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/sanergy-group-ltd" target="_blank" data-smartkarma-citation="entities:40079:1" rel="noopener">Sanergy (2459 HK)</a>, a graphite electrode manufacturer, was added to the MSCI Small-Cap Index on 30th August; and was due to enter the Hang Seng Composite Index on 9th September.</li>
<li>However, the SFC <a href="https://www.hkexnews.hk/listedco/listconews/sehk/2024/0902/2024090202067.pdf" target="_blank" rel="noopener">announced</a> a concentration warning on the 2nd September. Shares promptly cratered ~98% yesterday (the 3rd September). Expect the HSCI inclusion to now be yanked.</li>
<li>This Sanergy debacle should refocus investors on other heavily concentrated stocks, such as <a href="https://www.smartkarma.com/entities/jinhai-medical-technology-limited" target="_blank" data-smartkarma-citation="entities:40641:1" rel="noopener">Jinhai Medical (2225 HK)</a>, in which <a href="https://www.smartkarma.com/entities/gofintech-innovation-ltd" target="_blank" data-smartkarma-citation="entities:4384:1" rel="noopener">GoFintech (290 HK)</a> (another heavily concentrated stock) has inexplicably been buying. </li>
</ul>



Sanergy (2459 HK), a graphite electrode manufacturer, was added to the MSCI Small-Cap Index on 30th August; and was due to enter the Hang Seng Composite Index on 9th September.
However, the SFC announced a concentration warning on the 2nd September. Shares promptly cratered ~98% yesterday (the 3rd September). Expect the HSCI inclusion to now be yanked.
This Sanergy debacle should refocus investors on other heavily concentrated stocks, such as Jinhai Medical (2225 HK), in which GoFintech (290 HK) (another heavily concentrated stock) has inexplicably been buying. 


GoFinTech (290 HK)/Jinhai Medical (2225 HK): Double Bubble Trouble

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Genuine Biotech is looking to raise at least US$100 million via a Hong Kong listing.</li>
<li>Genuine Biotech has commercialized product and is expanding indication of its core product from HIV to cancer.</li>
<li>The company's founder has experience of R&amp;D in the relevant area in leading NMCs.</li>
</ul>


Genuine Biotech is looking to raise at least US$100 million via a Hong Kong listing.
Genuine Biotech has commercialized product and is expanding indication of its core product from HIV to cancer.
The company's founder has experience of R&amp;D in the relevant area in leading NMCs.


Genuine Biotech (真实生物) Pre-IPO Tearsheet

<ul>
<li>Stay long <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a> and buy more, or get long. <a href="https://www.smartkarma.com/entities/ctbc-financial-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:436:1" rel="noopener">CTBC Financial Holding (2891 TT)</a> may make a better run at it, and may even bump.</li>
<li>It's a hard to be bearish <a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> at 0.34x P/B. Yet the Hong Kong property market remains a challenging space. To put it mildly.</li>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> saw breathless news articles suggesting a foreign takeover became more difficult. Not really.</li>
</ul>


Stay long Shin Kong Financial Holding (2888 TT) and buy more, or get long. CTBC Financial Holding (2891 TT) may make a better run at it, and may even bump.
It's a hard to be bearish Swire Pacific (A) (19 HK) at 0.34x P/B. Yet the Hong Kong property market remains a challenging space. To put it mildly.

Seven &amp; I Holdings (3382 JP) saw breathless news articles suggesting a foreign takeover became more difficult. Not really.


