Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Hangzhou Kangji Medical Instrument Co., Ltd. / Event-Driven

Hangzhou Kangji Medical Instrument Co., Ltd.

<ul>
<li>
6.95%. That's the key number at yesterday's Scheme Meeting for <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a>.
</li>
<li>That's still below the 10% blocking stake. But closer than the bankers and the market was anticipating. </li>
<li>Arguably, the terms were therefore bang on. Last day of trading is today, with payment on the 16th December.</li>
</ul>



6.95%. That's the key number at yesterday's Scheme Meeting for Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK).

That's still below the 10% blocking stake. But closer than the bankers and the market was anticipating. 
Arguably, the terms were therefore bang on. Last day of trading is today, with payment on the 16th December.


Kangji Medical (9997 HK): A Close Run Thing

<ul>
<li>On the 12th August, <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical (9997 HK)</a> announced an Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.</li>
<li>The HK$9.25/share consideration price (declared final), was an lacklustre 9.9% premium to last close. But pitched around a four-year high. </li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1013/2025101300039.pdf" target="_blank" rel="noopener">The Scheme Document is now out</a>, with a Court Meeting on the 10th November and expected payment around the 16th December - in line with my expectations.</li>
</ul>


On the 12th August, Hangzhou Kangji Medical (9997 HK) announced an Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.
The HK$9.25/share consideration price (declared final), was an lacklustre 9.9% premium to last close. But pitched around a four-year high. 

The Scheme Document is now out, with a Court Meeting on the 10th November and expected payment around the 16th December - in line with my expectations.


Kangji Medical (9997 HK): 10th Nov Shareholder Vote on Founders/TPG/QIA's Offer

<ul>
<li>With the pre-cons squared away as per the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0903/2025090302242.pdf" target="_blank" rel="noopener">3rd September announcement</a>, the key risk to <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument (9997 HK)</a>'s Offer is the Scheme vote. </li>
<li>The HK$9.25/share consideration price (declared final), was an uninspiring 9.9% premium to last close. But pitched around a four-year high. And peers are down 10% on average since the Offer.</li>
<li>A perusal of the s329 investigative reports provides a significantly clearer picture on who holds what.</li>
</ul>


With the pre-cons squared away as per the 3rd September announcement, the key risk to Hangzhou Kangji Medical Instrument (9997 HK)'s Offer is the Scheme vote. 
The HK$9.25/share consideration price (declared final), was an uninspiring 9.9% premium to last close. But pitched around a four-year high. And peers are down 10% on average since the Offer.
A perusal of the s329 investigative reports provides a significantly clearer picture on who holds what.


Kangji Medical (9997 HK): A Closer Look At The Shareholder Register

Oneconnect Financial Technology / Event-Driven

<ul>
<li>I was way off on timing. After the pre-cons were satisfied on the 9th July, I thought Ping An's Offer for <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial (6638 HK)</a> could feasibly wrap up around now.</li>
<li>A draft Scheme Doc was released on the 18th July. The IFA (Gram Capital) said fair &amp; reasonable. </li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0923/2025092300034.pdf" target="_blank" rel="noopener">The Scheme Document is now out</a>, with a Court Meeting on the 28th October and expected payment around the 28th November. </li>
</ul>


I was way off on timing. After the pre-cons were satisfied on the 9th July, I thought Ping An's Offer for Oneconnect Financial (6638 HK) could feasibly wrap up around now.
A draft Scheme Doc was released on the 18th July. The IFA (Gram Capital) said fair &amp; reasonable. 

The Scheme Document is now out, with a Court Meeting on the 28th October and expected payment around the 28th November. 


OneConnect (6638 HK/OCFT US): 28th October Vote On Ping An's Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Kangji Medical Instrument (9997 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0903/2025090302242.pdf" target="_blank" rel="noopener">announced</a> last night all pre-cons have been squared away. That must be some kind of record to secure SAMR approval for a Hong Kong-listed privatisation.</li>
<li>Back on the 12th August, Kangji Medical announced a less-than-ideal Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.</li>
<li>
What next? The Scheme Doc dispatch remains the 31st October, unless announced otherwise, as the Cayman Court is still on its six week "vacation".</li>
</ul>



Kangji Medical Instrument (9997 HK) announced last night all pre-cons have been squared away. That must be some kind of record to secure SAMR approval for a Hong Kong-listed privatisation.
Back on the 12th August, Kangji Medical announced a less-than-ideal Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.

What next? The Scheme Doc dispatch remains the 31st October, unless announced otherwise, as the Cayman Court is still on its six week "vacation".


Kangji Medical (9997 HK): Speedy Turnaround On Pre-Cons

Hong Kong

Goldlion Holdings Limited, through its subsidiaries, distributes and manufactures garments and accessories.  The Company also invests in properties and operates a commercial center with restaurants and a business center.

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Goldlion Holdings (533 HK)

Kangji Medical (9997 HK): A Close Run Thing

Done & dusted. But closer than expected. This will trade at or close to terms. Cash out or wait for payment. If not in, perhaps run a ruler over...

David Blennerhassett

Kangji Medical (9997 HK): 10th Nov Shareholder Vote on Founders/TPG/QIA's Offer

I expect this Offer gets up. I'd pay up to ~HK$9.00/share for a ~15% annualised return. If you have the risk bandwidth for HK arbs, get involved.

David Blennerhassett

Kangji Medical (9997 HK): A Closer Look At The Shareholder Register

I expect this Offer gets up. Assuming payment shortly before Xmas, I'd pay up to ~HK$8.95/share for a 15% annualised return. If you have the risk...

David Blennerhassett

OneConnect (6638 HK/OCFT US): 28th October Vote On Ping An's Offer

Terms are light. Trading wide. IF illiquid Hong Kong arbs are your bag, pay up to ~HK$2/share. After the Goldlion Holdings and Soundwill Holdings...

David Blennerhassett

Kangji Medical (9997 HK): Speedy Turnaround On Pre-Cons

I still expect this Offer to get up. Trading wide at 5.5%/20.3% gross/annual., assuming payment shortly before Xmas. Given terms are not, by any...

David Blennerhassett

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