Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 17th Jan, CC Capital lifted is indicative Offer for <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> to A$4.60/share from A$4.30/share, a ~50% premium to undisturbed. Limited, non-exclusive due diligence was subsequently provided.</li>
<li>As discussed in <a href="https://www.smartkarma.com/compose/insight/173397/Insignia%20Financial%20(IFL%20AU):%20Bumpity%20Bumpity.%20Expect%20Bain%20To%20Match%20-%20Or%20Exceed%20-%20CC%20Capital's%20Terms.%20Read%20more:%20https:/skr.ma/RiVBa" target="_blank" rel="noopener">Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Term</a>, I expected Bain to match CC Capital's terms.</li>
<li>Today Bain did just that, tabling a NBIO at A$4.60/share. Bain was also provided with limited, non-exclusive due diligence.</li>
</ul>


On the 17th Jan, CC Capital lifted is indicative Offer for Insignia Financial (IFL AU) to A$4.60/share from A$4.30/share, a ~50% premium to undisturbed. Limited, non-exclusive due diligence was subsequently provided.
As discussed in Insignia Financial (IFL AU): Bumpity Bumpity. Expect Bain To Match - Or Exceed - CC Capital's Term, I expected Bain to match CC Capital's terms.
Today Bain did just that, tabling a NBIO at A$4.60/share. Bain was also provided with limited, non-exclusive due diligence.


Insignia Financial (IFL AU): Bain Matches CC Capital's Terms. And Also Afforded DD

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>
<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 Packaging (301296 CH)</a>'s (XJF) Offer for <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> (GAPack) turning <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0121/2025012100610.pdf" target="_blank" rel="noopener">unconditional</a> was well telegraphed ahead of yesterday's first close in light of CCASS movements.  </li>
<li>My bet is <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a>, after surprisingly selling below 5%, also tendered.</li>
<li>With 73.51% now in the bag and the Offer extended to the 4th February, what happens now? What are Jeff Bi and/or Gong Hong's options?</li>
</ul>



Shandong Xinjufeng Technology Packaging (301296 CH)'s (XJF) Offer for Greatview Aseptic Packaging (468 HK) (GAPack) turning unconditional was well telegraphed ahead of yesterday's first close in light of CCASS movements.  
My bet is China Mengniu Dairy Co (2319 HK), after surprisingly selling below 5%, also tendered.
With 73.51% now in the bag and the Offer extended to the 4th February, what happens now? What are Jeff Bi and/or Gong Hong's options?


GAPack (468 HK): Now What As XJF's Offer Gets Up

<ul>
<li>Quite a lot of new news to digest - <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">GAPack (468 HK)</a>'s IFA, not altogether surprisingly, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0107/2025010700041.pdf" target="_blank" rel="noopener">concluded</a> that shareholders should not accept the Offer - in bold, red caps. </li>
<li>But more surprisingly, is the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0106/2025010601137.pdf" target="_blank" rel="noopener">disclosure announcement</a> that <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a> has reduced its stake below 5%.  </li>
<li>Evidently Mengniu is keeping its options open to tender - or not - and not have to make public disclosures. Keep an eye out on CCASS movements.</li>
</ul>


Quite a lot of new news to digest - GAPack (468 HK)'s IFA, not altogether surprisingly, concluded that shareholders should not accept the Offer - in bold, red caps. 
But more surprisingly, is the disclosure announcement that China Mengniu Dairy Co (2319 HK) has reduced its stake below 5%.  
Evidently Mengniu is keeping its options open to tender - or not - and not have to make public disclosures. Keep an eye out on CCASS movements.


