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Singapore Press Holdings

Last Week in Event SPACE: Singapore Press, Tabcorp, Invesco Office, Justbon, IHH Healthcare, JD.com

331 Views09 May 2021 07:38
SUMMARY

Last Week in Event SPACE ...

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

EVENTS

Singapore Press Holdings (SPH SP) (Mkt Cap: $2.1bn; Liquidity: $20mn)

SPH made an announcement (media release, analyst presentation) that it would undergo a Proposed Restructuring (defined by a Business Restructuring Deed ("BRD")) which would spin off the Media Business into a Media Holdco which would be run as a not-for-profit in the form of a Company Limited by Guarantee (CLG), basically a charity in corporate form (subject to the Companies Act). The Media business has seen revenue declines in the traditional print space, and SPH Media ad revenue fell 39% from FY2018 to FY2020. Operating revenue in the past five years has halved, and in FY2020, the SPH Media business posted its first-ever loss. H1 2021 has seen the run-rate worsen further.

  • The idea is to give away the business, and assets to help it fund itself, to ring-fence SPH from SPH Media going forward, and to remove the strictures of the Newspaper and Printing Presses Act ("NPPA") which bind SPH today. One can think of it as an owner having to recapitalise a loss-making business before selling it for a dollar. Sometimes something is worth less than nothing.
  • The restructuring lowers future volatility. Theoretically, that should raise the price of the asset (the stock) as the deal is actually almost accretive to future earnings and to the DCF value of the asset portfolio. Some investors may get bullish on the stock because of that. But the stock is already trading at a "fair" price given it is effectively a taxable version of an S-REIT with a little bit of treasury "juice" added on top. There is not a lot of fundamental juice in the current stock price unless there is more clarity on what other potential Coupang-type investments might be sitting in the treasury portfolio.
  • The fact that the overhang of the Newspaper and Printing Presses Act disappears means there could be strong large buying interest if the stock drops. That suggests the share price will not drop that dramatically. But it is still a property portfolio. It doesn't have a lot of SPH-specific alpha. Just a lot of property beta.

M&A - ASIA

Hitachi Metals (5486 JP) (Mkt Cap: $8.3bn; Liquidity: $32mn)

Last week, Bain Capital Japan and Japan Industrial Partners and Japan Industrial Solutions (the "Bain Consortium") announced it would launch a Tender Offer to buy out Hitachi Metal's minority shareholders at ¥2181/share when all approvals had been received. Future dividends were cancelled. The first part of this series was in Bain Bids Up BIG For Hitachi Metals (5486) - Now We Wait. The Tender Offer is expected to start in November. That gives current holders 8+ months to wait for their cash. The Bain deal for Hitachi Metals is long-dated because of 6+ months of expected foreign investment review, anti-trust review, and Japanese national security review. Travis thinks there is a chance it could get done slightly earlier, but they have presumably researched their schedule and have better access to professional advisory related to the approvals.

  • Globally speaking, Travis expects this to trade slightly wide early, then to tighten. The timing of position unwinding by long-onlies vs position building by arbs may not match.
  • LOs should think about whether they are bearish on stocks overall - in which case they should hold on to the stock to express a bearish view - or not. If not, if you think you can get a better return than 4.2% annualised out of your next best idea (or your existing portfolio), you should sell your Hitachi Metals position or re-allocate it to be a cash-equivalent position.
  • As an arb, Travis believes it to be good risk-adjusted rate of return buying in the ¥2110-2120 area. For an LO, he expects it is probably a decent sell at ¥2120-2130. These levels will drift up a yen a week for the next couple of months without changing the annualised rate of return.

(link to Travis' insight: Hitachi Metals - Should I Stay or Should I Go Now?)

Tabcorp Ltd (TAH AU) (Mkt Cap: $8.6bn; Liquidity: $18mn)

After rejecting a A$3bn offer from Entain to buy its wagering and media division, Tabcorp said on the 29 March it will undertake a strategic review to assess and evaluate all structural and ownership options to maximise value. The review includes a potential sale of the wagering & media ops or a potential demerger - via the separation of the wagering segment or the lotteries business. Tabcorp said it remained open to a bid for the wagering ops, but that $3bn was a long way from what was considered reasonable. Entain subsequently bumped its bid to A$3.5bn on the 27 April. In Tabcorp (TAH AU) - Conscious Uncoupling, I mentioned Apollo Global Management was reportedly kicking tyres. Tabcorp has now announced a non-binding proposal from Apollo of A$4bn for the wagering & media and gaming businesses; or A$3.5bn for the wagering & media ops. Tabcorp has yet to form a view on this proposal.

