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

<p>Late Wednesday, <a href="https://www.smartkarma.com/entities/tcl-multimedia-technology" target="_blank" data-smartkarma-citation="entities:15654:1" rel="noopener">Tcl Multimedia Technology (1070 HK)</a>/TCL said it had received an MGO. The MGO price was set at HK$3.23 per share, an 18% discount to the last close price of HK$3.95 per share. The MGO was triggered due to an astonishing oversight related to the divestiture of TCL Industries Holdings, a former wholly-owned subsidiary of <a href="https://www.smartkarma.com/entities/tcl-corp-a" target="_blank" data-smartkarma-citation="entities:13497:1" rel="noopener">TCL Corp (A) (000100 CH)</a>.</p><div class="content-highlight"><p>The MGO price was based on a formula linked to an appraiser’s value of TCL. Setting aside that the MGO is purely a belated regulatory box-ticking exercise, we believe that the appraiser’s valuation methodology is questionable.</p></div>

Late Wednesday, Tcl Multimedia Technology (1070 HK)/TCL said it had received an MGO. The MGO price was set at HK$3.23 per share, an 18% discount to the last close price of HK$3.95 per share. The MGO was triggered due to an astonishing oversight related to the divestiture of TCL Industries Holdings, a former wholly-owned subsidiary of TCL Corp (A) (000100 CH).The MGO price was based on a formula linked to an appraiser’s value of TCL. Setting aside that the MGO is purely a belated regulatory box-ticking exercise, we believe that the appraiser’s valuation methodology is questionable.

China

Tonly Electronics Holdings Limited operates as a manufacturing services provider in the audio-visual products industry. The Company focuses on the research and development, manufacturing and sales of AV products, such as DVD Players, BD Players and media boxes for third parties' brands on an ODM basis.

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Tonly Electronics Holdings (1249 HK)

TCL Electronics’ Accidental MGO

Late Wednesday, Tcl Multimedia Technology (1070 HK)/TCL said it had received an MGO. The MGO price was set at HK$3.23 per share, an 18% discount to...

Arun George

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