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

China Traditional Chinese Medicine / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/yichang-hec-changjiang-pharmaceutical" target="_blank" data-smartkarma-citation="entities:21040:1" rel="noopener">Yichang HEC Changjiang Pharma (1558 HK)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>, <a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada Group Ltd (AND AU)</a>, <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>. </li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a>, <a href="https://www.smartkarma.com/entities/mma-offshore-ltd" target="_blank" data-smartkarma-citation="entities:594:1" rel="noopener">Mma Offshore (MRM AU)</a>, <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>, <a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a>, <a href="https://www.smartkarma.com/entities/kfc-holdings-japan-ltd" target="_blank" data-smartkarma-citation="entities:12358:1" rel="noopener">Kfc Holdings Japan (9873 JP)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a>. 
</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Yichang HEC Changjiang Pharma (1558 HK), Hollysys Automation Technologies (HOLI US), Chilled &amp; Frozen Logistics Holdings (9099 JP), Ansarada Group Ltd (AND AU), Malaysia Airports Holdings (MAHB MK). 
Lowest spreads: Great Eastern Holdings (GE SP), Mma Offshore (MRM AU), Pact Group Holdings (PGH AU), Mimasu Semiconductor Industry (8155 JP), Kfc Holdings Japan (9873 JP), Alumina Ltd (AWC AU). 



Merger Arb Mondays (03 Jun) - China TCM, Huafa, GA Pack, SciClone, CF Logistics, Great Eastern

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Colour me perplexed. Murakami Group ran up <a href="https://www.smartkarma.com/entities/mitsui-matsushima-co-ltd" target="_blank" data-smartkarma-citation="entities:13569:1" rel="noopener">Mitsui Matsushima (1518 JP)</a>'s share price in acquiring 29%. The pattern was clear, but one assumes everyone in-group was on the same page.</li>
<li>Two activist shareholders. And long only upping its stake. Heavily discounted <a href="https://www.smartkarma.com/entities/china-merchants-china-direct-investments" target="_blank" data-smartkarma-citation="entities:6862:1" rel="noopener">China Merchants China Direct Investments (133 HK)</a> is in play.</li>
<li>A HUGE new buyback for <a href="https://www.smartkarma.com/entities/kansai-paint-co-ltd" target="_blank" data-smartkarma-citation="entities:13340:1" rel="noopener">Kansai Paint (4613 JP)</a>. Really big. Buy Kansai Paint vs Nippon Paint. One can buy the pop. One can buy any dips after the pop. </li>
</ul>


Colour me perplexed. Murakami Group ran up Mitsui Matsushima (1518 JP)'s share price in acquiring 29%. The pattern was clear, but one assumes everyone in-group was on the same page.
Two activist shareholders. And long only upping its stake. Heavily discounted China Merchants China Direct Investments (133 HK) is in play.
A HUGE new buyback for Kansai Paint (4613 JP). Really big. Buy Kansai Paint vs Nippon Paint. One can buy the pop. One can buy any dips after the pop. 


Last Week in Event SPACE: Mitsui Matsushima, China Merchants,Kansai Paint, Teijin, Sciclone Pharma

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> seeks to raise up to US$320 million.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services Group (982 HK)</a>, <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>, <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Shift Up (462870 KS) seeks to raise up to US$320 million.
Event-Driven developments: Asia Cement China (743 HK), Greatview Aseptic Packaging (468 HK), Huafa Property Services Group (982 HK), Chilled &amp; Frozen Logistics Holdings (9099 JP), Infocom Corp (4348 JP). 


