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/hanwha-corporation" target="_blank" data-smartkarma-citation="entities:10619:1" rel="noopener">Hanwha Corporation (000880 KS)</a> is "expensive" on my monitor. But that doesn't paint the whole picture. And what's up with <a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a>'s deconsolidation of <a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech (LEGN US)</a>?</li>
<li>Preceding my comments on Hanwha and Genscript Biotech/Legend Biotech are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Hanwha Corporation (000880 KS) is "expensive" on my monitor. But that doesn't paint the whole picture. And what's up with Genscript Biotech (1548 HK)'s deconsolidation of Legend Biotech (LEGN US)?
Preceding my comments on Hanwha and Genscript Biotech/Legend Biotech are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Genscript announced the deconsolidation of Legend Bio. Although it may not necessarily be directly related to a potential merger, this move is beneficial for both parties from a strategic perspective.</li>
<li>Genscript is still the largest shareholder of Legend Bio, but the negative vote against Wang Ye in October indicates that there are clear divisions among major shareholders. </li>
<li>If AquaPoint votes against Wang Ye at shareholders’ meeting, it indicates that there are also divisions among co-founders. In this case, the probability of Legend Bio being sold greatly increases.</li>
</ul>


Genscript announced the deconsolidation of Legend Bio. Although it may not necessarily be directly related to a potential merger, this move is beneficial for both parties from a strategic perspective.
Genscript is still the largest shareholder of Legend Bio, but the negative vote against Wang Ye in October indicates that there are clear divisions among major shareholders. 
If AquaPoint votes against Wang Ye at shareholders’ meeting, it indicates that there are also divisions among co-founders. In this case, the probability of Legend Bio being sold greatly increases.


Legend Biotech (LEGN.US) Offer Update - Will Deconsolidation Increase the Chances of a Merger ?

<ul>
<li>We do not want to make a premature conclusion about this acquisition too early. For both Legend Bio and Genscript, this acquisition is worth considering, given the geopolitical risks.</li>
<li>There could be difference in expectations between buyers and sellers regarding the acquisition price. For fear of losing their jobs, Legend Bio's management may not be happy about being acquired.</li>
<li>Considering the high uncertainty, our suggestion is that investors spend more time on the fundamentals of Legend Bio, rather than just betting on the success of the acquisition.</li>
</ul>


We do not want to make a premature conclusion about this acquisition too early. For both Legend Bio and Genscript, this acquisition is worth considering, given the geopolitical risks.
There could be difference in expectations between buyers and sellers regarding the acquisition price. For fear of losing their jobs, Legend Bio's management may not be happy about being acquired.
Considering the high uncertainty, our suggestion is that investors spend more time on the fundamentals of Legend Bio, rather than just betting on the success of the acquisition.


Legend Biotech (LEGN.US) Offer Update - Is the Deal Really Dead?

<ul>
<li>The rumors we’ve heard are that the acquisition price has not yet been agreed upon. Meanwhile, the management of Legend Bio and Genscript may have different views on this takeover.</li>
<li>The deal has a 50-50 chance of success. If the deal breaks, this is however "a good news" for the investors of Genscript, whose key performance contributor is Legend Bio. </li>
<li>The commercialization potential of Carvykti has not yet been fully realized. Regardless of whether there is a takeover offer or not, Legend Bio is still considered a high quality asset.  </li>
</ul>


The rumors we’ve heard are that the acquisition price has not yet been agreed upon. Meanwhile, the management of Legend Bio and Genscript may have different views on this takeover.
The deal has a 50-50 chance of success. If the deal breaks, this is however "a good news" for the investors of Genscript, whose key performance contributor is Legend Bio. 
The commercialization potential of Carvykti has not yet been fully realized. Regardless of whether there is a takeover offer or not, Legend Bio is still considered a high quality asset.  


Legend Biotech (LEGN.US) Offer Update - The Takeover Negotiations Could Reach an Impasse?

