Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Beijing Jingneng Clean Energy / Event-Driven

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<p>On the 17 November, <a href="https://www.smartkarma.com/entities/beijing-jingneng-clean-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:16316:1" rel="noopener">Beijing Jingneng Clean Energy (579 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1117/2020111701054.pdf" target="_blank" rel="noopener">announced</a> a voluntary conditional offer at HK$2.70/share, a 70.89% premium to the undisturbed price. The Offer price is final. No dividends are expected during the Offer period.</p>
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<p>Jingneng is PRC-incorporated therefore there are no rights to compulsorily acquire shares or to require an Offeror do so. The only mechanism available to privatise is via a Merger by Absorption, incorporating a Scheme-like vote (≥ 75% for, ≤10% against). Additionally, as this is a "<em>voluntary conditional offer</em>", a tendering condition of 90% is also present.</p>
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<p>At the time, I thought the Offer looked done. I still think that. And in today's <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1231/2020123100105.pdf" target="_blank" rel="noopener">Composite Document</a>, the IFA reckons the Offer is fair and reasonable.</p>
<p>The H-share class meeting is scheduled for the 19 February with an expected payment under the Offer on the 10 March. </p>
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<p>More below the fold.</p>
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On the 17 November, Beijing Jingneng Clean Energy (579 HK) announced a voluntary conditional offer at HK$2.70/share, a 70.89% premium to the undisturbed price. The Offer price is final. No dividends are expected during the Offer period.


Jingneng is PRC-incorporated therefore there are no rights to compulsorily acquire shares or to require an Offeror do so. The only mechanism available to privatise is via a Merger by Absorption, incorporating a Scheme-like vote (≥ 75% for, ≤10% against). Additionally, as this is a "voluntary conditional offer", a tendering condition of 90% is also present.


At the time, I thought the Offer looked done. I still think that. And in today's Composite Document, the IFA reckons the Offer is fair and reasonable.
The H-share class meeting is scheduled for the 19 February with an expected payment under the Offer on the 10 March. 


More below the fold.


Beijing Jingneng (579 HK): Doc Out. IFA Says Fair & Reasonable

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APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Capital Markets

Hebei Construction Group Co / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/26097" target="_blank" data-smartkarma-citation="entities:26097:1">Hebei Construction Group Co (1727 HK)</a> is raising approximately US$314m in its upcoming IPO to fund the construction of projects that are to be complete, equity investment in existing and future PPP projects, repay bank loans, and general corporate purposes.</p><p>In this insight, we will look at the company's past performance, its exposure to the wildly anticipated Xiongan New Area, some corporate governance issues, and its valuation relative to other contract construction peers. We will also run the deal through our ECM framework.</p>

Hebei Construction Group Co (1727 HK) is raising approximately US$314m in its upcoming IPO to fund the construction of projects that are to be complete, equity investment in existing and future PPP projects, repay bank loans, and general corporate purposes.In this insight, we will look at the company's past performance, its exposure to the wildly anticipated Xiongan New Area, some corporate governance issues, and its valuation relative to other contract construction peers. We will also run the deal through our ECM framework.

Hebei Construction IPO Review - Late to the Xiongan Game with Corporate Governance Issues

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

Thematic (Sector/Industry)

<p>The Chinese government made an announcement to build a new Special Economic Zone (SEZ) in Xiongan in Hebei Province, part of the development of the Beijing - Tianjin - Hebei (BTH) region that is located around 100km southwest of Beijing City district. </p><p>As any other developing nations, Shanghai and Beijing are densely populated hence the logical move is to build a new location within a close enough proximity that will help to phase out some of the non-capital functions out of Beijing. The area…</p>

The Chinese government made an announcement to build a new Special Economic Zone (SEZ) in Xiongan in Hebei Province, part of the development of the Beijing - Tianjin - Hebei (BTH) region that is located around 100km southwest of Beijing City district. As any other developing nations, Shanghai and Beijing are densely populated hence the logical move is to build a new location within a close enough proximity that will help to phase out some of the non-capital functions out of Beijing. The area…

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

<p>Extending my point about more demanding transportation frameworks going forward (see <a href="https://www.smartkarma.com/insights/comfortdelgro-fy16-results-an-era-where-competition-hits-a-higher-gear" target="_blank" data-smartkarma-citation="insights:8719">ComfortDelGro FY16 Results: An Era Where Competition Hits a Higher Gear</a> ), the recent fire-bomb attack on Hong Kong’s MTR that left 19 injured signals increasing costs for transport operators. This article presents another reason why investors should sell MTR Corp, on top of points already provided by fellow insight provider Sameer Taneja in an earlier piece <a href="https://www.smartkarma.com/insights/mtr-66-hk-conviction-sell-thesis" target="_blank" data-smartkarma-citation="insights:7982">MTR (66 HK): Conviction Sell Thesis</a></p><h2><strong>Security Costs to</strong></h2>…

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a Higher Gear ), the recent fire-bomb attack on Hong Kong’s MTR that left 19 injured signals increasing costs for transport operators. This article presents another reason why investors should sell MTR Corp, on top of points already provided by fellow insight provider Sameer Taneja in an earlier piece MTR (66 HK): Conviction Sell ThesisSecurity Costs to…

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

Hong Kong

Tianjin Development Holdings Ltd, through its subsidiaries, manufactures and sells consumer products such as winery products. The Company's infrastructure operations include container and cargo handling, stevedoring, and toll roads  construction and services. In addition, Tianjin Development operates commercial  trading and property development businesses.

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Tianjin Development Holdings (882 HK)

Beijing Jingneng (579 HK): Doc Out. IFA Says Fair & Reasonable

Currently trading at a gross/annualised spread of 6.3%/38.1%, assuming payment on the 10 March. The tendering condition is the key risk. However,...

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David Blennerhassett

Hebei Construction IPO Review - Late to the Xiongan Game with Corporate Governance Issues

Hebei Construction Group Co (1727 HK) is raising approximately US$314m in its upcoming IPO to fund the construction of projects that are to be...

Zhen Zhou, Toh

Xiongan Special Economic Zone

The Chinese government made an announcement to build a new Special Economic Zone (SEZ) in Xiongan in Hebei Province, part of the development of the...

Henry Soediarko

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a...

Valerie Law, CFA

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