Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>As with large, clean liquid deals in Asia-Pac, expect <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng (11 HK)</a>'s annualised spreads to widen (i.e. gross spread remains static) as investors hit their full quota early on. </li>
<li>The question is whether <a href="https://www.smartkarma.com/entities/soft99-corp" target="_blank" data-smartkarma-citation="entities:18486:1" rel="noopener">Soft99 (4464 JP)</a>'s MBO Bidco raises the price to  ¥3,200 saying "let's split the difference", and that would make some people happy. It's doubtful they will.</li>
<li>
<a href="https://www.smartkarma.com/entities/sihuan-pharmaceutical-hldgs" target="_blank" data-smartkarma-citation="entities:33:1" rel="noopener">Sihuan Pharmaceutical (460 HK)</a> has benefited a little from the HK$500mn buyback programme announced last October. But a HK$11bn run up in market cap YTD? This looks stretched to me.</li>
</ul>


As with large, clean liquid deals in Asia-Pac, expect Hang Seng (11 HK)'s annualised spreads to widen (i.e. gross spread remains static) as investors hit their full quota early on. 
The question is whether Soft99 (4464 JP)'s MBO Bidco raises the price to  ¥3,200 saying "let's split the difference", and that would make some people happy. It's doubtful they will.

Sihuan Pharmaceutical (460 HK) has benefited a little from the HK$500mn buyback programme announced last October. But a HK$11bn run up in market cap YTD? This looks stretched to me.


Last Week In Event SPACE: Hang Seng Bank, Soft99, Sihuan Pharma, Dongfeng Motor

<ul>
<li>I tally 43- mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>, <a href="https://www.smartkarma.com/entities/predictive-discovery-ltd" target="_blank" data-smartkarma-citation="entities:15374:1" rel="noopener">Predictive Discovery (PDI AU)</a>/<a href="https://www.smartkarma.com/entities/robex-resources-inc" target="_blank" data-smartkarma-citation="entities:45880:1" rel="noopener">Robex Resources (RXR AU)</a>, and <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>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <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>, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, and <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a>.</li>
</ul>


I tally 43- mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal was discussed on Smartkarma this week: Pacific Smiles (PSQ AU), Predictive Discovery (PDI AU)/Robex Resources (RXR AU), and Hang Seng Bank (11 HK).
Key updates/news took place on: Infomedia Ltd (IFM AU), Pacific Industrial (7250 JP), ReNew Energy Global (RNW US), and Mandom Corp (4917 JP).


(Mostly) Asia-Pac M&A: Mandom, Pacific Smiles, Robex Res., Infomedia, Pacific Ind., ReNew Energy

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

<ul><li>Another of China’s major state-owned automakers is expanding its collaboration with Huawei Technologies Co. Ltd., as legacy carmakers increasingly turn to the tech giant for an edge in the smart vehicle race.</li><li>Dongfeng Motor Group Co. Ltd. Chairman Yang Qing on Monday met with Huawei founder Ren Zhengfei, stating that Dongfeng will pursue comprehensive cooperation with Huawei in areas such as corporate management, product design, smart technologies and marketing, according to a Sept. 23 company statement.</li><li>Several of Dongfeng’s brands, including Voyah, eπ and M-Hero, have already integrated Huawei’s systems into their vehicles.</li></ul>

Another of China’s major state-owned automakers is expanding its collaboration with Huawei Technologies Co. Ltd., as legacy carmakers increasingly turn to the tech giant for an edge in the smart vehicle race.Dongfeng Motor Group Co. Ltd. Chairman Yang Qing on Monday met with Huawei founder Ren Zhengfei, stating that Dongfeng will pursue comprehensive cooperation with Huawei in areas such as corporate management, product design, smart technologies and marketing, according to a Sept. 23 company statement.Several of Dongfeng’s brands, including Voyah, eπ and M-Hero, have already integrated Huawei’s systems into their vehicles.

China’s State-Owned Auto Giants Turn to Huawei in Smart Car Race 

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/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a> announced a scheme privatisation offer from <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> at HK$155, a 30.3% premium to the undisturbed price.  </li>
<li>Based on an estimated 2025 third dividend of HK$1.3 per share, the total consideration is HK$156.30 per share. The offer price is final.</li>
<li>The offer is attractive compared to peer multiples and historical trading ranges. At the current price and for a late March payment, the gross/annualised spread is 2.9%/6.2%.</li>
</ul>



Hang Seng Bank (11 HK) announced a scheme privatisation offer from HSBC Holdings (5 HK) at HK$155, a 30.3% premium to the undisturbed price.  
Based on an estimated 2025 third dividend of HK$1.3 per share, the total consideration is HK$156.30 per share. The offer price is final.
The offer is attractive compared to peer multiples and historical trading ranges. At the current price and for a late March payment, the gross/annualised spread is 2.9%/6.2%.


Hang Seng Bank (11 HK): HSBC (5 HK)’s Scheme Privatisation Is a Done Deal

<ul>
<li>On the 22nd August 2025, SOE-backed <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.</li>
<li>Dongfeng has now released the <a href="https://www1.hkexnews.hk/app/sehk/2025/107757/documents/sehk25100202720.pdf" target="_blank" rel="noopener">application proof for VOYAH</a>, with finances through to July 2025. Of interest, VOYAH is in the black for 7M25.</li>
<li>The market is implying a price-to-trailing-sales of 1.5x for VOYAH versus the basket average of 2.1x.</li>
</ul>


On the 22nd August 2025, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.
Dongfeng has now released the application proof for VOYAH, with finances through to July 2025. Of interest, VOYAH is in the black for 7M25.
The market is implying a price-to-trailing-sales of 1.5x for VOYAH versus the basket average of 2.1x.


Dongfeng (489 HK): On VOYAH's Updated Financials

China

Dongfeng Motor Group is a major Chinese automotive manufacturer engaged in the research, development, production, and sale of commercial and passenger vehicles, engines, and auto parts. The company offers a wide range of vehicles, including trucks, buses, sedans, SUVs, and new energy vehicles, alongside providing financing services. It is headquartered in Wuhan, China, and was founded in 1969.

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Dongfeng Motor (489 HK)

Last Week In Event SPACE: Hang Seng Bank, Soft99, Sihuan Pharma, Dongfeng Motor

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: Mandom, Pacific Smiles, Robex Res., Infomedia, Pacific Ind., ReNew Energy

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

China’s State-Owned Auto Giants Turn to Huawei in Smart Car Race

Another of China’s major state-owned automakers is expanding its collaboration with Huawei Technologies Co. Ltd. , as legacy...

Caixin Global

Hang Seng Bank (11 HK): HSBC (5 HK)’s Scheme Privatisation Is a Done Deal

The offer is attractive compared to peer multiples and historical trading ranges. At the current price and for a late March payment, the gross...

Arun George

Dongfeng (489 HK): On VOYAH's Updated Financials

There's been a lot of enthusiasm washing over HK spin-offs lately: Zijin Mining (2899 HK), MINISO (9896 HK), and now Dongfeng. I think Dongfeng is...

David Blennerhassett

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