Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>Taiwan-based Financial Services group <a href="https://www.smartkarma.com/entities/waterland-financial-holdings" target="_blank" data-smartkarma-citation="entities:7895:1" rel="noopener">IBF Financial (2889 TT)</a> ("<strong>IBF</strong>") and <a href="https://www.smartkarma.com/entities/entie-commercial-bank" target="_blank" data-smartkarma-citation="entities:6756:1" rel="noopener">Entie Commercial Bank (2849 TT)</a> ("<strong>EnTie</strong>") signed a Share Swap Agreement according to which IBF will acquire 100% of EnTie in a cash-and-scrip deal worth approximately NT$33bn (~US$1.2bn). </p><p>EnTie shareholders will receive <em>NT$9.466730 in cash and 0.493344 IBF preferred shares</em> per EnTie Share. IBF is expected to issue new common shares to raise funds for the cash portion of this Deal and will also issue new preferred shares to fulfil the scrip portion of this Deal.</p><p>The Deal is conditional on approval from the shareholders of both companies. With the record date for the shareholder voting approaching, this Deal is currently facing some hurdles. </p><div><p><em>More below the fold. </em></p></div><hr><div><div><div class="content-remarks"><p><em>For more information about M&amp;A rules, regulations, and practices in Australia, please refer to <a href="https://www.smartkarma.com/insights/quiddity-taiwan-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:30640" rel="noopener">Quiddity Taiwan M&amp;A Guide 2019</a></em></p></div></div></div>

Taiwan-based Financial Services group IBF Financial (2889 TT) ("IBF") and Entie Commercial Bank (2849 TT) ("EnTie") signed a Share Swap Agreement according to which IBF will acquire 100% of EnTie in a cash-and-scrip deal worth approximately NT$33bn (~US$1.2bn). EnTie shareholders will receive NT$9.466730 in cash and 0.493344 IBF preferred shares per EnTie Share. IBF is expected to issue new common shares to raise funds for the cash portion of this Deal and will also issue new preferred shares to fulfil the scrip portion of this Deal.The Deal is conditional on approval from the shareholders of both companies. With the record date for the shareholder voting approaching, this Deal is currently facing some hurdles. More below the fold. For more information about M&amp;A rules, regulations, and practices in Australia, please refer to Quiddity Taiwan M&amp;A Guide 2019

EnTie (2849 TT) - IBF (2889 TT): US$1.2bn Cash & Scrip Deal Far From Done

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Fubon Financial Holding Co / Event-Driven

<p><a href="https://www.smartkarma.com/entities/fubon-financial-holding-co" target="_blank" data-smartkarma-citation="entities:11869:1" rel="noopener">Fubon Financial Holding Co (2881 TT)</a> announced many months ago when it took over <a href="https://www.smartkarma.com/entities/jih-sun-financial-holdings" target="_blank" data-smartkarma-citation="entities:17971:1" rel="noopener">Jih Sun Financial (5820 TT)</a> that it would do an equity raise to do so. In Taiwan, doing an equity raise via rights issue is a relatively common event. </p><p>The company applied to do so, got permission in early August, then announced in late August a timeline and key details as it announced its H1 results. </p><p><a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar, CFA</a> discussed this rights issue in <a href="https://www.smartkarma.com/insights/fubon-financial-holding-co-2881-tt-rights-issue" target="_blank" data-smartkarma-citation="insights:56572" rel="noopener">Fubon Financial Holding Co (2881 TT): Rights Issue</a> a week ago. </p><p>Pricing was expected to be confirmed in the days ahead, and it has been confirmed. </p><p>The 548,000,000 common shares will be issued at NT$58.9/share each. </p><p>The 333,330,000 C Class Preferred Shares (non-cumulative dividend) will be issued at NT$60/share each. The dividend rate was set at 3.0% (7yr IRS + a fixed spread (7yr IRS 0.6538% + 2.3462% spread)). </p><p>I called the company to chat and had some questions. They got back to me today. </p>

Fubon Financial Holding Co (2881 TT) announced many months ago when it took over Jih Sun Financial (5820 TT) that it would do an equity raise to do so. In Taiwan, doing an equity raise via rights issue is a relatively common event. The company applied to do so, got permission in early August, then announced in late August a timeline and key details as it announced its H1 results. Janaghan Jeyakumar, CFA discussed this rights issue in Fubon Financial Holding Co (2881 TT): Rights Issue a week ago. Pricing was expected to be confirmed in the days ahead, and it has been confirmed. The 548,000,000 common shares will be issued at NT$58.9/share each. The 333,330,000 C Class Preferred Shares (non-cumulative dividend) will be issued at NT$60/share each. The dividend rate was set at 3.0% (7yr IRS + a fixed spread (7yr IRS 0.6538% + 2.3462% spread)). I called the company to chat and had some questions. They got back to me today. 

