Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On 17 November 2024, <a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>  <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1117/2024111700031.pdf" target="_blank" rel="noopener">announced</a> an EGM to approve the spin-off and separately list subsidiary Smithfield Foods on the NYSE or NASDAQ. </li>
<li>WHG, the world's largest pork producer, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1206/2024120601148.pdf" target="_blank" rel="noopener">announced</a> on the 6th December the spin-off overwhelmingly gained shareholder approval. </li>
<li>Yesterday, the Smithfield NASDAQ <a href="https://www.sec.gov/Archives/edgar/data/91388/000162828025000470/smithfieldfoods-sx1.htm" target="_blank" rel="noopener">IPO doc</a> was made public. As per the filing: "the number and dollar amount of Smithfield Shares to be offered and sold have not been determined".</li>
</ul>


On 17 November 2024, WH Group (288 HK)  announced an EGM to approve the spin-off and separately list subsidiary Smithfield Foods on the NYSE or NASDAQ. 
WHG, the world's largest pork producer, announced on the 6th December the spin-off overwhelmingly gained shareholder approval. 
Yesterday, the Smithfield NASDAQ IPO doc was made public. As per the filing: "the number and dollar amount of Smithfield Shares to be offered and sold have not been determined".


WH Group (288 HK): Smithfield's IPO Doc Now Out

<ul>
<li>Back on the 23rd October, flue gas treatment play <a href="https://www.smartkarma.com/entities/china-boqi-environmental-hol" target="_blank" data-smartkarma-citation="entities:26771:1" rel="noopener">China Boqi Environmental Hol (2377 HK)</a> announced a buyback of 15% of shares out, at HK$1.20/share, a 16.5% premium to undisturbed.</li>
<li>The Offer Doc was dispatched on the<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1128/2024112800878.pdf" target="_blank" rel="noopener"> 28th November</a>, and the Offer <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0103/2025010302020.pdf" target="_blank" rel="noopener">closed</a> on the 3rd January.</li>
<li>304.6mn shares tendered against the buyback of 150.858mn shares, or a pro-ration of 49.53%. However, how the public shareholders tendered may provide a gauge for future Hong Kong Partial Offers. </li>
</ul>


Back on the 23rd October, flue gas treatment play China Boqi Environmental Hol (2377 HK) announced a buyback of 15% of shares out, at HK$1.20/share, a 16.5% premium to undisturbed.
The Offer Doc was dispatched on the 28th November, and the Offer closed on the 3rd January.
304.6mn shares tendered against the buyback of 150.858mn shares, or a pro-ration of 49.53%. However, how the public shareholders tendered may provide a gauge for future Hong Kong Partial Offers. 


Boqi Env (2377 HK): Takeaways From The Partial Offer

<ul>
<li>Last month, wealth manager <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>  <a href="https://announcements.asx.com.au/asxpdf/20241213/pdf/06clql94x0mq9g.pdf" target="_blank" rel="noopener">announced</a> - and subsequently <a href="https://announcements.asx.com.au/asxpdf/20241218/pdf/06csc82ywrpv6c.pdf" target="_blank" rel="noopener">rejected</a> - a A$4.00/share non-binding and indicative proposal from PE outfit Bain Capital.</li>
<li>The question was whether Bain returned to the well, in a space where <a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal (RPL AU)</a> recently binned its <a href="https://www.smartkarma.com/entities/platinum-asset-management" target="_blank" data-smartkarma-citation="entities:914:1" rel="noopener">Platinum (PTM AU)</a> tie-in; and <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual (PPT AU)</a>'s carve-out has hit a snag. </li>
<li>Roughly two weeks after that Bain rejection, US-based asset investment manager CC Capital Partners has now tabled a A$4.30/share, in cash, non-binding Offer. That's probably enough for Insignia to engage. </li>
</ul>


Last month, wealth manager Insignia Financial (IFL AU)  announced - and subsequently rejected - a A$4.00/share non-binding and indicative proposal from PE outfit Bain Capital.
The question was whether Bain returned to the well, in a space where Regal (RPL AU) recently binned its Platinum (PTM AU) tie-in; and Perpetual (PPT AU)'s carve-out has hit a snag. 
Roughly two weeks after that Bain rejection, US-based asset investment manager CC Capital Partners has now tabled a A$4.30/share, in cash, non-binding Offer. That's probably enough for Insignia to engage. 


