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/org-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:17510:1" rel="noopener">ORG Technology Co., Ltd. A (002701 CH)</a>’s offer for <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a> has received SAFE approval. Therefore, the precondition is satisfied. </li>
<li>The offer and response document will be despatched by 20 December and 3 January 2025, respectively. The Board will recommend the offer. </li>
<li>The offer should be declared unconditional by the first closing date. At the last close and late-January 2025 payment, the gross/annualized spread was 7.3%/88.0%.</li>
</ul>



ORG Technology Co., Ltd. A (002701 CH)’s offer for CPMC Holdings (906 HK) has received SAFE approval. Therefore, the precondition is satisfied. 
The offer and response document will be despatched by 20 December and 3 January 2025, respectively. The Board will recommend the offer. 
The offer should be declared unconditional by the first closing date. At the last close and late-January 2025 payment, the gross/annualized spread was 7.3%/88.0%.


CPMC Holdings (906 HK): Festive Cheer as Precondition Satisfied🎄

<ul>
<li>
<a href="https://www.smartkarma.com/entities/org-technology-co-ltd-a" target="_blank" rel="noopener">ORG Technology Co., Ltd. A (002701 CH)</a>’s offer for <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" rel="noopener">CPMC Holdings (906 HK)</a> has one remaining precondition: SAFE approval.</li>
<li>Mr Wei’s irrevocable was terminated. Nevertheless, as a seller, he will accept the offer, as the shares trade below the offer price, and there is no competing offer. </li>
<li>The precondition long stop date is 6 January, sufficient time to satisfy the precondition. It would be highly unusual to secure MOFCOM and NDRC approval but not SAFE approval.</li>
</ul>



ORG Technology Co., Ltd. A (002701 CH)’s offer for CPMC Holdings (906 HK) has one remaining precondition: SAFE approval.
Mr Wei’s irrevocable was terminated. Nevertheless, as a seller, he will accept the offer, as the shares trade below the offer price, and there is no competing offer. 
The precondition long stop date is 6 January, sufficient time to satisfy the precondition. It would be highly unusual to secure MOFCOM and NDRC approval but not SAFE approval.


CPMC Holdings (906 HK): Steady Nerves Required

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Stay long <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a> and buy more, or get long. <a href="https://www.smartkarma.com/entities/ctbc-financial-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:436:1" rel="noopener">CTBC Financial Holding (2891 TT)</a> may make a better run at it, and may even bump.</li>
<li>It's a hard to be bearish <a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> at 0.34x P/B. Yet the Hong Kong property market remains a challenging space. To put it mildly.</li>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> saw breathless news articles suggesting a foreign takeover became more difficult. Not really.</li>
</ul>


Stay long Shin Kong Financial Holding (2888 TT) and buy more, or get long. CTBC Financial Holding (2891 TT) may make a better run at it, and may even bump.
It's a hard to be bearish Swire Pacific (A) (19 HK) at 0.34x P/B. Yet the Hong Kong property market remains a challenging space. To put it mildly.

Seven &amp; I Holdings (3382 JP) saw breathless news articles suggesting a foreign takeover became more difficult. Not really.


Last Week in Event SPACE: Shin Kong Financial, Swire Pac, Seven & I, Korea Zinc

<ul>
<li>
<a href="https://www.smartkarma.com/entities/org-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:17510:1" rel="noopener">ORG Technology Co., Ltd. A (002701 CH)</a> has received SAMR clearance, the key regulatory hurdle, for its HK$7.21 voluntary offer for <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>.</li>
<li>SAMR approval paves the way for the ORG precondition to be satisfied in September. Changping Industrial’s HK$6.87 offer first close is on 3 September.</li>
<li>Changping Industrial has little choice but to revise its terms. It has a short window to seize the initiative by bumping its offer before ORG’s competing and higher offer opens. </li>
</ul>



ORG Technology Co., Ltd. A (002701 CH) has received SAMR clearance, the key regulatory hurdle, for its HK$7.21 voluntary offer for CPMC Holdings (906 HK).
SAMR approval paves the way for the ORG precondition to be satisfied in September. Changping Industrial’s HK$6.87 offer first close is on 3 September.
Changping Industrial has little choice but to revise its terms. It has a short window to seize the initiative by bumping its offer before ORG’s competing and higher offer opens. 


CPMC Holdings (906 HK): The Battle Is Heating up as ORG Clears a Key Regulatory Hurdle

<ul>
<li>The <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a> Board recommends that shareholders accept Changping Industrial’s HK$6.87 offer, which the IFA opines is fair and reasonable.</li>
<li>The Board's carefully crafted and suitably caveated recommendation acknowledges that shares continue to trade through terms and <a href="https://www.smartkarma.com/entities/org-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:17510:1" rel="noopener">ORG Technology Co., Ltd. A (002701 CH)</a>’s HK$7.21 offer is higher but preconditional. </li>
<li>Based on ORG's shareholding/irrevocable and volume traded above terms, Changping Industrial’s offer has little chance of success. It remains a question of when, not if, Changping Industrial will bump.</li>
</ul>


The CPMC Holdings (906 HK) Board recommends that shareholders accept Changping Industrial’s HK$6.87 offer, which the IFA opines is fair and reasonable.
The Board's carefully crafted and suitably caveated recommendation acknowledges that shares continue to trade through terms and ORG Technology Co., Ltd. A (002701 CH)’s HK$7.21 offer is higher but preconditional. 
Based on ORG's shareholding/irrevocable and volume traded above terms, Changping Industrial’s offer has little chance of success. It remains a question of when, not if, Changping Industrial will bump.


CPMC Holdings (906 HK): A Carefully Caveated Board Recommendation of Changping Industrial’s Offer

Hong Kong

Southeast Asia Properties & Finance Limited, through its subsidiaries, manufactures and trades plastic packaging materials. The Company also develops and invests in properties, and provides stock brokerage and finance services.

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Southeast Asia Properties (252 HK)

CPMC Holdings (906 HK): Festive Cheer as Precondition Satisfied🎄

The offer should be declared unconditional by the first closing date. At the last close and late-January 2025 payment, the gross/annualized spread...

Arun George

CPMC Holdings (906 HK): Steady Nerves Required

The irrevocable has terminated, and the precondition long stop date is approaching. This is not a good look, but the offer can still be completed....

Arun George

Last Week in Event SPACE: Shin Kong Financial, Swire Pac, Seven & I, Korea Zinc

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

CPMC Holdings (906 HK): The Battle Is Heating up as ORG Clears a Key Regulatory Hurdle

On the first closing date, Changping Industrial offer has let its offer lapse as acceptances (30.9% of out. shares) came well below the 50% minimum...

Arun George

CPMC Holdings (906 HK): A Carefully Caveated Board Recommendation of Changping Industrial’s Offer

Based on ORG's shareholding/irrevocable and volume traded above terms, Changping Industrial’s offer has little chance of success. It remains a...

Arun George

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