Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 2 January, <a href="https://www.smartkarma.com/entities/tdcx-inc" target="_blank" data-smartkarma-citation="entities:34187:1" rel="noopener">TDCX (TDCX US)</a>, a Singapore-headquartered digital customer experience (CX) provider, announced it had received a preliminary non-binding proposal from Laurent Junique to be acquired at $6.60/ADS.  </li>
<li>On the 1st March, TDCX <a href="https://investors.tdcx.com/news/financial-news/news-details/2024/TDCX-Inc.-Enters-into-Definitive-Merger-Agreement-for-Going-Private-Transaction/default.aspx" target="_blank" rel="noopener">entered in a definitive agreement</a> by way of a short form merger at US$7.20/ADS, a 48% premium to undisturbed.</li>
<li>As Laurent Junique holds 98.4% of the voting power, there is no shareholder vote on the merger. This is done. The Offer should close in the 2Q24.  </li>
</ul>


On the 2 January, TDCX (TDCX US), a Singapore-headquartered digital customer experience (CX) provider, announced it had received a preliminary non-binding proposal from Laurent Junique to be acquired at $6.60/ADS.  
On the 1st March, TDCX entered in a definitive agreement by way of a short form merger at US$7.20/ADS, a 48% premium to undisturbed.
As Laurent Junique holds 98.4% of the voting power, there is no shareholder vote on the merger. This is done. The Offer should close in the 2Q24.  


TDCX (TDCX US)'s $7.20/Share Short-Form Merger

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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News from Caixin

Thematic (Sector/Industry)

<ul><li>China’s gaming industry surged in the first half of 2025, posting its fastest growth in five years, fueled by hit mobile titles, rising e-sports revenues and the continued boom in mini-games.</li><li>According to an report released Thursday by the China Audio-Video and Digital Publishing Association at the ChinaJoy Digital Entertainment Conference in Shanghai, the domestic gaming market generated 168 billion yuan ($23 billion) in revenue from January to June, up 14.1% year-on-year.</li><li>The country counted 679 million gamers, a modest 0.7% rise, marking the fourth straight year of user growth below 1%.</li></ul>

China’s gaming industry surged in the first half of 2025, posting its fastest growth in five years, fueled by hit mobile titles, rising e-sports revenues and the continued boom in mini-games.According to an report released Thursday by the China Audio-Video and Digital Publishing Association at the ChinaJoy Digital Entertainment Conference in Shanghai, the domestic gaming market generated 168 billion yuan ($23 billion) in revenue from January to June, up 14.1% year-on-year.The country counted 679 million gamers, a modest 0.7% rise, marking the fourth straight year of user growth below 1%.

China Proves a Winner in the Gaming Market as Growth Hits a Five-Year High 

<ul>
<li>With another US-listed China play subject to an Offer - <a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus (DADA US)</a> - what exactly is the process for dissentient shareholders to dissent?</li>
<li>Do they need to vote Against, For, or Abstain? Or not at all? The short answer: in the Cayman Islands, there are no restrictions on how a dissenter can vote.</li>
<li>This insight is a bolt on to my ongoing series on appraisal rights in the privatisation of a Cayman Islands companies listed in the U.S.</li>
</ul>


With another US-listed China play subject to an Offer - Dada Nexus (DADA US) - what exactly is the process for dissentient shareholders to dissent?
Do they need to vote Against, For, or Abstain? Or not at all? The short answer: in the Cayman Islands, there are no restrictions on how a dissenter can vote.
This insight is a bolt on to my ongoing series on appraisal rights in the privatisation of a Cayman Islands companies listed in the U.S.