Last Week in Event SPACE: Shin Kong Financial, Swire Pac, Seven & I, Korea Zinc

<ul>
<li>Buy dips on the possibility that 3DIP would not agree to Bain. Otherwise, at ¥9,000 <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft (9749 JP)</a> is a buy, and at ¥9,500, it's probably a sell near-term.</li>
<li>Drilling down into its balance sheet uncovers additional value for <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>; but not enough to move the needle</li>
<li>
<a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a> completed its buyback. Murakami Group bought more. The stock (pro-forma) is at 0.62x book, 0.54x book for the non-cash portion. There's LOTS of cash left.</li>
</ul>


Buy dips on the possibility that 3DIP would not agree to Bain. Otherwise, at ¥9,000 Fuji Soft (9749 JP) is a buy, and at ¥9,500, it's probably a sell near-term.
Drilling down into its balance sheet uncovers additional value for Jardine Matheson Holdings (JM SP); but not enough to move the needle

Exedy Corp (7278 JP) completed its buyback. Murakami Group bought more. The stock (pro-forma) is at 0.62x book, 0.54x book for the non-cash portion. There's LOTS of cash left.


Last Week in Event SPACE: Fuji Soft, Jardine Matheson, Exedy, Henderson

<ul>
<li>
Tax-Loss Selling's a subject of interest in Australia. Retail investors will take gains on stocks which run up in price, or get taken over, then look for losses to offset.</li>
<li>Investors are caught out as the Aussie government "approves" <a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a> buyng <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a>. There is evidently a lot more going on in the background. </li>
<li>
<a href="https://www.smartkarma.com/entities/west-japan-railway-co" target="_blank" data-smartkarma-citation="entities:12077:1" rel="noopener">West Japan Railway Co (9021 JP)</a> announces a biggish buyback. One could buy dips, but one should probably not chase. For that, suggest this acts as a range trade.</li>
</ul>



Tax-Loss Selling's a subject of interest in Australia. Retail investors will take gains on stocks which run up in price, or get taken over, then look for losses to offset.
Investors are caught out as the Aussie government "approves" Hanwha Ocean (042660 KS) buyng Austal Ltd (ASB AU). There is evidently a lot more going on in the background. 

West Japan Railway Co (9021 JP) announces a biggish buyback. One could buy dips, but one should probably not chase. For that, suggest this acts as a range trade.


Last Week in Event SPACE: Aussie Tax-Loss Selling, Austal, West Japan Railway, PICC/PICC P&C

Hong Kong

GoFintech Innovation Ltd is an investment holding group. The Group's principal activities include the provision of brokerage services for securities, futures and insurance, margin financing, wealth management and migration consulting, corporate finance advisory, and financial communication solutions.

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

GoFintech Innovation (290 HK)

GoFinTech (290 HK)/Jinhai Medical (2225 HK): Double Bubble Trouble

I would not touch GoFintech Innovation (290 HK) or Jinhai Medical (2225 HK) with a ten foot pole. I can see both companies making the news for all...

David Blennerhassett

Genuine Biotech (真实生物) Pre-IPO Tearsheet

Genuine Biotech seeks US$100 million in Hong Kong IPO. We summarize the key facts, including its core products, management and pre-IPO investors...

Ke Yan, CFA, FRM

Last Week in Event SPACE: Shin Kong Financial, Swire Pac, Seven & I, Korea Zinc

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Last Week in Event SPACE: Fuji Soft, Jardine Matheson, Exedy, Henderson

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Last Week in Event SPACE: Aussie Tax-Loss Selling, Austal, West Japan Railway, PICC/PICC P&C

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GoFinTech (290 HK)/Jinhai Medical (2225 HK): Double Bubble Trouble

I would not touch GoFintech Innovation (290 HK) or Jinhai Medical (2225 HK) with a ten foot pole. I can see both companies making the news for all...

David Blennerhassett

Genuine Biotech (真实生物) Pre-IPO Tearsheet

​Genuine Biotech seeks US$100 million in Hong Kong IPO. We summarize the key facts, including its core products, management and pre-IPO investors...

Ke Yan, CFA, FRM

Last Week in Event SPACE: Shin Kong Financial, Swire Pac, Seven & I, Korea Zinc

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Last Week in Event SPACE: Fuji Soft, Jardine Matheson, Exedy, Henderson

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Last Week in Event SPACE: Aussie Tax-Loss Selling, Austal, West Japan Railway, PICC/PICC P&C

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Genuine Biotech seeks US$100 million in Hong Kong IPO. We summarize the key facts, including its core products, management and pre-IPO investors...