Weekly Deals Digest (02 Jun) - Infocom, CF Logistics, Asia Cement, GA Pack, Huafa, Shift Up

<ul>
<li>I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deal was discussed on Smartkarma this week:<a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services Group (982 HK)</a>'s Scheme. <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a> also suspended pursuant to the Takeovers Code. </li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities (QVE AU)</a>, <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral (BLD AU)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/sciclone-pharmaceuticals-holdings-limited" target="_blank" data-smartkarma-citation="entities:17351:1" rel="noopener">Sciclone Pharmaceuticals (6600 HK)</a>, and <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>.</li>
</ul>


I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed on Smartkarma this week:Huafa Property Services Group (982 HK)'s Scheme. Asia Cement China (743 HK) also suspended pursuant to the Takeovers Code. 
Key updates took place on: QV Equities (QVE AU), Boral (BLD AU), Greatview Aseptic Packaging (468 HK), Sciclone Pharmaceuticals (6600 HK), and Chilled &amp; Frozen Logistics Holdings (9099 JP).


(Mostly) Asia-Pac M&A: Huafa Prop, Asia Cement, QV Equities, Sciclone, Chilled & Frozen Logistics

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>On the 9th May, <a href="https://www.smartkarma.com/entities/shandong-xinjufeng-technology-packaging-co-ltd" target="_blank" data-smartkarma-citation="entities:36744:1" rel="noopener">Shandong Xinjufeng (301296 CH)</a> (XJF) made a pre-conditional voluntary general Offer at $2.65/share (best &amp; final), contingent on a 50% acceptance. Final/special dividends to be added.</li>
<li>
<a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">GAPack(468 HK)</a> has made it clear that XJF is a competitor of GAPack. And <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">Mengniu (2319 HK)</a> may review its relationship if pre-cons are satisfied/waived; or the Offer gets up.</li>
<li>XJF has announced the necessary applications have been sent to NDRC, MoC, and SAMR; and it prepping for a shareholder meeting to approve the Offer. </li>
</ul>


On the 9th May, Shandong Xinjufeng (301296 CH) (XJF) made a pre-conditional voluntary general Offer at $2.65/share (best &amp; final), contingent on a 50% acceptance. Final/special dividends to be added.

GAPack(468 HK) has made it clear that XJF is a competitor of GAPack. And Mengniu (2319 HK) may review its relationship if pre-cons are satisfied/waived; or the Offer gets up.
XJF has announced the necessary applications have been sent to NDRC, MoC, and SAMR; and it prepping for a shareholder meeting to approve the Offer. 


GAPack (468 HK): Shandong Xinjufeng Offer Progesses

China

Shanghai Xintonglian Packaging Co., Ltd. researches and designs packaging solutions and provides packaging services.  The company manufacturers wooden, paper, foam, and plastic packaging for multiple businesses.  The company serves customers around the world.

Suzhou Yangtze New Materials Company Limited develops, manufactures and sells organic coated sheets and its substrates. The Company's main products include organic coated sheet products and its substrates products.

China Sunshine Paper Holdings Co, Ltd. produces and sales white top linerboard, light-coated linerboard, and core board.  The Company offers products that are used to package various consumer products, including food, beverages, and electronics.

Suzhou Hycan Holdings Co., Ltd. is a professional manufacturer of metal packaging containers. The Company manufactures a variety of containers including cans, tanks, boxes, and more. The company is also engaged in foreign investment, printing, self and agent all kinds of goods and technology import and  export business.

Zhuhai Zhongfu Enterprise Co. Ltd. is a beverage packaging manufacturer. The Company mainly develops, manufactures and markets beverage packaging products, including beverage bottles, labels and other related products.

Shandong Huapeng Glass Co., Ltd. manufactures pressed and blown glass. The Company produces medium and top grade glassware and glass bottles.

Shanghai Luxin Packing Materials Science & Technology Company Limited develops, produces, processes and sells vacuum metallized paper, white cardboard, laminated paper and polypropylene filament for cigarette filters.  The Company's main products are vacuum metallized paper and other environmentally friendly packaging materials.

Shanghai Luxin Packing Materials Science (002565 CH)

Huaxi Holdings Company Limited manufactures and sells cigarette-related packaging materials. The Company produces the packaging materials used by cigarette companies including tipping paper, inner frame paper, cigarette box frame paper, trademark labels, and cigarette paper box. Huaxi offers its products in China.

