Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For September 2026, 11 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$26bn.</li>
<li>
The average premium for the new transactions announced (or first discussed) in September was ~46%; and a year-to-date average of ~45%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For September 2026, 11 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$26bn.

The average premium for the new transactions announced (or first discussed) in September was ~46%; and a year-to-date average of ~45%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A [Sept 2026 Wrap]: Northern Star, Kadoya Sesame, Ingenia, Leopalace21, IDP, Sharingtech

<ul>
<li>I tally 34 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>One new deals were was discussed on Smartkarma this week: the indicative Offer for <a href="https://www.smartkarma.com/entities/yinson-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3252:1" rel="noopener">Yinson Holdings (YNS MK)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/dentsu-soken-inc" target="_blank" data-smartkarma-citation="entities:20535:1" rel="noopener">Dentsu Soken (4812 JP)</a>, <a href="https://www.smartkarma.com/entities/golfzon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16376:1" rel="noopener">Golfzon Holdings (121440 KS)</a>, <a href="https://www.smartkarma.com/entities/energy-one-ltd" target="_blank" data-smartkarma-citation="entities:19865:1" rel="noopener">Energy One Ltd (EOL AU)</a>, and <a href="https://www.smartkarma.com/entities/avarga-limited" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga (AVARGA SP)</a>.</li>
</ul>


I tally 34 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deals were was discussed on Smartkarma this week: the indicative Offer for Yinson Holdings (YNS MK).
Key updates/news also took place on: Dentsu Soken (4812 JP), Golfzon Holdings (121440 KS), Energy One Ltd (EOL AU), and Avarga (AVARGA SP).


Asia-Pac Weekly Wrap: Dentsu Soken, Energy One, Yinson Holdings, Golfzon, Avarga

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>One of the minority investors in Refine Co (377450 KS) called Cha Partners is heavily opposed this deal and has demanded higher shareholder returns. </li>
<li>The tender offer price is approximately 35% lower than the 27,159 won per share paid by Realty Fine when acquiring the stake from the existing largest shareholder.</li>
<li>At this point, it appears that the tender offer completion rate could be about 50-70% of total shares up for tender offer (5.2 million).</li>
</ul>


One of the minority investors in Refine Co (377450 KS) called Cha Partners is heavily opposed this deal and has demanded higher shareholder returns. 
The tender offer price is approximately 35% lower than the 27,159 won per share paid by Realty Fine when acquiring the stake from the existing largest shareholder.
At this point, it appears that the tender offer completion rate could be about 50-70% of total shares up for tender offer (5.2 million).


Cha Partners Demands Higher Shareholder Returns from Refine Co

<ul>
<li>I tally 39 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Five new deals were was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/reliance-worldwide-corp-ltd" target="_blank" data-smartkarma-citation="entities:22690:1" rel="noopener">Reliance Worldwide Corp (RWC AU)</a>, <a href="https://www.smartkarma.com/entities/ausgold-ltd" target="_blank" data-smartkarma-citation="entities:19133:1" rel="noopener">Ausgold Ltd (AUC AU)</a>, <a href="https://www.smartkarma.com/entities/eqt-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7541:1" rel="noopener">EQT Holdings (EQT AU)</a>, <a href="https://www.smartkarma.com/entities/refine-co-ltd" target="_blank" data-smartkarma-citation="entities:34857:1" rel="noopener">Refine (377450 KS)</a>, and <a href="https://www.smartkarma.com/entities/baudroie-inc" target="_blank" data-smartkarma-citation="entities:44459:1" rel="noopener">Baudroie (4413 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, <a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a>, <a href="https://www.smartkarma.com/entities/public-financial-holdings-limited" target="_blank" data-smartkarma-citation="entities:9760:1" rel="noopener">Public Financial (626 HK)</a>, and <a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>.</li>
</ul>


I tally 39 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Five new deals were was discussed on Smartkarma this week: Reliance Worldwide Corp (RWC AU), Ausgold Ltd (AUC AU), EQT Holdings (EQT AU), Refine (377450 KS), and Baudroie (4413 JP).
Key updates/news also took place on: Kakaku.com Inc (2371 JP), Steadfast (SDF AU), FleetPartners Group (FPR AU), Public Financial (626 HK), and European Lithium (EUR AU).


Asia-Pac Weekly Wrap: Kakaku.com, Reliance Worldwide, Ausgold, EQT, Baudroie, Refine, Steadfast

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison (1 HK)</a> initiates a second arbitration against the Republic of Panama after Panama's highest court annulled CKH's port contracts earlier this year. </li>
<li>After falling post-1H26 results,  <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-limited" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom (762 HK)</a> is inexpensive to its parent <a href="https://www.smartkarma.com/entities/china-united-network-a" target="_blank" data-smartkarma-citation="entities:12620:1" rel="noopener">China United Network A (600050 CH)</a> - its hybrid domestic A-share twin </li>
<li>The "upside-down world" continues as Trump embraces North Korea, and amps up hostility towards it southern neighbour, possibly disrupting Hanwha's acquisition of <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a>'s US ops. </li>
</ul>



CK Hutchison (1 HK) initiates a second arbitration against the Republic of Panama after Panama's highest court annulled CKH's port contracts earlier this year. 
After falling post-1H26 results,  China Unicom (762 HK) is inexpensive to its parent China United Network A (600050 CH) - its hybrid domestic A-share twin 
The "upside-down world" continues as Trump embraces North Korea, and amps up hostility towards it southern neighbour, possibly disrupting Hanwha's acquisition of Austal Ltd (ASB AU)'s US ops. 


Last Week In Event SPACE: CK Hutch, China Unicom, Austal, Steadfast

South Korea

LS SECURITIES Co. Ltd. operates financial related businesses. The Company provides securities intermediaries, investment consulting, and other services. LS SECURITIES conducts businesses in South Korea.

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LS SECURITIES Co Ltd (078020 KS)

Asia-Pac M&A [Sept 2026 Wrap]: Northern Star, Kadoya Sesame, Ingenia, Leopalace21, IDP, Sharingtech

For the month of Sept, 11 new deals were discussed on Smartkarma, with an overall deal size of ~US$26bn. The average premium for the new deals...

David Blennerhassett

Asia-Pac Weekly Wrap: Dentsu Soken, Energy One, Yinson Holdings, Golfzon, Avarga

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Cha Partners Demands Higher Shareholder Returns from Refine Co

One of the minority investors in Refine Co (377450 KS) called Cha Partners is heavily opposed this deal and has demanded higher shareholder returns.

Douglas Kim

Asia-Pac Weekly Wrap: Kakaku.com, Reliance Worldwide, Ausgold, EQT, Baudroie, Refine, Steadfast

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Last Week In Event SPACE: CK Hutch, China Unicom, Austal, Steadfast

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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