In today’s briefing:
- EVOC’s H Share Class Meeting on 19 October
- Last Week in Event SPACE: Swire Pacific, SATS/WFS, Hitachi Metal, Jinke Smart, Porsche
- Hong Kong CEO & Director Dealings: 30th Sept – Swire Pac’s Bs, Joinn Laboratories, Techtronic
- ECM Weekly (2nd Oct 2022) – Onewo, Leapmotor, CALB, Socionext, WCP, Oyo, Ixigo, Tencent, Taiwan Cemt
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: Jinke Smart, Pine Care, MACA, Hitachi Metals
EVOC’s H Share Class Meeting on 19 October
- EVOC Intelligent Technology Company Limited H (2308 HK)‘s H Shareholders’ class meeting is scheduled for 19 October. The IFA considers the offer to be fair and reasonable.
- The key conditions are approval by at least 75% of independent H Shareholders (<10% of all independent H Shareholders’ rejection). There is no minimum acceptance condition.
- The offer is attractive and should gain approval. At last close and for a 7 November payment, the gross and annualised spread to the offer is 2.9% and 26.0%, respectively.
Last Week in Event SPACE: Swire Pacific, SATS/WFS, Hitachi Metal, Jinke Smart, Porsche
- Historically, when Swire (B) (87 HK) / Swire (A) (19 HK) gets more than 6% from 3mo Avg VWAP Ratio, there is statistically significant reversion. We are now at 6.8%.
- The SATS (SATS SP) / WFS transaction appears all stitched up with major shareholder Temasek backing the deal. The acquisition is expected to close in 1Q23, subject to regulatory clearance.
- We had the heads up days (or a week plus) ago, and now it is official. Bain has now launched its Tender Offer for Hitachi Metals (5486 JP) at ¥2,181/share.
Hong Kong CEO & Director Dealings: 30th Sept – Swire Pac’s Bs, Joinn Laboratories, Techtronic
- The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
- Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. However, such disclosures are by no means an absolute.
- These insights may also flag those companies where shares have been pledged. Stocks mentioned include Swire Pacific (B) (87 HK), Joinn Laboratories (H) (6127 HK), and Techtronic Industries (669 HK).
ECM Weekly (2nd Oct 2022) – Onewo, Leapmotor, CALB, Socionext, WCP, Oyo, Ixigo, Tencent, Taiwan Cemt
- 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, all listing this week failed to impress which means that the HK and Korean markets are probably in for a slow end of the year.
- Taiwan Cement (1101 TT) and Embassy Office Parks REIT (EMBASSY IN) were the two large placements this week. We also looked at possible Tencent (700 HK) linked blocks.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Jinke Smart, Pine Care, MACA, Hitachi Metals
- There are 49 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- Three new deals were discussed this week: Boyu’s Offer for Jinke Smart Services (9666 HK); Chinachems’s Offer for Pine Care (1989 HK), & Accenture Japan bid for ALBERT (3906 JP).
- Key updates took place for Hitachi Metals (5486 JP) and MACA Ltd (MLD AU) .
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