Daily Brief China: Shandong Fengxiang, Giant Biogene Holding, Haichang Ocean Park Holdings and more

In today’s briefing:

Fengxiang’s Unconditional MGO at HK$ 1.5132 from PAG
ECM Weekly (30th Oct 2022) – Giant Biogene, Sunshine, I-Tail, Global Health, Lygend, Fusion, Blibli
Hong Kong CEO & Director Dealings: 28th Oct: Haichang Ocean Park, CC Land, GBA

Fengxiang’s Unconditional MGO at HK$ 1.5132 from PAG

PAG is the successful bidder for Shandong Fengxiang (9977 HK)‘s controlling shareholder’s 70.92% stake at HK$1.5132 per H Share (RMB1.3822 per domestic share).
As PAG has no compulsory acquisition rights, it will also seek shareholder delisting approval. The MGO is not conditional on the approval of the delisting resolution.
The share sale transfer requires SAMR approval which will be forthcoming. Our best guess is the MGO completes end-January 2023. At the last close, the gross spread is 14.6%.

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, Blibli managed to upsize its IPO, while a few companies will launch their Indian IPOs in the coming week.
There were no notable placements this week, which wasn’t surprising after Monday’s market turmoil.

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 Haichang Ocean Park Holdings (2255 HK), C C Land (1224 HK), and GBA Holdings (261 HK).

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