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>
<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>’s VGO from Boyu Capital at HK$12.00 per share has been declared unconditional. Boyu has waived the 7.71% valid acceptances condition. </li>
<li>Boyu has likely two aims for the unusual VGO – secure anti-trust approval and a re-rating by becoming the largest shareholder. Anti-trust approval was received on 8 November.  </li>
<li>Acceptances of 0.0081% of outstanding shares reflect the unattractive offer. The final closing date is 22 November. At the last close price, the spread to the offer is 2.7%. </li>
</ul>



Jinke Smart Services (9666 HK)’s VGO from Boyu Capital at HK$12.00 per share has been declared unconditional. Boyu has waived the 7.71% valid acceptances condition. 
Boyu has likely two aims for the unusual VGO – secure anti-trust approval and a re-rating by becoming the largest shareholder. Anti-trust approval was received on 8 November.  
Acceptances of 0.0081% of outstanding shares reflect the unattractive offer. The final closing date is 22 November. At the last close price, the spread to the offer is 2.7%. 


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 4th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight inflows into Tencent, Meituan, Wuxi Biologics, Li Ning.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 4th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Tencent, Meituan, Wuxi Biologics, Li Ning.


Hong Kong Connect Flows (Nov 4th): Tencent, Meituan, Wuxi Biologics, Li Ning

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<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 ~HK$3.4bn, split (+HK$1.58bn) for Shanghai and (+HK$1.82bn) for Shenzhen.</li>
<li>The largest inflows were in <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/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index-etf" target="_blank" data-smartkarma-citation="entities:25:1" rel="noopener">Hang Seng H Share Index (2828 HK)</a> and <a href="https://www.smartkarma.com/entities/gcl-new-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19717:1" rel="noopener">Gcl New Energy (451 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 ~HK$3.4bn, split (+HK$1.58bn) for Shanghai and (+HK$1.82bn) for Shenzhen.
The largest inflows were in Tencent (700 HK) and Meituan (3690 HK). The largest outflows were in Hang Seng H Share Index (2828 HK) and Gcl New Energy (451 HK).


Shanghai/​​​​​​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (3 November 2022)

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight inflows into Tencent, Meituan, Wuxi Biologics, Li Auto, Kuaishou, and outflows from Tsingtao Brewery.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight inflows into Tencent, Meituan, Wuxi Biologics, Li Auto, Kuaishou, and outflows from Tsingtao Brewery.


Hong Kong Connect Flows Monthly: $8.1bn Inflows in October

<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>’s VGO from Boyu Capital is now open at HK$12.00 per share. The first closing date is 14 November. The IFA says it's fair and reasonable. </li>
<li>The offer is conditional on 7.71% valid acceptances and anti-trust approval. The conditions can be waived. The offeror has not received irrevocables.</li>
<li>The offer is unattractive, but the low threshold and peer multiple derating suggest a high probability of success. At the current price, the spread to the offer is 3.4%. </li>
</ul>



Jinke Smart Services (9666 HK)’s VGO from Boyu Capital is now open at HK$12.00 per share. The first closing date is 14 November. The IFA says it's fair and reasonable. 
The offer is conditional on 7.71% valid acceptances and anti-trust approval. The conditions can be waived. The offeror has not received irrevocables.
The offer is unattractive, but the low threshold and peer multiple derating suggest a high probability of success. At the current price, the spread to the offer is 3.4%. 


Jinke Smart’s VGO from Boyu Capital: Open with First Close of 14 November

China

Poly Property Services Co., Ltd. provides property services. The Company offers property management, property projects pre-consultation, post-delivery evaluation and analysis, professional equipment and facilities maintenance, housekeeping, and other services. Poly Property Services provides services in China.

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Poly Property Services (6049 HK)

Jinke Smart (9666 HK) VGO Unconditional

Boyu has waived the 7.71% valid acceptances condition. The final closing date is 22 November. At the last close price, the spread to the offer is...

Arun George

Hong Kong Connect Flows (Nov 4th): Tencent, Meituan, Wuxi Biologics, Li Ning

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Meituan, Wuxi Biologics, Li Ning.

Ke Yan, CFA, FRM

Shanghai/Shenzhen Southbound Connect: Weekly Moves (3 November 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~HK$3.4bn, split (+HK$1.58bn)...

David Blennerhassett

Hong Kong Connect Flows Monthly: $8.1bn Inflows in October

We analyzed the Hong Kong Connect Scheme for October and highlight flows for Tencent, Meituan, Wuxi Biologics, Li Auto, Kuaishou, Tsingtao Brewery.

Ke Yan, CFA, FRM

Jinke Smart’s VGO from Boyu Capital: Open with First Close of 14 November

The offer is unattractive, but the low acceptance threshold and peer multiple derating suggest a high probability of success. At the current price,...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jinke Smart (9666 HK) VGO Unconditional

Boyu has waived the 7.71% valid acceptances condition. The final closing date is 22 November. At the last close price, the spread to the offer is...

Arun George

Hong Kong Connect Flows (Nov 4th): Tencent, Meituan, Wuxi Biologics, Li Ning

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Meituan, Wuxi Biologics, Li Ning.

Ke Yan, CFA, FRM

Shanghai/​​​​​​​​​​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (3 November 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net inflow over the past week was ~HK$3.4bn, split (+HK$1.58bn)...

David Blennerhassett

Hong Kong Connect Flows Monthly: $8.1bn Inflows in October

We analyzed the Hong Kong Connect Scheme for October and highlight flows for Tencent, Meituan, Wuxi Biologics, Li Auto, Kuaishou, Tsingtao Brewery.

Ke Yan, CFA, FRM

Jinke Smart’s VGO from Boyu Capital: Open with First Close of 14 November

The offer is unattractive, but the low acceptance threshold and peer multiple derating suggest a high probability of success. At the current price,...

Arun George

Shanghai/Shenzhen Southbound Connect: Weekly Moves (3 November 2022)