Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a> traded wide to the scrip terms ahead of <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>'s EGM Vote. That was a buying opportunity. </li>
<li>A positive surprise as SAMR expediently signs off on the <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a> transaction. This could be wrapped up before Xmas.</li>
<li>
<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> comfortably clears the 50% conditional threshold into <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>; however compulsory acquisition appears out of reach</li>
</ul>



ZEEKR (ZK US) traded wide to the scrip terms ahead of Geely Auto (175 HK)'s EGM Vote. That was a buying opportunity. 
A positive surprise as SAMR expediently signs off on the Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK) transaction. This could be wrapped up before Xmas.

China Mobile (941 HK) comfortably clears the 50% conditional threshold into HKBN Ltd (1310 HK); however compulsory acquisition appears out of reach


Last Week In Event SPACE: ZEEKR/Geely, Kangji Medical, HKBN, Lynas, Huaxin Cement, Nidec

<ul>
<li>I tally 45 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/peak-rare-earths-limited-nguall" target="_blank" data-smartkarma-citation="entities:19238:1" rel="noopener">Peak Rare Earths (PEK AU)</a> and <a href="https://www.smartkarma.com/entities/yutaka-giken-co-ltd" target="_blank" data-smartkarma-citation="entities:4033:1" rel="noopener">Yutaka Giken (7229 JP)</a>. </li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/johns-lyng-group-ltd" target="_blank" data-smartkarma-citation="entities:26649:1" rel="noopener">Johns Lyng (JLG AU)</a>, <a href="https://www.smartkarma.com/entities/ainsworth-game-technology-limited" target="_blank" data-smartkarma-citation="entities:957:1" rel="noopener">Ainsworth Game Technology (AGI AU)</a>, <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a>, and <a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a>.</li>
</ul>


I tally 45 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deals were discussed on Smartkarma this week: Peak Rare Earths (PEK AU) and Yutaka Giken (7229 JP). 
Key updates/news took place on Johns Lyng (JLG AU), Ainsworth Game Technology (AGI AU), Shibaura Electronics (6957 JP), Ashimori Industry (3526 JP), and Pacific Industrial (7250 JP).


(Mostly) Asia-Pac M&A: Peak Rare Earths, Yutaka Giken, Shibaura, Johns Lyng, Ainsworth, Ashimori

<ul>
<li>On the <a href="https://announcements.asx.com.au/asxpdf/20250515/pdf/06jrrv7bzv8wkn.pdf" target="_blank" rel="noopener">15th May</a>, <a href="https://www.smartkarma.com/entities/peak-resources-ltd" target="_blank" data-smartkarma-citation="entities:19238:1" rel="noopener">Peak Rare Earths (PEK AU)</a> entered into a non-binding Offer, by way of a Scheme, with <a href="https://www.smartkarma.com/entities/shenghe-resources-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:17058:1" rel="noopener">Shenghe Resources (600392 CH)</a> @A$0.389/share, a punchy 199% to undisturbed.</li>
<li>Shenghe holds 19.86% in Peak, and has offtake rights to 100% of the rare earth production from the 84%-held Ngualla project in Tanzania. </li>
<li>The Scheme Booklet was registered with ASIC on the 11th August with a 16th September Scheme Meeting. Shenghe has now bumped terms to A$0.443. Declared final. Scheme Meeting remains unchanged. </li>
</ul>


On the 15th May, Peak Rare Earths (PEK AU) entered into a non-binding Offer, by way of a Scheme, with Shenghe Resources (600392 CH) @A$0.389/share, a punchy 199% to undisturbed.
Shenghe holds 19.86% in Peak, and has offtake rights to 100% of the rare earth production from the 84%-held Ngualla project in Tanzania. 
The Scheme Booklet was registered with ASIC on the 11th August with a 16th September Scheme Meeting. Shenghe has now bumped terms to A$0.443. Declared final. Scheme Meeting remains unchanged. 


Peak Rare Earths (PEK AU): Shenghe Bumps And Declares Terms Final

<ul>
<li>On the 11th July, PEP offered A$4/share for integrated building services provider <a href="https://www.smartkarma.com/entities/johns-lyng-group-ltd" target="_blank" data-smartkarma-citation="entities:26649:1" rel="noopener">Johns Lyng (JLG AU)</a>, a 77% premium to undisturbed. CEO Scott Didier, JLG's largest shareholder (17.62%), was supportive.</li>
<li>Pricing is okay. The absence of a final year fully franked dividend, which was teased at the onset, was ostensibly disappointing.</li>
<li>
The Scheme Booklet is now out, with a Scheme Meeting on the 8th October, and expected implementation on or before the 23rd October. The IE (Kroll) says "fair &amp; reasonable".</li>
</ul>


On the 11th July, PEP offered A$4/share for integrated building services provider Johns Lyng (JLG AU), a 77% premium to undisturbed. CEO Scott Didier, JLG's largest shareholder (17.62%), was supportive.
Pricing is okay. The absence of a final year fully franked dividend, which was teased at the onset, was ostensibly disappointing.

The Scheme Booklet is now out, with a Scheme Meeting on the 8th October, and expected implementation on or before the 23rd October. The IE (Kroll) says "fair &amp; reasonable".


Johns Lyng (JLG AU): 8th October Vote On PEP's Offer

<ul>
<li>For Aug 2025, 17 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$18bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in August was 48%, with a year-to-date average of 47%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%</li>
</ul>


For Aug 2025, 17 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$18bn.
The average premium for the new transactions announced (or first discussed) in August was 48%, with a year-to-date average of 47%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%


(Mostly) Asia M&A, Aug 2025 Wrap: Dongfeng Motor, Kangji, Carenet, Nihon Chouzai, Technopro

Australia

Ainsworth Game Technology Limited designs, develops and manufactures gaming machines and games combination software and other related equipment for the gaming industry in Australia. Products include the Ambassador video gaming machines, video games and Embassy Jackpot systems.

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Ainsworth Game Technology (AGI AU)

Last Week In Event SPACE: ZEEKR/Geely, Kangji Medical, HKBN, Lynas, Huaxin Cement, Nidec

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

(Mostly) Asia-Pac M&A: Peak Rare Earths, Yutaka Giken, Shibaura, Johns Lyng, Ainsworth, Ashimori

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

Peak Rare Earths (PEK AU): Shenghe Bumps And Declares Terms Final

Clean deal. Tanzania's FCC will give the acquisition a hard look; but should give the green light, given Shenghe's offtake agreement. If small...

David Blennerhassett

Johns Lyng (JLG AU): 8th October Vote On PEP's Offer

Trading wide-ish at a 1.8%/13.8% gross/annualised return. There should be enough here to get the deal over the line. But it's not a situation I'd...

David Blennerhassett

(Mostly) Asia M&A, Aug 2025 Wrap: Dongfeng Motor, Kangji, Carenet, Nihon Chouzai, Technopro

For the month of Aug, 17 new deals were discussed on Smartkarma with an overall deal size of just ~US$18bn. The average premium for the new deals...

David Blennerhassett

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