  • Entain has previously said a sale was the most attractive path for Tabcorp shareholders, as a demerger failed to address the challenges inherent in the wagering ops. A sale would also be a fast-tracked option compared to a (likely) longer, drawn-out process for a demerger. Tabcorp was less enthusiastic about a sale, as it preferred shareholders "keep as much as they can". A demerger would likely enjoy CGT rollover relief that a trade sale would not. More importantly, a sale would require approvals from various racing regulatory bodies, hotels, pubs and clubs, state governments, the ACCC, and (potentially) FIRB.

  • Entain bumped its Offer for the struggling Wagering & Media businesses and Gaming Services by ~17%, which has now been matched by Apollo. This competitive bidding situation appears to have more legs. I'd continue picking up shares around here, with an estimated ~25% upside from here, using a NAV-based calculation.

(link to my insight: Tabcorp (TAH AU): Apollo Shows Its Hand)

Invesco Office J Reit (3298 JP) (Mkt Cap: $1.6bn; Liquidity: $18mn)

On 5 April, Starwood Capital Group launched a hostile Tender Offer on Invesco Office to take over the J-REIT at ¥20,000/share, a 13% premium at the time. It was the first hostile tender offer designed to take over a REIT in Japan. This was done without notice or warning. Invesco was not pleased. For whatever reason, it took until the third day for the REIT to trade at terms. The "terms" were in fact ¥20,000/unit plus the ¥402/unit in expected dividends to be paid as of the end of the fiscal period ending 30 April 2021. It could actually come out higher if Invesco wanted to strip the REIT of excess cash but not a lot higher because leverage is pretty high.

  • Invesco has now officially released a Revised Opinion Statement which is AGAINST the Offer, and asks unitholders to not tender, and for those who have already tendered it asks such shareholders to withdraw their tender submission. Furthermore, it notes that it has requested a Requested Party - Invesco Investments (Bermuda) Ltd (indirect holder of 3.06% of units outstanding) - to purchase units on the market so as to obstruct the Tender Offer by Starwood.
  • The risk is still the same as it was. If this deal does not go through, then those who bought and wanted a bidding war may end up owning shares, and after the Tender Offer ends, Invesco Investments (Bermuda) Ltd is under no obligation to continue being the Requested Party and under no obligation to continue buying.

  • Investors should consider their exit: Starwood, or selling to Invesco in the market. That's it. If you wait until the end, you arrive at the problem of Starwood not getting enough shares and the whole thing falls apart. This SHOULD trade at slightly below Starwood revised terms, if Starwood revises. If Starwood revises higher, there is a kind of a put option, but it is not a very solid one. It wasn't solid before with no beige knight, and with the beige knight it gets even less solid.

(link to Travis' insight: Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight)

Sichuan Languang Justbon Service Group (2606 HK) (Mkt Cap: $1.2bn; Liquidity: $7mn)

The Composite Document has now been despatched, and the Offer is open to acceptances. The H Share Class Meeting will be held on the 17 June, which is also the first closing date. Assuming the delisting resolution is approved, the latest time for the acceptance condition to be satisfied is the 3 September, four months from now.
  • This is where it gets intriguing - and a little bit unclear. The first close is the same day as the H-share class meeting. This appears to be an arbitrary decision - there is nothing in the Code stipulating the first close of 45 days from the despatch of the Composite Doc. IF independent shareholders approve the listing resolution and the 90% acceptance condition is met on the same day, then the Offer must remain open for acceptances for 28 days, or a "Final Closing Date" of 15 July. However, the Doc categorically states CGS can extend the acceptance period to 3 September, four months from the posting of the Doc, provided the delisting resolution has been approved by independent shareholders.
  • It is important to remember that the MGO price of HK$51.0571 is assured, and that is the break price if the 90% is not approved. The delisting offer price avails investors of a possible "free" option, and if people pay through terms, they are paying for that option.
  • Given precedents of deal structures like Justbon's, I was reluctant previously to pay well through the MGO terms on the expectation the delisting gets up and shareholders get the consideration uplift. But mindful of a four-month acceptance period, one in which shares tendered are not entitled (by my reckoning) to be withdrawn, I believe the delisting conditions have an excellent chance of getting up. But it will still be a close-run thing.

