Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>At long last, <strong><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></strong> has dispatched the Scheme Document. </li>
<li>The Court Meeting and EGM will be held on the 23 June. The IFA says the Offer is fair. At a ~160% premium to undisturbed, it certainly is. </li>
<li>Assuming the transaction gets up, payment will occur on or before the 13 July. </li>
</ul>


At long last, Yashili International Holdings (1230 HK) has dispatched the Scheme Document. 
The Court Meeting and EGM will be held on the 23 June. The IFA says the Offer is fair. At a ~160% premium to undisturbed, it certainly is. 
Assuming the transaction gets up, payment will occur on or before the 13 July. 


Yashili (1230 HK): ​Scheme Doc Out. 23 June Court Meeting

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There is only one new listing as a potential inclusion to the HSCI in June. If added to the HSCI, it will also be added to Southbound Stock Connect.</li>
<li>There are 18 potential inclusions and 19 potential deletions for the HSCI in September. There are a few close adds and there could be another 5 deletions on Prolonged Suspension.</li>
<li>A lot of the potential deletions have large Southbound holdings. With all the stocks becoming sell-only, there could be unwinding of some positions over the next couple of months.</li>
</ul>


There is only one new listing as a potential inclusion to the HSCI in June. If added to the HSCI, it will also be added to Southbound Stock Connect.
There are 18 potential inclusions and 19 potential deletions for the HSCI in September. There are a few close adds and there could be another 5 deletions on Prolonged Suspension.
A lot of the potential deletions have large Southbound holdings. With all the stocks becoming sell-only, there could be unwinding of some positions over the next couple of months.


HSCI Index Rebalance Preview and Stock Connect: Potential Changes in June & September

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/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a> announced that the pre-condition is satisfied - around 10 months since the 6 May 2022 announcement of <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>’s HK$1.20 offer. </li>
<li>Yashili has received an extension for the despatch of the scheme document to a date no later than 31 August. We think the scheme document is despatched by early April.</li>
<li>The scheme risk is low. At the current price and for a late May payment, the gross and annualised spread is 2.6% and 12.2%, respectively.</li>
</ul>



Yashili International Holdings (1230 HK) announced that the pre-condition is satisfied - around 10 months since the 6 May 2022 announcement of China Mengniu Dairy Co (2319 HK)’s HK$1.20 offer. 
Yashili has received an extension for the despatch of the scheme document to a date no later than 31 August. We think the scheme document is despatched by early April.
The scheme risk is low. At the current price and for a late May payment, the gross and annualised spread is 2.6% and 12.2%, respectively.


Yashili (1230 HK): It’s Taken a While - Pre-Condition Satisfied

<ul>
<li>
<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> announced that the Dumex China Disposal was completed. The completion will result in the satisfaction of the last pre-condition, likely within five business days.</li>
<li>
<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>’s offer is HK$1.20 per share. Due to the upcoming release of full-year results, the scheme document will be likely despatched by early April. </li>
<li>This is a done deal and timing is the key risk. At the current price and for a late-May payment, the gross and annualised spread is 2.6% and 11.3%, respectively.</li>
</ul>



Yashili International Holdings (1230 HK) announced that the Dumex China Disposal was completed. The completion will result in the satisfaction of the last pre-condition, likely within five business days.

China Mengniu Dairy Co (2319 HK)’s offer is HK$1.20 per share. Due to the upcoming release of full-year results, the scheme document will be likely despatched by early April. 
This is a done deal and timing is the key risk. At the current price and for a late-May payment, the gross and annualised spread is 2.6% and 11.3%, respectively.


Yashili (1230 HK): Pre-Condition Satisfaction Likely Within 5 Business Days

<ul>
<li>There are 35 adds and 28 deletes for the Hang Seng Composite Index (HSCI) at the March rebalance to take the number of index constituents up to 527.</li>
<li>We expect 29 of the 35 inclusions to the HSCI will be added to Stock Connect, while 20 of the 28 HSCI deletions will be removed from Southbound Stock Connect.</li>
<li>19 stocks could be deleted from Stock Connect only since their average market cap has dropped below HK$5bn- unless the new threshold of HK$4bn is approved in the next week.</li>
</ul>


There are 35 adds and 28 deletes for the Hang Seng Composite Index (HSCI) at the March rebalance to take the number of index constituents up to 527.
We expect 29 of the 35 inclusions to the HSCI will be added to Stock Connect, while 20 of the 28 HSCI deletions will be removed from Southbound Stock Connect.
19 stocks could be deleted from Stock Connect only since their average market cap has dropped below HK$5bn- unless the new threshold of HK$4bn is approved in the next week.


HSCI Index Rebalance: 35 Adds, 28 Deletes & Changes to Southbound Stock Connect

Hong Kong

Ausnutria Dairy is an international company specializing in the research, development, production, marketing, and distribution of dairy and nutrition products. Its diverse portfolio includes infant formula (cow and goat milk-based), adult formula, and probiotic products, sold under various brands globally. The company was founded in 2003 and is headquartered in Sheung Wan, Hong Kong.

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Ausnutria Dairy (1717 HK)

Yashili (1230 HK): Scheme Doc Out. 23 June Court Meeting

Trading tightish at a 1.7%/15.3% gross/annualised spread assuming payment on the 13 July. This is done - get involved here or a spread or two below.

David Blennerhassett

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in June & September

For the HSCI, there could be 1 add in June and 18 adds/19 deletes in Sep. There are some close adds and 5 potential deletes on prolonged...

Brian Freitas

Yashili (1230 HK): It’s Taken a While - Pre-Condition Satisfied

The scheme meeting is likely in early May. The scheme risk is low. At the current price and for a late May payment, the gross and annualised spread...

Arun George

Yashili (1230 HK): Pre-Condition Satisfaction Likely Within 5 Business Days

This is a done deal and timing is the key risk. At the current price and for a late-May payment, the gross and annualised spread is 2.6% and 11.3%,...

Arun George

HSCI Index Rebalance: 35 Adds, 28 Deletes & Changes to Southbound Stock Connect

There are 35 adds & 28 deletes for the HSCI in March leading to 29 adds & 20 deletes for Stock Connect. 19 index constituents could be dropped from...

Brian Freitas

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52-week Range

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Yashili (1230 HK): ​Scheme Doc Out. 23 June Court Meeting

Trading tightish at a 1.7%/15.3% gross/annualised spread assuming payment on the 13 July. This is done - get involved here or a spread or two below.

David Blennerhassett

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in June & September

For the HSCI, there could be 1 add in June and 18 adds/19 deletes in Sep. There are some close adds and 5 potential deletes on prolonged...

Brian Freitas

Yashili (1230 HK): It’s Taken a While - Pre-Condition Satisfied

The scheme meeting is likely in early May. The scheme risk is low. At the current price and for a late May payment, the gross and annualised spread...

Arun George

Yashili (1230 HK): Pre-Condition Satisfaction Likely Within 5 Business Days

This is a done deal and timing is the key risk. At the current price and for a late-May payment, the gross and annualised spread is 2.6% and 11.3%,...

Arun George

HSCI Index Rebalance: 35 Adds, 28 Deletes & Changes to Southbound Stock Connect

There are 35 adds & 28 deletes for the HSCI in March leading to 29 adds & 20 deletes for Stock Connect. 19 index constituents could be dropped from...

Brian Freitas

Yashili (1230 HK): Scheme Doc Out. 23 June Court Meeting