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Last Week In Event SPACE: Didi Chuxing, Sydney Airport, Weibo, Container Shipping, Macau Gaming

345 Views11 Jul 2021 07:15
SUMMARY

Last Week in Event SPACE ...

  • Plus, other events, CCASS movements, and Mood Spins.

(This insight covers specific insights & comments involving Stubs, Pairs, Arbitrage, share Classifications, and Events - or SPACE - in the past week)

M&A - US

DiDi Chuxing (DIDI US) (Mkt Cap: $57.4bn; Liquidity: $2.5bn)

Didi - China's largest ride-hailing app/service which is backed by Softbank Group (9984 JP) and Tencent (700 HK) launched, then upsized, a mega-IPO to raise US$4.4bn. Shares rose 1% on the IPO, rose 16% on Day 2, then fell 5% on Day 3 as the Cyberspace Administration of China (CAC) announced a cyber security review of the Didi Travel app. Didi said they would cooperate with regulators. But there was a background to this. Then the CAC a took it one step further, announcing it was instructing all platforms to remove the app from distribution. Later this past week, the CAC asked all platforms and providers to remove another 25 Didi apps from their platforms. It's a full halt.

  • The antitrust review launched in mid-June did not block the IPO as some expected it might. The idea appears to have been that the 13 million jobs were important to China and so other issues could be fixed with a slap on the wrist. This newest news is odd. It seems ineffective, but it is clearly designed to send a message. It is possible that the message is: "You should not have done the IPO when there were so many things hanging".
  • One assumes that Softbank and Tencent are also getting a message here, and that other apps are getting a message - particularly those listed outside of the mainland. I cannot suggest being long. I expect other apps/tech conglomerates will see declines as well. Longer-term, greater regulatory scrutiny and involvement increases the moat that large app providers and platforms have vs smaller competitors, but it probably limits their ability to exact monopoly profits.
  • China is after the major players and platforms for market share, market share abuse, transparency issues, pricing issues, and personal information protection. That is a lot of homework for the major players.

The Cyberspace Administration of China (CAC) said this past Monday that it is investigating the online recruitment platform Zhipin.com as a measure to tighten regulations on data security and safeguard national security. The online recruitment platform Zhipin.com is owned by Kanzhun (BZ US) and CAC had ordered Kanzhun to halt the registration of new users until the Cyberspace review is over. In addition to probing the country’s internet giants over their monopolistic practices, China has been serious about tightening regulations on data security. Link to Shifara Samsudeen's insight: Didi Chuxing - Slammed by Regulators, Again. A Review of the Regulatory Timeline.

Weibo Corp (Adr) (WB US) (Mkt Cap: $13.6bn; Liquidity: $81mn)

On 6 July 2020, Sina Corp (Class A) (SINA US)announced it had received a preliminary non-binding “going private” proposal from New Wave MMXV - a company controlled by its chairman and CEO Charles Chao. The bid was US$41/share. This was followed by an Agreement and Plan of Merger pursuant to which New Wave would acquire all of outstanding ordinary shares not owned at US$43.30/share. Shareholders approved the merger on 23 December 2020. The importance of Sina Corp was that it owned a very large stake in China's premier micro-blogging (twitter-equivalent) service, operated by Weibo.

  • Prior to that EGM, as discussed by me in Sina Corp: Management Buyout Offer and What's Going On With Sina Corp? - in tandem with Homecoming For Chinese Companies: Appraisal Rights & Fair Value - Sina had intended to issue written notices of authorization to objecting shareholders (prior to the EGM, 21.5mn shares or 35.9% of the outstanding shares of Sina issued notices of objections to the company). The dissenting total could have been a reason for Charles Chao to walk away from the deal, but despite the "requirement" to issue authorization notices by early Feb, there was no public acknowledgment of the situation by SINA until 22 March when the company issued a press release saying the merger had been completed.
  • Reuters had an EXCLUSIVE which said Weibo chairman Charles Chao - with 45% of shares out but 71% of voting rights - would team up with an as-yet unnamed Shanghai-based state firm to take the company private. One goal would be to get Alibaba Group (BABA US) out of their 30% stake. Two sources told Reuters the consortium plans to offer $90-100/share. Weibo denied the article.
  • If BABA is a forced seller, this doesn't need to be done at a high price. Dissentient shareholders can take it to court. Paying out appraisal rights case is cheaper than paying a higher price up front to everyone. US$90-100 just seems very high to me given the lack of earning power Weibo has and the obvious tensions which exist now regarding cybersecurity control, personal information protection rules incoming, and market abuse anti-trust cases gaining traction in internet space.
  • Travis would not short here. It might be a worthwhile trade for the very short term. He'd buy dips. He would not chase until we have better news. He'd rather own this 10-15% lower than the current US$58.07/share (at the time of the insight).
(link to Travis' insight: What's Going On With Weibo?)
Mio Kato have consistently favoured HUYA Inc (HUYA US) over Douyu International Holdings (DOYU US) over the last year based on the thesis that Douyu appeared to have engaged in some short-term window dressing on costs to obtain a favourable merger multiple and that Huya's operational performance was more sustainable. This appears to have been borne out over recent quarters and Reuters is now reporting that the merger will in fact be blocked. Link to Mio's insight: Huya Vs. Douyu - Merger Blockage Is a Problem for Douyu.

