Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in February 2025, <a href="https://www.smartkarma.com/entities/leoch-international-technology-limited" target="_blank" data-smartkarma-citation="entities:7957:1" rel="noopener">Leoch International Technology (842 HK)</a> ("LIT"), a leading manufacturer of lead-acid batteries, announced the spin-off and separate listing of wholly-owned Leoch Energy on a US exchange.</li>
<li>LIT will distribute all shares held in-specie. There will be no concurrent global offering.</li>
<li>Leoch Energy, the international  arm of the group, accounted for 32% of LIT's revs in the 1H25, and 15% of profit.</li>
</ul>


Back in February 2025, Leoch International Technology (842 HK) ("LIT"), a leading manufacturer of lead-acid batteries, announced the spin-off and separate listing of wholly-owned Leoch Energy on a US exchange.
LIT will distribute all shares held in-specie. There will be no concurrent global offering.
Leoch Energy, the international  arm of the group, accounted for 32% of LIT's revs in the 1H25, and 15% of profit.


Leoch Int'l (842 HK)'s Spin-Off and Listing Of Leoch Energy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman (9956 HK)</a>'s Scheme Doc is out, absent any reference to CDH (holding an estimated 18%). Given precedents with similar fact patterns, this is probably one deal to avoid.</li>
<li>
<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>'s Offer Price is more than expected; but the fact that Dalton , who really wanted to sell, but isn't selling, suggests the price should be higher.</li>
<li>8th January vote on <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC (5 HK)</a>'s Offer for <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a>.  Safe deal. This is effectively a term deposit hybrid.</li>
</ul>



ANE Cayman (9956 HK)'s Scheme Doc is out, absent any reference to CDH (holding an estimated 18%). Given precedents with similar fact patterns, this is probably one deal to avoid.

Hogy Medical (3593 JP)'s Offer Price is more than expected; but the fact that Dalton , who really wanted to sell, but isn't selling, suggests the price should be higher.
8th January vote on HSBC (5 HK)'s Offer for Hang Seng Bank (11 HK).  Safe deal. This is effectively a term deposit hybrid.


Last Week In Event SPACE: ANE Cayman. Hogy Medical, Hang Seng, Zhejiang Sanhua Intelligent

China

Leoch International Technology Limited specializes in the research, development, manufacturing, and sales of lead-acid and lithium batteries. The company offers a comprehensive range of products including reserve power, starting, lighting, and ignition (SLI), and motive power batteries for various applications such as telecommunications, UPS systems, automotive, and renewable energy. Founded in 1999, the company is headquartered in Singapore.

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Leoch (842 HK)

Leoch Int'l (842 HK)'s Spin-Off and Listing Of Leoch Energy

Despite the size of Leoch Energy, relative to LIT, I'd expect the sum of the parts to be greater than the whole. If small, illiquid events are your...

David Blennerhassett

Last Week In Event SPACE: ANE Cayman. Hogy Medical, Hang Seng, Zhejiang Sanhua Intelligent

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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