Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 61 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Six new deals! Australia's <a href="https://www.smartkarma.com/entities/selfwealth-ltd" target="_blank" data-smartkarma-citation="entities:30690:1" rel="noopener">SelfWealth (SWF AU)</a>, and Japan's <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/tohto-suisan-co-ltd" target="_blank" data-smartkarma-citation="entities:7524:1" rel="noopener">Tohto Suisan (8038 JP)</a>, <a href="https://www.smartkarma.com/entities/tecnos-japan-inc" target="_blank" data-smartkarma-citation="entities:5167:1" rel="noopener">Tecnos Japan (3666 JP)</a>, <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto (4298 JP)</a>, &amp; <a href="https://www.smartkarma.com/entities/toyo-sugar-refining-co-ltd" target="_blank" data-smartkarma-citation="entities:2182:1" rel="noopener">Toyo Sugar Refining (2107 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> , <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a> , <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>, <a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151:1" rel="noopener">Suntec REIT (SUN SP)</a>, and <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong (2888 TT)</a>/<a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin  (2887 TT)</a>.</li>
</ul>


I tally 61 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Six new deals! Australia's SelfWealth (SWF AU), and Japan's Shibaura Electronics (6957 JP), Tohto Suisan (8038 JP), Tecnos Japan (3666 JP), Proto (4298 JP), &amp; Toyo Sugar Refining (2107 JP).
Key updates/news took place on: Insignia Financial (IFL AU) , Fosun Tourism (1992 HK) , Fuji Soft (9749 JP), Suntec REIT (SUN SP), and Shin Kong (2888 TT)/Taishin  (2887 TT).


(Mostly) Asia-Pac M&A: Shibaura, Tecnos, Insignia Fin., Fosun Tourism, Fuji Soft, Shin Kong/Taishin

<ul>
<li>On the 19th December 2024, <a href="https://www.smartkarma.com/entities/pentamaster-corp-bhd" target="_blank" data-smartkarma-citation="entities:15302:1" rel="noopener">Pentamaster Corp (PENT MK)</a> announced an Offer, by way of a Scheme, to take out its pseudo dual-listed twin, <a href="https://www.smartkarma.com/entities/pentamaster-international-ltd" target="_blank" data-smartkarma-citation="entities:31099:1" rel="noopener">Pentamaster International (1665 HK)</a>.</li>
<li>The Offer Price is HK$1.00/share - including a HK$0.07/share dividend - a 45.3% premium to last close. </li>
<li>The Scheme Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0205/2025020500367.pdf" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 28th February, and expected settlement on the 26th March. The IFA says "fair and reasonable".</li>
</ul>


On the 19th December 2024, Pentamaster Corp (PENT MK) announced an Offer, by way of a Scheme, to take out its pseudo dual-listed twin, Pentamaster International (1665 HK).
The Offer Price is HK$1.00/share - including a HK$0.07/share dividend - a 45.3% premium to last close. 
The Scheme Doc is now out, with a Court Meeting on the 28th February, and expected settlement on the 26th March. The IFA says "fair and reasonable".


Pentamaster (1665 HK): 28th Feb Vote On Parent's Offer

<ul>
<li>Back on the 28th January, <a href="https://www.smartkarma.com/entities/fortescue-metals-group-ltd" target="_blank" data-smartkarma-citation="entities:41:1" rel="noopener">Fortescue Metals (FMG AU)</a> launched a A$1.05/share off-market Offer for <a href="https://www.smartkarma.com/entities/red-hawk-mining-ltd" target="_blank" data-smartkarma-citation="entities:15387:1" rel="noopener">Red Hawk Mining (RHK AU)</a>, increasing to A$1.20/share if securing 75% of shares out. </li>
<li>Red Hawks has announced Fortescue now has 78%, and has bumped terms to A$1.20/share. The Offer remains subject to "no prescribed occurrences", which should be waived by the 17th Feb.</li>
<li>The Offer remains open until the 3 March. Unless extended. Fortescue intends to delist Red Hawk. </li>
</ul>


Back on the 28th January, Fortescue Metals (FMG AU) launched a A$1.05/share off-market Offer for Red Hawk Mining (RHK AU), increasing to A$1.20/share if securing 75% of shares out. 
Red Hawks has announced Fortescue now has 78%, and has bumped terms to A$1.20/share. The Offer remains subject to "no prescribed occurrences", which should be waived by the 17th Feb.
The Offer remains open until the 3 March. Unless extended. Fortescue intends to delist Red Hawk. 