M&A - ASIA

Sydney Airport (SYD AU) (Mkt Cap: $15.8bn; Liquidity: $34mn)

SYD announced a consortium comprising IFM Investors, QSuper, and fund manager Global Infrastructure Management has made an indicative, non-binding Offer by way of a Scheme at $8.25/share, a 42% premium to last close. SYD has commenced an assessment of the proposal but mentions the Offer price is below the Covid-cliff, and that the pandemic effect on operations is expected to be short-term. A condition to the Offer is UniSuper receiving an equivalent equity interest in the Consortium's holding vehicle rather than the cash consideration. UniSuper holds ~15.3% in SYD.

  • IFM, which is owned by 26 not-for-profit Australian pension funds, currently holds a 25% stake in Melbourne Airport, 20% of Brisbane Airport, 13% of Adelaide Airport, and a stake in Perth Airport. All of these airports are unlisted. Depending on the final holding of the Consortium, IFM may hold a similar % in SYD - say ~20-25%. That's a lot of vested interest by one outfit across the major airports in Australia.
  • SYD has net debt of A$8.8bn. In its 27 November 2020 submission to the Security Legislation Amendment (Critical Infrastructure) Bill 2020, SYD was "concerned the increased security requirements will add significant costs to the business at a time when it can least be afforded". The backing by the A$150bn IFM would likely help refinance SYD's debt at reasonable rates. Separately, Western Sydney Airport is projected to become operational in 2026, the timing of which could curtail SYD's growth trajectory post-Covid.
  • Normalised traffic volume at Sydney Airport comprises ~60%/40% domestic/international passengers. Those numbers are currently at 94%/6% as at May 2021. Domestic numbers are at ~57% of Dec 2019 figures and international is at 5%. UniSuper preferential treatment to remain invested in the unlisted Consortium is illustrative, to me, of the back-end value.
  • A full Offer probably needs to be tabled at $9+, ~9% up from the current proposal, a 55% premium to the undisturbed price, and an additional $2bn outlay from the Consortium. I think due diligence needs to be granted to at least flesh out a fuller Offer.

(link to my insight: Sydney Airports (SYD AU): Opportunistic Tilt Amid Cloudy Future)

Beijing Capital Land Ltd H (2868 HK) (Mkt Cap: $1bn; Liquidity: $1mn)

BCL has announced a pre-conditional Offer from its controlling shareholder, state-owned Beijing Capital Group, otherwise known as the Capital Group. The Offer price is HK$2.80/share, a 62.79% premium to last close, and a 150% premium to the average closing price over the previous 60 trading days. The Offer price will NOT be increased. No dividends are expected to be declared. A concurrent Offer for BCL's domestic shares at RMB2.334080/share is also tabled. The pre-conditions, which cannot be waived, include approvals from NDRC, MoC, and SAFE. As BCL is PRC incorporated, this delisting proposal is by way of a Merger by Absorption, which involves a Scheme-like vote from disinterested shareholders. There is no tendering acceptance condition attached to this delisting.

  • $2.80/share equates to only 0.42x P/B, and is a 38.4% discount to the NAV as at 31 December 2020. However, BCL has historically traded at a low P/B - 0.22x on average over the past three years. The average premium for past Merger by Absorption deals is 46%, and the premium under the Offer surpasses that. Plus, BCL had already gained 52% on the 25 June.
  • This looks done - play the spread here. Assuming payment late-Nov, I would expect BCL to trade around $2.65 tomorrow, or a 5.6%/15% gross/annualised spread. This privatisation is being done too cheap. But no other suitor will emerge.

