Daily BriefsIndustrials

Daily Brief Industrials: Jiangnan, Intuitive Machines , ZTO Express and more

In today’s briefing:

  • Jiangnan (1366 HK): 15th May Court Meeting. IFA Says Fair
  • Lunar Pioneers
  • TRACKING TRAFFIC/Chinese Express: Volume Up Versus Weak Comp | Prices Down | Yunda Lags Group

Jiangnan (1366 HK): 15th May Court Meeting. IFA Says Fair

By David Blennerhassett

  • On the 21st Feb, Chu Hui, Jiangnan (1366 HK)‘s chairman and major shareholder, offered HK$0.40/share by of a Scheme, a 12.68% premium to last close.
  • However, shares gained 63% in the morning session of the 16 Feb, before being suspended, therefore the premium was an impressive 83.49% over the last full trading day’s closing price.  
  • A shareholder with a blocking stake gave his irrevocable on the 22 March. The IFA reckons terms are fair and reasonable. This is done.  The Court Meeting is May 15th.

Lunar Pioneers

By subSPAC

  • In recent months, the once-thriving Space SPAC ecosystem has faced significant deflation, brought on by operational hurdles, delays, and challenges in raising funds.
  • Over the last three years, more than a dozen space-focused companies went public through SPACs, yet the majority now trade at a significant discount to their deal valuation.
  • Amidst this challenging landscape, lunar-focused space company Intuitive Machines is the latest to debut last month through a SPAC deal, which valued the company at close to $1 billion.

TRACKING TRAFFIC/Chinese Express: Volume Up Versus Weak Comp | Prices Down | Yunda Lags Group

By Daniel Hellberg

  • March parcel volume growth (22.7%) improved against an easy comp (-3.1%) from 2022
  • Prices are declining, too (-3.2% Y/Y) — not yet precipitous, but worst since Q1 2022
  • Based on what we see, ZTO’s 2023 volume targets will still be difficult to meet

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