Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

This week in StubWorld ...<ul><li><a href="https://www.smartkarma.com/entities/22853" target="_blank" data-smartkarma-citation="entities:22853:1">Sohu.com Inc (SOHU US)</a><a href="https://www.smartkarma.com/entities/50" target="_blank" data-smartkarma-citation="entities:50:1"></a>will pocket a tidy US$340mn from <a href="https://www.smartkarma.com/entities/19287" target="_blank" data-smartkarma-citation="entities:19287:1">Changyou.com Ltd (CYOU US)</a>'s special dividend, however, stub ops are expected to remain loss-making for the foreseeable future.</li><li><a href="https://www.smartkarma.com/entities/17477" target="_blank" data-smartkarma-citation="entities:17477:1">Pou Sheng Intl Holdings Ltd (3813 HK)</a> - and in turn, <a href="https://www.smartkarma.com/entities/12281" target="_blank" data-smartkarma-citation="entities:12281:1">Yue Yuen Industrial Hldg (551 HK)</a> - look set to recoup recent trading declines after minorities voted down Pou Sheng's privatisation.</li><li>With aluminium on a tear since the US imposed sanctions on <a href="https://www.smartkarma.com/entities/8517" target="_blank" data-smartkarma-citation="entities:8517:1">United Co Rusal Plc (486 HK)</a>, Bloomberg implements its own form of restriction on pricing for the mining producer.</li></ul>These relationships trade with: 1) a minimum liquidity threshold of US$1mn on a 90-day moving average; and 2) a minimum 20% 'market capitalisation' threshold, whereby the value of the holding/opco held must be at least 20% of the parent's market cap.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.My comments on Sohu, Yue Yuen/Pou Sheng and Rusal follow the weekly setup/unwind tables.(Market cap and liquidity noted below are in US$. Liquidity is assessed on a 3-month average)

This week in StubWorld ...Sohu.com Inc (SOHU US)will pocket a tidy US$340mn from Changyou.com Ltd (CYOU US)'s special dividend, however, stub ops are expected to remain loss-making for the foreseeable future.Pou Sheng Intl Holdings Ltd (3813 HK) - and in turn, Yue Yuen Industrial Hldg (551 HK) - look set to recoup recent trading declines after minorities voted down Pou Sheng's privatisation.With aluminium on a tear since the US imposed sanctions on United Co Rusal Plc (486 HK), Bloomberg implements its own form of restriction on pricing for the mining producer.These relationships trade with: 1) a minimum liquidity threshold of US$1mn on a 90-day moving average; and 2) a minimum 20% 'market capitalisation' threshold, whereby the value of the holding/opco held must be at least 20% of the parent's market cap.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.My comments on Sohu, Yue Yuen/Pou Sheng and Rusal follow the weekly setup/unwind tables.(Market cap and liquidity noted below are in US$. Liquidity is assessed on a 3-month average)

StubWorld - Sohu, Yue Yuen/Pou Sheng, Rusal

Russia

MMC Norilsk Nickel PJSC produces nickel, palladium, platinum and copper. The Company also produces various by-products such as cobalt, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and sulfur.

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Mmc Norilsk Nickel Pjsc (Adr) (MNOD LI)

StubWorld - Sohu, Yue Yuen/Pou Sheng, Rusal

This week in StubWorld ... Sohu.com Inc (SOHU US)will pocket a tidy US$340mn from Changyou.com Ltd (CYOU US)'s special dividend, however, stub...

David Blennerhassett

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