(link to my insight: Beijing Capital Land (2868 HK): Delisting Offer From Parent)

In WH Group - Trading Opportunities Abound, Travis calculated the implied participation rate in WH Group (288 HK) was back down to just above 40%. That seemed somewhat low as prices of peers are dropping. One should expect that participation by minorities here will be somewhat high. Given the profit dynamics, a 40% implied participation rate seems low. At the current price, the difference between a 40% participation rate and a 60% participation rate is 6.0% on the back end price, which is about 4% on the front-end price. This means that WH Group shares would need to fall about 4% (at the time of the insight) to make it so that breakeven price on 60% participation matched the thick red line, which is the peer group. There is money to be made (profit to not be lost) by taking the trade off against its hedge.

On the 13 January 2021, China Machinery Engineering (1829 HK) announced a pre-conditional Offer from its controlling shareholder, state-owned Chinese National Machinery Industry Corporation, also known as SINOMACH. The Offer price was HK$3.70/share, a 45.10% premium to last close. A nervous 20 weeks later, CMEC announced the preconditions - NDRC, MOFCOM & SAFE - had been fulfilled. The Circular is now out. The H-class meeting will be held on the 28 July, and assuming all conditions are satisfied, the consideration under the Offer will be paid on or before the 17 August. This is a low-balled Offer, although the IFA (Somerley) disagrees. Nevertheless, this deal is expected to get up and is currently trading tight to terms. Link to my insight: CMEC (1829 HK): Circ Out. H-Class Meeting Firmed. Looks Done.

On 24th August 2020, Allcargo Logistics (AGLL IN) announced they had received a “Delisting Proposal Letter" from members of its Promoter Group (Shashi Kiran Shetty and Talentos Entertainment Private Limited). The Promoters collectively hold 172.0mn shares in Allcargo representing a 70.01% stake and the Offer will be made to acquire the remaining 73.7mn shares representing a 29.99% stake. In Janaghan Jeyakumar's first insight, Allcargo Logistics (AGLL IN): Indian Delisting Offer Trading Cheap, he mentioned that Allcargo's multiples were inexpensive compared to peers and since the control premium at that price was insufficient. So far the stock has gained 42% from its undisturbed level. Link to Janaghan's insight: Allcargo (AGLL IN): +42% Up So Far. How Much More to Go?.

Almost there. As at the First Closing Date, being 17 June 2021, valid acceptances of the H Share Offer had been received in respect of 29,655,630 H Shares, representing 58.18% of the H Shares held by the Independent H Shareholders of Sichuan Languang Justbon Service Group (2606 HK). As at the Extended Closing Date, being 2 July 2021, valid acceptances of the H Share Offer had been received in respect of 45,462,607 H Shares, representing 89.19% of the H Shares held by the Independent H Shareholders. The Offeror has decided to extend the Offers to Friday, 16 July 2021 (the “Second Extended Closing Date”.

On 18th March 2021, Japan-based wastewater management company Takeei Corp (2151 JP) and metal recycling company Rever Holdings Corp (5690 JP) announced (J-only) they had agreed to merge in a transaction that will see both companies joined under a new combined holding company (NewCo). Both companies' shareholders have now accepted the Deal. Now the Deal is on track for the companies to get on 29th September 2021 and the New Co can be expected to be listed on 1st October 2021. Since the Deal was announced, shares of Rever and Takeei have gained 24% and 30% respectively. This continues to be an interesting case of a TOPIX inclusion disguised in a merger. There will be significant demand at that time. Because there is still considerable time, if you have the ability to be nimble, Janaghan would be prepared to sell on significant short-term outperformance vs peers, and buy on underperformance vs peers as long as excess volume does not accumulate. Link to Janaghan's insight: Takeei (2151 JP) - Rever (5690 JP): Shareholder Approvals Complete - Road to TOPIX Upweight Clear.

STUBS

Five weeks ago in Bank of Kyoto (8369) - A Deeply Discounted Holdco Which Will Likely Not Monetize Travis discussed the fact that despite the fact that Bank of Kyoto had gotten kicked out MSCI Japan in something of a surprise move, AND the fact that Bank of Kyoto was at near the largest discount to NAV seen in years (when not counting the brief foray to 50% during the covid-crash of late March 2020). At a ~50% discount* to the after-tax value of the top 100 positions in the equity portfolio (which represent most of the value of the overall portfolio, ignoring the value of the banking operations themselves, and on the back of a 15% widening in the spread since a couple of months prior, and on the back of a large MSCI selldown... I came out bearish. Since then, the spread has widened further.

