Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>One may presume that <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> moved their <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> shares received from their non-CCASS holdings of <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>. It does not tell us much else. </li>
<li>Allocation in the <a href="https://www.smartkarma.com/entities/s-m-entertainment-co" target="_blank" data-smartkarma-citation="entities:3500:1" rel="noopener">S.M.Entertainment Co (041510 KS)</a> partial Offer was 44.14%. With shares trading ~₩95k, that was a pretty good outcome. </li>
<li>
<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> has asked the Japanese government to investigate YFO's alleged breaches of FEFTA. Expect YFO to say they did no wrong. Expect Toyo to complain about it. </li>
</ul>


One may presume that Prosus (PRX NA) moved their Meituan (3690 HK) shares received from their non-CCASS holdings of Tencent (700 HK). It does not tell us much else. 
Allocation in the S.M.Entertainment Co (041510 KS) partial Offer was 44.14%. With shares trading ~₩95k, that was a pretty good outcome. 

Toyo Construction (1890 JP) has asked the Japanese government to investigate YFO's alleged breaches of FEFTA. Expect YFO to say they did no wrong. Expect Toyo to complain about it. 


Last Week in Event SPACE: Meituan, S.M.Entertainment, Toyo, Mincor, JD.com, AAG

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>While all eyes are on Alibaba splitting its business into six mini-Babas, some were quick to conclude that Tencent could be the next candidate for a similar split.</li>
<li>Unlike <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> whose business units have clear divisions and stand on its own, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> ’s businesses are interconnected making a similar split very difficult.</li>
<li>Having looked at Tencent’s business units and past regulatory probe on the company, it seems unlikely for the company to be the next candidate for an Alibaba style separation.</li>
</ul>


While all eyes are on Alibaba splitting its business into six mini-Babas, some were quick to conclude that Tencent could be the next candidate for a similar split.
Unlike Alibaba (ADR) (BABA US) whose business units have clear divisions and stand on its own, Tencent (700 HK) ’s businesses are interconnected making a similar split very difficult.
Having looked at Tencent’s business units and past regulatory probe on the company, it seems unlikely for the company to be the next candidate for an Alibaba style separation.


Tencent: Next Candidate for an Alibaba Style Split?

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> is looking to raise up to US$400m in its upcoming Hong Kong IPO. </li>
<li>ZJLD is a Chinese liquor company primarily producing baijiu. As per F&amp;S, the firm was the fourth largest privately-owned baijiu company in terms of FY21 sales.</li>
<li>In this note, we look at the firm’s PHIP updates.</li>
</ul>



ZJLD Group (ZJLD HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO. 
ZJLD is a Chinese liquor company primarily producing baijiu. As per F&amp;S, the firm was the fourth largest privately-owned baijiu company in terms of FY21 sales.
In this note, we look at the firm’s PHIP updates.


ZJLD Group Pre-IPO PHIP Updates - Benefited from Higher ASPs, Although Inventory Build up a Concern

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul>
<li>
Alibaba / Alibaba splits into six business units in sweeping overhaul
</li>
<li>
Corruption / Exclusive: Former Exim Bank executive pleads guilty to taking bribes
</li>
<li>
Crackdown / China’s cyberspace watchdog takes aim at slander against businesses
</li>
</ul>



Alibaba / Alibaba splits into six business units in sweeping overhaul


Corruption / Exclusive: Former Exim Bank executive pleads guilty to taking bribes


Crackdown / China’s cyberspace watchdog takes aim at slander against businesses



CX Daily: Alibaba Splits Into Six Business Units in Sweeping Overhaul

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> shares hit accounts on Friday, they showed up in the CCASS data. All but about 2.3mm shares worth. Another 248.8mm shares showed up on Monday. </li>
<li>That was the Prosus stake, which was expected as of November 2022 (evidently, they did not convert more Tencent shares in the interim. </li>
<li>The data tells us some things. It does not tell us much else. Be careful of the details. </li>
</ul>



Meituan (3690 HK) shares hit accounts on Friday, they showed up in the CCASS data. All but about 2.3mm shares worth. Another 248.8mm shares showed up on Monday. 
That was the Prosus stake, which was expected as of November 2022 (evidently, they did not convert more Tencent shares in the interim. 
The data tells us some things. It does not tell us much else. Be careful of the details. 


Meituan (3690 HK) Distro - Prosus Shares Hit CCASS. What We Know And What We Don't Know

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

Last Week in Event SPACE: Meituan, S.M.Entertainment, Toyo, Mincor, JD.com, AAG

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Tencent: Next Candidate for an Alibaba Style Split?

As Alibaba is splitting its business into six mini-Babas, some speculate that Tencent could be the next candidate. Unlike Alibaba, Tencent’s...

Shifara Samsudeen, ACMA, CGMA

ZJLD Group Pre-IPO PHIP Updates - Benefited from Higher ASPs, Although Inventory Build up a Concern

ZJLD Group (ZJLD HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO. In this note, we look at the firm’s PHIP updates.

Clarence Chu

CX Daily: Alibaba Splits Into Six Business Units in Sweeping Overhaul

Alibaba splits into six business units in sweeping overhaul. Exclusive: Former Exim Bank executive pleads guilty to taking bribes. China’s...

Caixin Global

Meituan (3690 HK) Distro - Prosus Shares Hit CCASS. What We Know And What We Don't Know

Tencent's distribution of Meituan is fully-delivered. About 2.3mm shares in limbo (to be liquidated for cash). Prosus' shares at GS Monday....

Travis Lundy

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