IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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

Jinke Smart Services Group Co., Ltd. provides property management services.

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<li>
<a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>’s revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.</li>
<li>The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).</li>
<li>Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic. </li>
</ul>



Jinke Smart Services (9666 HK)’s revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.
The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).
Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic. 


Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

Equity Capital Markets

OmniVision Integrated Circuits Group / Equity Capital Markets

OmniVision Integrated Circuits Group, Inc. manufactures image sensor and semiconductor products. The Company produces and sells complementary metal oxide semiconductors, protecting devices, power devices, power management integrated circuits, radio frequency devices, microphone sensors, and more. OmniVision Integrated Circuits Group markets its products worldwide.

OmniVision Integrated Circuits Group (603501 CH)

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<li>
<a href="https://www.smartkarma.com/entities/omnivision-integrated-circuits-group-inc" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">OmniVision Integrated Circuits Group (603501 CH)</a>, a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     </li>
<li>OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.</li>
<li>The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. </li>
</ul>



OmniVision Integrated Circuits Group (603501 CH), a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion.     
OmniVision is the third-largest digital image sensor provider globally, with a 13.7% market share by revenue in 2024.
The investment case rests on an industry-leading position, a robust core business, an improving margin profile, strong cash generation, and an undemanding valuation. 


OmniVision H Share Listing: The Investment Case

HOGY MEDICAL CO., LTD. manufactures and sells medical supply and related products including sterilized tools and disposable injectors and masks used by surgeons.

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<li>
<a target="_blank">Hogy Medical (3593 JP)</a> has recommended a tender offer from Carlyle at JPY6,700, a 2.1% premium to the last close and a 69.2% premium to the undisturbed price.</li>
<li>The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range. </li>
<li>Dalton (27.58% ownership ratio) has provided an irrevocable and will reinvest to take a 20% stake in the relevant Carlyle Fund. This is a done deal. </li>
</ul>



Hogy Medical (3593 JP) has recommended a tender offer from Carlyle at JPY6,700, a 2.1% premium to the last close and a 69.2% premium to the undisturbed price.
The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range. 
Dalton (27.58% ownership ratio) has provided an irrevocable and will reinvest to take a 20% stake in the relevant Carlyle Fund. This is a done deal. 


Hogy Medical (3593 JP): After Months of Speculation, Carlyle Lobs a Tender Offer at JPY6,700

ANE (Cayman) Inc. operates as an integrated logistics company. The Company provides sorting, line-haul transportation, pickup and dispatch services, and other services. ANE (Cayman) offers services in China.

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<li>
<a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>’s IFA opines that the consortium’s offer of cash (HK$12.18 per share) or scrip is fair and reasonable. The vote is on 9 January. </li>
<li>The consortium's decision on 4 December not to raise the share alternative cap from 5.00% to 7.50% of outstanding shares is a red flag, casting doubt on the vote's success. </li>
<li>The lack of irrevocables from Mr Wang Yongjun and CDH adds to the uncertainty. Therefore, caution is warranted due to an unfavourable risk/reward profile. </li>
</ul>



ANE Cayman Inc (9956 HK)’s IFA opines that the consortium’s offer of cash (HK$12.18 per share) or scrip is fair and reasonable. The vote is on 9 January. 
The consortium's decision on 4 December not to raise the share alternative cap from 5.00% to 7.50% of outstanding shares is a red flag, casting doubt on the vote's success. 
The lack of irrevocables from Mr Wang Yongjun and CDH adds to the uncertainty. Therefore, caution is warranted due to an unfavourable risk/reward profile. 


ANE (9956 HK): Uncertainty Ahead of the Scheme Vote on 9 January

Humm Group Limited provides consumer finance solutions. This Company offers product ecosystem of buy now pay later, credit cards, and business financing. Humm Group serves shoppers, retailers, and small and medium enterprises in Australia, New Zealand, and Ireland.

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<a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a> disclosed that on 19 November, it received an indicative proposal from <a href="https://www.smartkarma.com/entities/credit-corp-group-ltd" target="_blank" data-smartkarma-citation="entities:12691:1" rel="noopener">Credit Corp (CCP AU)</a> consisting of a scheme (A$0.77) and an off-market takeover offer (A$0.72). </li>
<li>The scheme has a low chance of success, and the takeover offer’s 50.1% minimum acceptance condition will prove problematic. The lack of due diligence signals the Board’s reluctance to engage.</li>
<li>The tardy disclosure is primarily intended to distract from Jeremy Raper’s attempt to mount a Board spill. This is essentially a long-dated backend play on Raper successfully spilling the Board.   </li>
</ul>



Humm Group (HUM AU) disclosed that on 19 November, it received an indicative proposal from Credit Corp (CCP AU) consisting of a scheme (A$0.77) and an off-market takeover offer (A$0.72). 
The scheme has a low chance of success, and the takeover offer’s 50.1% minimum acceptance condition will prove problematic. The lack of due diligence signals the Board’s reluctance to engage.
The tardy disclosure is primarily intended to distract from Jeremy Raper’s attempt to mount a Board spill. This is essentially a long-dated backend play on Raper successfully spilling the Board.   


Humm Group (HUM AU): Credit Corp’s NBIO Belatedly Disclosed to Distract from a Potential Board Spill

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.

Arun George
IPOs and Catalysts/Events
• Global Equity Research Ltd

Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

Boyu has announced additional irrevocables (51.0m or 8.55% of out shares) to accept the revised offer (option A). Total irrevocables are 108m or...

Arun George

Hogy Medical (3593 JP): After Months of Speculation, Carlyle Lobs a Tender Offer at JPY6,700

The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range. Dalton has provided an...

Arun George

ANE (9956 HK): Uncertainty Ahead of the Scheme Vote on 9 January

The decision not to raise the share cap and the lack of irrevocables from shareholders with blocking stakes cast doubt on the vote's success. A...

Arun George

Humm Group (HUM AU): Credit Corp’s NBIO Belatedly Disclosed to Distract from a Potential Board Spill

A binding proposal, if forthcoming at current terms, is unlikely to succeed. Humm is essentially a long-dated backend play on Jeremy Raper's...

Arun George

Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

Boyu has announced additional irrevocables (51.0m or 8.55% of out shares) to accept the revised offer (option A). Total irrevocables are 108m or...

Arun George

OmniVision H Share Listing: The Investment Case

OmniVision, a CMOS image sensor (CIS) company, has filed its PHIP for an H Share listing to raise US$1 billion. In this note, I discuss the...

Arun George

Hogy Medical (3593 JP): After Months of Speculation, Carlyle Lobs a Tender Offer at JPY6,700

The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range. Dalton has provided an...

Arun George

ANE (9956 HK): Uncertainty Ahead of the Scheme Vote on 9 January

The decision not to raise the share cap and the lack of irrevocables from shareholders with blocking stakes cast doubt on the vote's success. A...

Arun George

Humm Group (HUM AU): Credit Corp’s NBIO Belatedly Disclosed to Distract from a Potential Board Spill

A binding proposal, if forthcoming at current terms, is unlikely to succeed. Humm is essentially a long-dated backend play on Jeremy Raper's...

Arun George