In today’s briefing:
- Guotai Junan (2611 HK)/Haitong (6837 HK)’s Merger: A Win For H-Shareholders
- Akeso Placement – Opportunistic Raise, past Deal Record Has Been Mixed but Relative Size Is Small
- Shiyue Daotian US$480m Lockup Expiry – Would Need Some Selling to Improve Its Liquidity
- Zhou Liu Fu Pre-IPO – Capturing the Gold Rush
- Jiangsu Guofu Pre-IPO Tearsheet
- Polestar Automotive Holding: Expansion Of Electric Vehicle Product Lineup
Guotai Junan (2611 HK)/Haitong (6837 HK)’s Merger: A Win For H-Shareholders
- A month after China’s leading state-backed brokerages, Guotai Junan Securities (2611 HK) and Haitong Securities (H) (6837 HK), announced an intention to merge, we have a firm deal.
- Via a share swap, each Haitong H share may be exchanged for 0.62 H shares of GJS. A similar ratio is in place for the As. Cash options are afforded
- Conditions include GJS and Haitong shareholder approval; plus the usual suspects on the regulatory front. The key risk, as with TCM (570 HK)‘s Offer, is one of timing.
Akeso Placement – Opportunistic Raise, past Deal Record Has Been Mixed but Relative Size Is Small
- Akeso Biopharma Inc (9926 HK) is looking to raise around US$200m from its primary placement. Proceeds from the placement will be used for R&D.
- Past deals in the name haven’t done well recently but the shares have been doing well and the deal size remains small.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
Shiyue Daotian US$480m Lockup Expiry – Would Need Some Selling to Improve Its Liquidity
- Shiyue Daotian (1892269D CH) was listed in Hong Kong on 12th Oct 2023 after raising US$105m close to the top end of its indicative IPO price range.
- Shiyue Daotian is a pantry staple food company in China, providing consumers with pre-packaged premium rice, whole grain, bean, and dried food products.
- The firm’s one-year lockup will expire on 12th Oct 2024. In this note, we will talk about the lock-up dynamics and updates since our last note.
Zhou Liu Fu Pre-IPO – Capturing the Gold Rush
- Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH) is looking to raise $US200m in its upcoming Hong Kong IPO.
- It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.
- In this note, we look at the firm’s past performance.
Jiangsu Guofu Pre-IPO Tearsheet
- Jiangsu Guofu (1628452D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO. The deal will be run by Haitong International, CLSA, CCB International and China Securities.
- Jiangsu Guofu is a leading hydrogen energy storage and transport equipment manufacturer in China.
- It develops and manufactures hydrogen energy core equipment used in the entire industrial value chain of hydrogen energy, consisting of production, storage, transportation, refueling and use.
Polestar Automotive Holding: Expansion Of Electric Vehicle Product Lineup
- Polestar has released its Q2 2024 financial results, revealing both strengths and areas that require attention.
- A thorough assessment of these results offers a comprehensive perspective on the firm’s current financial health and business trajectory.
- Starting with the positives, Polestar demonstrated an impressive 80% increase in global vehicle sales, reaching 13,150 cars.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
