JPM | EMEA Spec Sits Daily: CEC GY, IR5B ID, elevators note

Research evidence excerpt

Specialist Sales

JPMORGAN

20 August 2026

JPM | EMEA Spec Sits Daily: CEC GY, IR5B ID, elevators note

Special Sits Today

News/ press: press reports China’s Ministry of Justice comments on EU FSR review of CEC GY, IR5B ID warns

Scheme Vote may fail based off early proxy votes from some shareholders, Oxy Capital on IR5B ID

Research: global elevators note, European tyres notes

Today: JTC LN Scheme effective, BOSS GY index events (est. 0.76m shares to sell, ~1.3x ADV)

News & Press

M&A

CEC GY: Following on from yesterday's press, the FT reports this morning that a spokesperson for China’s Justice Ministry

said the EU was abusing its foreign subsidies investigation mechanism and warned Beijing could "resolutely retaliate in

accordance with the law" if the EU persisted. The Ministry has barred individuals and organizations from assisting with the

investigation. The EU FSR Phase 2 deadline is 2 October. The deal’s long stop date is 10 November.

IR5B ID: The shareholder vote is scheduled for 28 August. The Independent ICG Board state they have received early proxy

votes from some shareholders and if some of those proxy votes are not changed, the Scheme will likely fail. link

IR5B ID: Oxy Capital continues to believe the MBO Bid materially undervalues ICG and encourages all other independent

shareholders to vote against. link

An 8.3 filing on14/8/26 shows Oxy Capital holds 1.49% link.

Soft Catalyst

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JPM Research

Stocks

Global Elevators - Quiet financial markets offer a chance to revisit an overlooked end market - elevators- Phil Buller here

While not the highest growth vertical in cap goods, the elevator subgroup is relatively simple to understand, returns on

capital are sector-leading, and after a difficult few years due to the significant correction in Chinese construction, is now

entering a period of sequentially better growth and structurally higher margins. This improved outlook is at odds with

valuations given the subgroup is trading at or around 5 year lows. Add to this the proposed Kone/TKE merger, Schindler’s

optionality and the all-important CMD in November, and it becomes an opportune time to revisit this overlooked vertical.

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