Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 27th September 2022, Boyu Group launched a HK$12/share VGO for 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>, a 33.04% premium to last close.</li>
<li>Boyu and concert parties held 53.05%, and the Offer was contingent on regulatory approvals and 7.71% of shares out tendering. 4.79% tendered. Boyu also acquired 7.15% in the market.</li>
<li>Two days after announcing very ordinary FY24 results, Jinke shares were suspended pursuant to the Takeovers Code. Presumably Boyu is on the acquisition path again. Another VGO or a privatisation?</li>
</ul>


Back on the 27th September 2022, Boyu Group launched a HK$12/share VGO for PRC-incorporated property management play Jinke Smart Services (9666 HK), a 33.04% premium to last close.
Boyu and concert parties held 53.05%, and the Offer was contingent on regulatory approvals and 7.71% of shares out tendering. 4.79% tendered. Boyu also acquired 7.15% in the market.
Two days after announcing very ordinary FY24 results, Jinke shares were suspended pursuant to the Takeovers Code. Presumably Boyu is on the acquisition path again. Another VGO or a privatisation?


Jinke Smart (9666 HK): Boyu Returns To The Well?

<ul>
<li>On the 27th of September, 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> announced a voluntary cash offer at HK$12/share, a 33.04% premium to last close.</li>
<li>Boyu, the Offeror, together with concert parties, hold more than 60%. The Offer is contingent on regulatory approvals and 7.71% of shares out tendering. The tendering condition can be waived.</li>
<li>The Composite Document has now been despatched. The first closing date is the 14 November.</li>
</ul>


On the 27th of September, PRC-incorporated property management play Jinke Smart Services (9666 HK) announced a voluntary cash offer at HK$12/share, a 33.04% premium to last close.
Boyu, the Offeror, together with concert parties, hold more than 60%. The Offer is contingent on regulatory approvals and 7.71% of shares out tendering. The tendering condition can be waived.
The Composite Document has now been despatched. The first closing date is the 14 November.


Jinke Smart (9666 HK): Boyu's Offer Now Open

<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

<ul>
<li>There are 49 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals this week: <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>'s Scheme, and  <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a>'s Offer for <a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a>.</li>
<li>Key updates took place for: <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/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/kito-corporation" target="_blank" data-smartkarma-citation="entities:19512:1" rel="noopener">Kito Corporation (6409 JP)</a>, and <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a>.</li>
</ul>


There are 49 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: Frasers Hospitality Trust (FHT SP)'s Scheme, and  Pfizer Inc (PFE US)'s Offer for Resapp Health (RAP AU).
Key updates took place for: Link Administration (LNK AU), Virtus Health (VRT AU), Toyo Construction (1890 JP), Kito Corporation (6409 JP), and Hwa Hong Corp (HWAH SP).


Asia-Pac Weekly Risk Arb Wrap: ResApp Health, Kto Corp, Link Admin, Toyo, Fraser Hospitality

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

China

Jiayuan Sevices Holdings Limited offers property management services. The Company provides cleaning, security, gardening and landscaping, repair and maintenance, and other services. Jiayuan Services Holdings provides its services throughout China.

Jiayuan Services Holdings Limited (1153 HK)

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Jiayuan Services Holdings Limited (1153 HK)

Jinke Smart (9666 HK): Boyu Returns To The Well?

Boyu may want to take the concert group stake up to 76.6% via another VGO before breaching the free float. If Boyu offers a similar premium as the...

David Blennerhassett

Jinke Smart (9666 HK): Boyu's Offer Now Open

Optically, the Offer price looks horrible. The valuation under the Offer is similarly unreasonable - especially factoring in Jinke's cash pile....

David Blennerhassett

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

Asia-Pac Weekly Risk Arb Wrap: ResApp Health, Kto Corp, Link Admin, Toyo, Fraser Hospitality

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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

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52-week Range

Market Cap (USDm)

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