  • Bank of Kyoto has underperformed its portfolio since the MSCI kick-out. It underperformed after the announcement because of the kick-out. It underperformed somewhat before that because of the under-performance of banks vs equities in general. The current market cap to After-Tax Equity Portfolio Value Per Share at 55% is the widest it has been in a long time other than a very brief time at the nadir of the covid-crash at 56%. Travis tends to think one should trade the range on this stock. Right now, it is at the bottom of any historical range you wish to look at.
  • Travis recommends no longer being short or underweight Bank of Kyoto vs other regional banks and/or short vs its portfolio. He would be inclined to be long Bank of Kyoto against its asset portfolio here at the bottom of its ranges. This is not because it represents good earnings, but because Bank of Kyoto is an oscillator against its asset portfolio. HOWEVER... it might be appropriate to wait for the Bank to turn around its discount trend before jumping in.
  • Bank of Kyoto lost 10% vs its assets faster than Travis thought it would. It might still go down. There are obviously disappointed owners who might want to get out. But the job of buying cheap holding companies is to buy them when they are cheap, and sometimes to buy them when they are cheap and start changing direction. And heaven forbid should domestic investors actually believe the Corporate Governance Code and TSE market structure claptrap, there is real value here.

(link to Travis' insight: Bank of Kyoto (8369) - Cheaper Now)

Las Vegas Sands (LVS US) / Sands China Ltd (1928 HK)

Gaming and non-gaming operations in Macau continue to be impacted by travel restrictions related to COVID and visitation remains well below 2019 levels. The easing of travel restrictions is fundamental to recovery to 2019 GGR levels.

  • Sands China is trading relatively in line with Macau peers, but on a longer-term viewpoint, is slightly below the premium it has traded at compared to those same peers over the past five years. To this, Sands China appears a sound investment ahead of an expected recovery in the Macau gaming space.
  • The Pushback? Macau is set to hold a public consultation period regarding revisions of its gaming laws later this year. The six casino licenses held by Las Vegas Sands, MGM Resorts, Wynn Resorts, Melco Resorts, Galaxy Entertainment, and SJM Holdings are set to expire in June of 2022. However, given Covid constraints, the government may simply extend the concessions for three years. But who really knows?

(link to my insight: Sands China (1928 HK): Gambling On The Future)

I see Melco's discount to NAV at ~20%, right at the +2STD line. The simple ratio (Melco/MPEL) is around the average since Melco increased its stake above 50% back in February 2017. The current implied stub of negative HK$7.64/share compares to the average of ~(HK$10) since that 2017 stake increase. If you had set-up Melco - Long Melco and Short MLCO - I'd unwind that trade. I'd be inclined to reverse the stub here - Short Melco and Long MLCO.

  • Apart from the release of FY20 results on the 31 March, on the 23 June Melco won its bid for a land-use rights project in Zhongshan, Guangdong Province. This is the first meaningful add-on to the stub ops in years. Melco's stub ops were/are largely immaterial, including "perpetual" trademarks and goodwill (after Melco gained control of MLCO); the Jumbo restaurant in Aberdeen (previously est. at $370mn for its 86.678% stake, but likely significantly less now since the restaurant is currently shuttered); and slot machines and a social gaming developer Entertainment Gaming Asia (implied value of HK$265mn).
  • Multiples for US-listed gaming stocks exceed those of Macau gaming stocks. Both Melco and MLCO trade at a slight discount to both US and Macau-listed peers.Melco has typically traded at a wide discount to Macau-peers of 38% over the past five years. MLCO's average is ~12%. Those figures are currently -38% and -23% respectively. Bear in mind, the US-listed gaming stocks hold a majority stake in HK-listed Macau gaming stocks. Melco, a HK-listed company, is the reverse, holding a majority stake in a US-listed Macau play.
  • As discussed in Sands China (1928 HK): Gambling On The Future, the six casino licenses are set to expire in June of 2022. It is interesting to note Galaxy's forward EV/EBITDA premium to peers, which may be indicative of a reduced license renewal risk.
  • Lawrence Ho currently holds 59.15%, having last bought on the 27 May 2021 when Melco was changing hands at $14.40/share, and the discount to NAV was ~32%. His average buy-in price since Sept 2014 is ~$14.42/share.

