Jinke Smart (9666 HK): Boyu Changes Up And Now Seeks Delisting

• On the 28th April 2025, PRC-incorporated property management play Jinke Smart Services (9666 HK) announced a possible unconditional MGO take-under at HK$6.67/share from a Boyu-backed Offeror.

• The Offeror (and Concert Parties), bought a 18.05% stake in Jinke at auction, lifting their stake >50% triggering the MGO. The Offeror’s intention was to maintain Jinke’s listing.

• That’s now changed. The Offeror is now seeking Jinke’s delisting at HK$8.69/share; however, as Jinke is PRC incorporated, the privatisation conditions include a Scheme-like vote and a 90% tendering condition.

The Trade:

• We are basically presented with a whole new Offer.

• You have a minimum floor of HK$6.67/share, irrespective.

• This revised Offer may well get up - it’s a decent premium to the “base offer”; however the 90% tendering condition can be tricky.

• Assuming late-Jan 2026 payment, perhaps bid up to ~HK$8.40/share.