Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Foxconn Industrial Internet / Event-Driven

<ul>
<li>This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>The same five names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Wuliangye Yibin, Foxconn Industrial, and BYD. Nets are dropping.</li>
<li>Overall net NORTHBOUND selling this week was small at RMB 445mm. <a href="https://www.smartkarma.com/entities/foxconn-industrial-internet-co-ltd" target="_blank" data-smartkarma-citation="entities:27163:1" rel="noopener">Foxconn Industrial Internet (601138 CH)</a> was net bought every day despite the investigation news the previous weekend.</li>
</ul>


This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The same five names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Wuliangye Yibin, Foxconn Industrial, and BYD. Nets are dropping.
Overall net NORTHBOUND selling this week was small at RMB 445mm. Foxconn Industrial Internet (601138 CH) was net bought every day despite the investigation news the previous weekend.


Mainland Connect NORTHBOUND Flows (To 27Oct23): Net Selling Small, Foxconn & Tianqi Bought

David Blennerhassett

<div>
<p>Back on the 18 January, sometimes property developer <a href="https://www.smartkarma.com/entities/rivera-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16102:1" rel="noopener">Rivera Holdings (281 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0118/2021011801106.pdf" target="_blank" rel="noopener">announced</a> a proposed privatisation by way of a Scheme. Scheme shares will be cancelled in exchange for $0.65/share cash, a 62.5% premium to last close. The Offer Price will not be increased.</p>
</div>
<p>The big twist here is that the Hong Kong Stock Exchange <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0118/2021011801108.pdf" target="_blank" rel="noopener">reached a decision</a> the same day as the proposal that Rivera has "<em>failed to carry out a business with a sufficient level of operations and assets of sufficient value</em>". </p>
<p>In a nutshell, if the Scheme does not carry, then shares will be suspended. </p>
<p>So, there's that. Plus it's a low-ball Offer. But really, what are your alternatives?</p>
<p>The Scheme Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0629/2021062901040.pdf" target="_blank" rel="noopener">out</a>. The Scheme Meeting is the 23 July. Payment is expected on the 30 August.</p>
<p>More below the fold. </p>


Back on the 18 January, sometimes property developer Rivera Holdings (281 HK) announced a proposed privatisation by way of a Scheme. Scheme shares will be cancelled in exchange for $0.65/share cash, a 62.5% premium to last close. The Offer Price will not be increased.

The big twist here is that the Hong Kong Stock Exchange reached a decision the same day as the proposal that Rivera has "failed to carry out a business with a sufficient level of operations and assets of sufficient value". 
In a nutshell, if the Scheme does not carry, then shares will be suspended. 
So, there's that. Plus it's a low-ball Offer. But really, what are your alternatives?
The Scheme Doc is now out. The Scheme Meeting is the 23 July. Payment is expected on the 30 August.
More below the fold. 

Rivera (281 HK): Limited Options As Scheme Meeting Firmed

<p>Last night, <a href="https://www.smartkarma.com/entities/rivera-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16102:1" rel="noopener">Rivera Holdings (281 HK)</a>, an investment holding company, which <em>occasionally</em> dabbles in property development and investment in Hong Kong, Macau, and China, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0118/2021011801106.pdf" target="_blank" rel="noopener">announced</a> a proposed privatisation by way of a Scheme.</p>
<div>Scheme shares will be cancelled in exchange for $0.65/share cash, a 62.5% premium to last close. The Offer Price will not be increased.</div>
<div></div>
<div>
<p>The Offeror is an unlisted vehicle owned as to 66% by Hsu Feng, 17% by Albert Tong, and 17% by Charles Tong, all of whom are directors. </p>
</div>
<div>
<p>These directors, along with concert parties and rollover shareholders hold 74.99% of shares out, and will be required to abstain from voting at the Scheme Meeting. </p>
</div>
<div>
<p>Key Scheme conditions include at least 75% of Independent Shares voting FOR &amp; not more than 10% of the votes attached to ALL the Independent Shares AGAINST.</p>
</div>
<div>
<p>The headcount test does <strong>not</strong> apply as Rivera is Hong Kong incorporated. </p>
</div>
<div>
<p>Of interest is Rivera's follow-up <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0118/2021011801108.pdf" target="_blank" rel="noopener">announcemen</a>t in which the Stock Exchange has reached a decision that Rivera has "<em>failed to carry out a business with a sufficient level of operations and assets of sufficient value</em>". </p>
<p>The takeaway is that if the Scheme fails, the Stock Exchange will consider an immediate application of the trading suspension in Rivera.</p>
</div>
<div>
<p>More below the fold.</p>
</div>

Last night, Rivera Holdings (281 HK), an investment holding company, which occasionally dabbles in property development and investment in Hong Kong, Macau, and China, announced a proposed privatisation by way of a Scheme.
Scheme shares will be cancelled in exchange for $0.65/share cash, a 62.5% premium to last close. The Offer Price will not be increased.


