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/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite (DSE AU)</a>, a backup, recovery and protection software company, has entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.</li>
<li>NinjaOne is offering A$5.90/share, a 34.1% premium to last close. Apart from Dropsuite's shareholder approval, the Offer requires FIRB signing off. The Offer has the unanimous backing of both boards. </li>
<li>The Offer also has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%.  Implementation is expected late May 2025. This is done. </li>
</ul>



Dropsuite (DSE AU), a backup, recovery and protection software company, has entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.
NinjaOne is offering A$5.90/share, a 34.1% premium to last close. Apart from Dropsuite's shareholder approval, the Offer requires FIRB signing off. The Offer has the unanimous backing of both boards. 
The Offer also has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%.  Implementation is expected late May 2025. This is done. 


Dropsuite (DSE AU): NinjaOne's A$5.90/Share Scheme

<ul>
<li>On the 27th January, <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>, a Chinese on-demand retail and delivery platform, <a href="https://ir.imdada.cn/static-files/f51e79d8-c951-4c82-8317-6493f6110fef" target="_blank" rel="noopener">announced</a> a preliminary non-binding proposal from <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>.</li>
<li>JD.com, a 63.2% shareholder, is offering US$0.50/share (US$2.00/ADS), a 42% premium to last close. Should a definitive agreement be inked, this is done. </li>
<li>DADA has formed a committee to evaluate the proposal. The risk to the trade, as with many US-listed China plays, is one of timing. Trading at a 11.1% gross spread.</li>
</ul>


On the 27th January, Dada Nexus (DADA US), a Chinese on-demand retail and delivery platform, announced a preliminary non-binding proposal from JD.com (9618 HK).
JD.com, a 63.2% shareholder, is offering US$0.50/share (US$2.00/ADS), a 42% premium to last close. Should a definitive agreement be inked, this is done. 
DADA has formed a committee to evaluate the proposal. The risk to the trade, as with many US-listed China plays, is one of timing. Trading at a 11.1% gross spread.


Dada Nexus (DADA US): JD.Com's US$2/ADS Non-Binding Offer

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<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> disclosed a non-binding proposal from <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> at US$2.00 per ADS, a 41.8% premium to the undisturbed price of US$1.41 (24 January).</li>
<li>The offer is light compared to the IPO price (US$16.00), average sell-side price targets (US$2.19) and historical trading ranges. </li>
<li>The shareholder vote is low-risk (two-thirds voting threshold), as JD.com represents 63.2% of the voting power. The key risk is the timing of a binding proposal. </li>
</ul>



Dada Nexus (DADA US) disclosed a non-binding proposal from JD.com Inc (ADR) (JD US) at US$2.00 per ADS, a 41.8% premium to the undisturbed price of US$1.41 (24 January).
The offer is light compared to the IPO price (US$16.00), average sell-side price targets (US$2.19) and historical trading ranges. 
The shareholder vote is low-risk (two-thirds voting threshold), as JD.com represents 63.2% of the voting power. The key risk is the timing of a binding proposal. 


Dada Nexus (DADA US): JD.com’s Light Non-Binding Offer at US$2 Per ADS

Blue Lotus Research Institute

Andy Fu

China growth and global non-US Internet equities

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>O2O has made a huge impact on China's e-commerce scene in 2024. The Coupang-invented model suits mega cities with dense population and order volumes;</li>
<li>Online drug O2O, in particular, has gained momentum because drugs, prescription and non-prescription have robust storage and distribution needs on the ground for O2O use;</li>
<li>Meituan's drug sales has grown its overall market share from 3.6% in 2022 to 7.1% in 2024. We project it to grow to 12.3% by 2030. </li>
</ul>


O2O has made a huge impact on China's e-commerce scene in 2024. The Coupang-invented model suits mega cities with dense population and order volumes;
Online drug O2O, in particular, has gained momentum because drugs, prescription and non-prescription have robust storage and distribution needs on the ground for O2O use;
Meituan's drug sales has grown its overall market share from 3.6% in 2022 to 7.1% in 2024. We project it to grow to 12.3% by 2030. 


Meituan (3690 HK): Online Drug Sales Is the First Sweet Spot of O2O Vs. E-Commerce

Independent Research, Turtles all the way down

Turtles all the way down

Independent Research

Writing short articles about mis-priced boring stocks around the world.

<ul>
<li>I am quite sick so I will keep it short.</li>
<li>I am closing Lufax (LU) here and would at least take something off the table for JD holdings (JD) </li>
<li>Honestly Lufax business is too much of a black box, and the forward PE multiple isn’t low enough anymore for my taste.</li>
</ul>


I am quite sick so I will keep it short.
I am closing Lufax (LU) here and would at least take something off the table for JD holdings (JD) 
Honestly Lufax business is too much of a black box, and the forward PE multiple isn’t low enough anymore for my taste.


China

Dada Nexus Limited operates a platform for local on-demand retail and delivery. The Company provides a digital solution leveraging the crowdsourcing model to address the challenge of frequent fluctuations brought forward by the nature of on-demand orders and to match the surging demand for delivery capacity with efficient supply. Dada Nexus serves customers in China.

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

Dada Nexus (DADA US)