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.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> to list on 19 March.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a>, <a href="https://www.smartkarma.com/entities/de-grey-mining-ltd" target="_blank" data-smartkarma-citation="entities:6192:1" rel="noopener">De Grey Mining (DEG AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <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>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/tenma-corp" target="_blank" data-smartkarma-citation="entities:11900:1" rel="noopener">Tenma Corp (7958 JP)</a>.
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: JX Advanced Metals (5016 JP) to list on 19 March.
Event-Driven developments: Rio Tinto Ltd (RIO AU), De Grey Mining (DEG AU), HKBN Ltd (1310 HK), ESR Group (1821 HK), Seven &amp; I Holdings (3382 JP), Tenma Corp (7958 JP).



Weekly Deals Digest (16 Mar) - Rio Tinto, De Grey, HKBN, ESR, Seven & I, Makino, Tenma, JXAM

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>I tally 58 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three news new deals discussed this week: <a href="https://www.smartkarma.com/entities/soundwill-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19318:1" rel="noopener">Soundwill Holdings (878 HK)</a>, <a href="https://www.smartkarma.com/entities/tenma-corp" target="_blank" data-smartkarma-citation="entities:11900:1" rel="noopener">Tenma Corp (7958 JP)</a>, and <a href="https://www.smartkarma.com/entities/naigai-trans-line-ltd" target="_blank" data-smartkarma-citation="entities:8938:1" rel="noopener">Naigai Trans Line (9384 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/silk-logistics-holdings-limited" target="_blank" data-smartkarma-citation="entities:35733:1" rel="noopener">Silk Logistics (SLH AU)</a>, <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>, <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto Corp (4298 JP)</a>, and <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>.</li>
</ul>


I tally 58 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Three news new deals discussed this week: Soundwill Holdings (878 HK), Tenma Corp (7958 JP), and Naigai Trans Line (9384 JP).
Key updates/news took place on: Seven &amp; I Holdings (3382 JP), Silk Logistics (SLH AU), ESR Group (1821 HK), Proto Corp (4298 JP), and Japfa Ltd (JAP SP).


(Mostly) Asia-Pac M&A: Seven & I, ESR Group, Japfa, Soundwill Holdings, Tenma, Naigai Trans Line

<ul>
<li>On 13 March, <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a>’s management held its first press conference in Japan since it disclosed its <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> offer.</li>
<li>The Couche-Tard charm offensive was designed to pressure the Board to engage and facilitate a definite agreement. The press conference provided incremental new information.</li>
<li>The Board’s next move will likely provide limited due diligence, partly to avoid a protest vote at the May AGM. However, the prospect of a Board-recommended binding proposal remains low.</li>
</ul>


On 13 March, Alimentation Couche-Tard (ATD CN)’s management held its first press conference in Japan since it disclosed its Seven &amp; I Holdings (3382 JP) offer.
The Couche-Tard charm offensive was designed to pressure the Board to engage and facilitate a definite agreement. The press conference provided incremental new information.
The Board’s next move will likely provide limited due diligence, partly to avoid a protest vote at the May AGM. However, the prospect of a Board-recommended binding proposal remains low.


Seven & I Holdings (3382 JP): Awaiting the Board’s Response as Couche-Tard Goes on a Charm Offensive

Travis Lundy

<ul>
<li>On 10 March, <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> issued a release "<a href="https://corporate.couche-tard.com/2025-03-10-ALIMENTATION-COUCHE-TARD-PROVIDES-UPDATE-ON-PROPOSAL-FOR-A-COMBINATION-WITH-SEVEN-i" target="_blank" rel="noopener">UPDATE ON PROPOSAL FOR A COMBINATION WITH SEVEN &amp; i</a>".</li>
<li>They felt obliged to be transparent in the wake of the 7&amp;i <a href="https://www.7andi.com/library/dbps_data/_material_/localhost/en/release_pdf/2025_0310_02en.pdf" target="_blank" rel="noopener">Letter To Shareholders</a> released yesterday. The content/nuance of the two letters differ significantly. </li>
<li>Two parties competing to get a truth which cannot be both could be problematic. We are still many months away from any kind of ACT/7-11 deal.</li>
</ul>


On 10 March, Alimentation Couche-Tard (ATD CN) issued a release "UPDATE ON PROPOSAL FOR A COMBINATION WITH SEVEN &amp; i".
They felt obliged to be transparent in the wake of the 7&amp;i Letter To Shareholders released yesterday. The content/nuance of the two letters differ significantly. 
Two parties competing to get a truth which cannot be both could be problematic. We are still many months away from any kind of ACT/7-11 deal.


<ul>
<li>The <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> Board has released a public letter to address <a href="https://www.globenewswire.com/news-release/2025/03/09/3039396/0/en/Artisan-Partners-International-Value-Group-Sends-Letter-to-the-Board-of-Seven-i.html" target="_blank" rel="noopener">Artisan Partners’ letter</a> and provide more details on the <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> constructive engagement. </li>
<li>The letter effectively addresses most of Artisan’s concerns. The Board is engaging with Couche-Tard, particularly by agreeing on a strategy to find a solution to secure antitrust approvals. </li>
<li>However, the statement suggests that the Board retains deep scepticism that the Couche-Tard is viable and is manoeuvring to shift the blame on a failed bid on a flawed proposal. </li>
</ul>


The Seven &amp; I Holdings (3382 JP) Board has released a public letter to address Artisan Partners’ letter and provide more details on the Alimentation Couche-Tard (ATD CN) constructive engagement. 
The letter effectively addresses most of Artisan’s concerns. The Board is engaging with Couche-Tard, particularly by agreeing on a strategy to find a solution to secure antitrust approvals. 
However, the statement suggests that the Board retains deep scepticism that the Couche-Tard is viable and is manoeuvring to shift the blame on a failed bid on a flawed proposal. 


Seven & I Holdings (3382 JP): Reading Between the Lines of the Public Letter

Canada

Alimentation Couche-Tard Inc. owns and operates convenience store. The Company offers a wide range of merchandise, including coffee, snacks, beverages, grocery products, beer and wine, and lottery tickets, as well as fuel and other services. Alimentation Couche-Tard serves customers globally.

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Alimentation Couche-Tard (ATD/B CN)

Weekly Deals Digest (16 Mar) - Rio Tinto, De Grey, HKBN, ESR, Seven & I, Makino, Tenma, JXAM

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan,...

Arun George

(Mostly) Asia-Pac M&A: Seven & I, ESR Group, Japfa, Soundwill Holdings, Tenma, Naigai Trans Line

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

Seven & I Holdings (3382 JP): Awaiting the Board’s Response as Couche-Tard Goes on a Charm Offensive

The Board’s next move will likely provide limited due diligence, partly to avoid a protest vote at the May AGM. However, the prospect of a Board...

Arun George

7&I (3382) Update - Couche-Tard Responds

7&i said something about negotiations with ACT to "clarify" facts. That was yesterday. Overnight, ACT came out different facts. Alternate facts....

Travis Lundy

Seven & I Holdings (3382 JP): Reading Between the Lines of the Public Letter

The letter addresses most of Artisan's concerns. Concerning the Couche-Tard offer, the letter projects constructive engagement on the surface but...

Arun George

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