Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Melco International Development / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a>'s fully-paid rights shares commence trading today. Melco is down just ~14% since announcing a one-for-two rights issue; and 13% above the TERP.</li>
<li>Preceding my comments on Melco are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Melco International Development (200 HK)'s fully-paid rights shares commence trading today. Melco is down just ~14% since announcing a one-for-two rights issue; and 13% above the TERP.
Preceding my comments on Melco are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


<ul>
<li>After a possible short squeeze last month, <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco International Development (200 HK)</a> shows no signs of retracing. There was another material move in the spread yesterday.</li>
<li>Preceding my comments on Melco are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


After a possible short squeeze last month, Melco International Development (200 HK) shows no signs of retracing. There was another material move in the spread yesterday.
Preceding my comments on Melco are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Musings On A Statutory Merger For Melco Resorts

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Hong Kong market has seen a rebound in July, while North Asian markets declined sharply as the global AI/semiconductor sectors de-rated.</li>
<li>The financials sector has outperformed over the last 8 weeks, while the tech sector has shown increased strength and momentum.</li>
<li>
<a href="https://www.smartkarma.com/entities/mgm-china-holdings-limited" target="_blank" data-smartkarma-citation="entities:472:1" rel="noopener">MGM China (2282 HK)</a> share price rebounded over the last week before its August Q226 earnings announcement.  The company has increased its share of the mass-market gaming in Macau.
</li>
</ul>


The Hong Kong market has seen a rebound in July, while North Asian markets declined sharply as the global AI/semiconductor sectors de-rated.
The financials sector has outperformed over the last 8 weeks, while the tech sector has shown increased strength and momentum.

MGM China (2282 HK) share price rebounded over the last week before its August Q226 earnings announcement.  The company has increased its share of the mass-market gaming in Macau.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (July 2026)

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>TOP STORIES Tariff / In Depth: Chinese exporters pivot to domestic consumers in trade war hedge</li><li>The recent 90-day truce in the U.S.-China tariff war has prompted a flurry of activity among Chinese exporters, with traders rushing to ship goods overseas before tensions escalate again.</li><li>But at the same time a major shift is underway among exporters — many are now trying to sell those same goods at home, as they scramble to hedge their bets against future global instability.</li></ul>

TOP STORIES Tariff / In Depth: Chinese exporters pivot to domestic consumers in trade war hedgeThe recent 90-day truce in the U.S.-China tariff war has prompted a flurry of activity among Chinese exporters, with traders rushing to ship goods overseas before tensions escalate again.But at the same time a major shift is underway among exporters — many are now trying to sell those same goods at home, as they scramble to hedge their bets against future global instability.

CX Daily: Chinese Exporters Pivot to Domestic Consumers in Trade War Hedge 

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>On 1 June, <a href="https://www.smartkarma.com/entities/mgm-resorts-international" target="_blank" data-smartkarma-citation="entities:16227:1" rel="noopener">MGM Resorts International (MGM US)</a> confirmed that it had received an offer from <a href="https://www.smartkarma.com/entities/iac-inc-people-incorporated" target="_blank" data-smartkarma-citation="entities:754:1" rel="noopener">People Incorporated (IAC) (IAC US)</a> to acquire it for US$48.30 per share. </li>
<li>
<a href="https://www.smartkarma.com/entities/mgm-china-holdings-limited" target="_blank" data-smartkarma-citation="entities:472:1" rel="noopener">MGM China (2282 HK)</a> rose 7% due to the near-term possibility that the acquisition could trigger a mandatory general offer (downstream offer) and the long-term possibility of a privatisation offer.   </li>
<li>The triggering of an MGO based on the chain principle is not guaranteed, and the potential offer would be well below the last close. Nevertheless, MGM China’s valuation remains undemanding.</li>
</ul>


On 1 June, MGM Resorts International (MGM US) confirmed that it had received an offer from People Incorporated (IAC) (IAC US) to acquire it for US$48.30 per share. 

MGM China (2282 HK) rose 7% due to the near-term possibility that the acquisition could trigger a mandatory general offer (downstream offer) and the long-term possibility of a privatisation offer.   
The triggering of an MGO based on the chain principle is not guaranteed, and the potential offer would be well below the last close. Nevertheless, MGM China’s valuation remains undemanding.


MGM China (2282 HK): An MGO Based on the Chain Principle Is Not a Sure Thing

Hong Kong

Melco International Development is an investment holding company primarily engaged in the leisure and entertainment sector. It develops, owns, and operates an international network of integrated casino gaming and entertainment resorts, offering gaming, luxury accommodation, dining, entertainment, and retail. The company was founded in 1910 and is headquartered in Central, Hong Kong.

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Melco International Development (200 HK)

StubWorld: Melco (200 HK) Needs To Fall

I'm hearing Melco International Development (200 HK)'s 11.9% gain yesterday - on serious volume - was predicted on a short squeeze, just eight...

David Blennerhassett

StubWorld: Musings On A Statutory Merger For Melco Resorts

Melco appears a short. But I've called this trade incorrectly lately. Melco has roughly performed in line with HK-listed peers. It is MLCO that has...

David Blennerhassett

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (July 2026)

The Hong Kong market has seen a rebound in July, while North Asian markets declined sharply as the global AI/semiconductor sectors de-rated.

David Mudd

CX Daily: Chinese Exporters Pivot to Domestic Consumers in Trade War Hedge

TOP STORIES Tariff / In Depth: Chinese exporters pivot to domestic consumers in trade war hedge The recent 90-day truce in the U. S. -China...

Caixin Global

MGM China (2282 HK): An MGO Based on the Chain Principle Is Not a Sure Thing

The triggering of an MGO based on the chain principle is not guaranteed, and the potential offer would be well below the last close. Nevertheless,...

Arun George

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