Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Hangzhou Kangji Medical Instrument Co., Ltd. / Event-Driven

Hangzhou Kangji Medical Instrument Co., Ltd.

<ul>
<li>On the 12th August, <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical (9997 HK)</a> announced an Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.</li>
<li>The HK$9.25/share consideration price (declared final), was an lacklustre 9.9% premium to last close. But pitched around a four-year high. </li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1013/2025101300039.pdf" target="_blank" rel="noopener">The Scheme Document is now out</a>, with a Court Meeting on the 10th November and expected payment around the 16th December - in line with my expectations.</li>
</ul>


On the 12th August, Hangzhou Kangji Medical (9997 HK) announced an Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.
The HK$9.25/share consideration price (declared final), was an lacklustre 9.9% premium to last close. But pitched around a four-year high. 

The Scheme Document is now out, with a Court Meeting on the 10th November and expected payment around the 16th December - in line with my expectations.


Kangji Medical (9997 HK): 10th Nov Shareholder Vote on Founders/TPG/QIA's Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a> has announced an Offer from controlling parent (63.3551%), <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a>, by way of a Scheme, in a HK$106bn (US$13.6bn) deal. </li>
<li>The Scheme Consideration is HK$155/share, a 30.3% premium to last close. The price is final. A "third interim dividend" will be added. Optically, the price is bang on.</li>
<li>The long stop for conditions is the 30th September 2026. I think this transaction can be wrapped up in around five months. </li>
</ul>



Hang Seng Bank (11 HK) has announced an Offer from controlling parent (63.3551%), HSBC Holdings (5 HK), by way of a Scheme, in a HK$106bn (US$13.6bn) deal. 
The Scheme Consideration is HK$155/share, a 30.3% premium to last close. The price is final. A "third interim dividend" will be added. Optically, the price is bang on.
The long stop for conditions is the 30th September 2026. I think this transaction can be wrapped up in around five months. 


HSBC (5 HK)'s Clean Offer for Hang Seng (11 HK)'s Minorities

<ul>
<li>With the pre-cons squared away as per the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0903/2025090302242.pdf" target="_blank" rel="noopener">3rd September announcement</a>, the key risk to <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument (9997 HK)</a>'s Offer is the Scheme vote. </li>
<li>The HK$9.25/share consideration price (declared final), was an uninspiring 9.9% premium to last close. But pitched around a four-year high. And peers are down 10% on average since the Offer.</li>
<li>A perusal of the s329 investigative reports provides a significantly clearer picture on who holds what.</li>
</ul>


With the pre-cons squared away as per the 3rd September announcement, the key risk to Hangzhou Kangji Medical Instrument (9997 HK)'s Offer is the Scheme vote. 
The HK$9.25/share consideration price (declared final), was an uninspiring 9.9% premium to last close. But pitched around a four-year high. And peers are down 10% on average since the Offer.
A perusal of the s329 investigative reports provides a significantly clearer picture on who holds what.


Kangji Medical (9997 HK): A Closer Look At The Shareholder Register

<ul>
<li>
<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 Instrument (9997 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0903/2025090302242.pdf" target="_blank" rel="noopener">announced</a> last night all pre-cons have been squared away. That must be some kind of record to secure SAMR approval for a Hong Kong-listed privatisation.</li>
<li>Back on the 12th August, Kangji Medical announced a less-than-ideal Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.</li>
<li>
What next? The Scheme Doc dispatch remains the 31st October, unless announced otherwise, as the Cayman Court is still on its six week "vacation".</li>
</ul>



Kangji Medical Instrument (9997 HK) announced last night all pre-cons have been squared away. That must be some kind of record to secure SAMR approval for a Hong Kong-listed privatisation.
Back on the 12th August, Kangji Medical announced a less-than-ideal Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.

What next? The Scheme Doc dispatch remains the 31st October, unless announced otherwise, as the Cayman Court is still on its six week "vacation".


Kangji Medical (9997 HK): Speedy Turnaround On Pre-Cons

<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

Hong Kong

Dickson Concepts (International) Limited, through its subsidiaries, sells watches and fashion products.  The Company also trades luxury goods, and provides management and technical services.

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

Dickson Concepts Intl (113 HK)

Kangji Medical (9997 HK): 10th Nov Shareholder Vote on Founders/TPG/QIA's Offer

I expect this Offer gets up. I'd pay up to ~HK$9.00/share for a ~15% annualised return. If you have the risk bandwidth for HK arbs, get involved.

David Blennerhassett

HSBC (5 HK)'s Clean Offer for Hang Seng (11 HK)'s Minorities

Assuming five months to wrap this, pay up to HK$148/share for a 15% annualised return. Including the third interim dividend of HK$1.20/share.

David Blennerhassett

Kangji Medical (9997 HK): A Closer Look At The Shareholder Register

I expect this Offer gets up. Assuming payment shortly before Xmas, I'd pay up to ~HK$8.95/share for a 15% annualised return. If you have the risk...

David Blennerhassett

Kangji Medical (9997 HK): Speedy Turnaround On Pre-Cons

I still expect this Offer to get up. Trading wide at 5.5%/20.3% gross/annual., assuming payment shortly before Xmas. Given terms are not, by any...

David Blennerhassett

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)