Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst with experience in fundamental and event-driven research in Frontier and Emerging markets. 

On Smartkarma, I mainly publish insights on index flow events in the Asia-Pacific region. This includes predicting regular and intra-review index changes and estimating upcoming passive flows. I also cover special situations such as mergers & acquisitions, equity offerings, buybacks, and other corporate restructuring events.

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Around a month ago, Chinese port-operator <a href="https://www.smartkarma.com/entities/zhuhai-port-co-ltd-a" target="_blank" data-smartkarma-citation="entities:15664:1" rel="noopener">Zhuhai Port Co Ltd A (000507 CH)</a> launched a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0729/2020072901180.pdf" target="_blank" rel="noopener">Voluntary Conditional General Cash Offer</a> to acquire Singapore-headquartered local peer <a href="https://www.smartkarma.com/entities/xinghua-port-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26750:1" rel="noopener">Xinghua Port Holdings (1990 HK)</a> in a Deal that valued the company at a market cap of HK$2.1bn (~US$270mn). Today, the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0826/2020082600021.pdf" target="_blank" rel="noopener">composite document</a> for the Deal was released. The Transaction is subject to only a minimum acceptance condition where the Acquirer has to reach a shareholding of at least 90% in the Target Company. The Offer price will be HK$2.597/share in cash and the transaction is expected to close before mid-October 2020. Xinhua's shares are currently at HK$2.54. In this Insight, we take a closer look at the details of the transaction to evaluate the likelihood of deal completion. As always, there is more below the fold. <hr>For more information about M&amp;A rules, regulations, and practices in Hong Kong, please refer to <a href="https://www.smartkarma.com/insights/quiddity-hong-kong-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:29174" rel="noopener">Quiddity Hong Kong M&amp;A Guide 2019</a>

Around a month ago, Chinese port-operator Zhuhai Port Co Ltd A (000507 CH) launched a Voluntary Conditional General Cash Offer to acquire Singapore-headquartered local peer Xinghua Port Holdings (1990 HK) in a Deal that valued the company at a market cap of HK$2.1bn (~US$270mn). Today, the composite document for the Deal was released. The Transaction is subject to only a minimum acceptance condition where the Acquirer has to reach a shareholding of at least 90% in the Target Company. The Offer price will be HK$2.597/share in cash and the transaction is expected to close before mid-October 2020. Xinhua's shares are currently at HK$2.54. In this Insight, we take a closer look at the details of the transaction to evaluate the likelihood of deal completion. As always, there is more below the fold. For more information about M&amp;A rules, regulations, and practices in Hong Kong, please refer to Quiddity Hong Kong M&amp;A Guide 2019 

Xinghua Port (1990 HK): Cash Offer Trading with a View to Complete