Insignia Financial (IFL AU): CC Capital Wades In With A $4.30/Share NBIO

<ul>
<li>On the 16th October, Li Ning-backed <a href="https://www.smartkarma.com/entities/viva-goods-company-ltd" target="_blank" data-smartkarma-citation="entities:15864:1" rel="noopener">Viva Goods (933 HK)</a>  <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1016/2024101601240.pdf" target="_blank" rel="noopener">announced </a>a scrip Offer, by way of a Scheme, for 62.91%-held <a href="https://www.smartkarma.com/entities/bossini-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:4085:1" rel="noopener">Bossini International Holdings (592 HK)</a>, a casual apparel play.</li>
<li>One new Viva share for five Bossini shares backed an implied scrip price of HK$0.108/share, a 12.2% discount to undisturbed. </li>
<li>Bossini's Scheme Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0102/2025010203503.pdf" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 10th February, and expected  settlement on the 24th March. The IFA says "fair and reasonable". </li>
</ul>


On the 16th October, Li Ning-backed Viva Goods (933 HK)  announced a scrip Offer, by way of a Scheme, for 62.91%-held Bossini International Holdings (592 HK), a casual apparel play.
One new Viva share for five Bossini shares backed an implied scrip price of HK$0.108/share, a 12.2% discount to undisturbed. 
Bossini's Scheme Doc is now out, with a Court Meeting on the 10th February, and expected  settlement on the 24th March. The IFA says "fair and reasonable". 


<ul>
<li>On the 5th November, <a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice Holdings (64 HK)</a> (GNH) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1105/2024110501858.pdf" target="_blank" rel="noopener">announced</a> a scrip Offer, by way of a Scheme, for 72.99%-held <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a> (GNF).</li>
<li>With an implied scrip price &amp; divvy of HK$1.116/share, against a book value of HK1.736/share - and net cash of ~HK$1.00/share - this is probably being down too cheaply.</li>
<li>GNH's Circular is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0102/2025010203495.pdf" target="_blank" rel="noopener">out</a>, with an EGM to be held on the 22nd Jan. GNF's Scheme Doc is expected to be dispatched one or before the 10th Feb. </li>
</ul>


On the 5th November, Get Nice Holdings (64 HK) (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held Get Nice Financial Group Ltd (1469 HK) (GNF).
With an implied scrip price &amp; divvy of HK$1.116/share, against a book value of HK1.736/share - and net cash of ~HK$1.00/share - this is probably being down too cheaply.
GNH's Circular is now out, with an EGM to be held on the 22nd Jan. GNF's Scheme Doc is expected to be dispatched one or before the 10th Feb. 


Get Nice Financial (1469 HK): EGM Set For Get Nice (64 HK)'s Scrip Offer

Malaysia

CM Hi-Tech Cleanroom manufactures and sells cleanroom wall and ceiling systems, along with cleanroom equipment including fan filter units, air showers, and HEPA filters. The company provides comprehensive cleanroom solutions, encompassing development, production, and installation services. It was founded in 1989 and is headquartered in Shah Alam, Malaysia.

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CM Hi-Tech Cleanroom (2115 HK)

WH Group (288 HK): Smithfield's IPO Doc Now Out

WHG could surprise the market with a higher than expected IPO price. I doubt it. Even applying a high-end value for Smithfield of ~US$10bn, a ~38%...

David Blennerhassett

Boqi Env (2377 HK): Takeaways From The Partial Offer

~45% of the public shareholders tendering has been a useful benchmark in past Hong Kong Partial Offers, and so it was again for Boqi.

David Blennerhassett

Bossini (592 HK): 10th Feb Scheme Vote

The spread is there and Viva is shortable. Not sure if you can take down borrow cheaply. Otherwise, this is an avoid. Viva is trading rich. It may...

David Blennerhassett

Get Nice Financial (1469 HK): EGM Set For Get Nice (64 HK)'s Scrip Offer

The more interesting bet is GNH (64 HK) at a 74% discount to NAV and 0.21x P/B, which will (should) be taken out next. That may be worth a punt.

David Blennerhassett

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52-week Range

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WH Group (288 HK): Smithfield's IPO Doc Now Out

WHG could surprise the market with a higher than expected IPO price. I doubt it. Even applying a high-end value for Smithfield of ~US$10bn, a ~38%...

David Blennerhassett

Boqi Env (2377 HK): Takeaways From The Partial Offer

~45% of the public shareholders tendering has been a useful benchmark in past Hong Kong Partial Offers, and so it was again for Boqi.

David Blennerhassett

Insignia Financial (IFL AU): CC Capital Wades In With A $4.30/Share NBIO

Terms are non-binding. I think IFL should engage here. However, I'm not confident Tanarra is willing to kick out at a 7.5% premium to Bain's terms.

David Blennerhassett

Bossini (592 HK): 10th Feb Scheme Vote

The spread is there and Viva is shortable. Not sure if you can take down borrow cheaply. Otherwise, this is an avoid. Viva is trading rich. It may...

David Blennerhassett

Get Nice Financial (1469 HK): EGM Set For Get Nice (64 HK)'s Scrip Offer

The more interesting bet is GNH (64 HK) at a 74% discount to NAV and 0.21x P/B, which will (should) be taken out next. That may be worth a punt.

David Blennerhassett