Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> / <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> circularity was too complex. Lots of people hated it. It was actually easier than most thought, but optically was difficult to reconcile. </li>
<li>
<a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (19 HK)</a> was a clear buy: there is no justification for assigning a similar discount for cash from the US Coke ops as you would to unlisted ops</li>
<li>A residual <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> individual small-holder shareholding tenure reward does not get split 25:1 when the stock gets split 25:1. It doesn't mean much, but it's an interesting artefact. </li>
</ul>


The Naspers (NPN SJ) / Prosus (PRX NA) circularity was too complex. Lots of people hated it. It was actually easier than most thought, but optically was difficult to reconcile. 

Swire Pacific (19 HK) was a clear buy: there is no justification for assigning a similar discount for cash from the US Coke ops as you would to unlisted ops
A residual NTT (9432 JP) individual small-holder shareholding tenure reward does not get split 25:1 when the stock gets split 25:1. It doesn't mean much, but it's an interesting artefact. 


Last Week in Event SPACE: Naspers/Prosus, Swire Pacific, NTT, Aussie Tax-Loss Selling

<ul>
<li>After shares were suspended on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0620/2023062000230.pdf" target="_blank" rel="noopener">20 June</a>, 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> has announced 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, which incorporates a Scheme-like vote. There is no tendering condition.
</li>
<li>The premium to last close is 77.6%; and a 112.5% premium to the five-day closing average. </li>
</ul>


After shares were suspended on the 20 June, art and culture play Poly Culture Group Corp H (3636 HK) has 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, which 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. 


Poly Culture (3636 HK)’s Pre-Conditional Merger By Absorption

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.

<ul>
<li>
<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> announced a pre-conditional privatisation offer from Poly Group at HK$8.88 per H Share, a 77.6% premium to the undisturbed price of HK$5.00.</li>
<li>The pre-condition of regulatory approvals is a formality as Poly Group is an SOE. The key condition is approval by at least 75% of independent H Shareholders (&lt;10% rejection). </li>
<li>The offer price is final. There is no minimum acceptance condition. No independent H Shareholder holds a blocking stake. The offer is attractive, waving the way to success.  </li>
</ul>



Poly Culture Group Corp H (3636 HK) announced a pre-conditional privatisation offer from Poly Group at HK$8.88 per H Share, a 77.6% premium to the undisturbed price of HK$5.00.
The pre-condition of regulatory approvals is a formality as Poly Group is an SOE. The key condition is approval by at least 75% of independent H Shareholders (&lt;10% rejection). 
The offer price is final. There is no minimum acceptance condition. No independent H Shareholder holds a blocking stake. The offer is attractive, waving the way to success.  


Poly Culture (3636 HK): HK$8.88 Per H Share Privatisation Offer

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Hang Seng H Share Index ETF / Equity Bottom-Up

We have seen six privatizations on the SEHK this year: <ol><li>New World China Land</li><li>Dalian Wanda Commercial Properties</li><li>Peak Sport Products</li><li>TCL Communication Technology</li><li>Bracell</li><li>Nirvana Asia</li></ol>In this insight, we identify common themes amongst the privatizations listed above and also examine the rationale for their privatizations. We then build on our findings to shortlist several companies who meet the same criteria.

We have seen six privatizations on the SEHK this year: New World China LandDalian Wanda Commercial PropertiesPeak Sport ProductsTCL Communication TechnologyBracellNirvana AsiaIn this insight, we identify common themes amongst the privatizations listed above and also examine the rationale for their privatizations. We then build on our findings to shortlist several companies who meet the same criteria. 

Privatizations in HK - Is a Wave Starting?

China

Simei Media Co. Ltd. operates as a media enterprise. The Company provides consumer research, brand management, national media planning and agency, advertising creative design, entertainment marketing, public relations and promotional activities, interactive marketing, and other marketing communication s services.

Huawen Media Investment Corporation invests in media and culture industries. It also trades building materials, undertakes highway construction projects, and distributes and sells natural gas and liquefied petroleum gas. The Company also constructs pipeline distribution systems, and provides related services.

Tangel Publishing Co Ltd plans, designs, produces and publishes juvenile books. The Company publishes juvenile literature in 3 categories, including the academic supplementary materials, English language learning materials and children's literature. The Company also engages in publishing periodicals.

Spearhead Integrated Marketing Communication Co. Ltd. offers integrated marketing plans and corporate image development services. The Company operates in China.

