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

Nature Home Holding Company / Event-Driven

<a href="https://www.smartkarma.com/entities/nature-home-holding-company" target="_blank" data-smartkarma-citation="entities:20543:1" rel="noopener">Nature Home Holding Company (2083 HK)</a> manufactures and sells flooring products and customised home decoration products. After market close on Tuesday, it announced a privatisation offer by way of a scheme of arrangement from New Modern Home Limited. The offeror will offer HK$1.70 cash per scheme share. The bid represents a premium of 39.3% over the closing price of HK$1.22 per share on the last full trading day (16 July 2021 prior to the trading halt). The key condition precedents are the headcount test along with the scheme approved by at least 75% disinterested shareholders and &lt;10% rejection by all disinterested shareholders. As disinterested scheme shareholders represent 292.1 million shares or 21.20% of shares outstanding, the 10% blocking stake is 29.2 million shares or 2.12% of shares outstanding. No shareholder holds a blocking stake. <div class="content-highlight">Post-privatisation, the offeror plans to re-list all or part of its businesses in the PRC which while refreshingly honest, may not sit well with some shareholders. Overall, we think the offer price is attractive and that the privatisation bid will be successful. </div>

Nature Home Holding Company (2083 HK) manufactures and sells flooring products and customised home decoration products. After market close on Tuesday, it announced a privatisation offer by way of a scheme of arrangement from New Modern Home Limited. The offeror will offer HK$1.70 cash per scheme share. The bid represents a premium of 39.3% over the closing price of HK$1.22 per share on the last full trading day (16 July 2021 prior to the trading halt). The key condition precedents are the headcount test along with the scheme approved by at least 75% disinterested shareholders and &lt;10% rejection by all disinterested shareholders. As disinterested scheme shareholders represent 292.1 million shares or 21.20% of shares outstanding, the 10% blocking stake is 29.2 million shares or 2.12% of shares outstanding. No shareholder holds a blocking stake. Post-privatisation, the offeror plans to re-list all or part of its businesses in the PRC which while refreshingly honest, may not sit well with some shareholders. Overall, we think the offer price is attractive and that the privatisation bid will be successful. 

APAC IPOs & Placements

Zhen Zhou, Toh

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

Zhongliang Holdings Group  L / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/zhongliang-holdings" target="_blank" data-smartkarma-citation="entities:28009:1" rel="noopener">Zhongliang Holdings (2772 HK)</a> is looking to raise up to US$452m in its upcoming Hong Kong IPO. We have previously covered the company in <a href="https://www.smartkarma.com/insights/zhongliang-pre-ipo-review-incredible-growth-bogged-down-by-related-party-transactions" target="_blank" data-smartkarma-citation="insights:28738" rel="noopener">Zhongliang (中梁地产) Pre-IPO Review - Incredible Growth Bogged Down by Related Party Transactions</a>.
In this insight, we will look at the company's updated financials, compare valuations to peers and run the deal through our ECM framework.

Zhongliang Holdings (2772 HK) is looking to raise up to US$452m in its upcoming Hong Kong IPO. We have previously covered the company in Zhongliang (中梁地产) Pre-IPO Review - Incredible Growth Bogged Down by Related Party Transactions.
In this insight, we will look at the company's updated financials, compare valuations to peers and run the deal through our ECM framework.

Zhongliang (中梁地产) IPO Review - Same Concerns

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

Following on from our <a href="https://www.smartkarma.com/insights/china-housing-in-the-guangdong-hong-kong-macau-greater-bay-area-gba" target="_blank">original note</a> on the Guangdong - Hong Kong - Macau Greater Bay Area (GBA) from the day of the blueprint announcement on February 18, we are presenting the highlights from our inaugural 'Baywatch' report focused on the housing markets on the mainland of the GBA. For the essentials on the GBA, see Bondcritic's <a href="https://www.smartkarma.com/insights/china-s-greater-bay-area-the-essential" target="_blank" data-smartkarma-citation="insights:29080">China’s Greater Bay Area: The Essential</a>

Following on from our original note on the Guangdong - Hong Kong - Macau Greater Bay Area (GBA) from the day of the blueprint announcement on February 18, we are presenting the highlights from our inaugural 'Baywatch' report focused on the housing markets on the mainland of the GBA. For the essentials on the GBA, see Bondcritic's China’s Greater Bay Area: The Essential