(link to my insight: Languang Justbon (2606 HK): Offer Now Open - For Up To Four Months)

Vedanta Ltd (VEDL IN) (Mkt Cap: $13.5bn; Liquidity: $59mn)

The stock has been a runaway train, up not quite 200% in the past 6 months ex-dividend after the Delisting Proposal failed. The Promoters have lifted their stake from just above 50% to just above 65% in the process. The Open Offer designed to buy 17% only got 10% and small change as many investors did not want to sell. Much of the remaining 35% did not want to sell their shares as they thought the company had better prospects.

  • On a near-term basis, Travis believes VEDL will probably exceed consensus for Q4 and full-year OP and NP quite handily if one does NOT adjust for possible provisions and losses related to the recent Delhi High Court decision about higher royalties on the Barmer Block. The appeal and other Supreme Court actions in play suggest VEDL will not want to show larger profits if it can avoid doing so. This may mean more "damage" to the E&P business which will mean no write-back of last year's half-ridiculous write-downs.
  • The "deep discount to peers" play is now over. The stock is now slightly discounted vs peers, (though showing higher expected EBIT growth) and there should clearly be a governance discount applied.

  • Travis believes the upside/downside skew of potential stock price performance over the next 6-12 months still is above 1, but this is in large part due to what I expect will be dampened downside volatility. 10% of the stock is in the hands of LIC (who is not selling) and ADRs (who don't seem to sell). Another 5% or so is in the hands of passive funds that don't need to sell. The remaining mutual fund holders and individual holders had a chance to sell everything at Rs 235/share a bit over a month ago and chose not to. There is, practically speaking, VERY little float, and if VEDL makes it back into NIFTY at some point, there will be a further squeeze.

IHH Healthcare (IHH MK) (Mkt Cap: $11.9bn; Liquidity: $5mn)

On the 29 November 2018, Khazanah Nasional sold a 16%, US$2.01bn stake IHH to Mitsui & Co Ltd (8031 JP), elevating Mitsui's long-time mid-teens stake to 32.9% - allowing Mitsui to become IHH's largest shareholder - with Khazanah's holding declining to 26%. Mitsui's stake is a shade below Malaysia's 33% mandatory takeover threshold. Reportedly Mitsui is now exploring a deal to take IHH private, and has been sounded out by private equity outfits as to a potential transaction. According to media reports, Khazanah has been approached to sell its stake.

  • Mitsui is a US$37bn market cap company with ~US$30bn of net debt. Its 32.9% stake in IHH is worth around 11% of its market cap. Mopping up the remaining 67.1%, factoring in a 25% premium, would cost ~US$10bn. Plus IHH has ~US$1.6bn of net debt, which Mitsui currently does not consolidate. It is not Mitsui's MO to take a 100% stake in a large company or take a 51% stake in a listed company to consolidate. Could Mitsui be drumming up interest in the healthcare outfit as a means to exit its position?
  • Or Mitsui - together with PE support - believes it can boost IHH's profitability if in full control. That would be a win for Malaysia with a more efficient, profitable healthcare operator, plus the government-linked shareholders can pocket tidy sums.
  • The stock is loosely in play, and trading below its recent (one-year) high in December last year, and below the COVID-cliff in March 2020. Trading multiples, versus peers, are not overly demanding. If Khazanah is onboard with a privatisation, expect the other government-link shareholders to (likely) follow suit, which together with Mehmet Ali Aydınlar's 5.9% holding and Mitsui's stake, collectively gives 83.5%. This could be ring-fenced nicely and subsequently delisted.

(link to my insight: IHH Healthcare (IHH MK): More Medicine For Mitsui?)

