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
- Lucror Analytics – Morning Views Asia
- Helixtap China Report: 2025 A Challenging Year For China
- Continuum Green Energy Pre-IPO Tearsheet
- Pharos Energy Plc (LSE: PHAR): Five year licence extension adds reserves and unlocks further potential upside
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.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Continuum Green
- In the US, the third estimate for Q3/24 annualised GDP was revised upwards to 3.1% q-o-q (from 2.8% in the first and second estimates). Q3 personal consumption was raised to 3.7% (3.6% e / 3.5% p), and the core PCE price index to 2.2% (2.1% e / 2.1% p). Separately, November existing home sales grew at a quicker pace than expected at 4.8% m-o-m (3.2% e / 3.4% p) to 4.15 mn units, the most since March.
- Meanwhile, the Conference Board Leading Economic Index rose 0.3% to 99.7 in November, nearly reversing its 0.4% decline in October.
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
Continuum Green Energy Pre-IPO Tearsheet
- Continuum Green Energy Ltd (1580973D IN) is looking to raise about US$430m in its upcoming India IPO. The deal will be run by Kotak, Ambit, Citi and JM Fin.
- Continuum Green Energy Limited is an independent power producer with over 14 years of experience in identifying, developing, constructing and operating renewable energy projects in India.
- It acquired its first 16.50 MW wind project in 2010 and has grown its portfolio to a total operational and under-construction capacity of 3.52 GWp, as of Dec 9, 2024.
Pharos Energy Plc (LSE: PHAR): Five year licence extension adds reserves and unlocks further potential upside
- The TGT and CNV licenses in Vietnam have been extended by five years, to December 2031 and December 2032, respectively.
- In return, Pharos’ working interest in the licenses is reduced from 30.5% to 25.3% for TGT and from 25% to 20% for CNV.
- This extension is significant for Pharos as it unlocks approximately 5.7 mmboe of resources and immediately adds 0.8 mmboe of 2P reserves.
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