20150623-BARCLAYS-华润创业（0291）：REVISED_OFFER-815044

On 18 June 2015，CRE announced that its parent，China Resources Holdings（CRH），had marginally revised up its offer to buy CRE’s non-beer businesses to HK$30bn from HK$28bn.This amounts to an increase of about HK$0.80/share，raising the earlier offer of HK$11.50/share to HK$12.30/share.In addition，CRH also proposed to increase its stake in the BeerCo（which is what CRE will become post the spin-off of its non-beer assets）by increasing its partial offer to acquire an additional 10% stake earlier to 20% now.Therefore，shareholders will be able to sell to the parent about 40% of their shares outstanding of the BeerCo at HK$12.75/share（unchanged from the previous offer）.Combined，this rounds up to a total value of HK$25/share for the existing entity（BeerCo and non-Beer），which is close to where CRE’s stock is now trading.CRH is also offering a loan of up to HK$10bn to the BeerCo for three years. We raise our 12-month price target for CRE by 4% to HK$24 to reflect the increase in the proposed special dividend as part of the revised offer.