Travis Lundy

<ul>
<li>SOUTHBOUND was a net seller the prior week for HK$1.5bn, the first week in 29 where SB was a net seller. It was all ETFs. Stocks were a net buy.</li>
<li>This week, they reverted to net buying. Financials and Utilities were strong net buys. ETFs again a net sell. Total SOUTHBOUND volumes also picked up. </li>
<li>SOEs, SOE Banks, Energy, Utilities, and finally <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> saw net buying after salutary earnings.</li>
</ul>


SOUTHBOUND was a net seller the prior week for HK$1.5bn, the first week in 29 where SB was a net seller. It was all ETFs. Stocks were a net buy.
This week, they reverted to net buying. Financials and Utilities were strong net buys. ETFs again a net sell. Total SOUTHBOUND volumes also picked up. 
SOEs, SOE Banks, Energy, Utilities, and finally Anta Sports Products (2020 HK) saw net buying after salutary earnings.


HK Connect SOUTHBOUND Flows (To 30 Aug 2024); Weak Econ Data, But a Rebound in SB Net Buys

China

GenScript Biotech is a global biotechnology company providing life science research services and products, including gene synthesis, peptide synthesis, protein production, and antibody development. It also offers biologics contract development and manufacturing (CDMO) services and industrial synthetic biology products. The company was founded in 2002 and is headquartered in Nanjing, China.

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GenScript Biotech (1548 HK)

StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech

Hanwha Corp appears attractive here. The pushback is that HC is thinly traded. And Genscript’s deconsolidation has minimal impact on financials...

David Blennerhassett

Legend Biotech (LEGN.US) Offer Update - Will Deconsolidation Increase the Chances of a Merger ?

The deconsolidation of Legend Bio may not necessarily be directly related to a potential merger, but divisions among major shareholders/co-founders...

Xinyao (Criss) Wang

Legend Biotech (LEGN.US) Offer Update - Is the Deal Really Dead?

Given the geopolitical risks, this acquisition is worth considering for both Legend Bio and Genscript. However, the main obstacles are disagreement...

Xinyao (Criss) Wang

Legend Biotech (LEGN.US) Offer Update - The Takeover Negotiations Could Reach an Impasse?

Rumors swirl around acquisition price disagreement between Legend Bio and Genscrip. Deal has 50-50 chance of success. Investors still benefit if...

Xinyao (Criss) Wang

HK Connect SOUTHBOUND Flows (To 30 Aug 2024); Weak Econ Data, But a Rebound in SB Net Buys

SOUTHBOUND Connect flows picked up to the positive side again after the buy streak was broken the week before. Gross flows picked up. Econ data was...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech

Hanwha Corp appears attractive here. The pushback is that HC is thinly traded. And Genscript’s deconsolidation has minimal impact on financials...

David Blennerhassett

Legend Biotech (LEGN.US) Offer Update - Will Deconsolidation Increase the Chances of a Merger ?

The deconsolidation of Legend Bio may not necessarily be directly related to a potential merger, but divisions among major shareholders/co-founders...

Xinyao (Criss) Wang

Legend Biotech (LEGN.US) Offer Update - Is the Deal Really Dead?

Given the geopolitical risks, this acquisition is worth considering for both Legend Bio and Genscript. However, the main obstacles are disagreement...

Xinyao (Criss) Wang

Legend Biotech (LEGN.US) Offer Update - The Takeover Negotiations Could Reach an Impasse?

​Rumors swirl around acquisition price disagreement between Legend Bio and Genscrip. Deal has 50-50 chance of success. Investors still benefit if...

Xinyao (Criss) Wang

HK Connect SOUTHBOUND Flows (To 30 Aug 2024); Weak Econ Data, But a Rebound in SB Net Buys

SOUTHBOUND Connect flows picked up to the positive side again after the buy streak was broken the week before. Gross flows picked up. Econ data was...

Travis Lundy

Rumors swirl around acquisition price disagreement between Legend Bio and Genscrip. Deal has 50-50 chance of success. Investors still benefit if...