In today’s briefing:
- ECM Weekly (3rd Apr 2022)- JD, Tencent, Prosus, One Store, SK Shieldus, FWD, Ferretti, Recbio, Belle
- Index Rebalance & ETF Flow Recap: MSCI, KOSDAQ150, HSCEI, KT Corp, JD.com, Tabcorp
- Asia-Pac Weekly Risk Arb Wrap: Uniti, Toyo Construction, Irongate, Crown, CIMIC, Jin Jiang Capital
- Jin Jiang Capital’s H Share Class Meeting on 26 April, IFA Opinion
ECM Weekly (3rd Apr 2022)- JD, Tencent, Prosus, One Store, SK Shieldus, FWD, Ferretti, Recbio, Belle
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- Placements continued to flow in, at a slower pace than last week, with Malaysia and ANZ chipping in.
- While the HK IPO scene failed to produce anything noteworthy with its two listing, South Korea appears to be leading the charge, once again.
Index Rebalance & ETF Flow Recap: MSCI, KOSDAQ150, HSCEI, KT Corp, JD.com, Tabcorp
- There are two weeks to the start of the review period for the MSCI May SAIR. There are expected to be many changes to the stocks and their FIFs.
- There will be passive buying in JD.com Inc. (9618 HK) from Hang Seng trackers in June, while KT Corp (030200 KS) is a high probability MSCI inclusion in May.
- There were big inflows to the iShares MSCI Emerging Markets (EEM US) ETF and iShares Core MSCI Emerging Markets ETF (IEMG US) during the week.
Asia-Pac Weekly Risk Arb Wrap: Uniti, Toyo Construction, Irongate, Crown, CIMIC, Jin Jiang Capital
- There are 33 – mostly firm – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- A quiet week with no new deals discussed on Smartkarma.
- Key updates took place for: Razer (1337 HK), Uniti Group (UWL AU), Toyo Construction (1890 JP), Irongate (IAP AU), Crown (CWN AU), CIMIC (CIM AU), Jin Jiang Capital (2006 HK)
Jin Jiang Capital’s H Share Class Meeting on 26 April, IFA Opinion
- Shanghai Jin Jiang Capital Company Limited (2006 HK)‘s H Shareholders’ class meeting is scheduled for 26 April. The IFA considers the offer to be fair and reasonable.
- The 10% blocking stake is 2.50% of outstanding shares (10.00% of H Shares). The two H Shareholders with blocking stakes will be supportive. There is no minimum acceptance condition.
- At last close and for a 17 May payment date, the gross and annualised spread to the total offer is 1.6% and 15.7%, respectively.
Before it’s here, it’s on Smartkarma
