Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

China Merchants China Direct Investments / Event-Driven

<ul>
<li>At the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0620/2024062000484.pdf" target="_blank" rel="noopener">AGM yesterday</a>, <strong><a href="https://www.smartkarma.com/entities/china-merchants-china-direct-investments" target="_blank" data-smartkarma-citation="entities:6862:1" rel="noopener">China Merchants China Direct Investments (133 HK)</a></strong>'s director Elizabeth Kan was re-appointed, but by a wafer-thin margin: 29.97% of shares out FOR, and 29.44% AGAINST.</li>
<li>Stripping out Victor Chu's stake (~2%?) and China Merchant's (27.6%), or collectively ~29.6% of shares out, it's fair to say the remainder of the shareholder register wants her out. </li>
<li>CMCDI is currently trading at a 55% discount to the latest NAV (as at 31st May 2024) of <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0614/2024061400482.pdf" target="_blank" rel="noopener">HK$30.42/share</a>.  Argyle continues to add to its position. </li>
</ul>


At the AGM yesterday, China Merchants China Direct Investments (133 HK)'s director Elizabeth Kan was re-appointed, but by a wafer-thin margin: 29.97% of shares out FOR, and 29.44% AGAINST.
Stripping out Victor Chu's stake (~2%?) and China Merchant's (27.6%), or collectively ~29.6% of shares out, it's fair to say the remainder of the shareholder register wants her out. 
CMCDI is currently trading at a 55% discount to the latest NAV (as at 31st May 2024) of HK$30.42/share.  Argyle continues to add to its position. 


CMCDI (133 HK): Kan Re-Elected. But Only Just

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Kokusai Electric  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial (2555 HK)</a> and <a href="https://www.smartkarma.com/entities/mobvoi-inc" target="_blank" data-smartkarma-citation="entities:36799:1" rel="noopener">Mobvoi (2438 HK)</a>'s listing doesn't really help the HK sentiment.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> managed to do well, while <a href="https://www.smartkarma.com/entities/krafton-inc" target="_blank" data-smartkarma-citation="entities:28956:1" rel="noopener">Krafton (259960 KS)</a> followed  <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> footsteps.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Sichuan Baicha Baidao Industrial (2555 HK) and Mobvoi (2438 HK)'s listing doesn't really help the HK sentiment.
On the placement front, Vodafone Idea (IDEA IN) managed to do well, while Krafton (259960 KS) followed  Samsung Electronics (005930 KS) footsteps.


ECM Weekly (29th Apr 2024) - IDEA, Kokusai, J&T, Krafton, Horizon, Oceana, ChaPanda, 99 Speed, Afcon

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> was hoping for better luck with its listing this time around.</li>
<li>For placements, it was a very busy week for a change with most regions, apart from Hong Kong, chipping in.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Trial Holdings (5882 JP) was hoping for better luck with its listing this time around.
For placements, it was a very busy week for a change with most regions, apart from Hong Kong, chipping in.


ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding

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Xunfei Healthcare Technology (XHT HK)

CMCDI (133 HK): Kan Re-Elected. But Only Just

CMCDI remains cheap. Argyle is still buying. If small, illiquid names, with a activism angle are your forte, get involved.

David Blennerhassett

ECM Weekly (29th Apr 2024) - IDEA, Kokusai, J&T, Krafton, Horizon, Oceana, ChaPanda, 99 Speed, Afcon

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)