Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 42 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/larvotto-resources-limited" target="_blank" data-smartkarma-citation="entities:36437:1" rel="noopener">Larvotto Resources (LRV AU)</a> and <a href="https://www.smartkarma.com/entities/minmetals-land-ltd" target="_blank" data-smartkarma-citation="entities:1917:1" rel="noopener">Minmetals Land (230 HK)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/apiam-animal-health-ltd" target="_blank" data-smartkarma-citation="entities:26109:1" rel="noopener">Apiam Animal Health (AHX AU)</a>, <a href="https://www.smartkarma.com/entities/lynch-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:36359:1" rel="noopener">Lynch Group Holdings (LGL AU)</a>, <a href="https://www.smartkarma.com/entities/joy-city-property-ltd" target="_blank" data-smartkarma-citation="entities:10958:1" rel="noopener">Joy City Property (207 HK)</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>, and <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental International (MAND SP)</a>.</li>
</ul>


I tally 42 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deal was discussed on Smartkarma this week: Larvotto Resources (LRV AU) and Minmetals Land (230 HK).
Key updates/news took place on: Apiam Animal Health (AHX AU), Lynch Group Holdings (LGL AU), Joy City Property (207 HK), Shibaura Electronics (6957 JP), and Mandarin Oriental International (MAND SP).


Mostly) Asia-Pac M&A: Shibaura Elect., Larvotto, Minmetals Land, Lynch Group, Mandarin Oriental

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently nine pair trade opportunities across four markets and four sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently nine pair trade opportunities across four markets and four sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (27 Oct)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a> raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one is due soon.</li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one is due soon.
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we will talk about the lockup dynamics and possible placement.


Horizon Robotics IPO Lockup - Last of the Lockups, Large Pre-IPO Investors Still Holding On

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> plans to raise around US$350m in its secondary listing in Hong Kong.</li>
<li>The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a> plans to raise around US$1bn in its secondary listing in Hong Kong.</li>
<li>The company won HK listing approval and filed its PHIP on 17th October 2025. It will look to launch its secondary offering soon.</li>
<li>In this note, we’ll take a look at the deal and talk about the impact of the raising.</li>
</ul>



Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong.
The company won HK listing approval and filed its PHIP on 17th October 2025. It will look to launch its secondary offering soon.
In this note, we’ll take a look at the deal and talk about the impact of the raising.


Pony AI Secondary HK Offering - Stock Has Been Volatile, a Look at Possible Trading Setup

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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Alibaba (9988 HK)

Mostly) Asia-Pac M&A: Shibaura Elect., Larvotto, Minmetals Land, Lynch Group, Mandarin Oriental

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

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (27 Oct)

Statistical methodology identifies nine pair trade opportunities across four markets and four sectors, offering unique insights into relative...

Gaudenz Schneider

Horizon Robotics IPO Lockup - Last of the Lockups, Large Pre-IPO Investors Still Holding On

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one...

Sumeet Singh

WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum

WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Pony AI Secondary HK Offering - Stock Has Been Volatile, a Look at Possible Trading Setup

Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and possible...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mostly) Asia-Pac M&A: Shibaura Elect., Larvotto, Minmetals Land, Lynch Group, Mandarin Oriental

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

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (27 Oct)

​Statistical methodology identifies nine pair trade opportunities across four markets and four sectors, offering unique insights into relative...

Gaudenz Schneider

Horizon Robotics IPO Lockup - Last of the Lockups, Large Pre-IPO Investors Still Holding On

Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one...

Sumeet Singh

WeRide Secondary HK Offering - Is Relatively Cheaper but Lacks Momentum

WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics.

Sumeet Singh

Pony AI Secondary HK Offering - Stock Has Been Volatile, a Look at Possible Trading Setup

Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong. In this note, we talk about the deal dynamics and possible...

Sumeet Singh

Statistical methodology identifies nine pair trade opportunities across four markets and four sectors, offering unique insights into relative...