GAPack (468 HK): IFA Says "Reject". But Mengniu Selling Down

Millennium & Copthorne Hotels Nz / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/millennium-copthorne-hotels-nz-ltd" target="_blank" data-smartkarma-citation="entities:5040:1" rel="noopener">Millennium &amp; Copthorne Hotels (MCK NZ)</a> (MCK), a Kiwi hotel chain, has announced that <a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57:1" rel="noopener">City Developments (CIT SP)</a>, its major shareholder, has made an Offer for shares not held. </li>
<li>City Dev is offering NZ$2.25/share, a 25% premium to last close. City holds 75.86% and the offer is conditional on a 90% holding, including shares currently held. </li>
<li>Reg approvals include OIA, which should be rubber-stamped. Very illiquid company.</li>
</ul>



Millennium &amp; Copthorne Hotels (MCK NZ) (MCK), a Kiwi hotel chain, has announced that City Developments (CIT SP), its major shareholder, has made an Offer for shares not held. 
City Dev is offering NZ$2.25/share, a 25% premium to last close. City holds 75.86% and the offer is conditional on a 90% holding, including shares currently held. 
Reg approvals include OIA, which should be rubber-stamped. Very illiquid company.


Millennium & Copthorne Hotels (MCK NZ): City Dev's Privatisation Offer

<ul>
<li>LVC sits a blocking stake ahead of <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 shareholder vote on the 22nd Janaury. I've yet to see a solid rationality why they would block.</li>
<li>
<a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>extends the closing date to the 24th January. Shares held plus tendering is currently 86.18%. This is done.</li>
<li>
<a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> was IPOed in September 2023. Lockup expiry is next week, and there is a likely large index event in ~10 weeks</li>
</ul>


LVC sits a blocking stake ahead of Shanghai Henlius Biotech (2696 HK)'s shareholder vote on the 22nd Janaury. I've yet to see a solid rationality why they would block.

Malaysia Airports Holdings (MAHB MK)extends the closing date to the 24th January. Shares held plus tendering is currently 86.18%. This is done.

Kokusai Electric (6525 JP) was IPOed in September 2023. Lockup expiry is next week, and there is a likely large index event in ~10 weeks


Last Week In Event SPACE: Shanghai Henlius, Malaysia Airports, Kokusai Electric, Smart Share

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)

Insignia Financial (IFL AU): Bain Matches CC Capital's Terms. And Also Afforded DD

Both Offers remain non-binding. IFL has now engaged. (I'd think) Tanarra is supportive here. I still would not be paying through terms. Currently...

David Blennerhassett

GAPack (468 HK): Now What As XJF's Offer Gets Up

This is done and trading around terms. The back-end appears attractive but I have no strong conviction here. Shares could get suspended at the...

David Blennerhassett

GAPack (468 HK): IFA Says "Reject". But Mengniu Selling Down

The first close of XJF's Offer for Greatview Aseptic Packaging (468 HK) is the 21st January, and for a number of investors, the deadline to tender...

David Blennerhassett

Millennium & Copthorne Hotels (MCK NZ): City Dev's Privatisation Offer

This is done. No other Offer will emerge. If small, illiquid arbs are your bent, look to enter here and on any weakness.

David Blennerhassett

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Insignia Financial (IFL AU): Bain Matches CC Capital's Terms. And Also Afforded DD

Both Offers remain non-binding. IFL has now engaged. (I'd think) Tanarra is supportive here. I still would not be paying through terms. Currently...

David Blennerhassett

GAPack (468 HK): Now What As XJF's Offer Gets Up

This is done and trading around terms. The back-end appears attractive but I have no strong conviction here. Shares could get suspended at the...

David Blennerhassett

GAPack (468 HK): IFA Says "Reject". But Mengniu Selling Down

The first close of XJF's Offer for Greatview Aseptic Packaging (468 HK) is the 21st January, and for a number of investors, the deadline to tender...

David Blennerhassett

Millennium & Copthorne Hotels (MCK NZ): City Dev's Privatisation Offer

This is done. No other Offer will emerge. If small, illiquid arbs are your bent, look to enter here and on any weakness.

David Blennerhassett

Last Week In Event SPACE: Shanghai Henlius, Malaysia Airports, Kokusai Electric, Smart Share

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett