Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For Aug 2025, 17 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$18bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in August was 48%, with a year-to-date average of 47%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%</li>
</ul>


For Aug 2025, 17 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$18bn.
The average premium for the new transactions announced (or first discussed) in August was 48%, with a year-to-date average of 47%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%


(Mostly) Asia M&A, Aug 2025 Wrap: Dongfeng Motor, Kangji, Carenet, Nihon Chouzai, Technopro

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> to be taken private via cash plus scrip into the backdoor listing of its EV arm.</li>
<li>
<a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea</a> extends its ¥6,200 TOB for <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura (6957 JP)</a> to 11 September, a day after YAGEO's ¥7,130 bid expires. Now there's no game of chicken with Minebea. Just with METI.</li>
<li>The <a href="https://www.smartkarma.com/entities/hd-hyundai-heavy-industries-co" target="_blank" data-smartkarma-citation="entities:33808:1" rel="noopener">HD Hyundai Heavy Industries (329180 KS)</a>/<a href="https://www.smartkarma.com/entities/hd-hyundai-mipo" target="_blank" data-smartkarma-citation="entities:2755:1" rel="noopener">HD Hyundai Mipo (010620 KS)</a> merger announcement reaffirms Seoul's commitment to the MASGA project. </li>
</ul>



Dongfeng Motor (489 HK) to be taken private via cash plus scrip into the backdoor listing of its EV arm.

Minebea extends its ¥6,200 TOB for Shibaura (6957 JP) to 11 September, a day after YAGEO's ¥7,130 bid expires. Now there's no game of chicken with Minebea. Just with METI.
The HD Hyundai Heavy Industries (329180 KS)/HD Hyundai Mipo (010620 KS) merger announcement reaffirms Seoul's commitment to the MASGA project. 


Last Week In Event SPACE: Dongfeng Motor, Shibaura, HD Hyundai Heavy/HD Hyundai Mipo, Zijin Mining

<ul>
<li>I tally 44 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng (489 HK)</a>, <a href="https://www.smartkarma.com/entities/austindo-nusantara-jaya-pt" target="_blank" data-smartkarma-citation="entities:2208:1" rel="noopener">Austindo Nusantara Jaya (ANJT IJ)</a>, <a href="https://www.smartkarma.com/entities/shengjing-bank-co-ltd-h" target="_blank" data-smartkarma-citation="entities:96:1" rel="noopener">Shengjing Bank (2066 HK)</a>, and <a href="https://www.smartkarma.com/entities/hd-hyundai-heavy-industries-co" target="_blank" data-smartkarma-citation="entities:33808:1" rel="noopener">HD Heavy (329180 KS)</a>/<a href="https://www.smartkarma.com/entities/hd-hyundai-mipo" target="_blank" data-smartkarma-citation="entities:2755:1" rel="noopener">HD Mipo (010620 KS)</a>. .</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>, <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/carenet-inc" target="_blank" data-smartkarma-citation="entities:4001:1" rel="noopener">Carenet Inc (2150 JP)</a>, and <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a>.</li>
</ul>


I tally 44 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal was discussed on Smartkarma this week: Dongfeng (489 HK), Austindo Nusantara Jaya (ANJT IJ), Shengjing Bank (2066 HK), and HD Heavy (329180 KS)/HD Mipo (010620 KS). .
Key updates/news took place on Santos Ltd (STO AU), Mayne Pharma (MYX AU), PointsBet Holdings (PBH AU), Carenet Inc (2150 JP), and Ashimori Industry (3526 JP).


(Mostly) Asia-Pac M&A: Santos, Mayne Pharma, Shengjing Bank, Carenet, Austindo Nusantara, Ashimori

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

HD Hyundai Heavy Industries  / Event-Driven

<ul>
<li>It was announced today that HD Hyundai Heavy Industries will merge with HD Hyundai Mipo. The merger ratio between HD Hyundai Heavy Industries and HD Hyundai Mipo is 1:0.4059146. </li>
<li>HD Korea Shipbuilding &amp; Offshore Engineering (009540 KS) will own a 66.29% stake in the merged entity.</li>
<li>HD KSOE is proceeding with this merger of its two major subsidiaries ahead of the full-scale launch of the MASGA ("Make America Shipbuilding Great Again") project.</li>
</ul>


It was announced today that HD Hyundai Heavy Industries will merge with HD Hyundai Mipo. The merger ratio between HD Hyundai Heavy Industries and HD Hyundai Mipo is 1:0.4059146. 
HD Korea Shipbuilding &amp; Offshore Engineering (009540 KS) will own a 66.29% stake in the merged entity.
HD KSOE is proceeding with this merger of its two major subsidiaries ahead of the full-scale launch of the MASGA ("Make America Shipbuilding Great Again") project.


A Merger Between HD Hyundai Heavy Industries and HD Hyundai Mipo

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>HHI–Mipo merger spread looks minimal, but today’s MASGA-driven pop signals momentum flows—likely to mean-revert toward appraisal rights once the theme dissipates.</li>
<li>Froth lifted prices past fundamentals—once it unwinds, HHI–Mipo could diverge from swap ratio, creating the spread window where traders can get paid.</li>
<li>This isn’t classic merger arb—it’s about fading a policy-fueled pop, riding the snapback toward appraisal baseline, with flow-driven swings creating short-term tactical arb setups.</li>
</ul>


HHI–Mipo merger spread looks minimal, but today’s MASGA-driven pop signals momentum flows—likely to mean-revert toward appraisal rights once the theme dissipates.
Froth lifted prices past fundamentals—once it unwinds, HHI–Mipo could diverge from swap ratio, creating the spread window where traders can get paid.
This isn’t classic merger arb—it’s about fading a policy-fueled pop, riding the snapback toward appraisal baseline, with flow-driven swings creating short-term tactical arb setups.


HHI–Mipo Merger Swap: Deal Mechanics & Spread Play Opportunities

South Korea

HD HYUNDAI MIPO. operates shipbuilding businesses. The Company produces gas carriers, car carriers, bulk carriers, special ships, and other products. HD HYUNDAI MIPO conducts businesses in South Korea.

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HD Hyundai Mipo (010620 KS)

(Mostly) Asia M&A, Aug 2025 Wrap: Dongfeng Motor, Kangji, Carenet, Nihon Chouzai, Technopro

For the month of Aug, 17 new deals were discussed on Smartkarma with an overall deal size of just ~US$18bn. The average premium for the new deals...

David Blennerhassett

Last Week In Event SPACE: Dongfeng Motor, Shibaura, HD Hyundai Heavy/HD Hyundai Mipo, Zijin Mining

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

(Mostly) Asia-Pac M&A: Santos, Mayne Pharma, Shengjing Bank, Carenet, Austindo Nusantara, Ashimori

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

A Merger Between HD Hyundai Heavy Industries and HD Hyundai Mipo

It was announced today that HD Hyundai Heavy Industries will merge with HD Hyundai Mipo. The merger ratio between HD Hyundai Heavy Industries and...

Douglas Kim

HHI–Mipo Merger Swap: Deal Mechanics & Spread Play Opportunities

This post offers a deep dive into the HHI–Mipo merger swap, unpacking the deal mechanics and highlighting where tactical spread plays might emerge.

Sanghyun Park

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