Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/sumber-alfaria-trijaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:15659:1" rel="noopener">Sumber Alfaria Trijaya (AMRT IJ</a>, <a href="https://www.smartkarma.com/entities/slb-development-ltd" target="_blank" data-smartkarma-citation="entities:26989:1" rel="noopener">SLB Development (SLB SP)</a>, <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>, <a href="https://www.smartkarma.com/entities/hyphens-pharma-international" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma International (HYP SP)</a>, and Bund Center Investment (BTE SP).</li>
<li>There was also a macro insight on Singapore, an Indonesia Strategy Insight, and a bank screener looking at Thai Banks from <a href="https://www.smartkarma.com/profiles/victor-galliano" target="_blank" data-smartkarma-citation="accounts:3251" rel="noopener">Victor Galliano</a>.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on Sumber Alfaria Trijaya (AMRT IJ, SLB Development (SLB SP), Japfa Ltd (JAP SP), Hyphens Pharma International (HYP SP), and Bund Center Investment (BTE SP).
There was also a macro insight on Singapore, an Indonesia Strategy Insight, and a bank screener looking at Thai Banks from Victor Galliano.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Alfamart's Guidance, Indonesia's Pragmatism, and Thai Banks

<ul>
<li>On the <a href="https://announcements.asx.com.au/asxpdf/20241125/pdf/06bsnwy06nspdv.pdf" target="_blank" rel="noopener">25th November</a>, online trading player <a href="https://www.smartkarma.com/entities/selfwealth-ltd" target="_blank" data-smartkarma-citation="entities:30690:1" rel="noopener">SelfWealth Ltd (SWF AU)</a> entered into a SID with <a href="https://www.smartkarma.com/entities/bell-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:7251:1" rel="noopener">Bell Financial (BFG AU)</a> at A$0.25/share after outbidding AxiCorp Financial Services.</li>
<li>Now Singaporean-based wealth manager Svava has tabled a non-binding A$0.28/share Offer, in cash, by way of a Scheme. Svava also holds an effective blocking stake - 18.8% of shares out. </li>
<li>SelfWealth said Svava's proposal "while indicative and non-binding, could be reasonably considered to become a superior proposal." BFG needs to step up. </li>
</ul>


On the 25th November, online trading player SelfWealth Ltd (SWF AU) entered into a SID with Bell Financial (BFG AU) at A$0.25/share after outbidding AxiCorp Financial Services.
Now Singaporean-based wealth manager Svava has tabled a non-binding A$0.28/share Offer, in cash, by way of a Scheme. Svava also holds an effective blocking stake - 18.8% of shares out. 
SelfWealth said Svava's proposal "while indicative and non-binding, could be reasonably considered to become a superior proposal." BFG needs to step up. 


SelfWealth (SWF AU): Peter Thiel-Backed Svava Crashes Bell's Offer

<ul>
<li>Back on the 10th December 2024, <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> announced a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1210/2024121000882.pdf" target="_blank" rel="noopener">rare Scheme buyback</a>, with a Cancellation Price of $7.80/share (not declared final), a punchy 95% premium to undisturbed. </li>
<li>A successful Scheme would result in <a href="https://www.smartkarma.com/entities/fosun-international-ltd" target="_blank" data-smartkarma-citation="entities:433:1" rel="noopener">Fosun International (656 HK)</a> and concert parties holding 100% in Fosun Tourism - without having to outlay a cent. </li>
<li>A scrip alternative was afforded IF expressions of interests from 1% of shares out occurred. That didn't happen. Still a clean deal. Scheme Doc dispatch is the 14th Feb.</li>
</ul>


Back on the 10th December 2024, Fosun Tourism (1992 HK) announced a rare Scheme buyback, with a Cancellation Price of $7.80/share (not declared final), a punchy 95% premium to undisturbed. 
A successful Scheme would result in Fosun International (656 HK) and concert parties holding 100% in Fosun Tourism - without having to outlay a cent. 
A scrip alternative was afforded IF expressions of interests from 1% of shares out occurred. That didn't happen. Still a clean deal. Scheme Doc dispatch is the 14th Feb.


Fosun Tourism (1992 HK): No Love For The Scrip Alternative

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/chuoh-pack-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:1360:1" rel="noopener">Chuoh Pack Industry (3952 JP)</a>, <a href="https://www.smartkarma.com/entities/giga-prize-co-ltd" target="_blank" data-smartkarma-citation="entities:6115:1" rel="noopener">Giga Prize (3830 JP)</a>, <a href="https://www.smartkarma.com/entities/sanyo-special-steel-co-ltd" target="_blank" data-smartkarma-citation="entities:15900:1" rel="noopener">Sanyo Special Steel (5481 JP)</a>, <a href="https://www.smartkarma.com/entities/ascot-corp" target="_blank" data-smartkarma-citation="entities:9576:1" rel="noopener">Ascot Corp (3264 JP)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, <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>. 
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a>, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>, <a href="https://www.smartkarma.com/entities/millennium-copthorne-hotels-nz-ltd" target="_blank" data-smartkarma-citation="entities:5040:1" rel="noopener">Millennium &amp; Copthorne Hotels Nz (MCK NZ)</a>. 
</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Chuoh Pack Industry (3952 JP), Giga Prize (3830 JP), Sanyo Special Steel (5481 JP), Ascot Corp (3264 JP), Lifestyle China (2136 HK), Seven &amp; I Holdings (3382 JP). 

Lowest spreads: Makino Milling Machine Co (6135 JP), Avjennings Ltd (AVJ AU), Fuji Soft Inc (9749 JP), Macromill, Inc (3978 JP), Millennium &amp; Copthorne Hotels Nz (MCK NZ). 



Merger Arb Mondays (03 Feb) - ESR, LifeStyle China, Vesync, Giga Prize, Sanyo, Ascot, Seven & I

Singapore

Japfa Ltd. operates in the agricultural industry. The Company breeds and processes chicken, pork and beef. Japfa also operates dairy farms.

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Japfa Ltd (JAP SP)

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

The Week That Was in ASEAN@Smartkarma - Alfamart's Guidance, Indonesia's Pragmatism, and Thai Banks

The past week saw insights on Sumber Alfaria Trijaya (AMRT IJ, SLB Development (SLB SP), Japfa Ltd (JAP SP), Hyphens Pharma International (HYP SP),...

Angus Mackintosh

SelfWealth (SWF AU): Peter Thiel-Backed Svava Crashes Bell's Offer

We have a (more than likely) competing bidding situation. If small, illiquid arbs are your bent, look to enter around Svava's non-binding terms and...

David Blennerhassett

Fosun Tourism (1992 HK): No Love For The Scrip Alternative

This transaction is done. No competing Offer will emerge. IF payment early April, I'd pay up to HK$7.62/share for a gross/annualised return of 2%/15%.

David Blennerhassett

Merger Arb Mondays (03 Feb) - ESR, LifeStyle China, Vesync, Giga Prize, Sanyo, Ascot, Seven & I

This week, the highest gross spreads are Chuoh Pack Industry (273%), Giga Prize (48.5%), Sanyo Special Steel (37.4%), Ascot Corp (20.4%), Lifestyle...

Arun George

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