US-Listed China Plays: Thoughts On Dissention

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China’s online entertainment market continues to evolve. There is a greater focus on complex mobile game play whilst the introduction of innovative video formats (live broadcasting, short-form video) further drives  engagement and monetization. <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent (700 HK)</a> remains the unrivaled mobile traffic gateway in China with 48% of user time spent and five of the top ten mobile apps, underscoring our positive thesis on the company. WeChat monthly active users now over 900m! <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/035/246/original/we%20chat%20monthly%20users.jpg?1507531949" class="editor-image img-responsive" data-smartkarma-image-id="35246"></figure>

China’s online entertainment market continues to evolve. There is a greater focus on complex mobile game play whilst the introduction of innovative video formats (live broadcasting, short-form video) further drives  engagement and monetization. Tencent (700 HK) remains the unrivaled mobile traffic gateway in China with 48% of user time spent and five of the top ten mobile apps, underscoring our positive thesis on the company. WeChat monthly active users now over 900m! 

China Internet: Strong Trends in Online Entertainment Show Tencent's Dominance.

<ul>
<li>In a long-form merger for Cayman incorporated companies, dissenters can petition the Grand Court for determination of fair value. For short form merges, that avenue of dissent was not available. </li>
<li>But on the 28 January 2021, the Grand Court of the Cayman Islands concluded that shareholders of companies that undertake a 'short-form' merger were entitled to dissent.</li>
<li>
<a href="https://www.smartkarma.com/entities/changyou-com-ltd-ads" target="_blank" data-smartkarma-citation="entities:19287:1" rel="noopener">Changyou.com (CYOU US)</a> appealed this decision in the Court of Appeal, and was dismissed. Then appealed to the Privy Council. In a judgement handed down yesterday, this was also dismissed. </li>
</ul>


In a long-form merger for Cayman incorporated companies, dissenters can petition the Grand Court for determination of fair value. For short form merges, that avenue of dissent was not available. 
But on the 28 January 2021, the Grand Court of the Cayman Islands concluded that shareholders of companies that undertake a 'short-form' merger were entitled to dissent.

Changyou.com (CYOU US) appealed this decision in the Court of Appeal, and was dismissed. Then appealed to the Privy Council. In a judgement handed down yesterday, this was also dismissed. 


Changyou (CYOU US): Short-Form Merger Dissent Now (Definitely) Permitted

China

Changyou.com Ltd. develops online computer games.  The Company licenses its massively multi-player online role playing games.

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Changyou.com (CYOU US)

China Proves a Winner in the Gaming Market as Growth Hits a Five-Year High

China’s gaming industry surged in the first half of 2025, posting its fastest growth in five years, fueled by hit mobile titles, rising e-sports...

Caixin Global

US-Listed China Plays: Thoughts On Dissention

Voting is irrelevant: A shareholder can vote “Yes,” “No,” abstain, or not vote at all and still dissent, as long as they follow the statutory process.

David Blennerhassett

China Internet: Strong Trends in Online Entertainment Show Tencent's Dominance.

China’s online entertainment market continues to evolve. There is a greater focus on complex mobile game play whilst the introduction of innovative...

New Street Research

Changyou (CYOU US): Short-Form Merger Dissent Now (Definitely) Permitted

This decision reminds Offerors seeking to take a company private that dissension will be available to shareholders dissatisfied with the price at...

David Blennerhassett

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52-week Range

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TDCX (TDCX US)'s $7.20/Share Short-Form Merger

The effective date for the merger of TDCX is expected to occur (no sooner than) 20 days from the latest SEC filing (see discussions). As the...

David Blennerhassett

China Proves a Winner in the Gaming Market as Growth Hits a Five-Year High

China’s gaming industry surged in the first half of 2025, posting its fastest growth in five years, fueled by hit mobile titles, rising e-sports...

Caixin Global

US-Listed China Plays: Thoughts On Dissention

Voting is irrelevant: A shareholder can vote “Yes,” “No,” abstain, or not vote at all and still dissent, as long as they follow the statutory process.

David Blennerhassett

China Internet: Strong Trends in Online Entertainment Show Tencent's Dominance.

China’s online entertainment market continues to evolve. There is a greater focus on complex mobile game play whilst the introduction of innovative...

New Street Research

Changyou (CYOU US): Short-Form Merger Dissent Now (Definitely) Permitted

This decision reminds Offerors seeking to take a company private that dissension will be available to shareholders dissatisfied with the price at...

David Blennerhassett