Fubon Financial Rights - Common Share Rights Should Be Exercised, Pref Rights Are Worth Near Zero

China Life Insurance Company / Event-Driven

<p>Roughly 4 years ago, in Sep 2017, Taiwan-based financial services group <a href="https://www.smartkarma.com/entities/china-development-financial" target="_blank" data-smartkarma-citation="entities:13818:1" rel="noopener">China Development Financial (2883 TT)</a> ("CDFHC") became the top shareholder of <a href="https://www.smartkarma.com/entities/china-life-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:603:1" rel="noopener">China Life Insurance (2823 TT)</a> by launching a Tender Offer and acquiring a 25.33% stake for NT$30.8bn. At that time, China Life Insurance was the fifth largest insurance group in Taiwan.</p><p>Almost 3 years later, CDFHC made another Tender Offer to acquire an additional 21.1% stake in China Life Insurance for NT$23.6bn on 27th November 2020 increasing their direct shareholding to 47.3%. This Offer was completed in February 2021 and together with an 8.66% owned by a fully-owned subsidiary -  KGI securities - CDFHC collectively controlled around 56% in China Life Insurance. </p><p>Last week, on 12th August 2021, CDFHC announced a cash and scrip Deal to buy the remaining portion of China Life Insurance to take their ownership to 100% and delist the company from the Taiwan Stock Exchange.  </p><p>Under this Deal, China Life Insurance minority shareholders are expected to receive a combination of 0.80 CDFHC common shares, 0.73 CDFHC preferred shares, and NT$11.5 in cash for each share of China Life Insurance they own. The Deal is conditional on receiving shareholder approvals and regulatory approvals and is expected to complete by the end of this year. </p><div><p><em>More below the fold. </em></p></div><hr><div><div><div class="content-remarks"><p style="text-align: left;"><em>For more information about M&amp;A rules, regulations, and practices in Australia, please refer to <a href="https://www.smartkarma.com/insights/quiddity-taiwan-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:30640" rel="noopener">Quiddity Taiwan M&amp;A Guide 2019</a></em></p></div></div></div>

Roughly 4 years ago, in Sep 2017, Taiwan-based financial services group China Development Financial (2883 TT) ("CDFHC") became the top shareholder of China Life Insurance (2823 TT) by launching a Tender Offer and acquiring a 25.33% stake for NT$30.8bn. At that time, China Life Insurance was the fifth largest insurance group in Taiwan.Almost 3 years later, CDFHC made another Tender Offer to acquire an additional 21.1% stake in China Life Insurance for NT$23.6bn on 27th November 2020 increasing their direct shareholding to 47.3%. This Offer was completed in February 2021 and together with an 8.66% owned by a fully-owned subsidiary -  KGI securities - CDFHC collectively controlled around 56% in China Life Insurance. Last week, on 12th August 2021, CDFHC announced a cash and scrip Deal to buy the remaining portion of China Life Insurance to take their ownership to 100% and delist the company from the Taiwan Stock Exchange.  Under this Deal, China Life Insurance minority shareholders are expected to receive a combination of 0.80 CDFHC common shares, 0.73 CDFHC preferred shares, and NT$11.5 in cash for each share of China Life Insurance they own. The Deal is conditional on receiving shareholder approvals and regulatory approvals and is expected to complete by the end of this year. More below the fold. For more information about M&amp;A rules, regulations, and practices in Australia, please refer to Quiddity Taiwan M&amp;A Guide 2019

