Really surprised that Green Packet, being a 32% shareholder in G3, is nowhere experiencing the kind of upward price movement of G3, which hit limit up yesterday. Is the market missing something or simply slow to react?

Just like water will find its own level soon enough, Fintec's share price cannot stay down forever if it continues to show improvement in earnings and financials. With such decent EPS for last 3 quarters, I'll continue to buy more of this counter. Keep the faith!

I hope I didn't give a wrong impression that I'm against Asiapac; I'm actually neutral on Asiapac. My writing earlier was to share that one probably wouldn't benefit much from subscribing to the ICULS due to the weak mother share price currently, and the uncertainty that the warrant price can perform that well when listed. If one has strong convictions about investing in Asiapac, he can just buy the mother share in the open market at the current price as it is. If the mother share price receives good support and moves up later, he can benefit just as well and by just as much. I'm just sharing my thoughts here, not recommending a buy, sell or not to subscribe to the ICULS.

Gore Victor Lee, you can look up the salient terms of the ICULS and warrants under Asiapac's announcement in the Bursa website under company announcements, dated 29 Dec 2016. The relevant info is in the 2nd document attached thereto.
The way I value the ICULS (forget about the coupon interest first) is this: you pay RM1.00 for 1 ICULS that is convertible to 5 Asiapac shares that carries a current price of 0.17. So, it means your ICULS is worth: 5 times 0.17 = RM0.85. So you 'lose' 15 sen when you subscribe, which is then compensated by the 2 free warrants given to you. So, just to break even, ceteris paribus, your free warrants on listing must command a price of RM0.075 for you to break even, transaction costs not counted. Some might argue that you get 3% interest per year for the next 5 years but I don't think that is a strong enough sweetener. Whether it is worth it or not, you be the judge, but the mother share price should give you an idea whether the minimum target warrant price of 7.5 sen is achievable (with an exercise price of 25 sen).

the exercise price of the warrant is RM0.25 and 1 ICULS (nominal value RM1) is convertible to 5 mother shares (par RM0.20)