(link to my insight: StubWorld: Lock In Profits As Melco's NAV Discount Narrows)

EVENTS

Vertex Holdings

The SGX announced on the 31 March a regulatory framework for SPACs to list on the SGX and subsequent to the feedback phase ending on the 28 April, the framework may be finalised by the middle of this year. Media reports are now emerging that Temasek-backed Vertex Holdings is set to be Singapore's first SPAC. With US$5bn of assets under management, 30-year old Vertex has the necessary pedigree to establish the country's first (successful) listing. Details of Vertex's SPAC, including the size and proposed listing date, have not been finalised.

  • The SGX clearly highlights in the Listing Framework that SPACs are susceptible to execution risks where the SPAC is unable to identify a suitable target company or "successfully consummate the business combination within the pre-determined period". Yet, a number of high-profile tech companies, with Singaporean origins, have bypassed traditional IPOs in Singapore - such as Sea Ltd (SE US) and Razer Inc (1337 HK). Despite the inherent risks of SPACs, the SGX evidently views their listings as a means to resuscitate flagging IPOs in the city-state. Or perhaps put simply - if you can't beat 'em, join 'em.
  • When assessing the suitability of a SPAC, SGX will consider factors such as the "expertise and proven track record of the founding shareholders and the management team of the SPAC". Vertex, Temasek's venture capital arm, appears to tick all the right boxes towards instilling a modicum of confidence in Singapore's initial foray into listed blank cheque companies.

(link to my insight: Vertex Holdings: Singapore's Showcasing SPAC)

Shipping Carriers

Drewry's released its latest Container Forecaster report, published on the 30 June, forecasting EBIT for the container carriers of US$88bn in 2021, possibly as high as US$100bn. To put that in context, in February 2018 McKinsey & Company estimated that low rates of returns for container shippers had destroyed "over $100 billion in shareholder value over the last 20 years". Therefore container shipping companies are effectively recouping 20 years of losses in one year.

  • Events at Yantian (which hobbled operations for nearly a month, leading to knock-on congestion at nearby Asian ports) and the Suez Canal blockage illustrate the fragility of the container shipping eco-system.
  • But something has to give. The current rates are too high for long-term sustainability and are temporary due to the bottlenecks. When the market normalises - and it will - and rates decline, it is unlikely to fall to pre-pandemic levels. The 20 years or so when carriers sold freight below full cost levels are likely over.
  • Carriers have gone up A LOT. I think they can continue to go up a lot. COSCO Shipping Holdings Co., Ltd (H) (1919 HK) just issued a positive profit alert. Yang Ming Marine Transport (2609 TT) has the strongest forward growth profile out of the listed peers. I see no reason why this forecast is not further revised upward. Positive sentiment is still very much with the carriers.

(link to my insight: Yang Ming Marine (2609 TT): Cargo Shipping In First Class)

M&A - EUROPE/UK

The Board of Wm Morrison Supermarkets (MRW LN) has recommended a 254p cash offer by a consortium led by Fortress (to be effected by a scheme of arrangement). This is a 10.4% improvement vs. CD&R's last possible offer, which was rejected by the Board. In Fortress's Recommended Cash Offer Trumps CD&R, Jesus Rodriguez Aguilar still expects an improved offer to be in the range 270-280p.

GlaxoSmithKline PLC (GSK LN) has issued its response to Elliot’s letter. In GSK (GSK.L/​​GSK.N) Fails to Impress, in Their Response to Elliot, David Lepper reckons the content of the response in our view reveals a lack of commitment, and a rather overly defensive stance suggesting GSK have been caught off guard by the letter.

Apollo Global Management Inc (APO US) has reached an agreement to acquire a 67% stake in the Italian paper company Reno De Medici (RM IM) from the firm's two largest shareholders Cascades Inc (CAS CN) and Caisse de depot et placement du Quebec. It is estimated that the operation will be completed during Q3 2021. The price of €1.45/share represents a premium of 21% over the 3-month VWAP. In Apollo/Cascades/Reno De Medici: First Step to a Delisting Offer, Jesus reckons there is a chance of a sweetened offer.

