Back on the 30th October 2025, China Modern Dairy (1117 HK) (CMD) entered into a conditional SPA to acquire a 1.28% in raw milk producer China Shengmu (1432 HK) (CSM).

As CMD then held 29.99% in CSM, the additional 1.28% clears 30%, obligating CMD to make a conditional Offer for all shares not held. The Offer Price will be A$0.35/share

The key SPA condition - SAMR clearance - is now satisfied. SPA completion expected on the 22nd May and Composite Doc dispatch on or before the 29th May.

I see Guoco Group Ltd (53 HK)‘s implied stub at around a decade low. And a trailing P/B of 0.34x, versus the five-year average of 0.4x.

~67%-Held GuocoLand (GUOL SP) (trading at 0.64x P/B) looks set to privatise ~68%-held Guocoland Malaysia (GUOL MK) at ~0.55x P/B, further adding to Guoco’s look-through “cheapness”.

It’s coming up to eight years since the Quek family last attempted to take Guoco private. I can see the family stepping up here.

On the 23rd March, hospital/nursing home operator Tian An Medicare (383 HK) announced a small buyback, potentially lifting Tian An China Investment (28 HK)‘s stake to 55% from 51.47%.

The buyback is for 70mn shares or 6.48% of shares out, at HK$1.10/share, a 15.79% premium to last close. IF key shareholders do not tender, pro-ration could be >95%.

The Offer Doc is now out. The SGM (effectively a formality) will be held on the 18th May. The IFA says “fair and reasonable“.

Ju Teng International (3336 HK), a notebook-computer casing maker, is currently suspended pursuant to the Takeovers Code.

Ju Teng, which hasn’t returned a profit since FY22, is up 92% since Mar-end, and 40% this week alone, on decent volume. Textbook news leak there. And perhaps short covering.

My bet is that the controlling shareholder, the Cheng family, are exiting. This or may, or may not, lead to a MGO/Scheme. IF an Offer unfolds, expect a takeunder.

Back on the 22nd September 2025, SOE-backed Sichuan Changhong Electric Co, Ltd. (600839 CH) made an Offer, by way of a pre-conditional Scheme, for 60.13%-held Changhong Jiahua Holdings (3991 HK)

Sichuan Changhong, plus provincial bodies, offered HK$1.223/share, a 32.93% premium to last close. The Offer Price is final. And optically is fair.

City level SASAC has been squared away. Provincial reg clearances outstanding (& tardy), which may be due to governmental personnel changes, and the approval process straddling Chinese New Year.

On the 14th April, Yancoal (YAL AU) announced it had entered into a transaction to acquire a majority stake in the Kestrel coal mine, located in Queensland, for “up to” US$2.4bn.

Yancoal intends to acquire the 80% stake held by EMR Capital and Adaro Energy (ADRO IJ) JV. Mitsui will maintain its 20% stake.

80% of Kestrel was previously held by Rio Tinto Ltd (RIO AU), and sold for A$2.25bn in 2018. That transaction required FIRB approval. This transaction also requires FIRB signing off.

CK Hutchison (1 HK)‘s arbitration - with the Panama government AND Maersk - continues, with China’s full backing, over the (ostensibly) illegal confiscation of the Balboa and Cristobal ports.

Elsewhere, ongoing divestments are further stacking CKH’s cash pile, a development not lost on the three key rating agencies.

And CKH’s 16.7% stake in Cenovus Energy (CVE US), already a strong cashflow generator, is a key standout from the ongoing Iran situation.

Back in January 2024 HLP offered a scrip dividend option, and HLG has taken full advantage, increasing its stake by 4%.

As HLG adds more HLP, long-term deep value play Dodge & Cox gradually sells HLG. That makes things interesting. And HLG’s P/B is inexpensive.

On the 11th September 2025, Evergrande Property Services (6666 HK) (EPS) announced that the liquidators for Evergrande (3333 HK) had been fielding non-binding Offers for Evergrande’s 51.016% stake in EPS.

Final proposals were expected to be submitted by November. Then (pretty much) crickets. FWIW, Evergrande was delisted from the HKEx on the 25th August 2025.

Yesterday, the same day Evergrande founder Hui Ka-yan plead guilty to fraud, EPS announced Evergrande has entered into a 30 day exclusivity period with a mystery buyer.

It’s been a little over three months since NDRC, MoC, and SAFE cleared this transaction. Only CSRC is outstanding.

For CSRC to pushback, it would need to clearly articulate, inter alia, clear friction points surrounding the deal structure (unfair share dilution) and/or systematic A-share market risks. Neither appears apparent.

