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

Henlius (2696 HK): Share Alternative Facilitates the Vote

Henlius (2696 HK): Interesting Shareholder Movements with the Vote on 22 January

Henlius (2696 HK): NDRC Approval Should Calm Nerves

CPMC Holdings (906 HK): ORG Inching Towards the Launch of the Offer

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The vote on Fosun Pharma’s HK$24.60 offer for <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> is on 22 January. The gross spread widened after the initial tightening due to the precondition satisfaction.</li>
<li>Several readers have enquired about my thoughts on the widening spread. Our conversations have raised several potential concerns that could explain it.</li>
<li>I think these concerns are unwarranted, and the vote should pass. At the last close and for a 15 February payment, the gross/annualised spread is 4.7%/55.0%.</li>
</ul>


The vote on Fosun Pharma’s HK$24.60 offer for Shanghai Henlius Biotech (2696 HK) is on 22 January. The gross spread widened after the initial tightening due to the precondition satisfaction.
Several readers have enquired about my thoughts on the widening spread. Our conversations have raised several potential concerns that could explain it.
I think these concerns are unwarranted, and the vote should pass. At the last close and for a 15 February payment, the gross/annualised spread is 4.7%/55.0%.


Shanghai Haohai Biological Technology (6826 HK)

Shanghai Fosun Pharmaceutical (Group) (2196 HK)

Shanghai Fosun Pharmaceutical (Group) (600196 CH)

ImmuneOnco Biopharmaceuticals (Shanghai) (IOB HK)

Henlius (2696 HK): Anxiety Creeping Back Ahead of the 22 January Vote