Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Xiamen International Port H / Event-Driven

<ul>
<li>Back on 2 June, SOE terminal operator <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port (3378 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0602/2022060202446.pdf" target="_blank" rel="noopener">announced</a> a pre-conditional Offer of $2.25/share from Xiamen Port Holding, a Fujian SASAC-controlled entity.</li>
<li>The pre-conditions  - NDRC, MoC, SAFE, and CSRC - were fulfilled on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0816/2022081601198.pdf" target="_blank" rel="noopener">16 August</a>.</li>
<li>The Composite Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0822/2022082200558.pdf" target="_blank" rel="noopener">out</a>. The H-class meeting will be held on the 16 September. There is no tendering condition. Payment should be the 6 October.</li>
</ul>


Back on 2 June, SOE terminal operator Xiamen International Port (3378 HK) announced a pre-conditional Offer of $2.25/share from Xiamen Port Holding, a Fujian SASAC-controlled entity.
The pre-conditions  - NDRC, MoC, SAFE, and CSRC - were fulfilled on the 16 August.
The Composite Doc is now out. The H-class meeting will be held on the 16 September. There is no tendering condition. Payment should be the 6 October.


Xiamen Port (3378 HK)’s Composite Doc Out; Shareholders To Vote On 16 Sept

EVOC Intelligent Technology Company Limited H / Event-Driven

EVOC Intelligent Technology Company Limited H

<ul>
<li>After shares were suspended on the 1 August, electronics play and property developer <a href="https://www.smartkarma.com/entities/evoc-intelligent-technology-company-limited-h" target="_blank" data-smartkarma-citation="entities:2015:1" rel="noopener">EVOC Intelligent Technology Company Limited H (2308 HK)</a> has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0808/2022080801133.pdf" target="_blank" rel="noopener">announced</a> a privatisation at HK$1.75 per H-share.</li>
<li>This Offer is by way of a Merger by Absorption, which incorporates a Scheme-like vote. There is no tendering condition.
</li>
<li>The premium to last close is just 15.13%; however, it is a 42.28% premium to the five-day closing average. This is EVOC's third privatisation attempt in the past five years. </li>
</ul>


After shares were suspended on the 1 August, electronics play and property developer EVOC Intelligent Technology Company Limited H (2308 HK) has announced a privatisation at HK$1.75 per H-share.
This Offer is by way of a Merger by Absorption, which incorporates a Scheme-like vote. There is no tendering condition.

The premium to last close is just 15.13%; however, it is a 42.28% premium to the five-day closing average. This is EVOC's third privatisation attempt in the past five years. 


<ul>
<li>Ten months after China's SAMR torpedoed Blackstone's Offer, <a href="https://www.smartkarma.com/entities/soho-china-ltd" target="_blank" data-smartkarma-citation="entities:4123:1" rel="noopener">SOHO China (410 HK)</a> has fallen 61%. Its portfolio of high-quality properties are currently trading at 0.2x P/B. </li>
<li>Recent woes concern electricity price violations, tax evasion, and now an investigation into CFO Ni Kuiyang's alleged insider trading. </li>
<li>SOHO is trading cheap on a standalone basis; and to peers. This is still not a good reason to get involved.</li>
</ul>


Ten months after China's SAMR torpedoed Blackstone's Offer, SOHO China (410 HK) has fallen 61%. Its portfolio of high-quality properties are currently trading at 0.2x P/B. 
Recent woes concern electricity price violations, tax evasion, and now an investigation into CFO Ni Kuiyang's alleged insider trading. 
SOHO is trading cheap on a standalone basis; and to peers. This is still not a good reason to get involved.


<ul>
<li>SOE terminal operator <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port (3378 HK)</a> has announced a pre-conditional Offer from Xiamen Port Holding, a Fujian SASAC-controlled entity.</li>
<li>The Offer price is HK$2.25 per H-share, a 55% premium to last close. The Offer price will NOT be increased. The final dividend will be added to the cancellation price. </li>
<li>Pre-Conditions include approvals from NDRC, MoC, SAFE, and CSRC. There is no tendering condition. This deal mirrors <a href="https://www.smartkarma.com/entities/guodian-technology-environment-group-corp" target="_blank" data-smartkarma-citation="entities:3941:1" rel="noopener">Guodian Technology (1296 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-capital-land-ltd-h" target="_blank" data-smartkarma-citation="entities:4543:1" rel="noopener">BCL (2868 HK)</a>, and <a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Jin Jiang Capital (2006 HK)</a>.</li>
</ul>


SOE terminal operator Xiamen International Port (3378 HK) has announced a pre-conditional Offer from Xiamen Port Holding, a Fujian SASAC-controlled entity.
The Offer price is HK$2.25 per H-share, a 55% premium to last close. The Offer price will NOT be increased. The final dividend will be added to the cancellation price. 
Pre-Conditions include approvals from NDRC, MoC, SAFE, and CSRC. There is no tendering condition. This deal mirrors Guodian Technology (1296 HK), BCL (2868 HK), and Jin Jiang Capital (2006 HK).


Xiamen Port (3378 HK)’s Pre-Conditional Offer

Guodian Technology & Environment Group / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guodian-technology-environment-group-corp" target="_blank" data-smartkarma-citation="entities:3941:1" rel="noopener">Guodian Technology &amp; Environment Group (1296 HK)</a>'s (GTE) pre-cons are now fulfilled - bang in line with my timetable estimate.</li>
<li>The Composite Document should be despatched to the shareholders on or before 29 April 2022. </li>
<li>Assuming all goes to plan - and there is every indication it will - payment under the Offer is expected around mid-June.</li>
</ul>



Guodian Technology &amp; Environment Group (1296 HK)'s (GTE) pre-cons are now fulfilled - bang in line with my timetable estimate.
The Composite Document should be despatched to the shareholders on or before 29 April 2022. 
Assuming all goes to plan - and there is every indication it will - payment under the Offer is expected around mid-June.


Guodian Tech (1296 HK): Done Deal As Pre-Cons Fulfilled

China

Beijing Capital Land Limited develops quality/high-end office buildings and commercial properties, and medium to high-end residential properties in Beijing, China.

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Beijing Capital Land Ltd H (2868 HK)

Xiamen Port (3378 HK)’s Composite Doc Out; Shareholders To Vote On 16 Sept

This is done - play the spread here. Assuming payment early October payment, this is trading at a modestly attractive gross/annualised spread at 2%...

David Blennerhassett

EVOC (2308 HK)'s Merger By Absorption

There's enough here to see the Offer get up. I'd be buying up to around $1.67 or a gross/annualised spread of 5%/15%, assuming a late-November...

David Blennerhassett

SOHO China (410 HK): Still Toxic

The accusations have not stopped since Blackstone's Offer was thwarted. Avoid. SOHO's name was toxic as soon as SAMR dinged the deal. It is no less...

David Blennerhassett

Xiamen Port (3378 HK)’s Pre-Conditional Offer

Assuming payment mid-June, I would pay up to HK$2.08/share or a gross/annualised spread at 9%/24% - including the divy. Guodian Tech traded at a...

David Blennerhassett

Guodian Tech (1296 HK): Done Deal As Pre-Cons Fulfilled

This is a done deal - play the spread. Assuming mid-June payment, this is trading at a gross/annualised spread at 2.8%/21.9%.

David Blennerhassett

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