Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> is elevated vs. <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> as the accretion trade unfolds.</li>
<li>As rates go up, investors may opt for direct exposure to <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>, as opposed to <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> indirectly, contributing to short squeezing JPB.</li>
<li>Expect near-term weakness in <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>, IF the exclusivity with Blackrock/MSC ends this weekend without resolution.</li>
</ul>



Prosus NV (PRX NA) is elevated vs. Tencent (700 HK) as the accretion trade unfolds.
As rates go up, investors may opt for direct exposure to Japan Post Bank (7182 JP), as opposed to Japan Post Holdings (6178 JP) indirectly, contributing to short squeezing JPB.
Expect near-term weakness in CK Hutchison Holdings (1 HK), IF the exclusivity with Blackrock/MSC ends this weekend without resolution.


Last Week In Event SPACE: Prosus/Tencent, Japan Post Bank, CK Holdings, Seven & I

<ul>
<li>I tally 38 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>One new deal was discussed on Smartkarma this week - <a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a>'s Tender Offer. Although I'm expecting an Offer for <a href="https://www.smartkarma.com/entities/cromwell-property-group" target="_blank" data-smartkarma-citation="entities:2780:1" rel="noopener">Cromwell Property (CMW AU)</a>.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>.</li>
</ul>


I tally 38 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
One new deal was discussed on Smartkarma this week - Pacific Industrial (7250 JP)'s Tender Offer. Although I'm expecting an Offer for Cromwell Property (CMW AU).
Key updates/news took place on Insignia Financial (IFL AU), PointsBet Holdings (PBH AU), New World Resources (NWC AU), Shandong Fengxiang (9977 HK), Frasers Hospitality Trust (FHT SP).


(Mostly) Asia-Pac M&A: Pacific Ind., Insignia Fin., PointsBet, New World Res., Frasers Hospitality

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Index Rebalance

Tung Ho Steel Enterprise / Index Rebalance

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the September 2025 index rebal event.</li>
<li>Currently, we see no changes for T50 and two changes for T100 in September.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the September 2025 index rebal event.
Currently, we see no changes for T50 and two changes for T100 in September.


Quiddity Leaderboard T50/​​​100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 18th. The aggregated holding was USD1,172.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,885mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, Alchip Technologies, UMC, Asia Vital Components, Hon Hai Precision.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 18th. The aggregated holding was USD1,172.9bn.
We estimate that foreign flows to be inflows of USD2,885mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, Alchip Technologies, UMC, Asia Vital Components, Hon Hai Precision.


TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/dd-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1439:1" rel="noopener">DD Group (3073 JP)</a>'s MBO and the <a href="https://www.smartkarma.com/entities/hanil-cement-co-ltd-new" target="_blank" data-smartkarma-citation="entities:27447:1" rel="noopener">Hanil Cement Co Ltd/New (300720 KS)</a>/<a href="https://www.smartkarma.com/entities/hanil-hyundai-cement-co-ltd" target="_blank" data-smartkarma-citation="entities:14406:1" rel="noopener">Hanil Hyundai Cement (006390 KS)</a> merger.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/adriatic-metals-plc" target="_blank" data-smartkarma-citation="entities:30797:1" rel="noopener">Adriatic Metals PLC (ADT AU)</a>, <a href="https://www.smartkarma.com/entities/abacus-storage-king" target="_blank" data-smartkarma-citation="entities:39857:1" rel="noopener">Abacus Storage King (ASK AU)</a>, <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, and <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>.</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deals were discussed on Smartkarma this week: DD Group (3073 JP)'s MBO and the Hanil Cement Co Ltd/New (300720 KS)/Hanil Hyundai Cement (006390 KS) merger.
Key updates/news took place on PointsBet Holdings (PBH AU), Adriatic Metals PLC (ADT AU), Abacus Storage King (ASK AU), New World Resources (NWC AU), and ZEEKR (ZK US).


(Mostly) Asia-Pac M&A: ZEEKR, DD Group, Hanil Cement, Adriatic Metals, Abacus Storage, PointsBet

Taiwan

Shin Kong Financial Holding Co., Ltd. is a holding company.  Through its subsidiaries, the Company provides traditional life, health, group and accident insurance products and services, as well as acts as a broker, dealer and underwriter for financial securities.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Shin Kong Financial Holding (2888 TT)

Last Week In Event SPACE: Prosus/Tencent, Japan Post Bank, CK Holdings, Seven & I

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Pacific Ind., Insignia Fin., PointsBet, New World Res., Frasers Hospitality

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Quiddity Leaderboard T50/100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before

Tung Ho Steel (2006 TT) will need to underperform other names by 13% to be an unconditional T100 DEL and get deleted from TDIV. However, there are...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Alchip Technologies, UMC, Asia Vital...

Ke Yan, CFA, FRM

(Mostly) Asia-Pac M&A: ZEEKR, DD Group, Hanil Cement, Adriatic Metals, Abacus Storage, PointsBet

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week In Event SPACE: Prosus/Tencent, Japan Post Bank, CK Holdings, Seven & I

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Pacific Ind., Insignia Fin., PointsBet, New World Res., Frasers Hospitality

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Quiddity Leaderboard T50/​​​100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before

Tung Ho Steel (2006 TT) will need to underperform other names by 13% to be an unconditional T100 DEL and get deleted from TDIV. However, there are...

Janaghan Jeyakumar, CFA

TWSE Foreign Holding Weekly (Jul 18th): TSMC, Alchip Technologies, UMC, Asia Vital Components

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, Alchip Technologies, UMC, Asia Vital...

Ke Yan, CFA, FRM

(Mostly) Asia-Pac M&A: ZEEKR, DD Group, Hanil Cement, Adriatic Metals, Abacus Storage, PointsBet

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Quiddity Leaderboard T50/100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before