Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In <a href="https://skr.ma/r5nJS" target="_blank" rel="noopener">OreCorp: Silvercorp Switches To Off-Market Bid</a>, after <a href="https://www.smartkarma.com/entities/silvercorp-metals-inc" target="_blank" data-smartkarma-citation="entities:25818:1" rel="noopener">Silvercorp Metals (SVM CN)</a> switched to an off-market Offer for <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a>, I expected <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus Mining (PRU AU)</a> to counter. </li>
<li>Orecorp announced this morning Perseus (with 19.9% of shares out) has pitched an all-cash Offer of A$0.55/share, primarily conditional on getting to 50.1%</li>
<li>Orecorp has responded by saying Perseus Offer is not superior to Silvercorp cash/scrip terms. Perhaps it's Orecorp's way of (temporarily) skirting the break fee and letting the market decide.</li>
</ul>


In OreCorp: Silvercorp Switches To Off-Market Bid, after Silvercorp Metals (SVM CN) switched to an off-market Offer for Orecorp Ltd (ORR AU), I expected Perseus Mining (PRU AU) to counter. 
Orecorp announced this morning Perseus (with 19.9% of shares out) has pitched an all-cash Offer of A$0.55/share, primarily conditional on getting to 50.1%
Orecorp has responded by saying Perseus Offer is not superior to Silvercorp cash/scrip terms. Perhaps it's Orecorp's way of (temporarily) skirting the break fee and letting the market decide.


Trading At Terms As Orecorp Rebuffs Perseus' All-Cash Bid

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, we continued our coverage of <a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> and looked at <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group</a> Hong Kong filings.</li>
<li>Placements continued to trickle in throught the week, across the region, apart from Hong Kong.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, we continued our coverage of Amer Sports (AS US) and looked at Mixue Group Hong Kong filings.
Placements continued to trickle in throught the week, across the region, apart from Hong Kong.


ECM Weekly (21st Jan 2024) - Mixue, Amer, Medi Assist, IPO Pipeline, Yamae, Alchip, NHPC, ASMedia

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jan 12th (reported today) which has an aggregated short interest worth USD18.6bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Aristocrat Leisu, IDP Education, Fortescue, South32, Star Entertainme, BHP, CSL, Wesfarmers.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jan 12th (reported today) which has an aggregated short interest worth USD18.6bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Aristocrat Leisu, IDP Education, Fortescue, South32, Star Entertainme, BHP, CSL, Wesfarmers.


ASX Short Interest Weekly (Jan 12th): Aristocrat Leisu, IDP Education, Fortescue, South32, BHP, CSL

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> is looking to raise A$365m (US$230m) for capital expenditure and to plug its funding gap for the Kathleen Valley Lithium (KVL) project. </li>
<li>Together, the combined A$1.14bn equity/debt raising comes after Albemarle abandoned its A$6.6bn (US$4.2bn) acquisition bid for Liontown Resources earlier in the week.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Liontown Resources (LTR AU) is looking to raise A$365m (US$230m) for capital expenditure and to plug its funding gap for the Kathleen Valley Lithium (KVL) project. 
Together, the combined A$1.14bn equity/debt raising comes after Albemarle abandoned its A$6.6bn (US$4.2bn) acquisition bid for Liontown Resources earlier in the week.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Liontown Resources Placement - While Discount Is Wide, It Is at a Premium to Its Pre-Takeover Price

<ul>
<li>On the 27 Dec, to circumvent <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus (PRU AU)</a>'s 19.9% dissenting vote, <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp (ORR AU)</a> and <a href="https://www.smartkarma.com/entities/silvercorp-metals-inc" target="_blank" data-smartkarma-citation="entities:25818:1" rel="noopener">Silvercorp (SVM CN)</a> agreed to an off-market takeover, on the same terms. </li>
<li>That Offer - A$0.19 in cash and 0.0967 new Silvercorp shares - opened on the 3 January.</li>
<li>Silvercorp paid ~A$0.51/share, on-market, just prior to the Offer. OreCorp is currently trading ~A$0.51-$0.52/share. Is there any legal obligation to set a minimum floor price of A$0.51/share?</li>
</ul>


On the 27 Dec, to circumvent Perseus (PRU AU)'s 19.9% dissenting vote, Orecorp (ORR AU) and Silvercorp (SVM CN) agreed to an off-market takeover, on the same terms. 
That Offer - A$0.19 in cash and 0.0967 new Silvercorp shares - opened on the 3 January.
Silvercorp paid ~A$0.51/share, on-market, just prior to the Offer. OreCorp is currently trading ~A$0.51-$0.52/share. Is there any legal obligation to set a minimum floor price of A$0.51/share?


OreCorp (ORR AU): Musings On The Minimum Bid Price

Australia

Liontown Resources Ltd. explores for and mines base metals.

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Liontown Resources (LTR AU)

Trading At Terms As Orecorp Rebuffs Perseus' All-Cash Bid

If in, stay in. You have an effective floor of A$0.55/share. If small arbs are your thing, you might look to add Ocecocp on any weakness. I'd be...

David Blennerhassett

ECM Weekly (21st Jan 2024) - Mixue, Amer, Medi Assist, IPO Pipeline, Yamae, Alchip, NHPC, ASMedia

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

ASX Short Interest Weekly (Jan 12th): Aristocrat Leisu, IDP Education, Fortescue, South32, BHP, CSL

We analyzed ASX short interest report for the past week and highlight short interest changes in Aristocrat Leisu, IDP Education, Fortescue,...

Ke Yan, CFA, FRM

Liontown Resources Placement - While Discount Is Wide, It Is at a Premium to Its Pre-Takeover Price

After withdrawing its takeover bid, Albemarle is now looking to sell its entire stake in LTR. The stake sale will remove the overhang, and the deal...

Clarence Chu

OreCorp (ORR AU): Musings On The Minimum Bid Price

Silvercorp paid ~A$0.51/share, on-market, just prior to the Offer. OreCorp is currently trading ~A$0.51-$0.52/share. Is there any legal obligation...

David Blennerhassett

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