On the 27th July 2026, IT integrator Maxnerva Technology Services (1037 HK) announced its two top shareholders - FSK and FDG - had entered into SPA’s with Foxconn at HK$0.6374/share.

Assuming the SPAs complete (primarily requiring Vietnam Competition Commission approval), Foxconn’s stake increases from 6.61% (indirect) to 40.46%, triggering a conditional mandatory general offer (50% tendering condition) also at HK$0.6374/share.

Arguably this is a Hon Hai/Foxconn internal restructuring exercise. It’s a decent premium though; enough to (likely) clear the 50% tendering condition. Listing status maintained, hence a decent back-end proposition

Back on the 29th June 2026, ride-hailer Dida (2559 HK) announced a super clean voluntary conditional offer from Tongcheng Travel (780 HK).

Terms were HK$2.562, a 108.3% premium to undisturbed , comprising a cash component (HK$1.3875/share) plus a special dividend (HK$1.1745/share, 20th July record date). Irrevocables cleared the minimum acceptance of 50%.

The Composite Doc is now out. The Offer is open to tendering. The IFA says fair & reasonable.

Contractor WK Group (2535 HK) is suspended pursuant to the Hong Kong Code on Takeovers and Mergers. Expect a Scheme Offer from the Chan family, who collectively hold ~39%.

WK Group was listed in March 2024 at HK$0.25/share, and closed up 9.7% yesterday at HK$0.51/share.

Interestingly, this is the second HK contractor suspended in as many days due to the Takeovers code, after Superland (368 HK) - see Superland (368 HK) Suspended: MBO (Takeunder) Expected.

Superland Group (368 HK) is suspended pursuant to Hong Kong Code on Takeovers and Mergers. I expect a Scheme Offer from founder/chairman/CEO Ng Chi Chiu, who currently holds 75%.

Superland, a high-end indoor home and commercial decorator/renovator, was listed in July 2020 at HK$0.63/share.

The stock is up >600% in the past year. Yet remarkably, is 50% adrift off its all-time high last month. Expect a takeunder. Currently trading with total disregard to fundamentals.

Yesterday morning (23rd July), broker/investment bank Guotai Junan International (1788 HK) (GJI) was suspended pursuant to the Takeovers Code.

GJI is 73.92%-controlled by the recently formed state-backed Guotai Haitong Securities (601211 CH) (GHS) - see GJS/Haitong Merger: One Formality Reg To Go.

GHS will be taking out GJI. The key question is at what price?

A double dose of StubWorld this week: Legend Holdings (3396 HK)‘s implied stub and simple ratio (Legend/Lenovo (992 HK)) are both around multi-year lows.

Preceding my comments on Legend and Lenovo are the current setup/unwind tables for Asia-Pacific Holdcos.

These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

As discussed in Z Fin (1168 HK)’s Suspension: Expect Ou To Make An Offer, following Z Fin (1168 HK)‘s suspension, an Offer from Ou Yaping, Z Fin’s founder, was expected.

And that is what unfolded late last night (21st July). Ou is Offering HK$6.60/share, by way of a Scheme. Terms are final.

Terms are a 61.37% premium to undisturbed. Yet a 72.13% discount to NAV. Minorities are somewhat active looking at recent AGM voting. Yet terms are fair to listed peers.

On the 17th July 2026 , JBM (Healthcare) (2161 HK), a consumer healthcare company, announced the spin-off of 100%-held JPJ, the group’s branded PCM products and Chinese medicine clinic services.

Listing is slated for the HKEx, market conditions permitting. An application proof has been lodged. JBM intends to hold at least 50% of JPJ post listing.

My calcs suggest JBM is fairly valued here - before assigning any holdco discount post spin-off. FWIW, JBM was itself spun-off from Jacobson Pharma (2633 HK) in February 2021.

China Modern Dairy (1117 HK) (CMD)’s 30th October 2025 SPA dovetailed into a conditional MGO for China Shengmu Organic Milk (1432 HK) (CSM). That Offer is now effectively unconditional.

According to CCASS, CMD controls ~71.2% - at least. The first close is the 21st July. The MGO may be declared unconditional today.

CMD intends to maintain CSM’s listing. This Offer will likely close on the 4th August.

As discussed in Get Nice (64 HK): Expect A Founder’s Scheme, following Get Nice (64 HK)‘s (GNH) suspension, an Offer from Hung Hon Man, GNH’s chairman (& founder), was expected.

And that is what unfolded late Friday night (17th July). Hung is Offering HK$4/share, comprising a HK$2 consideration + HK$2 special dividend. Terms appear not to be final.

Terms are also low-balled. A 17.6% premium to undisturbed. And a 62.8% discount to NAV. Yet minorities are indifferent looking at AGM voting. I’m guessing this gets up, as is.

