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In today’s briefing:
- Chindata (CD US): Bain’s Binding Proposal at US$8.60 Per ADS
- ECM Weekly (13th August 2023) – Zomato, TVS Supply Chain, Suzlon Energy, Star Asia Investment
- China Healthcare Weekly (Aug11)-Anti-Corruption Update, Increase A-Share Shareholder Return, CanSino
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Chindata (CD US): Bain’s Binding Proposal at US$8.60 Per ADS
- Chindata Group (CD US) has entered a definite agreement with Bain Capital at US$8.60 per ADS, 7.5% higher than its previous offer of US$8.00 per ADS.
- Completion is conditional on shareholder approval, dissenting shareholders representing less than 12% of outstanding shares and any applicable regulatory approvals. The completion conditions should be met.
- CMC’s offer, while higher, does not meet the “superior proposal” criterion. At the last close price and December-end completion, the gross and annualised spread is 6.0% and 16.6%, respectively.
ECM Weekly (13th August 2023) – Zomato, TVS Supply Chain, Suzlon Energy, Star Asia Investment
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- In India, TVS Supply Chain Solutions (1915741D IN) launched its IPO bookbuild. Suzlon Energy (SUEL IN) had also launched its well-flagged INR20bn (US$240m) QIP.
- While Japan saw Star Asia Investment (3468 JP) launching its primary follow-on for acquiring properties as well.
China Healthcare Weekly (Aug11)-Anti-Corruption Update, Increase A-Share Shareholder Return, CanSino
- Recent share-price declines in healthcare is mainly related to anti-corruption campaigns. Here’re some updates.We recommend investors not to rush to buy the dip, but wait for the bottom.
- We recommend A-share healthcare companies to buy back shares/increase dividends, in which case, despite slowing growth, A-shares are still the RMB-asset with the greatest potential for increases in expected returns.
- CanSino Biologics (6185 HK) has entered a Framework Agreement with AstraZeneca, but investors should not be overly optimistic about the short-term or even medium-term performance contribution brought by this cooperation.