Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 43 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deal was discussed on Smartkarma this past week: TPG's non-binding Offer for <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, <a href="https://www.smartkarma.com/entities/nippon-steel-trading-corporation" target="_blank" data-smartkarma-citation="entities:13087:1" rel="noopener">Nippon Steel Trading Corporation (9810 JP)</a>, and <a href="https://www.smartkarma.com/entities/s-m-entertainment-co" target="_blank" data-smartkarma-citation="entities:3500:1" rel="noopener">S.M.Entertainment Co (041510 KS)</a>.</li>
</ul>


There are 43 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed on Smartkarma this past week: TPG's non-binding Offer for Invocare Ltd (IVC AU).
Key updates took place for Yashili International Holdings (1230 HK), Pushpay Holdings (PPH NZ), Nippon Steel Trading Corporation (9810 JP), and S.M.Entertainment Co (041510 KS).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Invocare, Yashili, Pushpay Holdings, S.M.Entertainment

Yashili International Holdings / Event-Driven

<ul>
<li>The 25% stake sale/acquisition in <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International (1230 HK)</a> was expected five business days after the Dumex China Disposal  - and that is what transpired. This satisfies the Scheme conditions. </li>
<li>After ten months, <a href="https://www.smartkarma.com/entities/danone-sa" target="_blank" data-smartkarma-citation="entities:21403:1" rel="noopener">Danone (BN FP)</a> offloaded its chilled dairy business, acquired Yashili's Dumex China baby formula ops, and offloaded its 25% stake in Yashili to <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu (2319 HK)</a>.</li>
<li>Now Yashili minority shareholders will get their chance to vote for China Mengniu's Scheme, potentially in early May. </li>
</ul>


The 25% stake sale/acquisition in Yashili International (1230 HK) was expected five business days after the Dumex China Disposal  - and that is what transpired. This satisfies the Scheme conditions. 
After ten months, Danone (BN FP) offloaded its chilled dairy business, acquired Yashili's Dumex China baby formula ops, and offloaded its 25% stake in Yashili to China Mengniu (2319 HK).
Now Yashili minority shareholders will get their chance to vote for China Mengniu's Scheme, potentially in early May. 


Yashili (1230 HK): ​China Mengniu's Scheme Triggered

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/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a> announced that the Dumex China Disposal was completed. The completion will result in the satisfaction of the last pre-condition, likely within five business days.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a>’s offer is HK$1.20 per share. Due to the upcoming release of full-year results, the scheme document will be likely despatched by early April. </li>
<li>This is a done deal and timing is the key risk. At the current price and for a late-May payment, the gross and annualised spread is 2.6% and 11.3%, respectively.</li>
</ul>



Yashili International Holdings (1230 HK) announced that the Dumex China Disposal was completed. The completion will result in the satisfaction of the last pre-condition, likely within five business days.

China Mengniu Dairy Co (2319 HK)’s offer is HK$1.20 per share. Due to the upcoming release of full-year results, the scheme document will be likely despatched by early April. 
This is a done deal and timing is the key risk. At the current price and for a late-May payment, the gross and annualised spread is 2.6% and 11.3%, respectively.


Yashili (1230 HK): Pre-Condition Satisfaction Likely Within 5 Business Days

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a> has announced that the disposal of Dumex China to <a href="https://www.smartkarma.com/entities/danone-sa" target="_blank" data-smartkarma-citation="entities:21403:1" rel="noopener">Danone SA (BN FP)</a> has been completed.</li>
<li>This satisfies the second of three SPAs announced last May, leaving the sale of Danone's 25% stake in Yashili to <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a> outstanding. </li>
<li>This stake sale should conclude next week, to be followed by the launch of the Scheme later this month, early next.</li>
</ul>



Yashili International Holdings (1230 HK) has announced that the disposal of Dumex China to Danone SA (BN FP) has been completed.
This satisfies the second of three SPAs announced last May, leaving the sale of Danone's 25% stake in Yashili to China Mengniu Dairy Co (2319 HK) outstanding. 
This stake sale should conclude next week, to be followed by the launch of the Scheme later this month, early next.


Yashili (1230 HK): ​Mengniu Offer Imminent As Key Sale Concludes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a> latest monthly update notes that Dumex Key Condition 2 is satisfied paving the way towards completing the Dumex China Disposal. </li>
<li>The completion of the remaining pre-condition, the 25% Yashili acquisition, depends on the completion of the Dumex China Disposal, which now looks imminent.</li>
<li>We think the pre-condition will be satisfied by the end of February and the scheme document will be despatched by early April. At the last close, the spread is 6.2%.</li>
</ul>



Yashili International Holdings (1230 HK) latest monthly update notes that Dumex Key Condition 2 is satisfied paving the way towards completing the Dumex China Disposal. 
The completion of the remaining pre-condition, the 25% Yashili acquisition, depends on the completion of the Dumex China Disposal, which now looks imminent.
We think the pre-condition will be satisfied by the end of February and the scheme document will be despatched by early April. At the last close, the spread is 6.2%.


Yashili (1230 HK): Pre-Condition Finally to Be Satisfied?

France

Danone SA is a food processing company. The Company produces dairy products, beverages, baby food and clinical/medical nutrition products.

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Danone SA (BN FP)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Invocare, Yashili, Pushpay Holdings, S.M.Entertainment

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Yashili (1230 HK): China Mengniu's Scheme Triggered

Into the home stretch. Expect FY22 results by month end and the Scheme Doc shortly thereafter. Trading tightish at a 2.6%/10.7% gross/annualised...

David Blennerhassett

Yashili (1230 HK): Pre-Condition Satisfaction Likely Within 5 Business Days

This is a done deal and timing is the key risk. At the current price and for a late-May payment, the gross and annualised spread is 2.6% and 11.3%,...

Arun George

Yashili (1230 HK): Mengniu Offer Imminent As Key Sale Concludes

The Dumex China sale is done. The despatch of the Scheme Doc should occur around this time next month. Trading at a 5.3%/21.1% gross/annualised...

David Blennerhassett

Yashili (1230 HK): Pre-Condition Finally to Be Satisfied?

It's been a glacial pace but it finally looks like the satisfaction of the pre-condition is close. At the last close and for a late May payment,...

Arun George

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(Mostly) Asia-Pac Weekly Risk Arb Wrap: Invocare, Yashili, Pushpay Holdings, S.M.Entertainment

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Yashili (1230 HK): ​China Mengniu's Scheme Triggered

Into the home stretch. Expect FY22 results by month end and the Scheme Doc shortly thereafter. Trading tightish at a 2.6%/10.7% gross/annualised...

David Blennerhassett

Yashili (1230 HK): Pre-Condition Satisfaction Likely Within 5 Business Days

This is a done deal and timing is the key risk. At the current price and for a late-May payment, the gross and annualised spread is 2.6% and 11.3%,...

Arun George

Yashili (1230 HK): ​Mengniu Offer Imminent As Key Sale Concludes

The Dumex China sale is done. The despatch of the Scheme Doc should occur around this time next month. Trading at a 5.3%/21.1% gross/annualised...

David Blennerhassett

Yashili (1230 HK): Pre-Condition Finally to Be Satisfied?

It's been a glacial pace but it finally looks like the satisfaction of the pre-condition is close. At the last close and for a late May payment,...

Arun George

Yashili (1230 HK): China Mengniu's Scheme Triggered

Yashili (1230 HK): Mengniu Offer Imminent As Key Sale Concludes