Red Hawk (RHK AU): Fortescue Secures 78% And Bumps to A$1.20/Share

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai International (2217 HK)</a>, an operator of Asia noodle specialty restaurants, is currently <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0204/2025020400099.pdf" target="_blank" rel="noopener">suspended</a> pursuant to the Takeovers Code.</li>
<li>On the 13th November 2024, Tam Jai announced <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1113/2024111301386.pdf" target="_blank" rel="noopener">1H25 net profit</a> - to 30th September 2024 - declined 55.8% yoy to HK$36.1mn, its lowest six-month tally since listing. </li>
<li>
<a href="https://www.smartkarma.com/entities/toridoll-holdings-corporation" target="_blank" data-smartkarma-citation="entities:8193:1" rel="noopener">Toridoll Holdings Corporation (3397 JP)</a> controls 74.61% of Tam Jai. Expect a Scheme to unfold. An Offer price around HK$1.50/share would be welcome. That's probably a stretch.</li>
</ul>



Tam Jai International (2217 HK), an operator of Asia noodle specialty restaurants, is currently suspended pursuant to the Takeovers Code.
On the 13th November 2024, Tam Jai announced 1H25 net profit - to 30th September 2024 - declined 55.8% yoy to HK$36.1mn, its lowest six-month tally since listing. 

Toridoll Holdings Corporation (3397 JP) controls 74.61% of Tam Jai. Expect a Scheme to unfold. An Offer price around HK$1.50/share would be welcome. That's probably a stretch.


Tam Jai (2217 HK) Suspended: Expect Toridoll (3397 JP) To Make An Offer

<ul>
<li>Back on the 27th December, <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>, a manufacturer of small home appliances, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1227/2024122701148.pdf" target="_blank" rel="noopener">announced</a> an Offer, by way of a Scheme, from the Yang family controlling ~69.04% of Vesync. </li>
<li>The Cancellation Price of $5.60/share, declared final, was a 33.3% premium to undisturbed, and above the 2020 IPO price of HK$5.52/share.</li>
<li>The US anti-trust condition has now been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0128/2025012800338.pdf" target="_blank" rel="noopener">fulfilled</a>. The Scheme Doc dispatch has been extended to the 11 April. I estimate payment under the Offer late May. </li>
</ul>


Back on the 27th December, Vesync (2148 HK), a manufacturer of small home appliances, announced an Offer, by way of a Scheme, from the Yang family controlling ~69.04% of Vesync. 
The Cancellation Price of $5.60/share, declared final, was a 33.3% premium to undisturbed, and above the 2020 IPO price of HK$5.52/share.
The US anti-trust condition has now been fulfilled. The Scheme Doc dispatch has been extended to the 11 April. I estimate payment under the Offer late May. 


Vesync (2148 HK): Trading Wide Ahead Of The Scheme Vote

Australia

Insignia Financial Ltd operates as a financial services company. The Company provides clients with a range of products and services including financial advisory, investment management, real estate, and trustee services. Insignia Financial serves customers worldwide.

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Insignia Financial (IFL AU)

(Mostly) Asia-Pac M&A: Shibaura, Tecnos, Insignia Fin., Fosun Tourism, Fuji Soft, Shin Kong/Taishin

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

Pentamaster (1665 HK): 28th Feb Vote On Parent's Offer

This looks done. If small illiquid arbs are your bent, I'd pay up to HK$0.98/share for a gross/annualised return of 1.9%/15%. Currently trading at...

David Blennerhassett

Tam Jai (2217 HK) Suspended: Expect Toridoll (3397 JP) To Make An Offer

Tam Jai, an operator of Asia noodle restaurants, is suspended pursuant to the Code. Toridoll (3397 JP) controls 74.61%. Expect a Scheme. An Offer...

David Blennerhassett

Vesync (2148 HK): Trading Wide Ahead Of The Scheme Vote

This is done. IF payment late-May, I'd pay up to HK$5.35/share for a gross/annualised return of 4.5%/15%. If small, illiquid arbs are your bent,...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

(Mostly) Asia-Pac M&A: Shibaura, Tecnos, Insignia Fin., Fosun Tourism, Fuji Soft, Shin Kong/Taishin

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

Pentamaster (1665 HK): 28th Feb Vote On Parent's Offer

This looks done. If small illiquid arbs are your bent, I'd pay up to HK$0.98/share for a gross/annualised return of 1.9%/15%. Currently trading at...

David Blennerhassett

Red Hawk (RHK AU): Fortescue Secures 78% And Bumps to A$1.20/Share

This is done. Trading at terms. If in, tender. Or sell in the market. If not in, look elsewhere. Unless Red Hawk dips below terms.

David Blennerhassett

Tam Jai (2217 HK) Suspended: Expect Toridoll (3397 JP) To Make An Offer

Tam Jai, an operator of Asia noodle restaurants, is suspended pursuant to the Code. Toridoll (3397 JP) controls 74.61%. Expect a Scheme. An Offer...

David Blennerhassett

Vesync (2148 HK): Trading Wide Ahead Of The Scheme Vote

This is done. IF payment late-May, I'd pay up to HK$5.35/share for a gross/annualised return of 4.5%/15%. If small, illiquid arbs are your bent,...

David Blennerhassett