China Housing: Highlights From the 'Baywatch' Report On The Greater Bay Area (GBA)

Helenbergh China Holdings / Equity Capital Markets

Helenbergh is looking to raise US$500m in its upcoming Hong Kong IPO.
HLB is a real estate developer in China with exposure to mostly first and second tier cities. It has a national presence but a large percentage of its land bank resides in Pearl River Delta region. The company had a healthy balance sheet with 69% net gearing but as it ramped up expansion efforts, net gearing doubled to 134% in FY2018. Further to that, average effective interest rate had increased along with net gearing.
However, our main concern is its related party transaction. It has a dizzying number of transactions with subsidiaries owned by the controlling shareholder.

Helenbergh is looking to raise US$500m in its upcoming Hong Kong IPO.
HLB is a real estate developer in China with exposure to mostly first and second tier cities. It has a national presence but a large percentage of its land bank resides in Pearl River Delta region. The company had a healthy balance sheet with 69% net gearing but as it ramped up expansion efforts, net gearing doubled to 134% in FY2018. Further to that, average effective interest rate had increased along with net gearing.
However, our main concern is its related party transaction. It has a dizzying number of transactions with subsidiaries owned by the controlling shareholder.

Helenbergh (海伦堡) Early Thoughts - The Usual Red Flag - Related Party Transactions

A commentary on the latest official data on China housing markets from the National Bureau of Statistics (NBS) released today and yesterday. Price growth accelerated marginally year-on-year, with a stable growth month-on-month. New home sales (in gross floor area) growth picked up. Land sales (land acquisitions by developers) stayed negative year-to-date year-on-year after the big drop in recent months.

A commentary on the latest official data on China housing markets from the National Bureau of Statistics (NBS) released today and yesterday. Price growth accelerated marginally year-on-year, with a stable growth month-on-month. New home sales (in gross floor area) growth picked up. Land sales (land acquisitions by developers) stayed negative year-to-date year-on-year after the big drop in recent months.

China Housing: Volumes Growth Up, Land Sales Down, Prices Up (April NBS Data)

China

Midea Real Estate Holding Limited operates as a holding company. The Company, through its subsidiaries, provides property management, property sales, property development, and other services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Midea Real Estate Holding (3990 HK)

Nature Home’s Privatisation Bid

Nature Home announced a privatisation offer at HK$1.70 cash per scheme share. Overall, we think the offer price is attractive and that the...

Arun George

Zhongliang (中梁地产) IPO Review - Same Concerns

Zhongliang Holdings (2772 HK) is looking to raise up to US$452m in its upcoming Hong Kong IPO. We have previously covered the company in Zhongliang...

Zhen Zhou, Toh

China Housing: Highlights From the 'Baywatch' Report On The Greater Bay Area (GBA)

Following on from our original note on the Guangdong - Hong Kong - Macau Greater Bay Area (GBA) from the day of the blueprint announcement on...

Robert Ciemniak

China Housing: Volumes Growth Up, Land Sales Down, Prices Up (April NBS Data)

A commentary on the latest official data on China housing markets from the National Bureau of Statistics (NBS) released today and yesterday. Price...

Robert Ciemniak

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nature Home’s Privatisation Bid

Nature Home announced a privatisation offer at HK$1.70 cash per scheme share. Overall, we think the offer price is attractive and that the...

Arun George

Zhongliang (中梁地产) IPO Review - Same Concerns

Zhongliang Holdings (2772 HK) is looking to raise up to US$452m in its upcoming Hong Kong IPO. We have previously covered the company in Zhongliang...

Zhen Zhou, Toh

China Housing: Highlights From the 'Baywatch' Report On The Greater Bay Area (GBA)

Following on from our original note on the Guangdong - Hong Kong - Macau Greater Bay Area (GBA) from the day of the blueprint announcement on...

Robert Ciemniak

Helenbergh (海伦堡) Early Thoughts - The Usual Red Flag - Related Party Transactions

Helenbergh is looking to raise US$500m in its upcoming Hong Kong IPO. HLB is a real estate developer in China with exposure to mostly first and...

Zhen Zhou, Toh

China Housing: Volumes Growth Up, Land Sales Down, Prices Up (April NBS Data)

A commentary on the latest official data on China housing markets from the National Bureau of Statistics (NBS) released today and yesterday. Price...

Robert Ciemniak