Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. However, such disclosures are by no means an absolute. </li>
<li>These insights may flag those companies where shares have been pledged. Stocks mentioned include <a href="https://www.smartkarma.com/entities/cross-harbour-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10258:1" rel="noopener">Cross Harbour (32 HK)</a>, <a href="https://www.smartkarma.com/entities/c-c-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13078:1" rel="noopener">C C Land (1224 HK)</a>, and <a href="https://www.smartkarma.com/entities/zhuguang-holdings-group-co" target="_blank" data-smartkarma-citation="entities:15308:1" rel="noopener">Zhuguang Holdings Group Co (1176 HK)</a>.</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. However, such disclosures are by no means an absolute. 
These insights may flag those companies where shares have been pledged. Stocks mentioned include Cross Harbour (32 HK), C C Land (1224 HK), and Zhuguang Holdings Group Co (1176 HK).


Hong Kong CEO & Director Dealings: 4 Nov: Cross Harbour, C C Land, Zhuguang Holdings Group

After shares were <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0915/2020091401065.pdf" target="_blank" rel="noopener">suspended</a> on the 15 September pursuant to the Hong Kong Code on Takeovers and Mergers, <a href="https://www.smartkarma.com/entities/cross-harbour-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10258:1" rel="noopener">Cross Harbour Holdings (32 HK)</a> (CHHL) has now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0917/2020091701527.pdf" target="_blank" rel="noopener">announced</a> a voluntary conditional cash offer from its major shareholder.
Rose Dynamics, a wholly-owned vehicle of Cheung Chung Kiu (Chairman/ED of CHHL), holding 22.69% in CHHL, has made a cash offer of $14/share, a 42.4% premium to last close. The Offer price has not been declared final. 
A third quarterly interim dividend may be declared in November which would be added to the Offer price.
The key condition to the Offer is the Offeror holding more than 50% at the close of the Offer. The Offer is not aware of any authorisation or consent required to complete the Offer.
This appears a pretty clean Offer. But it is not a particularly liquid arb situation.

After shares were suspended on the 15 September pursuant to the Hong Kong Code on Takeovers and Mergers, Cross Harbour Holdings (32 HK) (CHHL) has now announced a voluntary conditional cash offer from its major shareholder.
Rose Dynamics, a wholly-owned vehicle of Cheung Chung Kiu (Chairman/ED of CHHL), holding 22.69% in CHHL, has made a cash offer of $14/share, a 42.4% premium to last close. The Offer price has not been declared final. 
A third quarterly interim dividend may be declared in November which would be added to the Offer price.
The key condition to the Offer is the Offeror holding more than 50% at the close of the Offer. The Offer is not aware of any authorisation or consent required to complete the Offer.
This appears a pretty clean Offer. But it is not a particularly liquid arb situation.

Cross-Harbour (32 HK): Voluntary Offer. Price Not Final

The despatch of <a href="https://www.smartkarma.com/entities/19341" target="_blank" data-smartkarma-citation="entities:19341:1">Television Broadcasts Ltd (511 HK)</a>'s Offer Document has been delayed thrice since TLG’s <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0307/LTN20170307602.pdf" target="_blank">"bid"</a> failed to materialise.The last two despatch delays hinged on when the Takeovers and Mergers Panel (the “Panel”) would rule on the whitewash waiver. That Panel hearing, originally tabled for the 5 April, has been rescheduled for the 27 April.In this note, I detail why the whitewash waiver is required, recent decisions handed down by the Panel and whether or not this could jeopardise the outcome of the buyback/partial offer.

The despatch of Television Broadcasts Ltd (511 HK)'s Offer Document has been delayed thrice since TLG’s "bid" failed to materialise.The last two despatch delays hinged on when the Takeovers and Mergers Panel (the “Panel”) would rule on the whitewash waiver. That Panel hearing, originally tabled for the 5 April, has been rescheduled for the 27 April.In this note, I detail why the whitewash waiver is required, recent decisions handed down by the Panel and whether or not this could jeopardise the outcome of the buyback/partial offer.

Professor, Investor, Research Institute CEO, Monash Business School

Deep Kapur

Professor, Investor, Research Institute CEO

Lucem Capital

Equity Bottom-Up

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/016/433/original/sohm.PNG?1479222766" class="editor-image img-responsive" data-smartkarma-image-id="16433"></figure>With all the political excitement last week, the first Sohn Sydney conference on 11th November does not appear to have received much airtime within the PM community.Translation: by "community" I mean my five POTUS-fatigued friends who picked up calls last Monday. Typical response: really - there was a Sohn event last week? I have found the Sohn conferences and the ones hosted by Jim Grant to be good sources of long and short ideas for further research. I wasn't at the Sydney conference, but…

With all the political excitement last week, the first Sohn Sydney conference on 11th November does not appear to have received much airtime within the PM community.Translation: by "community" I mean my five POTUS-fatigued friends who picked up calls last Monday. Typical response: really - there was a Sohn event last week? I have found the Sohn conferences and the ones hosted by Jim Grant to be good sources of long and short ideas for further research. I wasn't at the Sydney conference, but…

Longs & Shorts from Sohn Sydney Conference

Hong Kong

Cross-Harbour (Holdings) Ltd. is a Hong Kong-based investment holding company. Its principal activities include motoring school operations, electronic toll collection operations, and treasury management and securities investment. The company was originally established in 1965 to construct and operate Hong Kong's first underwater road tunnel and is headquartered in Wan Chai, Hong Kong.

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Cross-Harbour (32 HK)

Hong Kong CEO & Director Dealings: 4 Nov: Cross Harbour, C C Land, Zhuguang Holdings Group

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett