Jinke Smart (9666 HK): Boyu's Unconditional Offer Now Open To Tendering

• 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.

• At an auction, the Boyu-backed Offeror and Concert Parties, (then) holding 37.86%, bought a 18.05% stake in Jinke, subject to CSDC oversight. Approval was received on the 19th September.

• The Composite Document is now out, and shareholders, should they so choose, can tender. The first close is the 17th October. The Offer may get extended. I doubt it.

Jinke Smart Services (9666 HK) is relatively illiquid. Look away if this is not your bag.

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The Trade:

• Trading at terms (close enough).

• My bet is that the back-end will trade up - but I don’t have a strong conviction. That is the only trade here.

• I’d expect Boyu to make a delisting proposal down the track.