Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOE-Backed<a href="https://www.smartkarma.com/entities/zhaojin-mining-industry-company-ltd-h" target="_blank" data-smartkarma-citation="entities:4626:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/zhaojin-mining-industry-company-ltd-h" target="_blank" data-smartkarma-citation="entities:4626:1" rel="noopener"> Zhaojin Mining Industry H (1818 HK)</a>, China's fourth largest integrated gold producer, has tabled a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1030/2023103000015.pdf" target="_blank" rel="noopener">non-binding Offer</a> for Aussie-listed West African gold miner <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>.</li>
<li>The A$0.58/share cash Offer is a 36% premium to undisturbed. Zhaojin is seeking 50.1% of shares out, with 7.02% already held.</li>
<li>Conditions include a raft of PRC and Côte d’Ivoire regulatory approvals. None of these should face opposition. </li>
</ul>


SOE-Backed Zhaojin Mining Industry H (1818 HK), China's fourth largest integrated gold producer, has tabled a non-binding Offer for Aussie-listed West African gold miner Tietto Minerals Ltd (TIE AU).
The A$0.58/share cash Offer is a 36% premium to undisturbed. Zhaojin is seeking 50.1% of shares out, with 7.02% already held.
Conditions include a raft of PRC and Côte d’Ivoire regulatory approvals. None of these should face opposition. 


Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

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Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/adani-green-energy-ltd' target='_blank' rel='noopener'>Adani Green Energy</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li><li><a href='/entities/first-pacific-co-ltd' target='_blank' rel='noopener'>First Pacific Co</a></li></ol>and more...

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<ul>
<li>Accelerating the Offer timetable for <a href="https://www.smartkarma.com/entities/nws-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3350:1" rel="noopener">NWS (659 HK)</a> such that it closes before the dividend ex-date appeared stingy. But why pay dividends to shareholders that won’t hold the shares anymore?</li>
<li>Those concerns have been put to rest with the despatch of NWS' Composite Doc and <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World (17 HK)</a>'s Circular, guaranteeing all shareholders the dividend, no matter the Offer outcome.</li>
<li>The key risk now is NWD's independent shareholder vote. On balance, this should get up.</li>
</ul>


Accelerating the Offer timetable for NWS (659 HK) such that it closes before the dividend ex-date appeared stingy. But why pay dividends to shareholders that won’t hold the shares anymore?
Those concerns have been put to rest with the despatch of NWS' Composite Doc and New World (17 HK)'s Circular, guaranteeing all shareholders the dividend, no matter the Offer outcome.
The key risk now is NWD's independent shareholder vote. On balance, this should get up.


NWS (659 HK): Final Divvie Assured. NWD Vote Risk Remains

China

Fosun International Limited operates diversified businesses. The Company manufactures steel, develops property, manufactures pharmaceuticals, and holds interests in retailers, financial services providers, and gold and iron mining.

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Fosun International (656 HK)

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The NWD vote risk is non-negligible when looking at minority action at past AGM/EGM voting. This is trading at a gross spread of 4.3% inclusive of...

David Blennerhassett

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