In today’s briefing:
- Kingston’s All-Time Lows to Draw an Offer from Mrs Chu?
- Hong Kong CEO & Director Dealings: 14th Oct: Lion Rock, VCredit, Zhongsheng, Concord New Energy
Kingston’s All-Time Lows to Draw an Offer from Mrs Chu?
- Kingston Financial (1031 HK) entered a trading halt pending an announcement under the Hong Kong Code on Takeovers and Mergers on 14 October. The shares are at all-time lows.
- It is likely that Pollyanna Chu Yuet Wah (CEO and co-founder), the largest shareholder representing 75.61% of ordinary shares (80.09% of diluted shares), is seeking to privatise Kingston.
- As privatisation through a Bermuda scheme involves the headcount test, a decent premium is required – an offer at the 1-year average price of HK$0.33 implies a 63% premium.
Hong Kong CEO & Director Dealings: 14th Oct: Lion Rock, VCredit, Zhongsheng, Concord New Energy
- 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 flag those companies where shares have been pledged. Stocks mentioned include Lion Rock (1127 HK), VCredit (2003 HK), Zhongsheng (881 HK), and Concord New Energy (182 HK).
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