On the 30th October 2025, China Modern Dairy (1117 HK) (CMD) entered into a SPA to acquire 1.28% in China Shengmu (1432 HK), the completion of which triggered a MGO.

The Composite Doc was dispatched on the 30th June 2026, with a First Close on the 21st July. 31st August is the final close - unless unconditional 14 days beforehand.

CMD intends to Shengmu’s maintain listing. The Offer is conditional on CMD holding 50%. By my estimate, ~14.4% of shares out have now tendered, lifting CMD’s stake to ~45.66%.

This morning Z Fin (1168 HK) was suspended pursuant to Hong Kong Code on Takeovers and Mergers. I expect a Scheme Offer from founder Ou Yaping, who currently holds 64.61%.

Z Fin was previously known as Sinolink Worldwide, a PRC property developer.

Despite the fintech rebranding, Z Fin very much remains a property play, and should be assessed accordingly. At 0.2x trailing P/B, Z Fin is trading bang in line with peers.

On the 14th May 2026, Ten Pao (1979 HK), a power-supply and charging device manufacturer, announced the spin-off of its 92.4091%-held charging device arm via an A-share listing.

Shares gained 21% on the news - which were promptly given back, and then some, with shares now down 17% from undisturbed.

A circular is now out. A shareholder vote on the carve out has been waived. The transaction requires CSRC approval.

Priced at RM10.11/share, China Resources New Energy (001248 CH) (CRNE) appeared fairly priced on a trailing P/B; to possibly “cheap” on a trailing PER metric, depending on your forecast viewpoint.

However, at ~700x oversubscribed, and given CRNE is part of the vast SOE China Resources Holdings, a pop on debut was a safe bet. CRNE is now up 109%.

China Resources Power (836 HK)‘s 81.8% stake in CRNE accounts for 307% of its market cap. And places the discount to NAV at ~74%, That’s not sustainable.

Back on the 5th November 2024, Get Nice (64 HK) (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held Get Nice Financial (1469 HK) (GNF).

It was an uninspiring Offer; although a HK$0.50/share dividend helped the deal got up. At the time, my bet was GNH, at 0.21x P/B, was next to be privatised.

On Friday (26th June), GNH was suspended pursuant to the Takeovers Code. Expect Hung Hon Man (chairman/founder), with 51.67% of shares out, to seek GNH’s delisting via a Scheme.

Back on the 15th May 2026, the CSRC approved SOE-backed power play China Resources Power (836 HK)‘s A-share listing of its renewable energy unit, China Resources New Energy Group (CRNE).

CRNE’s prospectus was lodged on the 10th June, with a tentative listing early July. CRNE’s 1Q26 profit was down 28%, with a forecast drop of at least 19% in 1H26E.

CRNE has been priced at RM10.11/share, raising US$3.8bn, with a post-money market cap of US$20.8bn. CRNE’s peer basket is down 21% in the past month. CRP is down 10%.

In StubWorld: Big Moves In “Kings”, I mused, given 66.62%-held Kingboard Laminates (1888 HK)‘s meteoric price gain, Kingboard (148 HK) may seek another placement. And so it has.

Kingboard is placing out 155mn shares in Laminates, or 4.92% of shares out, at HK$76/share, a 11.5% discount to last close, raising HK$11.8bn. This placement reduces Kingboard’s stake to 61.7%.

This is Kingboard’s second placement in 2026 after it sold 130mn shares (4.15% of shares out) in Laminates back on the 18th March 2026, pocketing HK$2.72n

On the 15th May 2026, the CSRC approved SOE-backed power play China Resources Power (836 HK)‘s A-share listing of its renewable energy unit, China Resources New Energy Group (CRNE).

CRNE’s prospectus has now been lodged, with a tentative listing late June/early July.

CRNE’s 1Q26 profit was down 28%, with a forecast drop of at least 19% in 1H26E. CRNE’s peer basket is down 21% in the past month. CRP is down 6%.

Back on the 5th June, SOE-backed plane engine maker Continental Aerospace Technologies (232 HK)‘s entered into an SPA to sell its core business, potentially leading to a substantial cash distribution.

In Con Aero Tech (232 HK): Q&A With The FA, I discussed my one-on-one with the FA to the Purchaser.

In this insight, I discuss my one-on-one with the FA to the Seller - or Con Aero Tech.

Swire Pacific (19 HK) announced plans to raise HK$4.7bn via the issuance of bonds exchangeable into shares of Cathay Pacific (293 HK).

The zero-coupon bonds can be converted into ~356.6mn Cathay Pacific, ~5.9% of shares out. The initial exchange price is HK$13.18/Cathay share, a 2.9% premium to last close.

This development follows Swire’s announcement in March this year it sold 153.05mn shares in Cathay at HK$11.74/share, raising HK$1.8bn for working capital.