CDFHC - China Life Insurance: US$2bn+ Cash & Scrip Deal to Reach the Finish Line

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a> and <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a>. Shorts increased in the Communication Services, Consumer Discretionary, Health Care and Real Estate sectors, and decreased in the Financials, Industrials, and Information Technology sectors.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/lasertec-corp" target="_blank" data-smartkarma-citation="entities:4126:1" rel="noopener">Lasertec Corp (6920 JP)</a>, <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" data-smartkarma-citation="entities:3700:1" rel="noopener">Anritsu Corp (6754 JP)</a>, <a href="https://www.smartkarma.com/entities/daito-trust-construct-co-ltd" target="_blank" data-smartkarma-citation="entities:10503:1" rel="noopener">Daito Trust Construct (1878 JP)</a>, <a href="https://www.smartkarma.com/entities/jfe-holdings-inc" target="_blank" data-smartkarma-citation="entities:210:1" rel="noopener">JFE Holdings (5411 JP)</a> and <a href="https://www.smartkarma.com/entities/tokyu-fudosan-holdings-corp" target="_blank" data-smartkarma-citation="entities:8355:1" rel="noopener">Tokyu Fudosan Holdings (3289 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/ana-holdings-inc" target="_blank" data-smartkarma-citation="entities:5308:1" rel="noopener">Ana Holdings (9202 JP)</a>, <a href="https://www.smartkarma.com/entities/h-i-s-co-ltd" target="_blank" data-smartkarma-citation="entities:19311:1" rel="noopener">H I S Co Ltd (9603 JP)</a>, <a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a> and <a href="https://www.smartkarma.com/entities/euglena-co-ltd" target="_blank" data-smartkarma-citation="entities:8414:1" rel="noopener">Euglena Co Ltd (2931 JP)</a>. Shorts increased in the Real Estate and Consumer Discretionary sectors, and decreased in the Industrials sector.</p></div><div><p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> and <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a> during the week while decreasing on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/hyundai-heavy-industries" target="_blank" data-smartkarma-citation="entities:10155:1" rel="noopener">Hyundai Heavy Industries (009540 KS)</a> and <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a>. The short sell ban has ended today and short selling will be permitted on <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> constituents from Monday, 3 May.</p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/china-development-financial" target="_blank" data-smartkarma-citation="entities:13818:1" rel="noopener">China Development Financial (2883 TT)</a>, <a href="https://www.smartkarma.com/entities/yang-ming-marine-transport" target="_blank" data-smartkarma-citation="entities:8502:1" rel="noopener">Yang Ming Marine Transport (2609 TT)</a>, <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a>, <a href="https://www.smartkarma.com/entities/walsin-lihwa-corp" target="_blank" data-smartkarma-citation="entities:17142:1" rel="noopener">Walsin Lihwa (1605 TT)</a> and <a href="https://www.smartkarma.com/entities/compal-electronics" target="_blank" data-smartkarma-citation="entities:4620:1" rel="noopener">Compal Electronics (2324 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">AU Optronics (2409 TT)</a>, <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a>, <a href="https://www.smartkarma.com/entities/asmedia-technology-inc" target="_blank" data-smartkarma-citation="entities:15732:1" rel="noopener">Asmedia Technology (5269 TT)</a>, <a href="https://www.smartkarma.com/entities/genius-electronic-optical-co-ltd" target="_blank" data-smartkarma-citation="entities:9632:1" rel="noopener">Genius Electronic Optical (3406 TT)</a> and <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>.</p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Tencent Holdings (700 HK), Meituan (3690 HK), China Merchants Bank H (3968 HK), WuXi AppTec Co. Ltd. (2359 HK) and Sunny Optical (2382 HK) while there was short covering on Ping An Insurance (H) (2318 HK), Baidu (9888 HK), Haier Smart Home Co Ltd (6690 HK), Alibaba Group (9988 HK) and Citic Securities (H) (6030 HK). Shorts increased in the Communication Services, Consumer Discretionary, Health Care and Real Estate sectors, and decreased in the Financials, Industrials, and Information Technology sectors.In Japan, stocks that saw the most shorts were Lasertec Corp (6920 JP), Anritsu Corp (6754 JP), Daito Trust Construct (1878 JP), JFE Holdings (5411 JP) and Tokyu Fudosan Holdings (3289 JP) while shorts decreased on Toshiba Corp (6502 JP), Ana Holdings (9202 JP), H I S Co Ltd (9603 JP), Outsourcing Inc (2427 JP) and Euglena Co Ltd (2931 JP). Shorts increased in the Real Estate and Consumer Discretionary sectors, and decreased in the Industrials sector.In Korea, shorts increased on Celltrion Inc (068270 KS) and Hyundai Motor Co (005380 KS) during the week while decreasing on Samsung Electronics (005930 KS), Hyundai Heavy Industries (009540 KS) and Doosan Infracore (042670 KS). The short sell ban has ended today and short selling will be permitted on Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) and KOSDAQ 150 Index (KOSDQ150 INDEX) constituents from Monday, 3 May.Stocks in Taiwan that saw the highest increase in shorts were China Development Financial (2883 TT), Yang Ming Marine Transport (2609 TT), Evergreen Marine Corp (2603 TT), Walsin Lihwa (1605 TT) and Compal Electronics (2324 TT) while shorts were covered on AU Optronics (2409 TT), Winbond Electronics (2344 TT), Asmedia Technology (5269 TT), Genius Electronic Optical (3406 TT) and Novatek Microelectronics Corp (3034 TT).

