Midea Real Estate (3990 HK): Now Trading Ex-In-Specie

Sep 10, 2024

∙ Paid

Back on the 23 June 2024, property developer Midea Real Estate Holding (3990 HK) announced the in-specie distribution of its core ops, either in unlisted scrip, or HK$5.90/share in cash.
The in-specie involved distributing 97.8% of Midea's assets (involved in property development and sales); accounting for 95% of revenue and ~91% of profit. All figures as at FY23.
Midea went ex yesterday, closing down just HK$4.87/share. Midea, ex-in-specie, is currently trading at a trailing 0.6x P/B, and 2.3x PER. Pricing looks full.

Keep reading with a 7-day free trial

Subscribe to Hong Kong/China M&A/Events to keep reading this post and get 7 days of free access to the full post archives.