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.

Yesterday, Kingboard (148 HK) gained 25% and ~67%-held Kingboard Laminates (1888 HK) 13%. Unrelated, Kingsoft (3888 HK) gained ~10% and 51.4%-held Beijing Kingsoft Office Software (688111 CH) just 0.9%.

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

The SPA requires reg approvals and a Scheme-like vote. 46.4% of the register is supportive. Separately, additional dividends are expected from the sale of property. And possibly cash on hand.

I had a number of questions concerning the transaction - as did many readers. This afternoon I pinned down a one-on-one with the FA to the Purchaser.

After SOE-backed small plane engine maker Continental Aerospace Technologies (232 HK)‘s share price popped on the 26th May, it confirmed a possible sale that could have Takeovers Code implications.

Late Friday (5th June) CAT confirmed it has entered into an SPA to sell its core business, potentially leading to a large cash distribution (HK$0.419-HK$0.436/share), and subsequent winding up.

The SPA requires reg approvals and a Scheme-like vote. 46.4% of the register is supportive. Additional dividends expected from the sale of property. Get involved.

Reportedly, CK Hutchison (1 HK) is exploring a dual-listing of AS Watson (Hong Kong & London) in the second half of this year.

AS Watson reported FY25 revenue and EBITDA of HK$209bn and HK$18.2bn. A US$30bn valuation is touted, or ~13x turns of EBITDA.

Elsewhere, CKH is exploring listing its European telcos; talks remain ongoing regarding the sale of ex-China/Panama ports; and potentially merging Park N Shop with DFI Retail Group (DFI SP)‘s Wellcome.

Jardine Matheson (JM SP) has agreed to buy a 100% stake in I-MED Radiology Network (I-MED) from Permira for A$3.4bn (US$2.4bn) in an all-cash deal.

The outlay for the largest X-ray and medical scan provider in Australia, backs out 11.5x EBITDA for FY26E (June Y/E), excluding I-MED’s minority stake in Harrison.ai.

The transaction remains “subject to customary closing conditions including regulatory approvals“ - that should include FIRB - and is “expected to complete later in 2026“.

A fortnight after the Shenzhen Stock Exchange approved SOE-backed power play China Resources Power (836 HK) (CRP)’s A-share listing of its renewable energy unit, CSRC approval is now satisfied.

The process has taken over three years. Since that time, CRP’s earnings and attributable installed capacity, is now evenly split between its thermal and renewable energy segments.

With CSRC and SZSE approvals in the bag, the final stretch should move relatively quickly.

I don’t deliberately set out to knock New World Development (17 HK); just that the newsflow/headlines speak volumes.

Apparently, after months of negotiation, Blackstone has walked away from a proposed tie-up with NWD. Reportedly other investors are still in the mix.

Any bailout, should one occur, which has been rumoured for, like, forever, is potentially less dilutive at today’s share price. It’d still be a bold move to load up here.

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.