GuangZhou JinYi Media Corporation offers movie screening services. The Company provides movie tickets sales, film information consultation, advertising, and other related services. GuangZhou JinYi Media also offers catering services. GuangZhou JinYi Media operates in China.

Northern United Publishing & Media (Group) Co., Ltd. publishes books, distributes magazines, and prints commercial receipts. The Company produces kid books such as coloring books and reading books, bibliographic, and teen age book. The Company uses single paper-base media.

Northern United Publishing&Md(Grp) (601999 CH)

Shaanxi Broadcast & TV Network Intermediary Co., Ltd operates a cable TV network and acts as an advertising agency for several local TV and satellite channels.

Shaanxi Brdcst&Tv Ntwk Intmdr Grp (600831 CH)

Songliao Automobile Company, Ltd. manufactures and markets vans and auto body parts. The Company sells its products in northeastern China.

Zhejiang Talent Television & Film Co., Ltd. partakes in the investment, production, promotion, and distribution of both Chinese domestic and imported films.

DuZhe Publishing & Media Company Limited is a book publisher.

ZENRIN CO., LTD. produces and markets residential maps and supplies car navigation systems.  The Company has a base in Europe and a data production base in the US for car navigation systems.

PT Media Nusantara Citra Tbk is the largest integrated media company in Southeast Asia. The Company has 3 main businesses 1) 4 free-to-air TV stations with a dominant audience share of 40% 2) The largest content production house producing up to 20,000 hours annually while managing the largest talent agency with almost 400 talents 3) Digital businesses: the largest social media presence in Indonesia through Youtube (100 million subscribers), Facebook and TikTok. 3 online portals, okezone.com, sindonews.com and inews.id with more than 24 million unique visitors daily. RCTI+, the largest entertainment super app in Indonesia with AVOD business model.

Gakken Holdings Co.,Ltd. publishes educational books and magazines.  The Company is expanding into non-publishing areas such as educational materials, toys, and stationeries.  Gakken also operates cram schools and provides sales financing service.

ValueCommerce Co., Ltd. offers Internet marketing solutions through affiliate program management services.  The Company also provides SEM (Search Engine Marketing) and SEO (Search Engine Optimization) services.  ValueCommerce also provides consulting services.

Vector Inc. operates sales promotion businesses including press release support, market research, and Social Networking Service marketing.

DEN Networks Ltd. is a cable television company. The Company distributes analog and digital cable television services across India.

TOM Group Ltd, through its subsidiaries, provides online media, internet, and telecom value-added service, sells advertising of print media and outdoor media, markets sports sponsorship and promotional events, and publishes magazines and books.

The E.W. Scripps Company has interests in television stations, newspapers and digital products and services.

Jagran Prakashan Limited publishes a daily newspaper. The Company publishes and distributes the "Dainik Jagran".

Huanxi Media Group Limited is engaged in the media and entertainment related businesses which include development and investment in films and television drama series as well as operation of streaming platform.

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)

Last Week in Event SPACE: Naspers/Prosus, Swire Pacific, NTT, Aussie Tax-Loss Selling

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

Poly Culture (3636 HK)’s Pre-Conditional Merger By Absorption

I'd be buying up to around $8.48 (or better) or a gross/annualised spread of 5%/15%, assuming late-October payment. Trading at HK$8.22 currently -...

David Blennerhassett

Privatizations in HK - Is a Wave Starting?

We have seen six privatizations on the SEHK this year: New World China Land Dalian Wanda Commercial Properties Peak Sport Products TCL...

Crispin Francis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week in Event SPACE: Naspers/Prosus, Swire Pacific, NTT, Aussie Tax-Loss Selling

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

Poly Culture (3636 HK)’s Pre-Conditional Merger By Absorption

I'd be buying up to around $8.48 (or better) or a gross/annualised spread of 5%/15%, assuming late-October payment. Trading at HK$8.22 currently -...

David Blennerhassett

Poly Culture (3636 HK): HK$8.88 Per H Share Privatisation Offer

The offer price is final. There is no minimum acceptance condition. No independent H Shareholder holds a blocking stake. The offer is attractive,...

Arun George

Privatizations in HK - Is a Wave Starting?

We have seen six privatizations on the SEHK this year: New World China Land Dalian Wanda Commercial Properties Peak Sport Products TCL...

Crispin Francis