The market is implying an unreasonable discount for ENN NG’s Hs vs. the As. I’d get involved.

Construction contractor play Rongzun (1780 HK) is suspended pursuant to the Hong Kong Code on Takeovers and Mergers.

I discussed Rongzun last November after the key shareholder placed out a 60% stake, leaving it with 15%.

The remaining 15% was sold on the 30th March, and Jingyao Yang emerged with 19.84%. Xia Liping, an INED at Future World Holdings (572 HK), also holds 13.71%.

Auto components play BeijingWest Industries (2339 HK) is suspended pursuant to the Hong Kong Code on Takeovers and Mergers.

BeijingWest hasn’t returned a profit since FY19. Following a major restructuring (equity + CB) announced last November, primarily to shore up finances, the share price is up an eye-watering ~320%

A big part of that euphoric price rise was controlling shareholder SOE-backed BWI Beijing backstopping the restructuring. But a privatisation tilt here at ~5x P/B? Unlikely.

Back on the 20th November 2025, pharma-play 3SBio (1530 HK) announced the spin-off and listing of 87.16%-held Mandi, a “hair loss and weight management treatments“ solutions provider, on the HKEx.

3SBio will distribute its stake in-specie, together with a concurrent global offering. An EGM has been set for the 23rd April for shareholders to vote on the in-specie distribution.

Mandi accounted for 17% of 3SBio’s revs in the 1H25, and 12.5% of profit. No updated figures for 2H25 have been provided. 3SBio’s overall FY25 numbers were stellar.

We’ve now cleared the one-year mark since ENN Energy (2688 HK) first announced a cash/scrip Offer from controlling shareholder ENN Natural Gas (600803 CH) (ENN NG).

Apart from the ambiguity surrounding the value to be assigned to the scrip into newly-listed ENN-NG H-shares; CSRC, the listing watchdog, has yet to sign off. This should be forthcoming.

By my calcs, I see at least 30% upside to ENN Energy’s shares here. The market is implying an unreasonable 67% discount for ENN NG’s Hs vs. the As.

Shenzhen International (152 HK) is coming up cheap to 47.3%-held subsidiary Shenzhen Expressway (600548 CH)/Shenzhen Expressway H (548 HK).

Regal REIT (1881 HK) has announced it will sell the Regal Oriental Hotel in Kowloon City to Blue Sky Properties (owned by Centaline) for HK$1.51bn (gross proceeds).

Centaline intends to convert the hotel into a student hostel once the necessary government approvals have been satisfied.

Even with a haircut to book - ~0.8x P/B by my calcs - this sale is a win for Regal REIT, currently trading at 0.1x P/B.

Zijin Mining Group (2899 HK) is seeking to become the largest shareholder in dual-listed (and currently privately-owned) Chifeng Jilong Gold Mining (6693 HK).

Zijin Mining’s subsidiary, Zijin Gold (not the listco), will buy 242mnn A shares of Chifeng Gold from its single largest shareholder, Li Jinyang, and concert party Zhejiang Hanfeng, at RMB41.36/share.

Concurrently, Zijin Gold has proposed subscribing to 311mn new H shares of Chifeng Gold at HK$30.19/share. If all goes to plan, Zijin Mining will hold 25.85% in Chifeng Gold.

Hospital and nursing home operator Tian An Medicare (383 HK) has announced a small buyback, which could potentially lift Tian An China Investment (28 HK)‘s stake to 55% from 51.47%.

The buyback is for 70mn shares or 6.48% of shares out, at HK$1.10/share, a 15.79% premium to last close. IF key shareholders do not tender, pro-ration could be >95%.

The only condition is an ordinary resolution at an SGM, and no shareholder need abstain. Which means the vote is a formality. I’m surprised it even needs to take place.

CK Hutchison Holdings (1 HK) has announced a 7% increase in underlying profit in 2025 of HK$22.3bn.

Factoring in a one-off ⁠non-cash loss of HK$10.9bn relating to the UK telcos merger of 3UK with Vodafone, net profit declined ⁠31% to HK$11.8bn.

Chairman Victor Li Tzar-kuoi added the group’s businesses will face “new and perhaps unforeseen challenges in 2026“; and is under “absolutely no pressure” to sell any assets.

Cathay Pacific Airways (293 HK)‘s recent outperformance is predicted on a (perceived) greater flexibility to shift capacity/routes versus Air China Ltd (A) (601111 CH), and proportionately less Middle East exposure.