Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Medical device play <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Kangji Medical (9997 HK)</a> has announced an Offer, by way of a Scheme, from a consortium led by TPG and the Qatar Investment Authority, together with founders.</li>
<li>The consortium is offering HK$9.25/share, a less-than-inspiring 9.9% premium to last close. The price has been declared final. It is 33.4% below the HK$13.88 2020 IPO price.</li>
<li>Independent shareholders hold 25.25% of shares out. They could bare teeth; and they've been somewhat active at AGMs.  But on balance, there's probably enough here for this to get up.</li>
</ul>


Medical device play Kangji Medical (9997 HK) has announced an Offer, by way of a Scheme, from a consortium led by TPG and the Qatar Investment Authority, together with founders.
The consortium is offering HK$9.25/share, a less-than-inspiring 9.9% premium to last close. The price has been declared final. It is 33.4% below the HK$13.88 2020 IPO price.
Independent shareholders hold 25.25% of shares out. They could bare teeth; and they've been somewhat active at AGMs.  But on balance, there's probably enough here for this to get up.


Kangji Medical (9997 HK): TPG/QIA/Founder's Offer Is No Knockout

<ul>
<li>Chinese property play <a href="https://www.smartkarma.com/entities/joy-city-property-ltd" target="_blank" data-smartkarma-citation="entities:10958:1" rel="noopener">Joy City (207 HK)</a> has announced a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0731/2025073102020.pdf" target="_blank" rel="noopener">Scheme buyback</a>, with a price of $0.62/share (declared final), a 67.57% premium; but more like a 158% premium to undisturbed. </li>
<li>Yes, this is a 70% discount to NAV. Yet Joy City has traded at P/B of 0.14x, on average, the past five years. Earnings have trended south in that timeframe. </li>
<li>The IFA will likely cite liquidity and Joy City's historical discount to NAV, and opine "reasonable", and probably even "fair". It is what it is for long-suffering shareholders.</li>
</ul>


Chinese property play Joy City (207 HK) has announced a Scheme buyback, with a price of $0.62/share (declared final), a 67.57% premium; but more like a 158% premium to undisturbed. 
Yes, this is a 70% discount to NAV. Yet Joy City has traded at P/B of 0.14x, on average, the past five years. Earnings have trended south in that timeframe. 
The IFA will likely cite liquidity and Joy City's historical discount to NAV, and opine "reasonable", and probably even "fair". It is what it is for long-suffering shareholders.


Joy City (207 HK): Minorities Should Take The Cash

<ul>
<li>For July 2025, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$4bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in July was 45%, with a year-to-date average of 47%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%</li>
</ul>


For July 2025, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$4bn.
The average premium for the new transactions announced (or first discussed) in July was 45%, with a year-to-date average of 47%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%


(Mostly) Asia M&A, July 2025 Wrap: Pacific Industrial, Johns Lyon, TalkMed, DD Group, Hanil Cement

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> is elevated vs. <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> as the accretion trade unfolds.</li>
<li>As rates go up, investors may opt for direct exposure to <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>, as opposed to <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> indirectly, contributing to short squeezing JPB.</li>
<li>Expect near-term weakness in <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>, IF the exclusivity with Blackrock/MSC ends this weekend without resolution.</li>
</ul>



Prosus NV (PRX NA) is elevated vs. Tencent (700 HK) as the accretion trade unfolds.
As rates go up, investors may opt for direct exposure to Japan Post Bank (7182 JP), as opposed to Japan Post Holdings (6178 JP) indirectly, contributing to short squeezing JPB.
Expect near-term weakness in CK Hutchison Holdings (1 HK), IF the exclusivity with Blackrock/MSC ends this weekend without resolution.


Last Week In Event SPACE: Prosus/Tencent, Japan Post Bank, CK Holdings, Seven & I

<ul>
<li>I tally 38 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>One new deal was discussed on Smartkarma this week - <a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a>'s Tender Offer. Although I'm expecting an Offer for <a href="https://www.smartkarma.com/entities/cromwell-property-group" target="_blank" data-smartkarma-citation="entities:2780:1" rel="noopener">Cromwell Property (CMW AU)</a>.</li>
<li>Key updates/news took place on <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://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>.</li>
</ul>


I tally 38 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
One new deal was discussed on Smartkarma this week - Pacific Industrial (7250 JP)'s Tender Offer. Although I'm expecting an Offer for Cromwell Property (CMW AU).
Key updates/news took place on Insignia Financial (IFL AU), PointsBet Holdings (PBH AU), New World Resources (NWC AU), Shandong Fengxiang (9977 HK), Frasers Hospitality Trust (FHT SP).


(Mostly) Asia-Pac M&A: Pacific Ind., Insignia Fin., PointsBet, New World Res., Frasers Hospitality

Hong Kong

Dickson Concepts (International) Limited is an investment holding company primarily engaged in the retail and wholesale of luxury goods, including fashion, accessories, watches, jewelry, cosmetics, and leather goods. The company also has a segment for securities investment and provides ancillary services like interior design and property investment. Founded in 1980, it is headquartered in Tsim Sha Tsui, Hong Kong.

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Dickson Concepts (113 HK)

Kangji Medical (9997 HK): TPG/QIA/Founder's Offer Is No Knockout

I think this Offer (just) gets up. Assuming late January 2026 completion, I'd pay up to ~HK$8.70/share for a 15% annualised return.

David Blennerhassett

Joy City (207 HK): Minorities Should Take The Cash

Optically, pricing is not awesome. Yet, this whole space has been tragic for many years. It is what it is. If small-cap illiquid arbs are your...

David Blennerhassett

(Mostly) Asia M&A, July 2025 Wrap: Pacific Industrial, Johns Lyon, TalkMed, DD Group, Hanil Cement

For the month of July, 6 new deals were discussed on Smartkarma with an overall deal size of just ~US$4bn. The average premium for the new deals...

David Blennerhassett

Last Week In Event SPACE: Prosus/Tencent, Japan Post Bank, CK Holdings, Seven & I

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Pacific Ind., Insignia Fin., PointsBet, New World Res., Frasers Hospitality

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

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