Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>After <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic (468 HK)</a> was suspended on the 30 January, it emerged that <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> had entered a SPA to acquire <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a>'s 28.22% stake</li>
<li>Greatview has now confirmed the transaction. Shares were supposed to resume trading this afternoon but were immediately suspended again.</li>
<li>Importantly, <a href="https://www.smartkarma.com/entities/inner-mongolia-yili-indus-a" target="_blank" data-smartkarma-citation="entities:3220:1" rel="noopener">Inner Mongolia Yili Industrial Group (A) (600887 CH)</a>, Xinjufeng's largest customer is a main competitor of Greatview's largest customer. That may be an untenable situation, according to the announcement.</li>
</ul>


After Greatview Aseptic (468 HK) was suspended on the 30 January, it emerged that Shandong Xinjufeng (301296 CH) had entered a SPA to acquire Jardine Matheson (JM SP)'s 28.22% stake
Greatview has now confirmed the transaction. Shares were supposed to resume trading this afternoon but were immediately suspended again.
Importantly, Inner Mongolia Yili Industrial Group (A) (600887 CH), Xinjufeng's largest customer is a main competitor of Greatview's largest customer. That may be an untenable situation, according to the announcement.


Greatview Aseptic (468 HK): Rival Purchases And Grandstanding

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/shandong-xinjufeng-technology-packaging-co-ltd" target="_blank" data-smartkarma-citation="entities:36744:1" rel="noopener">Shandong Xinjufeng Technology Packaging (301296 CH)</a> agreed to acquire <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>’s 28.22% stake in <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> at HK$2.65 per share.</li>
<li>Post-Completion, Xinjufeng will be the largest shareholder. As Xinjufeng’s shareholding will remain below the 30% voting threshold, the transaction will NOT result in a mandatory general offer. </li>
<li>The transaction price, which is a 22.7% premium to the last close, highlights Greatview’s value. Greatview’s forward P/E multiple is undemanding in comparison to peer P/E multiples.</li>
</ul>



Shandong Xinjufeng Technology Packaging (301296 CH) agreed to acquire Jardine Matheson Holdings (JM SP)’s 28.22% stake in Greatview Aseptic Packaging (468 HK) at HK$2.65 per share.
Post-Completion, Xinjufeng will be the largest shareholder. As Xinjufeng’s shareholding will remain below the 30% voting threshold, the transaction will NOT result in a mandatory general offer. 
The transaction price, which is a 22.7% premium to the last close, highlights Greatview’s value. Greatview’s forward P/E multiple is undemanding in comparison to peer P/E multiples.


Greatview Aseptic (468 HK): Xinjufeng Technology Acquires Jardine Matheson’s Stake

<ul>
<li>
<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 Technology Packaging (301296 CH)</a> is seeking to acquire <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>'s 28.22% stake in <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> at HK$2.65/share.</li>
<li>Greatview is currently <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0130/2023013000123.pdf" target="_blank" rel="noopener">suspended</a> "pending the release of an announcement which contains inside information", suggesting there is no follow on Offer for remaining shares. </li>
<li>Elsewhere, Matheson has resumed its share repurchase program, providing near-term support. </li>
</ul>



Shandong Xinjufeng Technology Packaging (301296 CH) is seeking to acquire Jardine Matheson Holdings (JM SP)'s 28.22% stake in Greatview Aseptic Packaging (468 HK) at HK$2.65/share.
Greatview is currently suspended "pending the release of an announcement which contains inside information", suggesting there is no follow on Offer for remaining shares. 
Elsewhere, Matheson has resumed its share repurchase program, providing near-term support. 


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)

Greatview Aseptic (468 HK): Rival Purchases And Grandstanding

The resumption of trading and the immediate suspension, strongly indicates there is something else taking place behind the scenes.

David Blennerhassett

Greatview Aseptic (468 HK): Xinjufeng Technology Acquires Jardine Matheson’s Stake

The transaction price, which is a 22.7% premium to the last close, highlights Greatview’s value. Greatview’s forward P/E multiple is undemanding in...

Arun George

Matheson To Exit Greatview Aseptic

This SPA for Greatview is probably not a great outcome for minorities. Meanwhile, Matheson is buying back shares around here, and the NAV is...

David Blennerhassett

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