In today’s briefing:
- GAPack (468 HK): XJF Satisfies Pre-Cons. Management Should Back Terms
- CPMC Holdings (906.HK) Update – The Critical Moment Has Arrived
- Bloks Group IPO Valuation Analysis: Is The Offering Worth Buying?
- Helixtap China Report: 2025 A Challenging Year For China
- Monetization Upgrade Kickstarts Kuaishou’s Microdrama Business
GAPack (468 HK): XJF Satisfies Pre-Cons. Management Should Back Terms
- During the lunch break, Greatview Aseptic Packaging (468 HK) announced that Shandong Xinjufeng Technology Packaging (301296 CH) (XJF) had satisfied all pre-conditions – the final approvals concerned outbound direct investments.
- The Offer Document, including the IFA opinion, is expected to be dispatched in seven days – or 27th December, at which time, the Offer will be open to acceptances.
- Evidently the Jeff Bi/Gong Hong MGO isn’t materialising any time soon. Provided the IFA is supportive – and that should now be known – management should unanimously back XJF’s Offer.
CPMC Holdings (906.HK) Update – The Critical Moment Has Arrived
- The First Huarui Offer Closing Date is Jan.10 2025. The latest time/date by which the Huarui Offer can become or be declared unconditional as to acceptances is 18 February 2025.
- China Foods once chose to side with Baosteel – They are both SOEs.Although regulatory agencies have given the green light, it’s still unclear if China Foods will accept Huarui Offer.
- The “key variable” is Zhang Wei’s attitude. Investors can choose bet on it.It would be wise for arbitrageurs to wait until Zhang Wei makes his move before making a decision.
Bloks Group IPO Valuation Analysis: Is The Offering Worth Buying?
- Bloks Group, a fast-growing toy company in China, will disclose the proposed size and the initial price range for the share sale soon.
- In my insight, I discuss IPO valuation, update relative valuation table and set a target valuation for Bloks Group ahead of an IPO.
- Bloks Group enjoys higher relative growth profile and superior gross profit margins. The company has over RMB600M in cash and equivalents and no debt.
Helixtap China Report: 2025 A Challenging Year For China
- Widespread caution around Chinese buying sentiment
- Weakness in Yuan can pose significant challenge
- Trade data not very optimistic
Monetization Upgrade Kickstarts Kuaishou’s Microdrama Business
- On December 16th, Kuaishou launched a subscription service for its micro drama channel, we believe it marks a key step towards improving monetization;
- The penetration rate of heavy micro drama users on the platform has steadily increased, and leveraging their loyalty and monetization efficiency may improve with the subscription model.
- The new model could better help mitigate the macroeconomic risks posed by advertising and the content quality risks of its long-tail partners.
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