Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jul 10th (reported today). The aggregated short interest was USD45.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in ANZ, Atlas Arteria, Megaport, Whitehaven Coal, Fortescue.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jul 10th (reported today). The aggregated short interest was USD45.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in ANZ, Atlas Arteria, Megaport, Whitehaven Coal, Fortescue.


ASX Short Interest Weekly (Jul 10th): ANZ, Atlas Arteria, Megaport, Whitehaven Coal, Fortescue

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 29 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>One new deal was discussed on Smartkarma this week: that <a href="https://www.smartkarma.com/entities/dentsu-inc" target="_blank" data-smartkarma-citation="entities:12434:1" rel="noopener">Dentsu Inc (4324 JP)</a> had finalised plans to take its system integrator subsidiary <a href="https://www.smartkarma.com/entities/dentsu-soken-inc" target="_blank" data-smartkarma-citation="entities:20535:1" rel="noopener">Dentsu Soken (4812 JP)</a> private.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>, <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/qube-holdings-ltd" target="_blank" data-smartkarma-citation="entities:958:1" rel="noopener">Qube Holdings (QUB AU)</a>, and <a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a>.</li>
</ul>


I tally 29 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deal was discussed on Smartkarma this week: that Dentsu Inc (4324 JP) had finalised plans to take its system integrator subsidiary Dentsu Soken (4812 JP) private.
Key updates/news also took place on: Perpetual Ltd (PPT AU), Atlas Arteria (ALX AU), Qube Holdings (QUB AU), and Nippon Dry Chemical (1909 JP).


Asia-Pac Weekly Wrap: Info Services Intl Dentsu, Perpetual, Atlas Arteria, Qube, Nippon Dry Chem

<ul>
<li>For June 2026, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$6bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in June was ~38.5%, and a year-to-date average of 47%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For June 2026, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$6bn.
The average premium for the new transactions announced (or first discussed) in June was ~38.5%, and a year-to-date average of 47%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A [June 2026 Wrap]: Steadfast, Con Aero Tech, Accent, Cygnus, Ajinomoto Malaysia

<ul>
<li>Back on the 5th November 2024, <a href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a> (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial (1469 HK)</a> (GNF).</li>
<li>It was an uninspiring Offer; although a HK$0.50/share dividend helped the deal got up. At the time, my bet was GNH, at 0.21x P/B, was next to be privatised.</li>
<li>On Friday (26th June), GNH was suspended pursuant to the Takeovers Code. Expect Hung Hon Man (chairman/founder), with 51.67% of shares out, to seek GNH's delisting via a Scheme.</li>
</ul>


Back on the 5th November 2024, Get Nice (64 HK) (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held Get Nice Financial (1469 HK) (GNF).
It was an uninspiring Offer; although a HK$0.50/share dividend helped the deal got up. At the time, my bet was GNH, at 0.21x P/B, was next to be privatised.
On Friday (26th June), GNH was suspended pursuant to the Takeovers Code. Expect Hung Hon Man (chairman/founder), with 51.67% of shares out, to seek GNH's delisting via a Scheme.


Get Nice (64 HK): Expect A Founder's Scheme

<ul>
<li>I tally 32 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>One new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/ajinomoto-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12499:1" rel="noopener">Ajinomoto Malaysia (AJI MK)</a><a href="https://www.smartkarma.com/entities/ajinomoto-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12499:1" rel="noopener"></a>'s Offer from parent, <a href="https://www.smartkarma.com/entities/ajinomoto-co-inc" target="_blank" data-smartkarma-citation="entities:8911:1" rel="noopener">Ajinomoto Co (2802 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>, <a href="https://www.smartkarma.com/entities/clearview-wealth-ltd" target="_blank" data-smartkarma-citation="entities:19733:1" rel="noopener">Clearview Wealth (CVW AU)</a>, <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a>, and <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>.</li>
</ul>


I tally 32 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deal was discussed on Smartkarma this week: Ajinomoto Malaysia (AJI MK)'s Offer from parent, Ajinomoto Co (2802 JP).
Key updates/news also took place on: Atlas Arteria (ALX AU), Australian Strategic Materials (ASM AU), Clearview Wealth (CVW AU), Tourism Holdings (THL NZ), and Changhong Jiahua (3991 HK).


Asia-Pac Weekly Wrap: Atlas Arteria, ASM Clearview Wealth, Tourism Holdings, Ajinomoto Malaysia

Australia

Humm Group Limited provides consumer finance solutions. This Company offers product ecosystem of buy now pay later, credit cards, and business financing. Humm Group serves shoppers, retailers, and small and medium enterprises in Australia, New Zealand, and Ireland.

Price Gauge
52-week Range	0.00 - 0.00
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Humm Group (HUM AU)

ASX Short Interest Weekly (Jul 10th): ANZ, Atlas Arteria, Megaport, Whitehaven Coal, Fortescue

We analyzed ASX short interest report for the past week and highlight short interest changes in ANZ, Atlas Arteria, Megaport, Whitehaven Coal,...

Ke Yan, CFA, FRM

Asia-Pac Weekly Wrap: Info Services Intl Dentsu, Perpetual, Atlas Arteria, Qube, Nippon Dry Chem

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

Asia-Pac M&A [June 2026 Wrap]: Steadfast, Con Aero Tech, Accent, Cygnus, Ajinomoto Malaysia

The average premium for the new transactions announced (or first discussed) in June was ~38.5%, and a year-to-date average of 47%.

David Blennerhassett

Get Nice (64 HK): Expect A Founder's Scheme

My best guess (blue sky) is a 40% discount to book - or ~HK6/share Offer. Optically this could be done at HK$4.50 or 32% premium to undisturbed;...

David Blennerhassett

Asia-Pac Weekly Wrap: Atlas Arteria, ASM Clearview Wealth, Tourism Holdings, Ajinomoto Malaysia

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)