Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 41 - 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>Onr new deals was discussed on Smartkarma this past week - <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">AAG Energy (2686 HK)</a>'s Scheme.  <a href="https://www.smartkarma.com/entities/jiangnan-group-ltd" target="_blank" data-smartkarma-citation="entities:9828:1" rel="noopener">Jiangnan (1366 HK)</a> also suspended pursuant to Hong Kong's Code on Takeovers and Mergers.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a>, and <a href="https://www.smartkarma.com/entities/o2micro-international-limited" target="_blank" data-smartkarma-citation="entities:36418:1" rel="noopener">O2Micro International (OIIM US)</a>.</li>
</ul>


There are 41 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal
Onr new deals was discussed on Smartkarma this past week - AAG Energy (2686 HK)'s Scheme.  Jiangnan (1366 HK) also suspended pursuant to Hong Kong's Code on Takeovers and Mergers.
Key updates took place for: Toshiba Corp (6502 JP), Newcrest Mining (NCM AU), Yashili International Holdings (1230 HK), Sembcorp Marine (SMM SP), and O2Micro International (OIIM US).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Toshiba, Jingnan, Newcrest, Yashili, Sembcorp, O2Micro, AAG

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>
<a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a> disclosed a pre-conditional privatisation offer from <a href="https://www.smartkarma.com/entities/xinjiang-xintai-natural-gas-a" target="_blank" data-smartkarma-citation="entities:27036:1" rel="noopener">Xinjiang Xintai Natural Gas (603393 CH)</a> at HK$1.85 per share, a 10.1% premium to the undisturbed price.</li>
<li>The pre-condition is Xinjiang Xintai shareholder approval. Key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The price is final but light.</li>
<li>The total privatisation cost is HK$2,704 million vs AAG’s net cash of HK$2,270 million. The offeror is betting that minorities will not be able to launch a concerted NO vote.</li>
</ul>



Aag Energy Holdings (2686 HK) disclosed a pre-conditional privatisation offer from Xinjiang Xintai Natural Gas (603393 CH) at HK$1.85 per share, a 10.1% premium to the undisturbed price.
The pre-condition is Xinjiang Xintai shareholder approval. Key condition is approval by at least 75% of disinterested shareholders (&lt;10% of all disinterested shareholders rejection). The price is final but light.
The total privatisation cost is HK$2,704 million vs AAG’s net cash of HK$2,270 million. The offeror is betting that minorities will not be able to launch a concerted NO vote.


AAG Energy (2686 HK): Xinjiang Xintai’s Light but Final HK$1.85 Offer

<ul>
<li>There are 41 - 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>Five new deal was discussed on Smartkarma this past week: <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont</a>/<a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest</a>; <a href="https://www.smartkarma.com/entities/first-abu-dhabi-bank-pjsc" target="_blank" data-smartkarma-citation="entities:28945:1" rel="noopener">First Abu Dhabi Bank</a>/<a href="https://www.smartkarma.com/entities/standard-chartered-plc-f07a1272-e0fc-49e2-8090-1a08715a40a1" target="_blank" data-smartkarma-citation="entities:22649:1" rel="noopener">Standard Chartered</a>,  <a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a>; <a href="https://www.smartkarma.com/entities/ihara-science-corp" target="_blank" data-smartkarma-citation="entities:9870:1" rel="noopener">Ihara Science (5999 JP)</a>, and <a href="https://www.smartkarma.com/entities/iwasaki-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:13072:1" rel="noopener">Iwasaki Electric (6924 JP)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, and <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>.</li>
</ul>


There are 41 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Five new deal was discussed on Smartkarma this past week: Newmont/Newcrest; First Abu Dhabi Bank/Standard Chartered,  Boustead Projects (BOCJ SP); Ihara Science (5999 JP), and Iwasaki Electric (6924 JP).
Key updates took place for: Nitro Software Ltd (NTO AU), Toshiba Corp (6502 JP), and Halcyon Agri (HACL SP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Newmont/Newcrest, StanChart, Boustead Proj., Ihara, Iwasaki

<ul>
<li>There are 45 - 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 deal was discussed on Smartkarma this past week: tender offers for <a href="https://www.smartkarma.com/entities/kanematsu-electronics-ltd" target="_blank" data-smartkarma-citation="entities:15767:1" rel="noopener">Kanematsu Electronics (8096 JP)</a>, <a href="https://www.smartkarma.com/entities/kanematsu-sustech-corporation" target="_blank" data-smartkarma-citation="entities:18499:1" rel="noopener">Kanematsu Sustech (7961 JP)</a>, <a href="https://www.smartkarma.com/entities/nissin-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:18567:1" rel="noopener">Nissin Electric (6641 JP)</a>, and <a href="https://www.smartkarma.com/entities/techno-associe-co-ltd" target="_blank" data-smartkarma-citation="entities:3893:1" rel="noopener">Techno Associe (8249 JP)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, and <a href="https://www.smartkarma.com/entities/o2micro-international-limited" target="_blank" data-smartkarma-citation="entities:36418:1" rel="noopener">O2Micro International (OIIM US)</a>.</li>
</ul>


There are 45 - 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 deal was discussed on Smartkarma this past week: tender offers for Kanematsu Electronics (8096 JP), Kanematsu Sustech (7961 JP), Nissin Electric (6641 JP), and Techno Associe (8249 JP).
Key updates took place for: Sembcorp Marine (SMM SP), Pushpay Holdings (PPH NZ), Nitro Software Ltd (NTO AU), Toshiba Corp (6502 JP), and O2Micro International (OIIM US).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Kanematsu Elect/Sustech, Toshiba, Pushpay, Sembcorp, O2Micro

<ul>
<li>For the month of January, four new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$3bn.</li>
<li>The average premium for the new deals announced (or first discussed) in January was ~28%, which is distorted by the take under for <a href="https://www.smartkarma.com/entities/esso-thailand-pcl" target="_blank" data-smartkarma-citation="entities:17717:1" rel="noopener">Esso Thailand (ESSO TB)</a>.</li>
<li>This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of January, four new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$3bn.
The average premium for the new deals announced (or first discussed) in January was ~28%, which is distorted by the take under for Esso Thailand (ESSO TB).
This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Jan 2023: Essential Metals, Relia Inc, Osstem Implant, Esso Thailand

Hong Kong

AAG Energy is an international energy company focused on the exploration, development, and production of coalbed methane (CBM) in the People's Republic of China. Its primary operating assets are the Panzhuang and Mabi concessions in the Qinshui Basin, Shanxi Province. The company was incorporated in 2015 and is headquartered in Sheung Wan, Hong Kong.

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AAG Energy (2686 HK)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Toshiba, Jingnan, Newcrest, Yashili, Sembcorp, O2Micro, AAG

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