CIMC Vehicles (1839 HK): $7.00/Share Indicative Offer From Parent - Really?!

Nov 29, 2023

∙ Paid

After CIMC Vehicle Group Co Ltd (1839 HK) was suspended yesterday pursuant to Hong Kong's Takeover Code, the expectation was an H-share Offer from its parent, SOE-backed CIMC Group.
CIMC subsequently announced an indicative Offer yesterday evening, from its parent, at a $7.00/share for each H-share, a pitiful 8.6% premium to last close. There is no concurrent A-share Offer.
CIMC traded around $7.00 late September, and comfortably traded through the indicative terms for most of July.

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