Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 17th July 2026 , <a href="https://www.smartkarma.com/entities/jbm-healthcare-ltd-ac30be57-e952-486f-bc3f-9973822a014f" target="_blank" data-smartkarma-citation="entities:49035:1" rel="noopener">JBM (Healthcare) (2161 HK)</a>, a consumer healthcare company, announced the spin-off of 100%-held JPJ, the group’s branded PCM products and Chinese medicine clinic services.</li>
<li>Listing is slated for the HKEx, market conditions permitting. An application proof has been lodged. JBM intends to hold at least 50% of JPJ post listing.</li>
<li>My calcs suggest JBM is fairly valued here - before assigning any holdco discount post spin-off. FWIW, JBM was itself spun-off from <a href="https://www.smartkarma.com/entities/jacobson-pharma-corporation-limited" target="_blank" data-smartkarma-citation="entities:23579:1" rel="noopener">Jacobson Pharma (2633 HK)</a> in February 2021.</li>
</ul>


On the 17th July 2026 , JBM (Healthcare) (2161 HK), a consumer healthcare company, announced the spin-off of 100%-held JPJ, the group’s branded PCM products and Chinese medicine clinic services.
Listing is slated for the HKEx, market conditions permitting. An application proof has been lodged. JBM intends to hold at least 50% of JPJ post listing.
My calcs suggest JBM is fairly valued here - before assigning any holdco discount post spin-off. FWIW, JBM was itself spun-off from Jacobson Pharma (2633 HK) in February 2021.


Limited Upside To JBM (2161 HK)'s Spin-Off

<ul>
<li>EQT/DG lifted their Offer Price for <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com (2371 JP)</a> to ¥3,450/share. This "obstructs" the Bain/LY deal, slightly, temporarily, but there are nuances within. Expect Bain/LY to come over the top.</li>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> is cheap"  vs. <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>. And <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> "rich" to Prosus. Look to long Prosus here, short Tencent here. Or long Prosus, short Naspers</li>
<li>Be comfortable medium-long-term with <a href="https://www.smartkarma.com/entities/mitsui-matsushima-co-ltd" target="_blank" data-smartkarma-citation="entities:13569:1" rel="noopener">Mitsui Matsushima (1518 JP)</a>'s super-cheap asset. And they have niche businesses in semiconductor/tech to spruce things up if people decide they want to run with it.</li>
</ul>


EQT/DG lifted their Offer Price for Kakaku.com (2371 JP) to ¥3,450/share. This "obstructs" the Bain/LY deal, slightly, temporarily, but there are nuances within. Expect Bain/LY to come over the top.

Prosus NV (PRX NA) is cheap"  vs. Tencent (700 HK). And Naspers (NPN SJ) "rich" to Prosus. Look to long Prosus here, short Tencent here. Or long Prosus, short Naspers
Be comfortable medium-long-term with Mitsui Matsushima (1518 JP)'s super-cheap asset. And they have niche businesses in semiconductor/tech to spruce things up if people decide they want to run with it.


Last Week In Event SPACE: Mitsui Matsushima, Prosus/Tencent/Naspers, Legend/Lenovo

Hong Kong

JBM (Healthcare) Ltd. is an investment holding company primarily engaged in the development, manufacture, sourcing, distribution, and marketing of branded healthcare products. Its portfolio includes proprietary Chinese medicines, branded medicines, and health and wellness products. The company was established in 2020 and is headquartered in Hong Kong.

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JBM (Healthcare) (2161 HK)

Limited Upside To JBM (2161 HK)'s Spin-Off

JBM is hedging on JPJ's "heritage brand + clinic synergy" offsetting JPJ's illiquidity. The key beneficiary is likely JBM's chairman & main...

David Blennerhassett

Last Week In Event SPACE: Mitsui Matsushima, Prosus/Tencent/Naspers, Legend/Lenovo

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

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