Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I  tally 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deals discussed this week: <a href="https://www.smartkarma.com/entities/bossini-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:4085:1" rel="noopener">Bossini International (592 HK)</a> low-balled scrip Offer from <a href="https://www.smartkarma.com/entities/viva-goods-company-ltd" target="_blank" data-smartkarma-citation="entities:15864:1" rel="noopener">Viva Goods (933 HK)</a>. <a href="https://www.smartkarma.com/entities/beijing-capital-grand-ltd" target="_blank" data-smartkarma-citation="entities:18241:1" rel="noopener">Beijing Capital Grand (1329 HK)</a> also suspended due to the Takeovers code. </li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/guotai-junan-securities-co-ltd-5dfaf2c5-76d3-4f34-a77d-118787fd7091" target="_blank" data-smartkarma-citation="entities:23752:1" rel="noopener">GJS (2611 HK)</a>/<a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:166:1" rel="noopener">Haitong Securities (600837 CH)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/hotel-property-investments" target="_blank" data-smartkarma-citation="entities:9850:1" rel="noopener">Hotel Property Investments (HPI AU)</a>, <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">TCM (570 HK)</a> and <a href="https://www.smartkarma.com/entities/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna Mac Holdings (DMHL SP)</a> </li>
</ul>


I  tally 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deals discussed this week: Bossini International (592 HK) low-balled scrip Offer from Viva Goods (933 HK). Beijing Capital Grand (1329 HK) also suspended due to the Takeovers code. 
Key updates took place on: GJS (2611 HK)/Haitong Securities (600837 CH), Fuji Soft Inc (9749 JP), Hotel Property Investments (HPI AU), TCM (570 HK) and Dyna Mac Holdings (DMHL SP) 


(Mostly) Asia-Pac M&A: GJS/Haitong, Fuji Soft, Bossini, Dyna-Mac, Beijing Capital Grand, TCM

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>NPS is now viewing their voting rights on Korea Zinc purely from a returns angle, shifting from earlier expectations of siding with Choi due to political pressure.</li>
<li>We need a tendering strategy for a 20% proration risk, focusing on when MBK will buy that extra 3.7% stake to cut losses on untendered shares.</li>
<li>MBK will aim to buy leftover shares cheaply. Their approach depends on the progress of Choi and Trafigura's talks</li>
</ul>


NPS is now viewing their voting rights on Korea Zinc purely from a returns angle, shifting from earlier expectations of siding with Choi due to political pressure.
We need a tendering strategy for a 20% proration risk, focusing on when MBK will buy that extra 3.7% stake to cut losses on untendered shares.
MBK will aim to buy leftover shares cheaply. Their approach depends on the progress of Choi and Trafigura's talks


Need a Game Plan to Tackle Korea Zinc's Buyback Tender with a 20% Proration Risk

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Devil is in the legal loophole. Issuing treasury shares to employees as bonuses is an exception that is not bound by the condition of '6 months after treasury shares acquisition.</li>
<li>It would be nearly impossible for Korea Zinc to sell 2.4% of its treasury stock to an external friendly force and transform it into a friendly stake by February 2025.</li>
<li>Although MBK/Young Poong Alliance has the advantage right now in this M&amp;A battle for Korea Zinc, it is by no means over.</li>
</ul>


Devil is in the legal loophole. Issuing treasury shares to employees as bonuses is an exception that is not bound by the condition of '6 months after treasury shares acquisition.
It would be nearly impossible for Korea Zinc to sell 2.4% of its treasury stock to an external friendly force and transform it into a friendly stake by February 2025.
Although MBK/Young Poong Alliance has the advantage right now in this M&amp;A battle for Korea Zinc, it is by no means over.


Korea Zinc's 2.4% Treasury Shares - Devil Is In the Legal Loophole

<ul>
<li>We discuss the next steps in the fight for the control of Korea Zinc, after the completion of the tender offer by the MBK Partners and Young Poong alliance. </li>
<li>After the tender offer, MBK and Young Poong's stake in Korea Zinc increased from 33.13% to 38.47%, coming close to more than half of the voting rights.</li>
<li>We continue to believe that at current stage, MBK/Young Poong alliance has the advantage in the fight for the control of Korea Zinc. </li>
</ul>


We discuss the next steps in the fight for the control of Korea Zinc, after the completion of the tender offer by the MBK Partners and Young Poong alliance. 
After the tender offer, MBK and Young Poong's stake in Korea Zinc increased from 33.13% to 38.47%, coming close to more than half of the voting rights.
We continue to believe that at current stage, MBK/Young Poong alliance has the advantage in the fight for the control of Korea Zinc. 


Scenario Analysis of Korea Zinc's Share Buyback, Cancellation, and Tender Offer + NPS's Five Options

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Oct 11th which has an aggregated short interest worth USD4.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung Electronics, Sk Hynix, Posco, Shinhan Group.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 11th which has an aggregated short interest worth USD4.7bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Samsung Electronics, Sk Hynix, Posco, Shinhan Group.


KRX Short Interest Weekly (Oct 11th): Samsung Electronics, Sk Hynix, Posco, Shinhan Group

South Korea

Korea Zinc Co., Ltd. specializes in non-ferrous metal smelting industry.  The Company manufactures zinc ingots, electrolytic gold, silver, lead, sulfuric acid, and copper.  Korea Zinc provides its products to domestic and overseas markets.

Price Gauge
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Korea Zinc (010130 KS)

(Mostly) Asia-Pac M&A: GJS/Haitong, Fuji Soft, Bossini, Dyna-Mac, Beijing Capital Grand, TCM

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

Need a Game Plan to Tackle Korea Zinc's Buyback Tender with a 20% Proration Risk

This post explains why we need a game plan for Korea Zinc's buyback tender offer, keeping that 20% proration risk in mind.

Sanghyun Park

Korea Zinc's 2.4% Treasury Shares - Devil Is In the Legal Loophole

Devil is in the legal loophole. Issuing treasury shares to employees as bonuses is an exception that is not bound by the condition of '6 months...

Douglas Kim

KRX Short Interest Weekly (Oct 11th): Samsung Electronics, Sk Hynix, Posco, Shinhan Group

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Sk Hynix, Posco, Shinhan Group.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

(Mostly) Asia-Pac M&A: GJS/Haitong, Fuji Soft, Bossini, Dyna-Mac, Beijing Capital Grand, TCM

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

Need a Game Plan to Tackle Korea Zinc's Buyback Tender with a 20% Proration Risk

This post explains why we need a game plan for Korea Zinc's buyback tender offer, keeping that 20% proration risk in mind.

Sanghyun Park

Korea Zinc's 2.4% Treasury Shares - Devil Is In the Legal Loophole

Devil is in the legal loophole. Issuing treasury shares to employees as bonuses is an exception that is not bound by the condition of '6 months...

Douglas Kim

Scenario Analysis of Korea Zinc's Share Buyback, Cancellation, and Tender Offer + NPS's Five Options

We discuss the next steps in the fight for the control of Korea Zinc, after the completion of the tender offer by the MBK Partners and Young Poong...

Douglas Kim

KRX Short Interest Weekly (Oct 11th): Samsung Electronics, Sk Hynix, Posco, Shinhan Group

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Sk Hynix, Posco, Shinhan Group.

Ke Yan, CFA, FRM