Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Mapletree North Asia Commercial Trust / Event-Driven

Mapletree North Asia Commercial Trust (MAGIC SP)

<ul>
<li>For the month of January, 6 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$9bn.</li>
<li>The average premium for the new deals announced (or first discussed) in January was ~18%.</li>
<li>This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.</li>
</ul>


For the month of January, 6 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$9bn.
The average premium for the new deals announced (or first discussed) in January was ~18%.
This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.


<ul>
<li>The parent company of <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> has announced a plan to increase its holding. This is better than a poke in the eye with a sharp stick. </li>
<li>
<a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> is inexpensive, even for a cross-border, possibly-difficult-to-short subsidiary, Holdco situation. </li>
<li>The BHP LN vs BHP AU unification should cause US$40bn of rebalance trading across the major indices. Other indices will simply roll their exposure from PLC to Limited without trading. </li>
</ul>


The parent company of China Mobile (941 HK) has announced a plan to increase its holding. This is better than a poke in the eye with a sharp stick. 

Wilmar International (WIL SP) is inexpensive, even for a cross-border, possibly-difficult-to-short subsidiary, Holdco situation. 
The BHP LN vs BHP AU unification should cause US$40bn of rebalance trading across the major indices. Other indices will simply roll their exposure from PLC to Limited without trading. 


Last Week in Event SPACE: China Mobile, Wilmar, BHP, Link Net, Hollysys, GJ Steel, Guodian Tech, ASX

Hollysys Automation Technologies / Event-Driven

Hollysys Automation Technologies (HOLI US)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hollysys-automation-technolo" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technology (HOLI US)</a> has <a href="https://app.quotemedia.com/data/downloadFiling?webmasterId=101533&amp;ref=116388898&amp;type=PDF&amp;symbol=HOLI&amp;companyName=Hollysys+Automation+Technologies+Ltd.&amp;formType=6-K&amp;dateFiled=2022-01-24&amp;CK=1357450" target="_blank" rel="noopener">announced</a> it will suspend further evaluation of all unsolicited buyout proposals that the company has received.</li>
<li>Concurrently, a new buyer consortium has pitched a non-binding Offer of US$25/share. There is no SEC filing on this proposal nor does it appear on HOLI's website. </li>
<li>Shares closed ~13% down on the suspension news. Presumably, the evaluation cessation encompasses the most recent proposal.</li>
</ul>



Hollysys Automation Technology (HOLI US) has announced it will suspend further evaluation of all unsolicited buyout proposals that the company has received.
Concurrently, a new buyer consortium has pitched a non-binding Offer of US$25/share. There is no SEC filing on this proposal nor does it appear on HOLI's website. 
Shares closed ~13% down on the suspension news. Presumably, the evaluation cessation encompasses the most recent proposal.


Hollysys (HOLI US) Suspends Proposal Evaluations As Fourth Bid Emerges

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> backs Blackstone's revised Offer of A$13.10/share in cash, from A$12.50 previously, and up from A$11.85/share initially.  </li>
<li>The endgame approaches for the <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP (BHP AU)</a> Unification trade. S&amp;P announced the S&amp;P/ASX upweight would be one-shot, as expected. Regulatory approvals are in. SARB has set BHP SJ as "domestic."</li>
<li>The Offeror slashes the Offer price for <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job (JOBS US)</a> by 27.6%, however, it's not clear how the new deal terms sidestep the regulator nor justify a reduction. </li>
</ul>



Crown Resorts (CWN AU) backs Blackstone's revised Offer of A$13.10/share in cash, from A$12.50 previously, and up from A$11.85/share initially.  
The endgame approaches for the BHP (BHP AU) Unification trade. S&amp;P announced the S&amp;P/ASX upweight would be one-shot, as expected. Regulatory approvals are in. SARB has set BHP SJ as "domestic."
The Offeror slashes the Offer price for 51 Job (JOBS US) by 27.6%, however, it's not clear how the new deal terms sidestep the regulator nor justify a reduction. 


Last Week in Event SPACE: BHP Group, Crown Resorts, 51job, Hitachi, Razer Inc

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The consortium’s updated transaction has lowered the offer price -27.6% to $57.25 in cash per ADS, a 24.92% premium to the last trading price (11 January 2022).</li>
<li>The combination of the dramatically lower price, spurious justification for lowering the price and the shares recently trading higher than the revised price is unlikely to win over minorities.</li>
<li>Meeting the two-thirds shareholder approval threshold is likely a challenge due to the need to convince around 27% of disinterested shareholders to vote in favour of the transaction. </li>
</ul>


The consortium’s updated transaction has lowered the offer price -27.6% to $57.25 in cash per ADS, a 24.92% premium to the last trading price (11 January 2022).
The combination of the dramatically lower price, spurious justification for lowering the price and the shares recently trading higher than the revised price is unlikely to win over minorities.
Meeting the two-thirds shareholder approval threshold is likely a challenge due to the need to convince around 27% of disinterested shareholders to vote in favour of the transaction. 


China

51job, Inc. provides integrated human resource services in China, with a strong focus on recruitment related services.  The Company's recruitment related services are delivered in both print and online formats.

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51 Job Inc Adr (JOBS US)

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