Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shanghai Jin Jiang Capital Company Limited / Event-Driven

Shanghai Jin Jiang Capital Company Limited

<ul>
<li>Hotel operator <a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener"><strong>Shanghai Jin Jiang Capital Company Limited (2006 HK)</strong></a>'s Composite Doc is <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0331/2022033103211.pdf" target="_blank" rel="noopener">out</a>. The H-Class meeting on the 26 April, with expected payment on the 17 May.</li>
<li>The IFA considers the Offer to be fair and reasonable. </li>
<li>This is done and trading tight at a gross/annualised spread of 1.6%/14%. </li>
</ul>


Hotel operator Shanghai Jin Jiang Capital Company Limited (2006 HK)'s Composite Doc is out. The H-Class meeting on the 26 April, with expected payment on the 17 May.
The IFA considers the Offer to be fair and reasonable. 
This is done and trading tight at a gross/annualised spread of 1.6%/14%. 


Jin Jiang Capital (2006 HK): Composite Doc Out. 26 April H-Class Meeting

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/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Shanghai Jin Jiang Capital Company Limited (2006 HK)</a>'s H Shareholders’ class meeting is scheduled for 26 April. The IFA considers the offer to be fair and reasonable. </li>
<li>The 10% blocking stake is 2.50% of outstanding shares (10.00% of H Shares). The two H Shareholders with blocking stakes will be supportive. There is no minimum acceptance condition.</li>
<li>At last close and for a 17 May payment date, the gross and annualised spread to the total offer is 1.6% and 15.7%, respectively.</li>
</ul>



Shanghai Jin Jiang Capital Company Limited (2006 HK)'s H Shareholders’ class meeting is scheduled for 26 April. The IFA considers the offer to be fair and reasonable. 
The 10% blocking stake is 2.50% of outstanding shares (10.00% of H Shares). The two H Shareholders with blocking stakes will be supportive. There is no minimum acceptance condition.
At last close and for a 17 May payment date, the gross and annualised spread to the total offer is 1.6% and 15.7%, respectively.


Jin Jiang Capital’s H Share Class Meeting on 26 April, IFA Opinion

<ul>
<li>Hotel operator <strong><a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Shanghai Jin Jiang Capital Company Limited (2006 HK)</a></strong><a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0328/2022032800934.pdf" target="_blank" rel="noopener"> announced</a> yesterday that all pre-conditions to the Offer from Shanghai SASAC have been satisfied.  </li>
<li>The Composite Document is expected to be dispatched on or before the 1 April.</li>
<li>Based on precedents for the privatisation of PRC incorporated companies, absent a tendering condition, payment is expected around the third week of May, on the assumption the vote gets up.</li>
</ul>


Hotel operator Shanghai Jin Jiang Capital Company Limited (2006 HK) announced yesterday that all pre-conditions to the Offer from Shanghai SASAC have been satisfied.  
The Composite Document is expected to be dispatched on or before the 1 April.
Based on precedents for the privatisation of PRC incorporated companies, absent a tendering condition, payment is expected around the third week of May, on the assumption the vote gets up.


Jin Jiang Capital (2006 HK): Tardy, But Pre-Con Approvals Were Never In Doubt

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Shanghai Jin Jiang Capital Company Limited (2006 HK)</a>’s privatisation offer from Jin Jiang International Holding is HK$3.10 per H share. The pre-condition was fulfilled on 28 March.  </li>
<li>The key conditions for the delisting will be approval by at least 75% of independent H-shareholders (&lt;10% of all independent H-shareholders rejection). There is no minimum acceptance condition.  </li>
<li>At last close and for a May end effective date (composite document despatched on 1 April), the gross and annualised spread to the offer is 4.7% and 32.1%, respectively.</li>
</ul>



Shanghai Jin Jiang Capital Company Limited (2006 HK)’s privatisation offer from Jin Jiang International Holding is HK$3.10 per H share. The pre-condition was fulfilled on 28 March.  
The key conditions for the delisting will be approval by at least 75% of independent H-shareholders (&lt;10% of all independent H-shareholders rejection). There is no minimum acceptance condition.  
At last close and for a May end effective date (composite document despatched on 1 April), the gross and annualised spread to the offer is 4.7% and 32.1%, respectively.


