New World China 0917

Re: New World China 0917

Postby winston » Fri Dec 04, 2015 1:13 pm

Dec 3, 2015

<Research Report>JP Morgan Sees NWCL Asset Disposal Positive

JP Morgan, in the latest research report, said the the NEW WORLD CHINA (00917), under NEW WORLD DEV (00017), sold the a number of assets at a 67% premium to book and the cash proceeds will help reduce NEW WORLD CHINA net debt to equity from 45% to 20%.

The act will help eliminate the potential cash call from NEW WORLD CHINA to NEW WORLD DEV.

NEW WORLD DEV (00017) is rated Overweight with target price set at $11.3

Source: AAStocks Financial News
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Re: New World China 0917

Postby winston » Tue Jan 05, 2016 7:41 am

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New World back on China privatize track

by Jennifer Li

New World Development (0017) is planning to privatize its subsidiary New World China (0917) in a deal that could be worth HK$16.38 billion.

The deal would mark a second attempt after NWD failed to take the China unit private for HK$18.72 billion in March 2014, as independent shareholders rejected the offer of HK$6.80 per share, forcing chairman Henry Cheng Kar-shun to wait at least a year for another try.

Trading in the two developers was suspended yesterday, pending the announcement related to "takeovers and mergers," they said in the notes to local bourse.

The announcement is expected to be made this week, Bloomberg reported.

NWD said in the proposal two years ago that the fundraising ability of its China unit was limited due to less liquidity of the shares, while a privatization could help increase financing opportunities and improve flexibility to manage its business.

"It's the right time [to propose again] ... NWD has always wanted to privatize NWC, but the offer price last time was too low for investors," said Linus Yip Sheung-chi, First Shanghai Securities chief strategist.

Since the deal lapsed, New World China shares have traded below the seven-year high of HK$6.54 in March 2014.

They closed at HK$6.21 on December 31, up 35.3 percent from the beginning of 2015, mainly thanks to a sharp surge after the announcement of several deals to sell mainland assets to Evergrande Real Estate Group (3333).

NWD, already holding 70.32 percent stake of New World China and about HK$31 billion in cash as of June 30, has more than enough money for the offer this time, according to BoCom International Holdings.

"There's no pressure financially, and its a very reasonable thing for them to do," BoCom International analyst Alfred Lau said.

New World China, listed in 1999 at HK$9.50 a share, has residential, retail, office, and hotel projects in more than 20 mainland cities, including Beijing and Shanghai, according to its website.

Source: The Standard
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Re: New World China 0917

Postby winston » Wed Jan 06, 2016 2:51 pm

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<Post Resumption>New World China Rockets 20% on Parentco's Proposed Privatization

NEW WORLD DEV (00017.HK) proposed privatization to NEW WORLD CHINA (00917.HK) that it intended to acquire the entire shares of NEW WORLD CHINA at an offer price of $7.8 a share in cash, representing a premium of 25.6% over the closing price quoted before the suspension of trading.

The offer price of all outstanding options was $2.38-5.35. NEW WORLD DEV had to pay a total consideration of $21.317-21.454 billion for the offer.

Both companies have resumed trading in their shares today. NEW WORLD CHINA hit the highest level of $7.333 since 2007 and peaked at $7.56.

The stock last traded at $7.48, leaping 20%, on doubling volume to 8.53 million shares.

In contrast, its parent company NEW WORLD DEV dived 4.7% and last printed at $7.3, on increasing volume to 26.95 million shares.

Source: AAStocks Financial News
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Re: New World China 0917

Postby winston » Wed Jan 06, 2016 3:32 pm

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<Research Report>Citi: Higher Chance of Success when New World Dev Uses GO Approach for Privatization

NEW WORLD DEV (00017.HK) proposed privatization to NEW WORLD CHINA (00917.HK) that it intended to acquire the entire shares of NEW WORLD CHINA at an offer price of $7.8 a share in cash.

Citigroup, in its report, commented that the proposal this time has a higher chance of being successful mainly due to its cash general offer (GO) format providing greater flexibility in terms of timing and offer price.

On the other hand, NEW WORLD DEV did not explicitly state that the offer price will not be increased and no rights issue is planned this time.

The broker stated that the proposed privatization this time was relatively reasonable as the assets value of NEW WORLD CHINA has been improved in the past two years.

In the broker's opinion, the move should be the group's assets deployment instead of a more aggressive investment proposal.

Some recent actions suggested business ownership was being transferred to the next generation.

Source: AAStocks Financial News
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Re: New World China 0917

Postby winston » Wed Mar 23, 2016 3:48 pm

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NEW WORLD CHINA (00917.HK) Privatization Becomes Unconditional

NEW WORLD DEV (00017.HK), in relation to the privatization of NEW WORLD CHINA (00917.HK), announced that the offeror has received valid acceptances in respect of approximately 97.06% of the offer shares and approximately 96.92% of the disinterested NWCL shares, the share offer has become unconditional in all respects on the first closing date.

Source: AAStocks Financial News
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