40 per share, a 107.3% premium to the undisturbed price (HK$0.193 on 13 February).
The key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The shareholder with a blocking stake will be supportive. 
The price is final and attractive in the context of historical prices and multiples. The scheme meeting is likely in mid-May. At last close, the gross spread is 12.7%.


Jiangnan Group (1366 HK): Chairman/CEO’s Privatisation Offer at HK$0.40

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangnan-group-ltd" target="_blank" data-smartkarma-citation="entities:9828:1" rel="noopener">Jiangnan (1366 HK)</a> entered a trading halt pending the release of an announcement under the Hong Kong Code on Takeovers and Mergers on 16 February. </li>
<li>It is likely that Mr Chu Hui (Chairman and CEO), the largest shareholder representing 34.99% of outstanding shares is reattempting to privatise Jiangnan. </li>
<li>The 83.9% share price run prior to the trading halt suggests that the offeror is very close to finalising a formal proposal at a hefty premium to the undisturbed price. </li>
</ul>



Jiangnan (1366 HK) entered a trading halt pending the release of an announcement under the Hong Kong Code on Takeovers and Mergers on 16 February. 
It is likely that Mr Chu Hui (Chairman and CEO), the largest shareholder representing 34.99% of outstanding shares is reattempting to privatise Jiangnan. 
The 83.9% share price run prior to the trading halt suggests that the offeror is very close to finalising a formal proposal at a hefty premium to the undisturbed price. 


Jiangnan Group (1366 HK): Is the Chairman/CEO Reattempting Privatisation?

China

Jiangsu Zhongchao Holding Co Ltd develops, produces and sells wire and cable. The Company's products include power cable, cable and wire for electrical appliances and bare wire.

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Jiangsu Zhongchao Holding (002471 CH)

Jiangnan Group (1366 HK): Scheme Vote on 15 May

The IFA considers the offer to be fair and reasonable. This is a done deal. At the last close and for the 31 May payment, the gross and annualised...

Arun George

Jiangnan Group (1366 HK): Irrevocable from the Shareholder with a Blocking Stake

The irrevocable from the shareholder holding a blocking stake removes a key vote uncertainty. Sector sentiment has weakened which should help the...

Arun George

Jiangnan Group (1366 HK): Chairman/CEO’s Privatisation Offer at HK$0.40

The price is final and attractive in the context of historical prices and multiples. The scheme meeting is likely in mid-May. At last close, the...

Arun George

Jiangnan Group (1366 HK): Is the Chairman/CEO Reattempting Privatisation?

The 83.9% share price run prior to the trading halt suggests that the offeror is very close to finalising a formal proposal at a hefty premium to...

Arun George

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