Chong Hing Bank (1111 HK) ("CHB") (Mkt Cap: $1.7bn; Liquidity: <$1mn)

On the 25 October 2013, CHB announced an agreement with Yue Xiu (the investment arm of the Guangzhou municipal government) to acquire a maximum of 75% of the bank for a consideration of HK$11.5bn (HK$35.7/share, a 2.1x P/B). The deal was subject to approval from the HKMA. It was Yue Xiu's intention to maintain the bank's listing. The Partial Offer for CHB closed on the 5 February 2014. Shares closed on the 5 May at HK$10.56/share (and 0.4x P/B), down ~70% from the Partial Offer Price. Other family-run banks Bank of East Asia (23 HK) and Dah Sing Banking (2356 HK) have similarly languished, down 33% and 42% respectively in the last five years. CHB was suspended at 10.45am on the 6 May, but not before gaining 30% to close at HK$13.76/share.

  • I count 20 banking deals over the last twenty years, the last occurring in 2014 (Wing Hang Bank). The average P/Bs and PERs are 1.92x and 27.2x. The average premium (to last close) and ROEs were 24.8% and 8%.
  • As of writing, CHB remains suspended. The only statement from the bank is that shares are halted pending the release of an inside information announcement. More often than not, when a takeover is in the wings, such a suspension announcement will reference the Takeovers Code. IF indeed there is a takeover or change of control, this will have a positive read-across to DSB and BEA.

(link to my insight: Chong Hing Bank (1111 HK): Takeover Talk As Shares Pop)

Mainstream Group Holdings Ltd (MAI AU) (Mkt Cap: $0.3bn; Liquidity: $1mn)

Between 09th March and 29th April, Janaghan Jeyakumar maintained a Bullish stance on the situation and saw MAI shares rise from A$1.23 to A$2.65 during that period. On 2nd May, he turned Bearish on the situation claiming that "as a Bump Option, this is not as attractive as the previous four instances" (in Mainstream (MAI AU): More-Than-Double in Less than 2 Months After Apex Bump).

  • On the 6 May SS&C exercised its matching right and raised their bid to A$2.56/share. Then Apex overbid with A$2.60/share. Expect SS&C to match or overbid. Janaghan would be LONG at or below the current price (A$2.65). There is a put option at A$2.60 and sees a decent likelihood of upward revisions to Terms.

(link to my insight: Mainstream (MAI AU): Bidding War Continues as SS&C Overbids for the 4th Time)

Back on the 13 December 2018, Can One Bhd (CAN MK) announced a proposed MGO for Kian Joo Can Factory (KJC MK) at RM3.10/share, a 52.7% premium to last close. The Offer closed on the 30 April with Can-One holding 97.48%, and it moved to compulsory mop up the remaining shares. Can-One has now announced an unconditional mandatory takeover from its director Yeoh Jin Hoe and persons acting in concert with him. The Offer Price is RM2.50/share, a 15.82% discount to last close. Not altogether surprisingly, it is not the intention of the joint offerors to delist the company, nor exercise their right to compulsory acquire shares. Link to my insight: Can-One (CAN MK)? Yeoh Can Lah!.

STUBS

With the short-selling ban in Korea lifted this past Monday, this insight takes a cursory look at those Korean Holdcos moving, and some that may yet have more to move. I discussed four Holdcos in set-up territory, and three in unwind turf. Shorting Soulbrain Eng (039230 KS) - which was split into a holdco/opco last year - going long Soulbrain (036830 KS), was the more interesting trade. Link to my insight: StubWorld: Shorting Korean Stubs.

JD Logistics (JDL HK) is looking to raise US$4bn in its upcoming Hong Kong IPO and JD.com Inc. (9618 HK) holds an 81% stake in the company prior to the IPO. In JD.com (京东) HoldCo Valuation Quick Note - Impact of JD Logistics (京东物流) IPO, Zhen Zhou, Toh looks at the impact of JD Logistics’ IPO on JD.com’s valuation. And in JD Logistics IPO: Fast Entry Possibilities into MSCI, FTSE, China 50, HSCEI, HSTECH, HSCI, Brian Freitas discusses JD Logistics possible fast entry in the MSCI, FTSE, China 50, HSCEI, HSTECH, and HSCI.

