Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

On March 24th after the close of trading, <a href="https://www.smartkarma.com/entities/20829" target="_blank" data-smartkarma-citation="entities:20829">Baoxin Auto Group Ltd</a> ("Baoxin")and <a href="https://www.smartkarma.com/entities/17171" target="_blank" data-smartkarma-citation="entities:17171">China Grand Automotive Services Co Ltd</a> ("CGAS") released a <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0324/LTN20160324845.pdf" target="_blank">Joint Announcement</a> Update on the Satisfaction of Pre-Conditions from the "Rule 3.5 Announcement of 11 December 2015. The main content of the update is that...<blockquote>
with respect to Pre-Condition (b), the filing notice from the NDRC, the approval from the Shanghai Stock Exchange and the filing notice from Shanghai Municipal Commission of Commerce of the PRC or…
</blockquote>

On March 24th after the close of trading, Baoxin Auto Group Ltd ("Baoxin")and China Grand Automotive Services Co Ltd ("CGAS") released a Joint Announcement Update on the Satisfaction of Pre-Conditions from the "Rule 3.5 Announcement of 11 December 2015. The main content of the update is that...
with respect to Pre-Condition (b), the filing notice from the NDRC, the approval from the Shanghai Stock Exchange and the filing notice from Shanghai Municipal Commission of Commerce of the PRC or…


Baoxin Pre-Conditions Remaining: SAFE, Sales? And Signatures

Last Friday, <a href="https://www.smartkarma.com/entities/20829" target="_blank" data-smartkarma-citation="entities:20829">Baoxin Auto Group Ltd</a> (1293 HK) released a <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0318/LTN20160318552.pdf" target="_blank">Joint Announcement</a> containing an updated list of Irrevocable Undertakings to ACCEPT the Offer, adding another 98 million shares to the total. Various media sources (some well-known to risk arbitrageurs) had suggested over the past few weeks that the delay in some of the approvals - most notably from the Shanghai Municipal Commission of Commerce and by the banks approved by SAFE for the foreign exchange transaction (to enable <a href="https://www.smartkarma.com/entities/17171" target="_blank" data-smartkarma-citation="entities:17171">China Grand</a>…

Last Friday, Baoxin Auto Group Ltd (1293 HK) released a Joint Announcement containing an updated list of Irrevocable Undertakings to ACCEPT the Offer, adding another 98 million shares to the total. Various media sources (some well-known to risk arbitrageurs) had suggested over the past few weeks that the delay in some of the approvals - most notably from the Shanghai Municipal Commission of Commerce and by the banks approved by SAFE for the foreign exchange transaction (to enable China Grand…

BAOXIN: Further Undertakings -If You Think This Gets Done, It's Too Cheap. Gotta Have It.

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on pre-conditions, an update on irrevocable acceptances of the Offer by more parties related to the existing owning family and management, which will reduce the fill ratio for minority shareholders, slightly weaker EPS forecasts on average, and a slightly stronger market than earlier this year.A week ago, Baoxin came out with an update on the pre-conditions noting…

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on pre-conditions, an update on irrevocable acceptances of the Offer by more parties related to the existing owning family and management, which will reduce the fill ratio for minority shareholders, slightly weaker EPS forecasts on average, and a slightly stronger market than earlier this year.A week ago, Baoxin came out with an update on the pre-conditions noting…

Baoxin: CGAS Offer Update, Fair Value, And Arb Grids

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

Seven years after the start of the global financial crisis in 2008, the supply-demand balance of the container shipping industry remains precarious. We expect this to continue in 2016 where imbalances at the trade route level and insufficient measures to reduce ship capacity will further accelerate freight rate reductions and industry losses. We expect 2016 to be dominated by continued weak global trade growth, sustained erosion in freight rates and weakened balance sheets – each unfavourable to a major recovery in share prices, in our view”

Seven years after the start of the global financial crisis in 2008, the supply-demand balance of the container shipping industry remains precarious. We expect this to continue in 2016 where imbalances at the trade route level and insufficient measures to reduce ship capacity will further accelerate freight rate reductions and industry losses. We expect 2016 to be dominated by continued weak global trade growth, sustained erosion in freight rates and weakened balance sheets – each unfavourable to a major recovery in share prices, in our view”

Container Shipping 2016 – Operators Facing Prisoner's Dilemma; Industry Could Lose USD 5bn in 2016

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of Volkswagen's U.S. emission test cheating.Some pundits have opined an early demise to the technology. However, automakers have invested heavily in diesel capacity, especially in Europe.Analyst: Richard Hilgert

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of Volkswagen's U.S. emission test cheating.Some pundits have opined an early demise to the technology. However, automakers have invested heavily in diesel capacity, especially in Europe.Analyst: Richard Hilgert 

Our Is the Demise of the Diesel Imminent or Exaggerated?

Germany

Volkswagen AG manufactures and sells vehicles. The Company offers economy and luxury automobiles, sports cars, trucks, and commercial vehicles. Volkswagen serves customers worldwide.

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Volkswagen (VOW GR)

Baoxin Pre-Conditions Remaining: SAFE, Sales? And Signatures

On March 24th after the close of trading, Baoxin Auto Group Ltd ("Baoxin")and China Grand Automotive Services Co Ltd ("CGAS") released a Joint...

Travis Lundy

BAOXIN: Further Undertakings -If You Think This Gets Done, It's Too Cheap. Gotta Have It.

Last Friday, Baoxin Auto Group Ltd (1293 HK) released a Joint Announcement containing an updated list of Irrevocable Undertakings to ACCEPT the...

Travis Lundy

Baoxin: CGAS Offer Update, Fair Value, And Arb Grids

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on...

Travis Lundy

Container Shipping 2016 – Operators Facing Prisoner's Dilemma; Industry Could Lose USD 5bn in 2016

Seven years after the start of the global financial crisis in 2008, the supply-demand balance of the container shipping industry remains...

Drewry Maritime Financial Research

Our Is the Demise of the Diesel Imminent or Exaggerated?

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of...

Morningstar, Inc.

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