In today’s briefing:
- SF Holding (002352 CH): H-Share Listing & Index Implications
- Asia HY Monthly – July 2023 – Lucror Analytics
- China Cinda to Sell $166 Million of Founder Securities Shares
- Morning Views Asia: Country Garden Holdings Co, MGM China Holdings, Vedanta Resources
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SF Holding (002352 CH): H-Share Listing & Index Implications
- S.F. Holding (002352 CH) could raise between HK$26-33bn (US$3.4-4.2bn) in its H-share listing depending on the H-shares discount and exercise of the overallotment option.
- The H-shares could get Fast Entry to certain indices and regular entry to others depending on the number of shares that are allotted to cornerstone and/or strategic investors.
- The H-shares will be added to Southbound Stock Connect following the end of the price stabilisation period. Inclusion in the Hang Seng Composite Index will come later.
Asia HY Monthly – July 2023 – Lucror Analytics
The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors’ understanding of the Asian USD high-yield market.
China Cinda to Sell $166 Million of Founder Securities Shares
Founder Securities Co. Ltd.’s third-largest shareholder, China Cinda Asset Management Co. Ltd., is selling 2% of the brokerage’s stock worth 1.2 billion yuan ($166 million).
The share sale is to meet Cinda’s needs for corporate operations, Founder Securities said Monday night in a statement.
China Cinda, the nation’s biggest state-owned bad-debt manager, plans to sell as many as 165 million shares of Founder Securities between Aug. 23 and Feb. 22, 2024, through centralized bidding, the brokerage said.
Morning Views Asia: Country Garden Holdings Co, MGM China Holdings, Vedanta Resources
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.