The Offeror is an unlisted vehicle owned as to 66% by Hsu Feng, 17% by Albert Tong, and 17% by Charles Tong, all of whom are directors. 


These directors, along with concert parties and rollover shareholders hold 74.99% of shares out, and will be required to abstain from voting at the Scheme Meeting. 


Key Scheme conditions include at least 75% of Independent Shares voting FOR &amp; not more than 10% of the votes attached to ALL the Independent Shares AGAINST.


The headcount test does not apply as Rivera is Hong Kong incorporated. 


Of interest is Rivera's follow-up announcement in which the Stock Exchange has reached a decision that Rivera has "failed to carry out a business with a sufficient level of operations and assets of sufficient value". 
The takeaway is that if the Scheme fails, the Stock Exchange will consider an immediate application of the trading suspension in Rivera.


More below the fold.


Rivera (281 HK): Scheme Or Face Delisting

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p style="text-align: justify;">Global equities continue to trend higher following breakouts that have occurred during the past two weeks. Over this timeframe we have been recommending adding exposure to cyclical Sectors and, despite them getting near-term extended, we believe these upside moves are likely just getting going. Additionally, the US dollar is breaking below support and EM equities are breaking above resistance, only adding to our bullish outlook on global equities. We highlight actionable set-ups within the Consumer Discretionary, Global Real Estate and Utilities Sectors.</p>

Global equities continue to trend higher following breakouts that have occurred during the past two weeks. Over this timeframe we have been recommending adding exposure to cyclical Sectors and, despite them getting near-term extended, we believe these upside moves are likely just getting going. Additionally, the US dollar is breaking below support and EM equities are breaking above resistance, only adding to our bullish outlook on global equities. We highlight actionable set-ups within the Consumer Discretionary, Global Real Estate and Utilities Sectors.

Global Equity Strategy: Still Bullish, But Extended Near-Term

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

<p>New data from China's National Bureau of Statistics (NBS) for February for 70 major cities and calculations of the aggregate show a further gradual deceleration in price growth overall on a year-on-year basis from +12.2% in January to +11.8% in February, though the month-on-month growth actually picked up from +0.2% to +0.3%.</p><p>Top risers on a 12-month basis now show some of the more significant declines on the month-on-month basis, while there are more cities with house prices rising.</p><p>The biggest…</p>

New data from China's National Bureau of Statistics (NBS) for February for 70 major cities and calculations of the aggregate show a further gradual deceleration in price growth overall on a year-on-year basis from +12.2% in January to +11.8% in February, though the month-on-month growth actually picked up from +0.2% to +0.3%.Top risers on a 12-month basis now show some of the more significant declines on the month-on-month basis, while there are more cities with house prices rising.The biggest…

China Property: What's Going On With House Prices... Based On The Latest NBS Data

China

Shanghai Zhangjiang Hi-Tech Park Development Co.,Ltd. operates real estate development businesses. The Company provides new industry properties development, housing renovation, real estate sales, real estate rental, and other services. Shanghai Zhangjiang Hi-Tech Park Development also offers construction investment, hospitality operation, and other services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shanghai Zhangjiang High A (600895 CH)

Mainland Connect NORTHBOUND Flows (To 27Oct23): Net Selling Small, Foxconn & Tianqi Bought

NORTHBOUND flows this past week were still a net sell, but small. There hasn't been a net buy week since early August. Foxconn saw buying every...

Travis Lundy

Rivera (281 HK): Limited Options As Scheme Meeting Firmed

This transaction looks done. At $0.62/share - where it is as I type - that's 4.8%/32.7% gross/annualised spread. That's attractive, although this...

David Blennerhassett

Rivera (281 HK): Scheme Or Face Delisting

This transaction looks done. I'd buy here - $0.60/share - around an 8.3%/23.6% gross/annualised spread, assuming completion early June. However,...

David Blennerhassett

Global Equity Strategy: Still Bullish, But Extended Near-Term

Global equities continue to trend higher following breakouts that have occurred during the past two weeks. Over this timeframe we have been...

Vermilion Research

China Property: What's Going On With House Prices... Based On The Latest NBS Data

New data from China's National Bureau of Statistics (NBS) for February for 70 major cities and calculations of the aggregate show a further gradual...

Robert Ciemniak

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)