Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Huadian Fuxin (816 HK) Becomes The Latest Clean Energy Takeover Play

Beijing Jingneng (579 HK): The Latest Clean Energy Privatisation?

China Longyuan (916 HK): Running Out Of Puff?

Quiddity Advisors

Event-Driven

After <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0302/2020030200167.pdf" target="_blank" rel="noopener">suspending</a> the shares for yesterday's trading pursuant to the  Code on Takeovers and Mergers, <a href="https://www.smartkarma.com/entities/cgn-new-energy-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4295:1" rel="noopener">CGN New Energy Holdings (1811 HK)</a> its parent SOE-China General Nuclear Power Corporation (CGNPC), currently holding 72.29%, is considering <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0302/2020030203470.pdf" target="_blank" rel="noopener">privatising the company</a>.
Should a firm Offer unfold, this would be the fourth Hong Kong-listed, clean-energy company subject to a privatisation or change of control in less than a year, after:
<ul>
<li>SOE State Power Investment Corporation <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2019/0815/ltn20190815766.pdf" target="_blank" rel="noopener">successfully privatised</a> <a href="https://www.smartkarma.com/entities/17653" target="_blank" data-smartkarma-citation="entities:17653:1" rel="noopener">China Power New Energy Development Co (735 HK)</a> by way of a Scheme last month as discussed in <a href="https://skr.ma/EKHCS" target="_blank" rel="noopener">China Power New Energy To Be Delisted After SOE Injection Abandoned</a>;</li>
<li>China Huaneng successfully privatised <a href="https://www.smartkarma.com/entities/huaneng-renewables-corp-h" target="_blank" data-smartkarma-citation="entities:7542:1" rel="noopener">Huaneng Renewables Corp H (958 HK)</a> (HRC) by way of a merger by absorption, and first discussed in <a href="https://skr.ma/4KBzF" target="_blank" rel="noopener">Another Clean Energy Takeout: Huaneng Renewables Delisting Offer</a>. </li>
<li>And <a href="https://www.smartkarma.com/entities/gcl-poly-energy-holdings-limited" target="_blank" data-smartkarma-citation="entities:3708:1" rel="noopener">Gcl Poly Energy Holdings Limited (3800 HK)</a>, the 62.28% shareholder of <a href="https://www.smartkarma.com/entities/gcl-new-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19717:1" rel="noopener">Gcl New Energy Holdings (451 HK)</a>, entered into a <a href="http://www3.hkexnews.hk/listedco/listconews/SEHK/2019/0604/LTN201906041646.pdf" target="_blank" rel="noopener">Cooperation Intent Agreement</a> back in June with China Hua Neng Group (a subsidiary of SOE China Huaneng Group - the same shareholder of HRC) discussed in <a href="https://skr.ma/Tqbk7" target="_blank" rel="noopener">StubWorld: New Interest In GCL's New Energy</a> and <a href="https://skr.ma/PSu1D" target="_blank" rel="noopener">New Development In GCL’s New Energy</a>. This ultimately<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2019/1118/2019111800937.pdf" target="_blank" rel="noopener"> morphed</a> in a cooperation framework agreement. </li>
</ul>
No price was announced for CGNPC's proposal. The Offer, should it unfold, will be by way of a Scheme. No single shareholders has the requisite 10% blocking stake of 2.771% of shares out.
CGN is incorporated in Bermuda, therefore the headcount test applies.
Expect shares to pop today. The premiums to last close for 735 HK and 958 HK were 41.90% and 46.08% respectively. That places a possible Offer Price at ~HK$1.70/share.

After suspending the shares for yesterday's trading pursuant to the  Code on Takeovers and Mergers, CGN New Energy Holdings (1811 HK) its parent SOE-China General Nuclear Power Corporation (CGNPC), currently holding 72.29%, is considering privatising the company.
Should a firm Offer unfold, this would be the fourth Hong Kong-listed, clean-energy company subject to a privatisation or change of control in less than a year, after:

SOE State Power Investment Corporation successfully privatised China Power New Energy Development Co (735 HK) by way of a Scheme last month as discussed in China Power New Energy To Be Delisted After SOE Injection Abandoned;
China Huaneng successfully privatised Huaneng Renewables Corp H (958 HK) (HRC) by way of a merger by absorption, and first discussed in Another Clean Energy Takeout: Huaneng Renewables Delisting Offer. 
And Gcl Poly Energy Holdings Limited (3800 HK), the 62.28% shareholder of Gcl New Energy Holdings (451 HK), entered into a Cooperation Intent Agreement back in June with China Hua Neng Group (a subsidiary of SOE China Huaneng Group - the same shareholder of HRC) discussed in StubWorld: New Interest In GCL's New Energy and New Development In GCL’s New Energy. This ultimately morphed in a cooperation framework agreement. 

No price was announced for CGNPC's proposal. The Offer, should it unfold, will be by way of a Scheme. No single shareholders has the requisite 10% blocking stake of 2.771% of shares out.
CGN is incorporated in Bermuda, therefore the headcount test applies.
Expect shares to pop today. The premiums to last close for 735 HK and 958 HK were 41.90% and 46.08% respectively. That places a possible Offer Price at ~HK$1.70/share.

Gcl Poly Energy Holdings Limited (3800 HK)

China Power New Energy Development Co (735 HK)

CGN New Energy: The Latest SOE Clean Energy Play