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

<ul>
<li>The <a href="https://www.smartkarma.com/entities/poly-culture-group-corp-h" target="_blank" data-smartkarma-citation="entities:4729:1" rel="noopener">Poly Culture Group Corp H (3636 HK)</a> H Shareholders’ class meeting is scheduled for 3 November. The IFA considers the HK$8.88 per H share offer fair and reasonable.</li>
<li>The key condition is approval by at least 75% independent H Shareholders (&lt;10% of all independent H Shareholders rejection). No independent H Shareholder holds a blocking stake.</li>
<li>The offer’s 77.6% premium to the undisturbed price and shareholder structure helps the vote. At the current price and for the 23 November payment, the gross/annualised spread is 3.3%/19.2%.</li>
</ul>


The Poly Culture Group Corp H (3636 HK) H Shareholders’ class meeting is scheduled for 3 November. The IFA considers the HK$8.88 per H share offer fair and reasonable.
The key condition is approval by at least 75% independent H Shareholders (&lt;10% of all independent H Shareholders rejection). No independent H Shareholder holds a blocking stake.
The offer’s 77.6% premium to the undisturbed price and shareholder structure helps the vote. At the current price and for the 23 November payment, the gross/annualised spread is 3.3%/19.2%.


Poly Culture (3636 HK): H Share Class Meeting on 3 November

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 23 June, SOE-backed Poly Group tabled an HK$8.88 bid per <a href="https://www.smartkarma.com/entities/poly-culture-group-corp-h" target="_blank" data-smartkarma-citation="entities:4729:1" rel="noopener">Poly Culture Group (3636 HK)</a> H Share and RMB8.17386240 per Domestic Share. Terms were declared final.</li>
<li>This Merger by Absorption Offer incorporates a Scheme-like vote. There is no tendering condition. The premium to last close is 77.6%; and a 112.5% premium to the five-day closing average.</li>
<li>The Composite Doc is out. Independent H-shareholders get to vote on the transaction on the 3rd of November. Payment is expected on or before the 23 November. I'd get involved. </li>
</ul>


Back on the 23 June, SOE-backed Poly Group tabled an HK$8.88 bid per Poly Culture Group (3636 HK) H Share and RMB8.17386240 per Domestic Share. Terms were declared final.
This Merger by Absorption Offer incorporates a Scheme-like vote. There is no tendering condition. The premium to last close is 77.6%; and a 112.5% premium to the five-day closing average.
The Composite Doc is out. Independent H-shareholders get to vote on the transaction on the 3rd of November. Payment is expected on or before the 23 November. I'd get involved. 


Poly Culture (3636 HK)'s Offer: 3rd Nov Shareholder Vote. Still Get Involved

<ul>
<li>Back on the 27 June, art and culture play <a href="https://www.smartkarma.com/entities/poly-culture-group-corp-h" target="_blank" data-smartkarma-citation="entities:4729:1" rel="noopener">Poly Culture Group Corp H (3636 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0627/2023062701620.pdf" target="_blank" rel="noopener">announced</a> a pre-conditional privatisation at HK$8.88 per H-share.</li>
<li>This Offer from SOE Poly Group is by way of a Merger by Absorption, incorporating a Scheme-like vote. There is no tendering condition. 
</li>
<li>The pre-cons have now been fulfilled. The Composite Document, including the H Share Class meeting/EGM date and IFA opinion, is expected to be despatched on or before the 30 September. </li>
</ul>


Back on the 27 June, art and culture play Poly Culture Group Corp H (3636 HK) announced a pre-conditional privatisation at HK$8.88 per H-share.
This Offer from SOE Poly Group is by way of a Merger by Absorption, incorporating a Scheme-like vote. There is no tendering condition. 

The pre-cons have now been fulfilled. The Composite Document, including the H Share Class meeting/EGM date and IFA opinion, is expected to be despatched on or before the 30 September. 


Poly Culture (3636 HK): Trading Wide To Terms. Get Involved.

