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

<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

NTT UD REIT Investment Corporation / Event-Driven

NTT UD REIT Investment Corporation (8956 JP)

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a> seeks to raise up to US$837 million, and <a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> seeks to raise US$300 million.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/ntt-ud-reit-investment-corporation" target="_blank" data-smartkarma-citation="entities:19428:1" rel="noopener">NTT UD REIT Investment Corporation (8956 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/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/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/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus (DADA US)</a>. 
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: LG CNS (LGCNSZ KS) seeks to raise up to US$837 million, and Guming Holdings (GUM HK) seeks to raise US$300 million.
Event-Driven developments: NTT UD REIT Investment Corporation (8956 JP), Ascot Corp (3264 JP), Giga Prize (3830 JP), Sanyo Special Steel (5481 JP), Lifestyle China (2136 HK), Dada Nexus (DADA US). 



Weekly Deals Digest (02 Feb) - NTT UD REIT, Sanyo, Ascot, Giga Prize, Lifestyle China, Dada, LG CNS

Hong Kong

Lifestyle China Group is an investment holding company that operates department stores and related retailing businesses, primarily under the 'Jiuguang' brand in Shanghai and Suzhou. The company also engages in property investment and development. It was incorporated in 2016 and is headquartered in Causeway Bay, Hong Kong.

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Lifestyle China Group (2136 HK)

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

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

Weekly Deals Digest (02 Feb) - NTT UD REIT, Sanyo, Ascot, Giga Prize, Lifestyle China, Dada, LG CNS

Last week, notable developments occurred in Event-Driven (NTT UD REIT, Sanyo Special, Ascot, Giga Prize, Lifestyle China, SDHS New Energy, Vesync,...

Arun George

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