In today’s briefing:
- Dragon Crown (935 HK): Offeror’s IFA Report
- Luckin Coffee Relisting: Could Be Another Attempt to Deceive Investors
- Weekly Wrap – 21 Jan 2022
- Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
Dragon Crown (935 HK): Offeror’s IFA Report
- Liquid chemical storage and handling outfit Dragon Crown Group (935 HK) (DCG) announced on the 8 October a pre-conditional Offer from Guangdong Great River Smarter Logistics (002930 CH) at HK$1.28/share.
- GGRS has now released its own independent financial advisor’s report, which concluded the Offer was fair and reasonable.
- Trading at a gross spread of 6.7% with possible payment early April.
Luckin Coffee Relisting: Could Be Another Attempt to Deceive Investors
- Following an improvement in the financial performance, The FT reported that Luckin Coffee (LKNCY US) is plotting to relist its shares in the US sometime this year.
- Although financials have improved, relisting seems a bit premature, especially since Luckin is still not a completely clean house.
- This relisting feels a bit like another attempt by the ex-chairman to deceive minority investors to get the best possible exit price.
Weekly Wrap – 21 Jan 2022
Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:
and more…
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped yet another day with the S&P and Nasdaq down 1.1% and 1.3% as risk-off sentiment continued to weigh on markets. Most sectors were in the red with Consumer Discretionary, Materials and IT down 1.3-1.9%. US 10Y Treasury yields eased 8bp to 1.77%. European markets closed mostly higher with the DAX and CAC up 0.7% and 0.3% while FTSE was down 0.1%. Brazil’s Bovespa closed 1% higher. In the Middle East, UAE’s ADX and Saudi TASI were up 0.8% and 0.3%. Asian markets have opened in the red – Shanghai, HSI, STI and Nikkei were down 0.8%, 0.6%, 0.1% and 1.4%. US IG CDS spreads were 1.6bp wider and HY CDS spreads were 7bp wider, EU Main CDS spreads were 0.1bp tighter and Crossover CDS spreads were 0.6bp tighter. Asia ex-Japan CDS spreads were 1.6bp wider.
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