In today’s briefing:
- China VAST (6166 HK): Jinmao’s Pre-Conditional Offer
- Index Rebalance & ETF Flow Recap: STAR50, S&P500, REMX, MVIS Vietnam, Atlas Arteria, OOIL
- Asia-Pac Weekly Risk Arb Wrap: Tunas Ridean, Hwa Hong, China VAST, Mapletree, Giordano
- ECM Weekly (12th June 2022) – Alibaba, Kakao Pay, Thai Life, Tuhu, GoGoX, Net Protection, WM Motor
China VAST (6166 HK): Jinmao’s Pre-Conditional Offer
- Urban planner China Vast Industrial Urban Development (6166 HK) has received a pre-conditional Offer, by way of a Scheme, from China Jinmao Holdings (817 HK).
- The cancellation price is HK$2.40/share, a ~30% premium to the undisturbed price. The Offer Price is final.
- Pre-Conditions include approvals from SAMR, SASAC, and NDRC. These won’t be an issue as Jinamo is backed by SOE Sinochem.
Index Rebalance & ETF Flow Recap: STAR50, S&P500, REMX, MVIS Vietnam, Atlas Arteria, OOIL
- Last week saw the rebalance implementation of the KOSPI2 INDEX, KOSDAQ 150, HSI INDEX, HSCEI INDEX, HSTECH INDEX, CSI 300 Index, STAR50 INDEX and the SSE family of indices.
- The coming week has the rebalance implementation of the FTSE All-World/All-Cap, EPRA Nareit, FTSE China 50, FTSE China A50, FTSE TWSE Taiwan 50 and S&P/ASX indices.
- Big inflows to the Yuanta/P-shares Taiwan Top 50 ETF (0050 TT) as we enter dividend season. The trade looks bigger than usual this year.
Asia-Pac Weekly Risk Arb Wrap: Tunas Ridean, Hwa Hong, China VAST, Mapletree, Giordano
- There are 48 – mostly firm – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- Two new deals this week: Jardine Cycle & Carriage (JCNC SP) & Tunas Andolan’s indirect delisting proposal for Tunas Ridean (TURI IJ) & China Vast Industrial Urban (6166 HK)‘s pre-conditional Offer.
- Key updates took place for: Yancoal Australia (YAL AU), Hwa Hong Corp (HWAH SP), Mapletree North Asia Commercial Trust (MAGIC SP), and Lanzhou Zhuangyuan Pasture (1533 HK).
ECM Weekly (12th June 2022) – Alibaba, Kakao Pay, Thai Life, Tuhu, GoGoX, Net Protection, WM Motor
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- IPO volumes remain subdued across the region, although a number of deals are said to be looking to launch soon.
- Placements stole the limelight this week too with Kakao Pay’s selldown by Ant and Joy Spreader’s crash pulling the scales even on last week’s better performing deals.
Before it’s here, it’s on Smartkarma
