IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Merger Arb Mondays (05 Aug) - Henlius, Asia Cement, Canvest, GA Pack, CPMC, A8, Fancl

CPMC Holdings (906 HK): A Carefully Caveated Board Recommendation of Changping Industrial’s Offer

Weekly Deals Digest (01 Sep) - ESR, Canvest, China TCM, CPMC, Shinko, Silverlake, Terumo, Midea

CPMC Holdings (906 HK): ORG’s Competing Offer Kicks off an Auction

CPMC Holdings (906 HK): Decisions, Decisions as Changping Industrial’s Offer Set to Open

CPMC Holdings (906 HK): ORG Nearing the Cut-Off Point for Its Competing Offer

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>Changping Industrial’s offer for <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a> opens at an unchanged HK$6.87, 4.7% below <a href="https://www.smartkarma.com/entities/org-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:17510:1" rel="noopener">ORG Technology Co., Ltd. A (002701 CH)</a>’s competing HK$7.21 offer. </li>
<li>Changping Industrial thinks deal fatigue may tip the balance in its favour. However, minorities will call Changping's bluff, as the offer at current terms has a low chance of success. </li>
<li>Despite the current posturing, Changping Industrial will likely need to bump above ORG’s offer marginally to succeed. Expect more twists and turns in this contested battle. </li>
</ul>


Changping Industrial’s offer for CPMC Holdings (906 HK) opens at an unchanged HK$6.87, 4.7% below ORG Technology Co., Ltd. A (002701 CH)’s competing HK$7.21 offer. 
Changping Industrial thinks deal fatigue may tip the balance in its favour. However, minorities will call Changping's bluff, as the offer at current terms has a low chance of success. 
Despite the current posturing, Changping Industrial will likely need to bump above ORG’s offer marginally to succeed. Expect more twists and turns in this contested battle. 


Shanghai Baosteel Packaging-A (601968 CH)

Shenzhen YUTO Packaging Techno (002831 CH)

CPMC Holdings (906 HK): Poker Face off as Changping Industrial Launches Offer at Unchanged Terms