Shanghai International Group has offered HK$2.16 a share in cash for 51% of the H shares of Haitong Unitrust International Financial Leasing, and RMB1.85 a share for 51% of its domestic shares, in partial offers worth about US$1.16bn announced on 23 October.
Why Shanghai International Group (via Shanghai State-owned Assets Management and Shanghai International Group (Hong Kong)) is buying Haitong Unitrust International Financial Leasing (51% via partial offers)
SIG said it wants to establish a presence in financial leasing and make Haitong Unitrust its flagship leasing vehicle in China and overseas, with potential to consolidate other Shanghai state-owned leasing companies when appropriate.
Deal terms and financing
The H-share offer price is an 80.0% premium to the last close of HK$1.20 on 2 October 2026 and 109.7% above the five-day average. Maximum cash consideration is HK$6.38bn for the H shares and RMB2.30bn for the domestic shares. The offerors have said the prices will not be increased. The H-share offer is financed by a HK$6.4bn facility from Industrial Bank's Hong Kong branch and/or SIG's internal resources.
Regulatory approvals and timing
The offers are subject to pre-conditions including the Takeovers Executive's consent under Rule 28.1 of the Takeovers Code, PRC regulatory filings and approvals, and any approvals Guotai Haitong needs to sell shares. Trading in the H shares, halted since 5 October, was due to resume on 26 October.
Market context
Guotai Haitong, in which SIG holds about 20.46%, owns about 85% of Haitong Unitrust through two subsidiaries, which are presumed to act in concert with the offerors. The offerors intend to keep the company's H-share listing on the Hong Kong exchange.