Sheen Tai Holdings Group Co Ltd manufactures cigarette packaging material. The Company supplies its products in the Jiangsu Region of the Peoples Republic of China.

Sheen Tai Holdings Group Company (1335 HK)

Xiamen Hexing Packaging Printing Co., Ltd manufactures paper packaging products. The Company produces corrugated boxes, corrugated boards, corrugated cartons, and other products. Xiamen Hexing Packaging Printing also provides printing services.

Xiamen Hexing Packaging Printi (002228 CH)

Pact Group Holdings Ltd manufactures packaging and other related products. The Company, through its subsidiaries, manufactures packaging and other products that service customers in the food, dairy, beverage, chemical, agricultural, industrial and other sectors throughout Australia, New Zealand and Asia.

Alucon Public Company Limited manufactures a variety of aluminum products, including collapsible tubes for toothpaste, monobloc aerosol cans for cosmetic products, rigid wall containers for pesticides, technical impact extrusions for use as casings for electronic parts or condenser shells, and aluminum slugs for downstream production of aluminum tubes and cans.

Great China Metal Industry Co., Ltd. manufactures beverage containers. The Company produces aluminum cans, tin cans, lids, and ends.

United Paper PCL manufactures and distributes paper products. The Company's product lines include liner boards and corrugated medium which are generally used for the production of corrugated paper containers.

Tourism International Holdings Limited manufactures paper packaging materials. The Company produces paper cigarette packages, cigarette boxes, social products paper packages, paper bags, and other products. Tourism International Holdings markets its products throughout China.

Everest Kanto Cylinder Limited manufactures high pressure gas cylinders and cascades for storage of Compressed Natural Gas (CNG).

PT. Panca Budi Idaman produces and distributes plastic packaging products. The Company supplies plastic bags, rolls, sacks, and sheets for agriculture, medical, and food and beverages industries. Panca Budi Idaman serves clients in Indonesia.

Samyang Packaging Corporation manufactures plastic containers. The Company produces and sells polyethylene terephthalate bottles and other products. Samyang Packaging also provides processing and recycling services. Samyang Packaging serves clients the Republic of Korea.

Thong Guan Industries Berhad is an investment holding company. The Company, through its subsidiaries, trades plastic and paper products.  Thong Guan also trades beverages including tea and coffee and machinery.

Cosmo Films Limited manufactures Biaxially Oriented Polypropylene (BOPP) film for the packaging sector.  The Company also manufactures semi-finished and waste synthetic paper.

Shandong Xinjufeng Technology Packaging Co., Ltd. manufactures packaging products. The Company produces aseptic food packaging materials, aseptic drink packaging materials, and other products. Shandong Xinjufeng Technology Packaging also provides filling equipment installation, technical consulting, and other services.

Shandong Xinjufeng Technology Packaging (301296 CH)

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Shandong Xinjufeng Technology Packaging (301296 CH)

Merger Arb Mondays (03 Jun) - China TCM, Huafa, GA Pack, SciClone, CF Logistics, Great Eastern

This week, the highest gross spreads are HEC Pharma (110.1%), Hollysys (25.2%), CF Logistics (18.0%), Ansarada (12.1%), Malaysia Airports (10.7%),...

Arun George

Last Week in Event SPACE: Mitsui Matsushima, China Merchants,Kansai Paint, Teijin, Sciclone Pharma

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

Weekly Deals Digest (02 Jun) - Infocom, CF Logistics, Asia Cement, GA Pack, Huafa, Shift Up

Last week, notable developments occurred in Event-Driven (Infocom, CF Logistics, Asia Cement China, GA Pack, Huafa, SciClone, Adbri) and ECM (Shift...

Arun George

(Mostly) Asia-Pac M&A: Huafa Prop, Asia Cement, QV Equities, Sciclone, Chilled & Frozen Logistics

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

GAPack (468 HK): Shandong Xinjufeng Offer Progesses

Trading at a 6.4% gross spread to terms. Before factoring in any dividends. Bi and Mengniu may still counter. But this transaction will probably...

David Blennerhassett

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