INDEX REBALS

FTSE TWSE Taiwan 50 Index Rebalance Preview. The next rebalance will be effective after the close of trading on 17 September and the changes will be announced on 3 September. The September review will use data from close of trading on 23 August to determine the stocks to be included and excluded. As of the close on 7 July, Brian Freitas sees Momo.Com Inc (8454 TT) being included in the index replacing Chang Hwa Commercial Bank (2801 TT). Link to Brian's insight: FTSE TWSE Taiwan 50 Index Rebalance Preview: Momo & Index Inclusion)

FTSE China 50 Index Rebalance Preview. The next rebalance will be effective after the close of trading on 17 September and the changes will be announced on 1 September. The September review will use data from close of trading on 23 August to determine the stocks to be included and excluded. Using prices from the close on 6 July, Brian sees Country Garden Services Holdings (6098 HK) and Sunny Optical (2382 HK) being included in the index, while China Merchants Securities Co Ltd (H) (6099 HK) and China Tower (788 HK) could be deleted from the index. Link to Brian's insight: FTSE China 50 Index Rebalance Preview: The Changes Keep Coming)

ASX200 Sep21 Index Rebalance Preview. We are almost three-quarters of the way through the review period. There are 3 potential inclusions at the review - Centuria Capital (CNI AU), Wilson (PNI AU), and Sealink Travel (SLK AU) while the potential deletions are Nuix Limited (NXL AU), NRW Holdings (NWH AU), and G8 Education (GEM AU). Galaxy Resources (GXY AU) is placed in the inclusion zone but is unlikely to be added to the index given its pending merger with Orocobre Ltd (ORE AU). De Grey Mining (DEG AU) is a close add and the corresponding deletion is Westgold Resources (WGX AU). Link to Brian's insight: ASX200 Sep21 Index Rebalance Preview: Large Impact Names)

FTSE China A50 Index Rebalance Preview. The next rebalance will be effective after the close of trading on 17 September and the changes will be announced on 1 September. The September review will use data from close of trading on 23 August to determine the stocks to be included and excluded. Cosco Shipping Holdings Co-A (601919 CH) and Great Wall Motor (601633 CH) are high probability inclusions in the index, while Will Semiconductor Ltd (603501 CH) is a lower probability inclusion right at the cusp. Stocks that are currently likely to be deleted are CSC Financial Co Ltd (601066 CH), Anhui Conch Cement Co Ltd A (600585 CH), and Inner Mongolia Yili Industrial Group (A) (600887 CH). Link to Brian's insight: FTSE China A50 Index Rebalance Preview: Cosco Shipping & Great Wall Are High Probability Adds)

ASX200 Index Rebalance. S&P DJI announced the deletion of Bingo Industries (BIN AU) from the S&P/ASX 200 (AS51 INDEX) subject to shareholder and final court approval of the scheme of arrangement where the company is being acquired by Recycle and Resource Operations. Centuria Capital (CNI AU) will be included in the index with the change being implemented at the close of trading on 15 July. FTSE has announced the deletion of Bingo from the Global Small Cap Index at the close of trading on 15 July, while MSCI is expected to delete the stock from the Small Cap index. Link to Brian's insight: ASX200 Index Rebalance: Bingo Deletion, Centuria Capital Inclusion)

OTHER M&A & EVENT UPDATES

CCASS

My ongoing series flags large moves (~10%) in CCASS holdings over the past week or so, moves which are often outside normal market transactions. These may be indicative of share pledges. Or potential takeovers. Or simply help understand volume swings.

Often these moves can easily be explained - the placement of new shares, rights issue, movements subsequent to a takeover, lock-up expiry, amongst others. For those mentioned below, I could not find an obvious reason for the CCASS move.

Name

% chg

Into

Out of

K W Nelson (8411 HK)

75.00%UBSOutside CCASS
China Oil Gangran Energy Group Hldg (8132 HK) 10.05%EmperorOutside CCASS
Peking University Resources (618 HK) 10.00%VMSDBS
Ever Harvest (1549 HK)63.75%AFGOutside CCASS
Pentamaster International (1665 HK) 34.67%YuantaOutside CCASS
Guangdong Tannery (1058 HK) 69.72%HaitongOutside CCASS
Yincheng International Holding (1902 HK) 11.88%China TongbaiOutside CCASS
Source: HKEx

The following large movement(s) concern recently listed companies, and therefore are (likely) lock-up related.

Name

% chg

Into

Out of

Jacobio Pharmaceuticals (1167 HK) 10.76%GSOutside CCASS
Zylox-Tonbridge Medical Technology (2190 HK) 10.30%JPMOutside CCASS
Source: HKEx
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