In today’s briefing:
- CIMC Vehicles (1839 HK): Possible H Share Buyback Offer
- CIMC Vehicles (1839 HK): $7.00/Share Indicative Offer From Parent – Really?!
- CIMC Vehicles (1839 HK): Parent Privatisation?
- Underwater robotics startup BeeX bags $2m
CIMC Vehicles (1839 HK): Possible H Share Buyback Offer
- CIMC Vehicle Group Co Ltd (1839 HK) possible H Share buyback offer, excluding China International Marine Cntnrs Gp (2039 HK)’s shares, is HK$7.00, an 8.7% premium to the undisturbed price.
- The key condition is approval by at least 75% of independent H Shareholders (<10% of all independent H Shareholders rejection). There could also be a 90% minimum acceptance condition.
- The offer is light, but independent H shareholders holding blocking stakes will likely be supportive. The final offer will be made on “same or better terms”, suggesting a potential bump.
CIMC Vehicles (1839 HK): $7.00/Share Indicative Offer From Parent – Really?!
- After CIMC Vehicle Group Co Ltd (1839 HK) was suspended yesterday pursuant to Hong Kong’s Takeover Code, the expectation was an H-share Offer from its parent, SOE-backed CIMC Group.
- CIMC subsequently announced an indicative Offer yesterday evening, from its parent, at a $7.00/share for each H-share, a pitiful 8.6% premium to last close. There is no concurrent A-share Offer.
- CIMC traded around $7.00 late September, and comfortably traded through the indicative terms for most of July.
CIMC Vehicles (1839 HK): Parent Privatisation?
- CIMC Vehicles (1839 HK) is currently suspended pursuant to Hong Kong’s Code on Takeovers and Mergers.
- SOE-Backed CIMC Group controls ~74% of CMIC Vehicle’s H-shares. Presumably, if any Offer was to unfold, it would be from the parent.
- And what price for the H-shares? Around HK$9/share, a life-time high, would be in keeping with premiums seen in precedent PRC-incorporated privatisations.
Underwater robotics startup BeeX bags $2m
- BeeX, a Singapore-based maker of autonomous underwater robots, has raised US$2 million in a round co-led by Earth Venture Capital and ShipsFocus Ventures.
- The startup will use the funds to speed up its go-to-market efforts for autonomous offshore wind farm inspections in Europe.
- BeeX was established in 2018 by Grace Chia and Goh Eng Wei, researchers at the National University of Singapore.
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