OneConnect (6638 HK/OCFT US): 28th October Vote On Ping An’s Offer
I was way off on timing. After the pre-cons were satisfied on the 9th July, I thought Ping An's Offer for Oneconnect Financial (6638 HK) could feasibly wrap up around now.
A draft Scheme Doc was released on the 18th July. The IFA (Gram Capital) said fair & reasonable.
The Scheme Document is now out, with a Court Meeting on the 28th October and expected payment around the 28th November.
OneConnect is illiquid - look away now if that is not your thing.
The Trade:
Terms are light. Trading wide as a result (8.3% gross spread).
No competing Offer will emerge. Ping An holds 75.17% (direct/indirectly)
This probably gets up. The share price is up 300% in the past year.
IF illiquid Hong Kong arbs are your bag, get involved, and pay up to ~HK$2/share.
After the Goldlion Holdings (533 HK) and Soundwill Holdings (878 HK) failures, this is, however, not a trade I would take.
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