Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.</li>
<li>Overall, net inflow over the past week was ~US$1.1bn, split between Shanghai (+US$0.76bn) and Shenzhen (+US$0.31bn).</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/kweichow-moutai-co-ltd-a" target="_blank" data-smartkarma-citation="entities:1553:1" rel="noopener">Kweichow Moutai (600519 CH)</a> and Wuliangye (000858 SZ). The largest outflows were in <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:714:1" rel="noopener">China Merchants Bank A (600036 CH)</a> and <a href="https://www.smartkarma.com/entities/sungrow-power-supply-co-ltd" target="_blank" data-smartkarma-citation="entities:4255:1" rel="noopener">Sungrow Power Supply (300274 CH)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.
Overall, net inflow over the past week was ~US$1.1bn, split between Shanghai (+US$0.76bn) and Shenzhen (+US$0.31bn).
The largest inflows were into Kweichow Moutai (600519 CH) and Wuliangye (000858 SZ). The largest outflows were in China Merchants Bank A (600036 CH) and Sungrow Power Supply (300274 CH).


Shanghai/​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (30 September 2022)

<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, the net inflow over the past week was ~US$1.3bn, split (+US$0.75bn) for Shanghai and (+US$0.58bn) for Shenzhen.</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and <a href="https://www.smartkarma.com/entities/cnooc-ltd" target="_blank" data-smartkarma-citation="entities:175:1" rel="noopener">CNOOC Ltd (883 HK)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a> and <a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (H) (1398 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, the net inflow over the past week was ~US$1.3bn, split (+US$0.75bn) for Shanghai and (+US$0.58bn) for Shenzhen.
The largest inflows were into Tencent (700 HK) and CNOOC Ltd (883 HK). The largest outflows were in Sunny Optical (2382 HK) and ICBC (H) (1398 HK).


Shanghai/​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (30 September 2022)

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 href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> priced its H Share at HK$49.35 per share to raise net proceeds of HK$5.6 billion (US$713 million). The H Share will start trading tomorrow.</li>
<li>Notwithstanding the industry headwinds, the H Shares of peers with financially sound parentco backgrounds are trading above the listing prices.</li>
<li>Despite peer multiple derating, the IPO price remains attractive compared to peers with financially sound parentco backgrounds. </li>
</ul>



Onewo (2602 HK) priced its H Share at HK$49.35 per share to raise net proceeds of HK$5.6 billion (US$713 million). The H Share will start trading tomorrow.
Notwithstanding the industry headwinds, the H Shares of peers with financially sound parentco backgrounds are trading above the listing prices.
Despite peer multiple derating, the IPO price remains attractive compared to peers with financially sound parentco backgrounds. 


<ul>
<li>
<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 conditional general offer from Boyu Capital at HK$12.00 per share, a 33.0% premium to the undisturbed price.</li>
<li>The offer is conditional on 7.71% valid acceptances (such that Boyu represents 30.40% of outstanding shares) and anti-trust approval. The conditions can be waived.  </li>
<li>The offer is designed to flush out minorities unwilling to wait for the industry headwinds to dissipate. A low threshold suggests that the offer will be declared unconditional.</li>
</ul>



Jinke Smart Services (9666 HK) announced a voluntary conditional general offer from Boyu Capital at HK$12.00 per share, a 33.0% premium to the undisturbed price.
The offer is conditional on 7.71% valid acceptances (such that Boyu represents 30.40% of outstanding shares) and anti-trust approval. The conditions can be waived.  
The offer is designed to flush out minorities unwilling to wait for the industry headwinds to dissipate. A low threshold suggests that the offer will be declared unconditional.


Jinke Smart’s VGO of HK$12.00 from Boyu Capital

<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

China

Jinke Smart Services Group Co., Ltd. provides property management services.

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Jinke Smart Services (9666 HK)

Shanghai/Shenzhen Northbound Connect: Weekly Moves (30 September 2022)

Overall, net inflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$1.1bn, split between Shanghai...

David Blennerhassett

Shanghai/Shenzhen Southbound Connect: Weekly Moves (30 September 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~US$1.3bn, split (-US$0.75bn)...

David Blennerhassett

Onewo IPO: Trading Debut

Despite peer multiple derating since the prospectus release, the IPO price remains attractive compared to peers with financially sound parentco...

Arun George

Jinke Smart’s VGO of HK$12.00 from Boyu Capital

The offer is designed to flush out minorities unwilling to wait for the industry headwinds to dissipate. A low threshold suggests that the offer...

Arun George

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai/​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (30 September 2022)

Overall, net inflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$1.1bn, split between Shanghai...

David Blennerhassett

Shanghai/​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (30 September 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~US$1.3bn, split (-US$0.75bn)...

David Blennerhassett

Onewo IPO: Trading Debut

Despite peer multiple derating since the prospectus release, the IPO price remains attractive compared to peers with financially sound parentco...

Arun George

Jinke Smart’s VGO of HK$12.00 from Boyu Capital

The offer is designed to flush out minorities unwilling to wait for the industry headwinds to dissipate. A low threshold suggests that the offer...

Arun George

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

Shanghai/Shenzhen Northbound Connect: Weekly Moves (30 September 2022)

Shanghai/Shenzhen Southbound Connect: Weekly Moves (30 September 2022)