Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>In the UK, once a Bidder is named in a possible offer announcement, the Bidder has 28 days to either announce a firm Offer intention or walk away. </li>
<li>This is known as a 'put up or shut up' or 'PUSU' deadline. Hong Kong's takeover rules has no such provision.</li>
<li>It's ~21 weeks since co-founders Jeff Bi and Gang Hong tabled a non-binding Offer. With no firm Offer in sight, AND contesting a SAMR ruling, they should fold their tent.</li>
</ul>


In the UK, once a Bidder is named in a possible offer announcement, the Bidder has 28 days to either announce a firm Offer intention or walk away. 
This is known as a 'put up or shut up' or 'PUSU' deadline. Hong Kong's takeover rules has no such provision.
It's ~21 weeks since co-founders Jeff Bi and Gang Hong tabled a non-binding Offer. With no firm Offer in sight, AND contesting a SAMR ruling, they should fold their tent.


GAPack (468 HK): Hong Kong's Takeovers Code Needs A PUSU Rule

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda (7267 JP) </a> announced a HUGE ¥1.1trln buyback. At ~¥1500/share, this would increase EPS by 17+%.  Buy the shares in the low ¥1,400s. Expect this to be a range trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>'s Circular is now out. Hoome straight and done deal. </li>
<li>Murakami-San has started selling <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>, earlier than expected. Best to get out first, ask questions later.</li>
</ul>



Honda (7267 JP)  announced a HUGE ¥1.1trln buyback. At ~¥1500/share, this would increase EPS by 17+%.  Buy the shares in the low ¥1,400s. Expect this to be a range trade.

Shanghai Henlius Biotech (2696 HK)'s Circular is now out. Hoome straight and done deal. 
Murakami-San has started selling Exedy Corp (7278 JP), earlier than expected. Best to get out first, ask questions later.


Last Week in Event SPACE: Honda, Shanghai Henlius, Exedy, Arcadium Lithium

Nec Networks & System Integr / Event-Driven

<ul>
<li>I tally 51 - 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>Four new deals this week: <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a>'s hostile Offer; <a href="https://www.smartkarma.com/entities/vcredit-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27143:1" rel="noopener">VCredit Holdings Ltd (2003 HK)</a>'s takeunder; <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/pentamaster-international-ltd" target="_blank" data-smartkarma-citation="entities:31099:1" rel="noopener">Pentamaster International (1665 HK)</a>'s Scheme.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, and <a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151:1" rel="noopener">Suntec REIT (SUN SP)</a>.</li>
</ul>


I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals this week: Makino Milling Machine Co (6135 JP)'s hostile Offer; VCredit Holdings Ltd (2003 HK)'s takeunder; Vesync (2148 HK)'s Scheme, and Pentamaster International (1665 HK)'s Scheme.
Key updates/news took place on: Shanghai Henlius Biotech (2696 HK), Greatview Aseptic Packaging (468 HK), Nec Networks &amp; System Integr (1973 JP), and Suntec REIT (SUN SP).


(Mostly) Asia-Pac M&A: Makino, Henlius, GAPack, Nec Networks, Suntec REIT, VCredit, Pentamaster

<ul>
<li>On the 5th December, Gordan Tang (&amp; his wife Celine) acquired 2.14% in <a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151:1" rel="noopener">Suntec REIT (SUN SP)</a>, lifting their stake to 31.45% from 29.31%, triggering a MGO.</li>
<li>This is appears to be a technical Offer. The Offer price is S$1.16/share against a S$1.17/share undisturbed price. Timing, however, IS curious after <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>'s recent Offer.</li>
<li>The Offer Doc is now out and shareholders can tender. At S$1.18/share as I type, zero tendering should occur. The Offer closes on the 20 January, unless extended.</li>
</ul>


On the 5th December, Gordan Tang (&amp; his wife Celine) acquired 2.14% in Suntec REIT (SUN SP), lifting their stake to 31.45% from 29.31%, triggering a MGO.
This is appears to be a technical Offer. The Offer price is S$1.16/share against a S$1.17/share undisturbed price. Timing, however, IS curious after ESR Group (1821 HK)'s recent Offer.
The Offer Doc is now out and shareholders can tender. At S$1.18/share as I type, zero tendering should occur. The Offer closes on the 20 January, unless extended.


Suntec REIT (SUN SP): Tang's Offer Now Open

<ul>
<li>On Friday, the 20th December, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">GAPack (468 HK)</a> announced that <a href="https://www.smartkarma.com/entities/shandong-xinjufeng-technology-packaging-co-ltd" target="_blank" data-smartkarma-citation="entities:36744:1" rel="noopener">Shandong Xinjufeng Technology (301296 CH)</a> (XJF) had satisfied all pre-conditions.</li>
<li>The Offer Document has now been dispatched, and the Offer is now open for tendering. The First Close is the 21st January.</li>
<li>This Doc is largely a nothing burger. The Response Document, which will include the IFA, is required to be dispatched on or before the 7 January 2025. </li>
</ul>


On Friday, the 20th December, GAPack (468 HK) announced that Shandong Xinjufeng Technology (301296 CH) (XJF) had satisfied all pre-conditions.
The Offer Document has now been dispatched, and the Offer is now open for tendering. The First Close is the 21st January.
This Doc is largely a nothing burger. The Response Document, which will include the IFA, is required to be dispatched on or before the 7 January 2025. 


Thailand

Advanced Info Service Public Company Limited is granted a 25-year concession expiring the year 2015 by the Telephone Organization of Thailand to provide cellular phone services.  The Company provides analog mobile phone services through the Nordic Mobile Telephone (NMT900) network, and digital phone services through the Global Systems for Mobile Communication (GSM) network.

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Advanced Info Service (ADVANC TB)

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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

Suntec REIT (SUN SP): Tang's Offer Now Open

This appears an obligatory MGO. I wouldn't expect the Tangs to extend beyond the First Close. Suntec is not expensive at 0.6x P/B. But I don't...

David Blennerhassett

GAPack (468 HK): XJF's Offer Now Open

Even if Bi (9.17%) and Hong (5.55%) don't tender, XJF should still get to 50%. It's still doable even if Mengniu doesn't tender. If illiquid arbs...

David Blennerhassett

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