In today’s briefing:
- ECM Weekly (18th Dec 2022) – China ADRs, Skymark, Daiei, Weilong, KFintech, Sula, Endeavour, Adani
- Kanzhun (BZ US/ 2076 HK): Dual Primary Listing & Potential HSTECH Inclusion
- Elmo Software (ELO AU)’s Scheme Meeting on 30 January
- EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- O2Micro (OIIM US) Privatisation Vote on 31 January
ECM Weekly (18th Dec 2022) – China ADRs, Skymark, Daiei, Weilong, KFintech, Sula, Endeavour, Adani
- 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, things are started to cool down in to the year end with some smaller issuers still trying their luck to get listed before the year end.
- On placements front, most of the action was in India with Australia seeing a large offering after a while.
Kanzhun (BZ US/ 2076 HK): Dual Primary Listing & Potential HSTECH Inclusion
- Kanzhun (BZ US) will Dual Primary list on the HKEX (388 HK) by Way of Introduction and the stock is expected to start trading on 22 December.
- Following the changes to the handling of Dual-Primary-listed companies, Kanzhun (BZ US) should be added to the Hang Seng Tech Index (HSTECH INDEX) at the March rebalance.
- Kanzhun (BZ US)‘s inclusion will lead to other changes to the Hang Seng Tech Index (HSTECH INDEX) with an extra deletion to keep the number of index constituents at 30.
Elmo Software (ELO AU)’s Scheme Meeting on 30 January
- The IE considers K1’s A$4.85 offer for Elmo Software (ELO AU) to be fair and reasonable as it is towards the high end of its valuation range of A$4.39-4.98.
- K1 has received FIRB and US antitrust approval. The remaining key conditions are shareholders and court approval.
- This is a done deal. At the last close price and for the 23 February 2023 payment, the gross and annualised spread is 1.9% and 10.9%, respectively.
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- Weekly summary of vol changes and moves across Global Markets
- Analysing ATM volatility and skew changes over the last 5 days
- We suggest a few trades to take advantage of the implied vol surfaces
O2Micro (OIIM US) Privatisation Vote on 31 January
- O2Micro International (OIIM US)’s EGM to vote on the US$5.00 per ADS privatisation offer from FNOF Precious Honour Limited is on 31 January 2023.
- Shareholders representing two-thirds of shares need to approve the deal. As rollover shareholders represent 16.92% of voting rights, 59.88% of disinterested shareholders must vote YES to meet the two-thirds threshold.
- While peers have re-rated, the offer is attractive and there are no competing bids. At the last close, the gross spread to the offer is 11.6%.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
