Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>PRC-Incorporated property management play <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> has announced a voluntary cash offer at HK$12/share, a 33.04% premium to last close.</li>
<li>The Offeror (Boyu) and concert parties collectively hold more than 50%. The Offer is contingent on regulatory approvals and 7.71% of shares out tendering. The tendering condition can be waived.</li>
<li>The Offer appears geared to bring Boyu's stake in line with <a href="https://www.smartkarma.com/entities/jinke-property-group-co-ltd" target="_blank" data-smartkarma-citation="entities:13291:1" rel="noopener">Jinke Property Group (000656 CH)</a>'s. </li>
</ul>


PRC-Incorporated property management play Jinke Smart Services (9666 HK) has announced a voluntary cash offer at HK$12/share, a 33.04% premium to last close.
The Offeror (Boyu) and concert parties collectively hold more than 50%. The Offer is contingent on regulatory approvals and 7.71% of shares out tendering. The tendering condition can be waived.
The Offer appears geared to bring Boyu's stake in line with Jinke Property Group (000656 CH)'s. 


Jinke Smart (9666 HK)’s Low-Balled But Virtually Unconditional Offer

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors. There have been 7 months of southbound inflows.</li>
<li>We highlight monthly flows for Li Auto, Kuaishou, HKEx, Xpeng. </li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors. There have been 7 months of southbound inflows.
We highlight monthly flows for Li Auto, Kuaishou, HKEx, Xpeng. 


Hong Kong Connect Flows Monthly (June): Li Auto, Kuaishou, HKEx, Xpeng

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.</li>
<li>Overall, net inflow over the past week was ~US$1.3bn, split US$0.4bn for Shanghai and US$0.9bn for Shenzhen.</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/xpeng-inc-4cc65854-d10c-4d20-bf7e-ca0e016715ff" target="_blank" data-smartkarma-citation="entities:33772:1" rel="noopener">XPeng (9868 HK)</a> and <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>. The largest outflow was in <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/koolearn-technology-holding" target="_blank" data-smartkarma-citation="entities:27796:1" rel="noopener">Koolearn (1797 HK)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, net inflow over the past week was ~US$1.3bn, split US$0.4bn for Shanghai and US$0.9bn for Shenzhen.
The largest inflows were into XPeng (9868 HK) and HKEX (388 HK). The largest outflow was in Meituan (3690 HK) and Koolearn (1797 HK).


Shanghai/​​​​​Shenzhen Southbound Connect: Weekly Moves (24 June 2022)

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and Tencent.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and Tencent.


Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

Jiayuan Services Holdings Limited / Event-Driven

<ul>
<li>On the 21 May, <a href="https://www.smartkarma.com/entities/jinke-property-group-co-ltd" target="_blank" data-smartkarma-citation="entities:13291:1" rel="noopener">Jinke Property (000656 CH)</a> announced the forced sale of shares by its controlling shareholder. One day later, <a href="https://www.smartkarma.com/entities/jiayuan-international-group" target="_blank" data-smartkarma-citation="entities:22631:1" rel="noopener">Jiayuan International (2768 HK)</a> announced a similar event. </li>
<li>Jinke's 52.3%-owned <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart (9666 HK)</a> has now announced an agreement to acquire Jiayuan International's 73.56% stake in property service play <a href="https://www.smartkarma.com/entities/jiayuan-services-holdings-limited" target="_blank" data-smartkarma-citation="entities:29205:1" rel="noopener">Jiayuan Services Holdings (1153 HK)</a>. No price was announced.</li>
<li>In the past month, Jinke Property is down 24%, Jinke Smart 23%, Jiayuan International 54% and Jiayuan Services 80%. Jiayuan International and Jiayuan Services remain suspended.</li>
</ul>


On the 21 May, Jinke Property (000656 CH) announced the forced sale of shares by its controlling shareholder. One day later, Jiayuan International (2768 HK) announced a similar event. 
Jinke's 52.3%-owned Jinke Smart (9666 HK) has now announced an agreement to acquire Jiayuan International's 73.56% stake in property service play Jiayuan Services Holdings (1153 HK). No price was announced.
In the past month, Jinke Property is down 24%, Jinke Smart 23%, Jiayuan International 54% and Jiayuan Services 80%. Jiayuan International and Jiayuan Services remain suspended.


Jinke & Jiayuan: Pledged Shares And Leveraged Property Developers

Hong Kong

Jiayuan International Group Ltd is a property developer. The Company develops large-scale residential and integrated commercial buildings.

Price Gauge
52-week Range	0.00 - 0.00
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Jiayuan International (2768 HK)

Jinke Smart (9666 HK)’s Low-Balled But Virtually Unconditional Offer

Surprisingly strong risk appetite from investors with shares trading at a gross spread to terms of 3.4%. I wouldn't chase it here, but would buy on...

David Blennerhassett

Hong Kong Connect Flows Monthly (June): Li Auto, Kuaishou, HKEx, Xpeng

We highlight the 7th month of consecutive inflows from mainland to HK and individual stocks with top inflows: Li Auto, Kuaishou, HKEx, Xpeng.

Ke Yan, CFA, FRM

Shanghai/Shenzhen Southbound Connect: Weekly Moves (24 June 2022)

Overall, net inflow for the week was ~US$1.3bn, split US$0.4bn for Shanghai and US$0.9bn for Shenzhen. The largest inflows were into XPeng and...

David Blennerhassett

Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and...

Ke Yan, CFA, FRM

Jinke & Jiayuan: Pledged Shares And Leveraged Property Developers

With Jiayuan Services suspended, there is currently no trade. Jinke Smart is trading and is shortable but I don't have a firm opinion. Expect more...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jinke Smart (9666 HK)’s Low-Balled But Virtually Unconditional Offer

Surprisingly strong risk appetite from investors with shares trading at a gross spread to terms of 3.4%. I wouldn't chase it here, but would buy on...

David Blennerhassett

Hong Kong Connect Flows Monthly (June): Li Auto, Kuaishou, HKEx, Xpeng

We highlight the 7th month of consecutive inflows from mainland to HK and individual stocks with top inflows: Li Auto, Kuaishou, HKEx, Xpeng.

Ke Yan, CFA, FRM

Shanghai/​​​​​Shenzhen Southbound Connect: Weekly Moves (24 June 2022)

Overall, net inflow for the week was ~US$1.3bn, split US$0.4bn for Shanghai and US$0.9bn for Shenzhen. The largest inflows were into XPeng and...

David Blennerhassett

Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and...

Ke Yan, CFA, FRM

Jinke & Jiayuan: Pledged Shares And Leveraged Property Developers

With Jiayuan Services suspended, there is currently no trade. Jinke Smart is trading and is shortable but I don't have a firm opinion. Expect more...

David Blennerhassett

Shanghai/Shenzhen Southbound Connect: Weekly Moves (24 June 2022)