Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Commodities trader <strong><a href="https://www.smartkarma.com/entities/theme-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:6413:1" rel="noopener">Theme International Holdings (990 HK)</a></strong> is up 670% since the inset of Covid, and that is after declining 52% from the July 2021 peak.</li>
<li>A sharp increase in iron ore prices since 2020 resulted in FY21 net income of HK$1bn against HK$146mn in FY19. Net cash is currently HK$4.2bn, 38% of Theme's market cap. </li>
<li>You Zhenhua is Theme's largest shareholder. Theme recently acquired a 6.6% stake in You Zhenhua-controlled Esteel, which in turn holds a 61% stake in <strong><a href="https://www.smartkarma.com/entities/brc-asia-ltd" target="_blank" data-smartkarma-citation="entities:11410:1" rel="noopener">BRC Asia Ltd (BRC SP)</a></strong>. </li>
</ul>


Commodities trader Theme International Holdings (990 HK) is up 670% since the inset of Covid, and that is after declining 52% from the July 2021 peak.
A sharp increase in iron ore prices since 2020 resulted in FY21 net income of HK$1bn against HK$146mn in FY19. Net cash is currently HK$4.2bn, 38% of Theme's market cap. 
You Zhenhua is Theme's largest shareholder. Theme recently acquired a 6.6% stake in You Zhenhua-controlled Esteel, which in turn holds a 61% stake in BRC Asia Ltd (BRC SP). 


Theme International Holdings (990 HK): Getting To Know You

Hong Kong

Newton Resources is an investment holding company primarily engaged in the sourcing and supply of iron ores and other commodities. It also provides value-added services such as supplier management, logistics support, and trade financing. The company was founded in 2005 and is headquartered in Wan Chai, Hong Kong.

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Newton Resources (1231 HK)

Theme International Holdings (990 HK): Getting To Know You

For minority shareholders, it is disappointing when a company chooses to direct surplus funds towards buying a minority stake in an entity...

David Blennerhassett

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