In today’s briefing:
- Merger Arb Mondays (11 Jul) – Link Admin, Ramsay Health, Giordano, VNET, DTAC/True, Hwa Hong
- Weekly Deals Digest (10 Jul) – Tianqi Lithium, Noah Holdings, Emperador, Link Admin, Hwa Hong
- Northbound Flows: Tianqi Lithium Inflow Before H-Share Listing
- Akeso Biopharma Placement (9926.HK) – The Concerns Behind and the Outlook
Merger Arb Mondays (11 Jul) – Link Admin, Ramsay Health, Giordano, VNET, DTAC/True, Hwa Hong
- We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
- The highest spreads are 21Vianet Group (VNET US), Alliance Aviation Services (AQZ AU), Ramsay Health Care (RHC AU), Link Administration (LNK AU), Australian Unity Office Fund (AOF AU).
- The lowest gross spreads are Hwa Hong Corp (HWAH SP), Excelpoint Technology (EXLP SP), Uniti Group Ltd (UWL AU), Giordano International (709 HK), MyDeal.com.au Ltd (MYD AU).
Weekly Deals Digest (10 Jul) – Tianqi Lithium, Noah Holdings, Emperador, Link Admin, Hwa Hong
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
- On the ECM front, Tianqi Lithium (002466 CH), Noah Holdings (NOAH US) and Miniso (MNSO US) will debut on 13 July, Emperador Inc (EMP PM) is pre-marketing a US$300-500m IPO.
- Event-Driven developments at Link Administration (LNK AU), Giordano International (709 HK), DTAC/True, Ramsay Health Care (RHC AU), Hwa Hong Corp (HWAH SP), Infomedia Ltd (IFM AU), Cocoaland Holdings (COLA MK).
Northbound Flows: Tianqi Lithium Inflow Before H-Share Listing
- We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
- Inflows into the consumer staple and health care were offset by the outflows from industrials and material sector.
- We highlight inflows into the Tianqi Lithium-A prior to its H-share debut next week.
Akeso Biopharma Placement (9926.HK) – The Concerns Behind and the Outlook
- The current stock price is not high. Akeso is reluctant to diluting its shareholders too much. So, it plans to raise just HK$576.65 million, which won’t bring any fundamental change.
- Akeso (9926 HK)’s conservative management style, development mode, low cash balance and FDA’s “Guidance” on bispecific antibodies would limit the Company’s future development pace, commercialization, internationalization and valuation expansion prospects.
- We do not think Akeso is attractive at present, unless the Company could hit some big license-out deals, or IPO on SSE STAR Market to secure enough funds in advance.
Before it’s here, it’s on Smartkarma
