Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Given the size of Mandi - relative to <a href="https://www.smartkarma.com/entities/3sbio-inc" target="_blank" data-smartkarma-citation="entities:459:1" rel="noopener">3SBio Inc (1530 HK)</a> - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.</li>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a>  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.</li>
<li>While <a href="https://www.smartkarma.com/entities/grindr-inc" target="_blank" data-smartkarma-citation="entities:37106:1" rel="noopener">Grindr (GRND US)</a> Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. </li>
</ul>


Given the size of Mandi - relative to 3SBio Inc (1530 HK) - higher market multiples for its in-specie spin-off may have a limited impact on the overall valuation.

CATL (3750 HK)  raised around US$5.2bn in its H-share listing in May 2025. The last day for their lockup was the 19th November 2025.
While Grindr (GRND US) Special Committee considers the MBO proposal, chairman James Lu has unusually opted to step down. And sell shares below the NBIO price. 


Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

<ul>
<li>I tally 34 - 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/genes-tech-group-holdings-company-limited" target="_blank" data-smartkarma-citation="entities:46022:1" rel="noopener">Genes Tech Group Holdings (8257 HK)</a>. Technically, the Offer for <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> is new.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/rpmglobal-holdings-limited" target="_blank" data-smartkarma-citation="entities:16492:1" rel="noopener">RPMGlobal (RUL AU)</a>, <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/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet (WJL 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>, and <a href="https://www.smartkarma.com/entities/digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:1697:1" rel="noopener">Digital Holdings (2389 JP)</a>. </li>
</ul>


I tally 34 - 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: Genes Tech Group Holdings (8257 HK). Technically, the Offer for Jinke Smart Services (9666 HK) is new.
Key updates/news also took place on: RPMGlobal (RUL AU), Insignia Financial (IFL AU), Webjet (WJL AU), Mayne Pharma (MYX AU), and Digital Holdings (2389 JP). 


Asia-Pac M&A Weekly Wrap: RPMGlobal, Insignia, Webjet, Mayne Pharma, Jinke Smart, Digital Holdings

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>Brookfield is launching a $100 billion AI infrastructure initiative with Nvidia and KIA to boost tech capabilities.</li><li>Link REIT is pursuing acquisitions of Australian malls while facing a 3.4% income decline from Greater China.</li><li>Hongkong Land experienced a 13% profit drop in Q3, primarily due to lower contributions from its central operations.</li></ul>

Brookfield is launching a $100 billion AI infrastructure initiative with Nvidia and KIA to boost tech capabilities.Link REIT is pursuing acquisitions of Australian malls while facing a 3.4% income decline from Greater China.Hongkong Land experienced a 13% profit drop in Q3, primarily due to lower contributions from its central operations.

Asia Real Estate Tracker (21-Nov-2025): Brookfield unveils $100B AI infrastructure plan.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Singtel (Singapore Telecommunications) / Equity Bottom-Up

<ul><li>STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date.</li><li>STI banks' combined Non-Interest Income exceeded S$5 billion in 3Q25, with DBS, OCBC, and UOB comprising 50.4% of the Index.</li><li>ST Engineering led STI constituents with an 85% total return and a 74% target price upgrade in 2025.</li></ul>

STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date.STI banks' combined Non-Interest Income exceeded S$5 billion in 3Q25, with DBS, OCBC, and UOB comprising 50.4% of the Index.ST Engineering led STI constituents with an 85% total return and a 74% target price upgrade in 2025.

Mandarin Oriental International / Event-Driven

<ul>
<li>Concurrent with the sale of 13 floors of OCB to <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba</a>, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> is seeking to privatise <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental (MAND SP)</a> at US$3.35/share by way of a Scheme.</li>
<li>The Offer Price is a 52.3% premium to undisturbed, and a 53.7% premium to NAV. Clean deal. And MAND has consistently traded tight to terms. </li>
<li>The <a href="https://links.sgx.com/FileOpen/Shareholder%20Circular.ashx?App=Announcement&amp;FileID=867134" target="_blank" rel="noopener">Scheme Doc is now out</a> for MAND. The Court Meeting is the 8th December. As with <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic Holdings (JS SP)</a>'s 2021 takeover, there is no independent assessment report. </li>
</ul>


Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) is seeking to privatise Mandarin Oriental (MAND SP) at US$3.35/share by way of a Scheme.
The Offer Price is a 52.3% premium to undisturbed, and a 53.7% premium to NAV. Clean deal. And MAND has consistently traded tight to terms. 
The Scheme Doc is now out for MAND. The Court Meeting is the 8th December. As with Jardine Strategic Holdings (JS SP)'s 2021 takeover, there is no independent assessment report. 


Mandarin Oriental (MAND SP): 8th Dec Vote On Matheson's Offer

Singapore

Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio of businesses focused on the Asia-Pacific region. The Group's activities include financial services, supermarkets, consumer marketing, engineering and construction, automobile trading, insurance broking, property investment, and hotels.

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Jardine Matheson Holdings (JM SP)

Last Week In Event SPACE: 3SBio/Mandi, CATL, Grindr, Mandarin Oriental

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

Asia-Pac M&A Weekly Wrap: RPMGlobal, Insignia, Webjet, Mayne Pharma, Jinke Smart, Digital Holdings

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 Real Estate Tracker (21-Nov-2025): Brookfield unveils $100B AI infrastructure plan.

Brookfield launches a $100 billion AI initiative with Nvidia and KIA, while Link REIT bids for Australian malls amid a 3.4% income drop, and...

Asia Real Estate Tracker

STI Makes New High at 4,575.91

STI ETFs saw a 36% year-on-year AUM increase to S$3.38 billion, with S$349 million net inflows year-to-date. STI banks' combined Non-Interest...

Singapore Exchange Ltd (SGX)

Mandarin Oriental (MAND SP): 8th Dec Vote On Matheson's Offer

Clean, full Offer. MAND is trading around ~2.1%/10.8% gross/annualised, assuming late Jan 2026 payment. Expect more accretion/recycling to come in...

David Blennerhassett

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