Jin Jiang Capital’s Offer Risk/Reward – Pre-Condition Satisfied

Yashili International Holdings / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only). </li>
<li>This week, the highest gross spreads are <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>, <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc Adr (JOBS US)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>
</li>
<li>The lowest gross spreads are <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC Group Ltd (CIM AU)</a>, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>, <a href="https://www.smartkarma.com/entities/z-energy-ltd" target="_blank" data-smartkarma-citation="entities:9838:1" rel="noopener">Z Energy Ltd (ZEL NZ)</a>, <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only). 
This week, the highest gross spreads are Yashili International Holdings (1230 HK), Razer Inc (1337 HK), 51 Job Inc Adr (JOBS US), Uniti Group Ltd (UWL AU)

The lowest gross spreads are CIMIC Group Ltd (CIM AU), Virtus Health (VRT AU), China Logistics Property Holdings (1589 HK), Z Energy Ltd (ZEL NZ), Singapore Press Holdings (SPH SP) 


Merger Arb Mondays - Yashili, Razer, 51Job, Uniti, Link, Sezzle, Guodian

China

Shanghai Jin Jiang Capital Company Limited owns and operates hotels.

Shanghai Jin Jiang Capital Company Limited (2006 HK)

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Shanghai Jin Jiang Capital Company Limited (2006 HK)

Jin Jiang Capital (2006 HK): Composite Doc Out. 26 April H-Class Meeting

This transaction is done. I currently see the gross/annualised spread at a tight 1.6%/14%. Try to get in a spread or two below.

David Blennerhassett

Jin Jiang Capital (2006 HK): Tardy, But Pre-Con Approvals Were Never In Doubt

This is done - play the spread here. Assuming payment on the 23 May, I see the gross/annualised spread at 4.7%/35.9%. I'd be a buyer here at $2.96.

David Blennerhassett

Jin Jiang Capital’s Offer Risk/Reward – Pre-Condition Satisfied

The pre-condition was fulfilled on 28 March and the composite document will be despatched on 1 April. At last close and for a May end effective...

Arun George

Merger Arb Mondays - Yashili, Razer, 51Job, Uniti, Link, Sezzle, Guodian

This week, the highest gross spreads are Yashili (41.2%), Razer (19.2%), 51 Job (16.0%), Uniti Group (9.8%), Link (8.6%), Sezzle (7.0%), Guodian...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jin Jiang Capital (2006 HK): Composite Doc Out. 26 April H-Class Meeting

This transaction is done. I currently see the gross/annualised spread at a tight 1.6%/14%. Try to get in a spread or two below.

David Blennerhassett

Jin Jiang Capital’s H Share Class Meeting on 26 April, IFA Opinion

Jin Jiang's H Share’s class meeting is scheduled for 26 April. The IFA considers the offer to be fair and reasonable. For a 17 May payment, the...

Arun George

Jin Jiang Capital (2006 HK): Tardy, But Pre-Con Approvals Were Never In Doubt

This is done - play the spread here. Assuming payment on the 23 May, I see the gross/annualised spread at 4.7%/35.9%. I'd be a buyer here at $2.96.

David Blennerhassett

Jin Jiang Capital’s Offer Risk/Reward – Pre-Condition Satisfied

The pre-condition was fulfilled on 28 March and the composite document will be despatched on 1 April. At last close and for a May end effective...

Arun George

Merger Arb Mondays - Yashili, Razer, 51Job, Uniti, Link, Sezzle, Guodian

This week, the highest gross spreads are Yashili (41.2%), Razer (19.2%), 51 Job (16.0%), Uniti Group (9.8%), Link (8.6%), Sezzle (7.0%), Guodian...

Arun George