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/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman (9956 HK)</a>'s Scheme Doc is out, absent any reference to CDH (holding an estimated 18%). Given precedents with similar fact patterns, this is probably one deal to avoid.</li>
<li>
<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>'s Offer Price is more than expected; but the fact that Dalton , who really wanted to sell, but isn't selling, suggests the price should be higher.</li>
<li>8th January vote on <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC (5 HK)</a>'s Offer for <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>.  Safe deal. This is effectively a term deposit hybrid.</li>
</ul>



ANE Cayman (9956 HK)'s Scheme Doc is out, absent any reference to CDH (holding an estimated 18%). Given precedents with similar fact patterns, this is probably one deal to avoid.

Hogy Medical (3593 JP)'s Offer Price is more than expected; but the fact that Dalton , who really wanted to sell, but isn't selling, suggests the price should be higher.
8th January vote on HSBC (5 HK)'s Offer for Hang Seng Bank (11 HK).  Safe deal. This is effectively a term deposit hybrid.


Last Week In Event SPACE: ANE Cayman. Hogy Medical, Hang Seng, Zhejiang Sanhua Intelligent

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Marked profit improvement on discount store GPM gains and SG&amp;A savings</li><li>Construction losses narrowed; Property profit surged on accounting changes</li><li>Same-store recovery remains elusive, but improved profit level is encouraging</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marked profit improvement on discount store GPM gains and SG&amp;A savingsConstruction losses narrowed; Property profit surged on accounting changesSame-store recovery remains elusive, but improved profit level is encouragingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emart (139480 KS) - Discount Store Cost Cuts, Improved Subsidiary Performance Drive Surprise

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we discuss about the growing importance of ACT, the largest minority shareholders platform (<a href="https://www.act.ag/" target="_blank" rel="noopener">https://www.act.ag/</a>) in Korea with nearly 100,000 members and market share of more than 50%. </li>
<li>Recently, ACT has been demanding corporate governance improvements on the following companies: E-Mart, DB Hitek, Lotte Shopping, Youlchon Chem, Hanmi Science, and Solu-M. </li>
<li> ACT has played an important role in the recent shareholder return polices announced by E-Mart which announced a sharply higher total shareholder return policy including higher dividends and share cancellations. </li>
</ul>


In this insight, we discuss about the growing importance of ACT, the largest minority shareholders platform (https://www.act.ag/) in Korea with nearly 100,000 members and market share of more than 50%. 
Recently, ACT has been demanding corporate governance improvements on the following companies: E-Mart, DB Hitek, Lotte Shopping, Youlchon Chem, Hanmi Science, and Solu-M. 
 ACT has played an important role in the recent shareholder return polices announced by E-Mart which announced a sharply higher total shareholder return policy including higher dividends and share cancellations. 


Growing Importance of ACT - Korea's Largest Minority Shareholders Platform

<ul>
<li>E Mart's Chairman Chung Yong-Jin will receive the entire 10% shares of E Mart held by his mum Lee Myung-Hee.</li>
<li>After this transaction, Chung Yong-Jin will become the largest shareholder in E Mart with a 28.6% stake in the company.</li>
<li>This is likely to positively impact E Mart. In Korea, when the final major ownership stake is transferred, there is often a positive boost to the share price.</li>
</ul>


E Mart's Chairman Chung Yong-Jin will receive the entire 10% shares of E Mart held by his mum Lee Myung-Hee.
After this transaction, Chung Yong-Jin will become the largest shareholder in E Mart with a 28.6% stake in the company.
This is likely to positively impact E Mart. In Korea, when the final major ownership stake is transferred, there is often a positive boost to the share price.


Chung Yong-Jin Will Receive 10% of E Mart Shares from His Mum to Become the Controlling Shareholder

<ul>
<li>On 26 December, Reuters mentioned that E Mart could announce a major JV announcement with Alibaba Group Holding's Korean operations that could value the JV at about $4 billion.</li>
<li>The official launch of the JV is expected to take place sometime in 1H 2025. Gmarket and AliExpress Korea will become subsidiaries of this JV.</li>
<li>Although this is not a done deal, this potential JV between Gmarket and AliExpress Korea is likely to have a positive impact on E Mart Inc (139480 KS). </li>
</ul>


On 26 December, Reuters mentioned that E Mart could announce a major JV announcement with Alibaba Group Holding's Korean operations that could value the JV at about $4 billion.
The official launch of the JV is expected to take place sometime in 1H 2025. Gmarket and AliExpress Korea will become subsidiaries of this JV.
Although this is not a done deal, this potential JV between Gmarket and AliExpress Korea is likely to have a positive impact on E Mart Inc (139480 KS). 


A Potential JV Between E Mart and Alibaba's Korean Operations Could Value the JV at About $4 Billion

South Korea

E-MART Inc. operates E-Mart discount stores. The Company retails food, clothing, household goods, electronics, and other items through several branch stores.

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E Mart Inc (139480 KS)

Last Week In Event SPACE: ANE Cayman. Hogy Medical, Hang Seng, Zhejiang Sanhua Intelligent

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

Emart (139480 KS) - Discount Store Cost Cuts, Improved Subsidiary Performance Drive Surprise

Marked profit improvement on discount store GPM gains and SG&A savings. Construction losses narrowed; Property profit surged on accounting changes

Daishin Securities

Growing Importance of ACT - Korea's Largest Minority Shareholders Platform

In this insight, we discuss about the growing importance of ACT, the largest minority shareholders platform (https://www.act.ag/) in Korea with...

Douglas Kim

Chung Yong-Jin Will Receive 10% of E Mart Shares from His Mum to Become the Controlling Shareholder

E Mart's Chairman Chung Yong-Jin will receive the entire 10% shares of E Mart held by his mum Lee Myung-Hee. Chung Yong-Jin will become the largest...

Douglas Kim

A Potential JV Between E Mart and Alibaba's Korean Operations Could Value the JV at About $4 Billion

On 26 December, Reuters mentioned that E Mart could announce a major JV announcement with Alibaba Group Holding's Korean operations that could...

Douglas Kim

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