Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-evergrande-group" target="_blank" data-smartkarma-citation="entities:479:1" rel="noopener">Evergrande (3333 HK)</a> resurfaces as "cheap" on my monitor versus <a href="https://www.smartkarma.com/entities/china-evergrande-new-energy-vehicle-group-ltd" target="_blank" data-smartkarma-citation="entities:713:1" rel="noopener">Evergrande Auto (708 HK)</a>, but the equity is still best viewed from the sidelines.</li>
<li>Preceding my comments on Evergrande, are the current setup/unwind tables for Asia-Pacific Holdcos. </li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Evergrande (3333 HK) resurfaces as "cheap" on my monitor versus Evergrande Auto (708 HK), but the equity is still best viewed from the sidelines.
Preceding my comments on Evergrande, are the current setup/unwind tables for Asia-Pacific Holdcos. 
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Evergrande Trading "Cheap" But Still Uninvestable

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>
Surprise Exchange Filing: In a surprise exchange filing, China Evergrande Group (3333.HK) [Evergrande] is planning to “actively engage” with offshore creditors on a restructuring plan; </li>
<li>
Ending Grace Period:Another Evergrande test comes on December 6, 2021, when the 30-day grace period ends on two USD bond coupon payments; and</li>
<li>
Kaisa Risk:Kaisa Group Holdings (1638.HK) faces a potential USD 400 mn default a day after the Evergrande payments are due. </li>
</ul>



Surprise Exchange Filing: In a surprise exchange filing, China Evergrande Group (3333.HK) [Evergrande] is planning to “actively engage” with offshore creditors on a restructuring plan; 

Ending Grace Period:Another Evergrande test comes on December 6, 2021, when the 30-day grace period ends on two USD bond coupon payments; and

Kaisa Risk:Kaisa Group Holdings (1638.HK) faces a potential USD 400 mn default a day after the Evergrande payments are due. 


Travis Lundy

<ul>
<li>Evergrande did a "Friday night drop" saying it might not be able to continue to perform its financial obligations. The Guangdong govt called Chairman Hui on the carpet. </li>
<li>The PBOC, CBIRC, and CSRC appear to have thrown Evergrande management under the bus with simultaneous statements that Evergrande's case is an individual one due to "reckless expansion."</li>
<li>$82.5mm of coupons are due today at midnight. There is a demand for performance of a a guarantee on a US$260mm bond. Push has come to shove. </li>
</ul>


Evergrande did a "Friday night drop" saying it might not be able to continue to perform its financial obligations. The Guangdong govt called Chairman Hui on the carpet. 
The PBOC, CBIRC, and CSRC appear to have thrown Evergrande management under the bus with simultaneous statements that Evergrande's case is an individual one due to "reckless expansion."
$82.5mm of coupons are due today at midnight. There is a demand for performance of a a guarantee on a US$260mm bond. Push has come to shove. 


The Evergrande Quantum Kitty Living Its Ninth Life

<ul>
<li>On Friday 26 November, <a href="https://www.smartkarma.com/entities/china-evergrande-new-energy-vehicle-group-ltd" target="_blank" data-smartkarma-citation="entities:713:1" rel="noopener">Evergrande Auto (708 HK)</a> dropped a business <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/1126/2021112601534.pdf" target="_blank" rel="noopener">update</a> at 10:30pm.</li>
<li>The land under Guangzhou Evergrande Stadium has been taken over by the local government meaning the $1.8bn project is under new control. The team may be forfeit as well.</li>
<li>Evergrande Chairman Hui sold 1.2 billion shares of Evergrande (3333 HK) last week in what appeared to be two transactions. That may be linked to a third this coming week.</li>
</ul>


On Friday 26 November, Evergrande Auto (708 HK) dropped a business update at 10:30pm.
The land under Guangzhou Evergrande Stadium has been taken over by the local government meaning the $1.8bn project is under new control. The team may be forfeit as well.
Evergrande Chairman Hui sold 1.2 billion shares of Evergrande (3333 HK) last week in what appeared to be two transactions. That may be linked to a third this coming week.


SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

SGX Asia Currencies and Commodities Insights

China

Evergrande Auto researches, develops, and manufactures new energy vehicles. The Company engages in vehicle manufacturing, electric motor control, power batteries, vehicle sales, smart charging, shared mobility, and more. Evergrande Auto also operates health management businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Evergrande Auto (708 HK)

StubWorld: Evergrande Trading "Cheap" But Still Uninvestable

It is now a question of when and how the debt gets restructured. Best to watch from the cheap seats. Evergrande's equity remains un-investable.

David Blennerhassett

China Evergrande – Pre-Announcement?

EVERGRANDE: In an exchange filing, Evergrande is planning to “actively engage” with offshore creditors on a restructuring plan. A 30-day grace...

Thomas J. Monaco

The Evergrande Quantum Kitty Living Its Ninth Life

Evergrande filed a statement Friday saying debt repayment was a question mark. The Guangdong govt will send in a work group which is part of the...

Travis Lundy

Goings On in Evergrande Land

EG NEV (708 HK) raised equity, then sold land back to the local govt, Chairman Hui sold shares, the local govt took back the Lotus Flower stadium,...

Travis Lundy

SGX Asia Currencies and Commodities Insights

By Macro Hive SGX Asia Currencies Insights Export strength and policy preference for a stable-to-strong currency leave us constructive on the...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)