Asia Shorts: Tencent, CM Bank, Wuxi Apptec, Baidu, Anritsu, Daito, Ana, Yang Ming, Evergreen Marine

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<p><strong><em>* Decent 2019 Results:</em></strong>Chailease Holding (5871.TT) [Chailease], Taiwan’s top leasing services provider,  reported 2019 net income of NTD 15.5 bn, increasing 15.7% YOY – as lower credit costs and non-operating gains more than offset the accounting changes which negatively impact fee revenues;  </p><p><strong><em>* Recovering Results in March: </em></strong>Chailease reported preliminary revenue of NTD 4.8 bn for March 2020, up 2% YOY and 8% MOM. Taiwan, mainland China and ASEAN reported 1Q20 revenue grew by 21%, negative 8%, and 18% YOY, respectively. Mainland Chinese revenue resumed growth at 14% MOM, as most of the impact from the COVID-19 pandemic occurred in February; and</p><p><em><strong>* Mainland China Credit Watch:</strong></em>According to management, 2% of mainland China clients have asked for a grace period (maximum of 3 months) and 1% will need to restructure repayment terms. We estimate that this would bring the mainland Chinese delinquency ratio to between 4.8%-5.0%. </p>

* Decent 2019 Results:Chailease Holding (5871.TT) [Chailease], Taiwan’s top leasing services provider,  reported 2019 net income of NTD 15.5 bn, increasing 15.7% YOY – as lower credit costs and non-operating gains more than offset the accounting changes which negatively impact fee revenues;  * Recovering Results in March: Chailease reported preliminary revenue of NTD 4.8 bn for March 2020, up 2% YOY and 8% MOM. Taiwan, mainland China and ASEAN reported 1Q20 revenue grew by 21%, negative 8%, and 18% YOY, respectively. Mainland Chinese revenue resumed growth at 14% MOM, as most of the impact from the COVID-19 pandemic occurred in February; and* Mainland China Credit Watch:According to management, 2% of mainland China clients have asked for a grace period (maximum of 3 months) and 1% will need to restructure repayment terms. We estimate that this would bring the mainland Chinese delinquency ratio to between 4.8%-5.0%. 

Chailease Holding – Return to Growth In 1Q20

Taiwan

KGI Financial Holding Co. Ltd. operates a publicly listed financial holding company in Taiwan. The Company initially focuses on venture capital investments evolving comprehensive financial institutions. KGI Financial Holding, though its subsidiaries, maintains solid capital positions and offers a full spectrum of financial services, especially venture capital and private equity services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

KGI Financial Holding (2883 TT)

EnTie (2849 TT) - IBF (2889 TT): US$1.2bn Cash & Scrip Deal Far From Done

Taiwan-based Financial Services group IBF Financial has announced plans to acquire 100% of Entie Commercial Bank in a NT$33bn (~US$1.2bn) cash-and...

Janaghan Jeyakumar, CFA

CDFHC - China Life Insurance: US$2bn+ Cash & Scrip Deal to Reach the Finish Line

Taiwan-based China Development Financial's US$2bn+ Deal to acquire the remaining 44% in consolidated subsidiary China Life Insurance is trading...

Janaghan Jeyakumar, CFA

Asia Shorts: Tencent, CM Bank, Wuxi Apptec, Baidu, Anritsu, Daito, Ana, Yang Ming, Evergreen Marine

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

Chailease Holding – Return to Growth In 1Q20

* Decent 2019 Results:Chailease Holding (5871.TT) [Chailease], Taiwan’s top leasing services provider, reported 2019 net income of NTD 15.5 bn,...

Thomas J. Monaco

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EnTie (2849 TT) - IBF (2889 TT): US$1.2bn Cash & Scrip Deal Far From Done

Taiwan-based Financial Services group IBF Financial has announced plans to acquire 100% of Entie Commercial Bank in a NT$33bn (~US$1.2bn) cash-and...

Janaghan Jeyakumar, CFA

Fubon Financial Rights - Common Share Rights Should Be Exercised, Pref Rights Are Worth Near Zero

Fubon Financial will issue Rights. Rights go ex- on 6 Sep. The Common Share Rights are worth exercising unless the stock plummets. The Pref Rights...

Travis Lundy

CDFHC - China Life Insurance: US$2bn+ Cash & Scrip Deal to Reach the Finish Line

Taiwan-based China Development Financial's US$2bn+ Deal to acquire the remaining 44% in consolidated subsidiary China Life Insurance is trading...

Janaghan Jeyakumar, CFA

Asia Shorts: Tencent, CM Bank, Wuxi Apptec, Baidu, Anritsu, Daito, Ana, Yang Ming, Evergreen Marine

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

Chailease Holding – Return to Growth In 1Q20

* Decent 2019 Results:Chailease Holding (5871.TT) [Chailease], Taiwan’s top leasing services provider, reported 2019 net income of NTD 15.5 bn,...

Thomas J. Monaco