M&A - US

51 Job Inc Adr (JOBS US) (Mkt Cap: $4.7bn; Liquidity: $13mn)

On the 17 September 2020, IR solutions provider 51job announced it had received a preliminary non-binding Proposal from DCP Capital Partners to acquire all of its shares for US$79.05/common share, a premium of 18.82% to 51job's 30-day VWAP, and a premium of 16.05% to 51job's last close. The company formed a special committee on the 21 September to evaluate the proposal and an independent financial advisor was appointed on the 30 September. Then crickets. Not even a mention in its 2020 annual report on the 23 April this year. One would have thought given the material nature of this proposal warranted at least a one-liner.

  • 51job announced this week an updated non-binding proposal which sees Ocean Link and CEO Rick Yan joining DCP in the consortium to take the company private. The Offer price of US$79.05/common share remains the same.
  • The announcement briefly mentions shares that "may be rolled over in connection with the proposed Transaction". One can envisage Rick Yan and other senior management (and potentially Recruit) rolling over their shares into an unlisted entity - with a view to re-listing at a higher valuation in a market closer to where 51job's operations are located.

  • Trading at a gross spread of 15.9% - at the time of my insight. I previously speculated a bump was possible. That still remains a possibility. With a seasoned player such as Ocean Link now in the mix, plus the CEO joining the consortium, a definitive agreement looks more assured. Pricing under the Offer appears okay.

TOPIX INCLUSIONS!

Anshin Guarantor Service (7183 JP) (Mkt Cap: $0.1bn; Liquidity: $1mn)

After the close on Friday (30th April 2021), Japan-based rental payment guarantor Anshin announced (J-only) they had received approval to move from the MOTHERS Section to the First Section (Prime) of the Tokyo Stock Exchange as of 12th May 2021. TSE1 reassignment triggers inclusion into the TOPIX Index and the Inclusion Event can be expected to occur at the close of trading on 29th June 2021.

  • The Index Inclusion parameters do not seem attractive going by the default recommendation of our framework but there are reasons to be optimistic. Janaghan estimates the Inclusion quantity to be 0.81 - 0.97 million shares. This translates to an Inclusion Size of ¥0.30 - 0.36bn and an Impact of 8-9 days of volume based on 3-month ADV.
  • Fundamentals do not raise any concerns of overvaluation. The company's top line has increased at a CAGR of ~15% over the last 3 years and their margins have been improving. Currently, the stock is trading at a PER (LTM) multiple of 13.7x.
  • THE TRADE: Janaghan would be Bullish between now and the Inclusion Event (29th June 2021)

(link to Janaghan's insight: TOPIX Inclusion: Anshin Guarantor Service (7183 JP))

Kibun Foods Inc (2933 JP) (Mkt Cap: $0.3bn; Liquidity: $1mn)
Japanese processed food manufacturer Kibun was listed in the First Section of the Tokyo Stock Exchange (TSE) on 13th April 2021. When a company gets listed in the First Section of TSE, it subsequently gets included in the TOPIX Index and as a result, TOPIX-tracking funds will have to purchase the stock during an Inclusion Event which presents interesting trading opportunities for active investors to generate sharp market-neutral returns in the space of few trading days. Alternatively, this can also be considered as a key point in time where short-term IPO investors could decide if they wanted to exit their positions by utilizing this liquidity event.
  • The analysis in this insight is based on the findings of TOPIX Inclusions: A Look at TSE1 Direct Listings - an insight that discusses the historical performance of TSE1 direct listings during their Inclusion Events and the opportunities that are available for short term traders.
  • Pre-Inclusion Trade (Identified as LONG: 7th May to 28th May): AVOID. The stock has gained 46% vs TOPIX from its IPO to the beginning of this trade. Going by historical performance data, the trade has far surpassed the historical average so, from purely a quantitative basis, this would be a concern. Furthermore, the stock seems to be trading at multiples that are much higher than those for peers.
  • Post-Inclusion Trade (Identified as SHORT: 28th May to ~11th June): REVISIT LATER. This will depend on the trajectory of the share price between now and the Inclusion Event. If the price gain is excessive, it might be worth going short for the subsequent 10 trading days. However, we will revisit this situation closer to that time.