<ul>
<li>The pre-condition relating to <a href="https://www.smartkarma.com/entities/poly-culture-group-corp-h" target="_blank" data-smartkarma-citation="entities:4729:1" rel="noopener">Poly Culture Group Corp H (3636 HK)</a>’s privatisation offer from Poly Group at HK$8.88 per H Share has been fulfilled. </li>
<li>The key condition is approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). No independent H Shareholder holds a blocking stake.</li>
<li>The offer’s 77.6% premium to the undisturbed price and no minimum acceptance condition will help completion. At the last close and for 1 November completion, the gross/annualised spread is 7.1%/64.3%.</li>
</ul>


The pre-condition relating to Poly Culture Group Corp H (3636 HK)’s privatisation offer from Poly Group at HK$8.88 per H Share has been fulfilled. 
The key condition is approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). No independent H Shareholder holds a blocking stake.
The offer’s 77.6% premium to the undisturbed price and no minimum acceptance condition will help completion. At the last close and for 1 November completion, the gross/annualised spread is 7.1%/64.3%.


Poly Culture (3636 HK): Pre-Condition Fulfilled

China Traditional Chinese Medicine / Event-Driven

<ul>
<li>$4.60/Share. That's the number - by way of a Scheme - that only matters. Below the recently rumoured $6/share, and $5.10/share a little over three years ago. Terms are final.</li>
<li>As widely expected, the Offeror is SASAC-managed China National Pharmaceutical Group Corporation (CNPGC), indirectly owning 32.46% in <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a> (TCM) via Sinopharm Group Hongkong,</li>
<li>Optically, the Offer price appears light. But this should still get up. TCM is trading rich to peers. No other competing bidder will emerge. Expect regulatory pre-cons to be fast-tracked.</li>
</ul>


$4.60/Share. That's the number - by way of a Scheme - that only matters. Below the recently rumoured $6/share, and $5.10/share a little over three years ago. Terms are final.
As widely expected, the Offeror is SASAC-managed China National Pharmaceutical Group Corporation (CNPGC), indirectly owning 32.46% in China Traditional Chinese Medicine (570 HK) (TCM) via Sinopharm Group Hongkong,
Optically, the Offer price appears light. But this should still get up. TCM is trading rich to peers. No other competing bidder will emerge. Expect regulatory pre-cons to be fast-tracked.


TCM (570 HK): Sinopharm's $4.60/Share Offer

China

Poly Culture Group Corp Ltd is a culture and art enterprise in China. The Company provides performance and large-scale activities, organization and planning, creative design production, theatre management and construction consultation, cultural relics collections, artwork business and auction, cinema circuit and cinema investment operations in China.

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Poly Culture Group Corp H (3636 HK)

Poly Culture (3636 HK)'s Offer: 3rd Nov Shareholder Vote. Still Get Involved

This is done. Optically, the Offer Price appears reasonable. The IFA agrees. This is a heavily indebted, largely illiquid company. Trading at a...

David Blennerhassett

Poly Culture (3636 HK): Trading Wide To Terms. Get Involved.

This is done. It has been declared final for that reason. Optically, it looks reasonable. This is a heavily indebted illiquid company. I'd buy...

David Blennerhassett

Poly Culture (3636 HK): Pre-Condition Fulfilled

The offer’s 77.6% premium to the undisturbed price and no minimum acceptance condition will help completion. At the last close and for 1 November...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Poly Culture (3636 HK): H Share Class Meeting on 3 November

The offer’s 77.6% premium to the undisturbed price and shareholder structure helps the vote. At the current price and for the 23 November payment,...

Arun George

Poly Culture (3636 HK)'s Offer: 3rd Nov Shareholder Vote. Still Get Involved

This is done. Optically, the Offer Price appears reasonable. The IFA agrees. This is a heavily indebted, largely illiquid company. Trading at a...

David Blennerhassett

Poly Culture (3636 HK): Trading Wide To Terms. Get Involved.

This is done. It has been declared final for that reason. Optically, it looks reasonable. This is a heavily indebted illiquid company. I'd buy...

David Blennerhassett

Poly Culture (3636 HK): Pre-Condition Fulfilled

The offer’s 77.6% premium to the undisturbed price and no minimum acceptance condition will help completion. At the last close and for 1 November...

Arun George

TCM (570 HK): Sinopharm's $4.60/Share Offer

This Offer from Sinopharm looks done. Bid up to ~HK$4.42, or a 4%/12% gross/annualised return, assuming late June completion.

David Blennerhassett