(link to Janaghan's insight: TOPIX Inclusion: Kibun Foods (2933 JP))

M&A - EUROPE

After Norwegian Finans Holding (NOFI NO) rejected Nordax's initial bid, Norrdax has improved its Offer. The new indicative offer represents an improvement of 11.1% vs. the 4 March offer, and a premium of 30.6% to the undisturbed share price on 3 March 2021 and 49.8% to the 6-month VWAP. It also represents 10.8x P/Fwd E (above the 3-year average of 7.8x), 1.7x P/Fwd BV (same level as the 3-year average of 1.7x P/BV). In Nordax Bank Sweetens Its Bid for Norwegian Finans, Jesus Rodriguez Aguilar is long NOFI at NOK 100/share, with the possibility of further upside.
Back on 23 April, Société Investissement Deconinck and Wendel SA (MF FP) offered to acquire a 49.1% stake in Tarkett SA (TKTT FP) for €20 per share, cum dividend (approximately €640 mn). Wendel will be able to hold up to 30% of Tarkett at the end of this transaction. There could be a sweetened offer, and shares have traded at or slightly above the offer price since the announcement. In Wendel & Deconinck/Tarkett: Take Private Deal, Possibility of a Sweetened Offer, Jesus is long.

INDEX REBALS

SET50 June Index Rebalance Preview. With 42 trading days complete in the review period and 17 trading days to go, Brian sees a high probability of Sri Trang Gloves (Thailand) Public Company Limited (STGT TB) and IRPC PCL (IRPC TB) being included in the index, while there is a high probability of VGI PCL (VGI TB) and TOA Paint (Thailand) (TOA TB) being deleted from the index. There is a lower probability of Sri Trang Agro Industry (STA TB) being included in the index and of Bangkok Commercial Asset Management (BAM TB) being deleted from the index. Gulf Energy Development Public Company (GULF TB)'s offer for Intouch Holdings (INTUCH TB) could be a wild card if the SET decides to pre-emptively delete INTUCH from the index. Link to Brian's insight: SET50 June Index Rebalance Preview: No Change to Index Methodology; 3 Potential Constituent Changes.

FTSE China 50 Index Rebalance Preview. Using the last market cap, we see Xiaomi Corp (1810 HK) and Cosco Shipping Holdings Co., Ltd (H) (1919 HK) being included in the index, while the most probable deletion candidates are Evergrande Real Estate Group (3333 HK) and China Merchants Securities Co Ltd (H) (6099 HK). Country Garden Services Holdings (6098 HK) and Citic Ltd (267 HK) are close adds and their inclusion would put China Tower (788 HK) and Geely Auto (175 HK) at risk of deletion from the index. Link to Brian's insight: FTSE China 50 Index Rebalance Preview: Two Changes for Now; Two More Are Close.

SK IE Technology IPO. SK IE Technology (361610 KS)'s fast entry into the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) is virtually guaranteed. With 35% of the institutional tranche having no lock-up, the FTSE investability weight will be 15.04% and MSCI will use a FIF of 20%. A rally of 85-90% will have SK IE getting Fast Entry into the MSCI Standard and FTSE All-World indices. Link to Brian's insight: SK IE Technology IPO: KOSPI200 Inclusion Certain; Rally Needed for MSCI & FTSE.

FTSE China A50 Index Rebalance Preview. Using data from 30 April, we see 2 potential inclusions Chongqing Zhifei Biological Products (300122 CH) and Haier Smart Home (600690 CH). The stocks that would be deleted from the index are Offcn Education Technology (002607 CH) and CSC Financial Co Ltd (601066 CH). Chongqing Zhifei was included in the index at the September 2020 review and deleted at the December 2020 review. The stock could now be included in the index again following the run-up in the stock price. Link to Brian's insight: FTSE China A50 Index Rebalance Preview: One High Probability Change; One on the Cusp

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

Sheng Yuan Holdings (851 HK) 26.47%Sheng YuanYuanyin
Matric (1005 HK)15.65%CanfieldWintone
Golden Ponder (1783 HK)30.00%ChaoshangOutside of CCASS
Source: HKEx

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

Name

% chg

Into

Out of

First Service (2107 HK)13.34%HaitongOutside of CCASS
Channel Micron (2115 HK)12.43%UOBOutside of CCASS
Source: HKEx
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