Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Did Trump do <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CKH (1 HK)</a> a solid, convincing them to sell assets that have profited from international trade growth, just as Trump starts imposing tariffs on anything that moves?</li>
<li>An OK package for <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 (3382 JP)</a>. Not perfect. SEI IPO's a bit dodgy. It may be designed to spur ACT into action, but isn't an awful fallback.</li>
<li>
<a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill (3978 JP)</a>'s Offer bumped.  If you want to make sure this deal doesn't get done, do the things you need to do to make sure it doesn't get done.</li>
</ul>


Did Trump do CKH (1 HK) a solid, convincing them to sell assets that have profited from international trade growth, just as Trump starts imposing tariffs on anything that moves?
An OK package for Seven &amp; I (3382 JP). Not perfect. SEI IPO's a bit dodgy. It may be designed to spur ACT into action, but isn't an awful fallback.

Macromill (3978 JP)'s Offer bumped.  If you want to make sure this deal doesn't get done, do the things you need to do to make sure it doesn't get done.


Last Week in Event SPACE: Cheung Kong, Macromill, China National Building Material, Canvest

<ul>
<li>I tally 55 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three news new deals discussed this week:<a href="https://www.smartkarma.com/entities/soundwill-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19318:1" rel="noopener">Soundwill Holdings (878 HK)</a>, <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a>, <a href="https://www.smartkarma.com/entities/snt-corp" target="_blank" data-smartkarma-citation="entities:3651:1" rel="noopener">Snt Corp (6319 JP)</a>, <a href="https://www.smartkarma.com/entities/aeon-delight-co-ltd" target="_blank" data-smartkarma-citation="entities:16763:1" rel="noopener">Aeon Delight (9787 JP)</a>, and <a href="https://www.smartkarma.com/entities/aeon-mall-co-ltd" target="_blank" data-smartkarma-citation="entities:5262:1" rel="noopener">AEON Mall (8905 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</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>, <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>, and <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>.</li>
</ul>


I tally 55 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Three news new deals discussed this week:Soundwill Holdings (878 HK), Oneconnect Financial Technology (6638 HK), Snt Corp (6319 JP), Aeon Delight (9787 JP), and AEON Mall (8905 JP).
Key updates/news took place on: Insignia Financial (IFL AU), Seven &amp; I Holdings (3382 JP), Sun Art Retail (6808 HK), and Macromill, Inc (3978 JP).


(Mostly) Asia-Pac M&A: Oneconnect, Snt, Aeon Delight, AEON Mall, Insignia, 7&I, Sun Art

OneConnect Financial Technology / Event-Driven

OneConnect Financial Technology (6638 HK)

<ul>
<li>Dual-Listed <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">OneConnect Financial Technology (6638 HK/OCFT US)</a>, a digital retail banking/commercial banking/ digital insurance play, has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0303/2025030303864.pdf" target="_blank" rel="noopener">announced</a> a non-binding proposal from Ping An, OneConnect's controlling shareholder with 32.12%.</li>
<li>Ping An is offering, by way of a Scheme, HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. The price is final. </li>
<li>What now? Back in OneConnect's boards' court whether to engage or not. Which they should. No competing Offer will emerge.</li>
</ul>


Dual-Listed OneConnect Financial Technology (6638 HK/OCFT US), a digital retail banking/commercial banking/ digital insurance play, has announced a non-binding proposal from Ping An, OneConnect's controlling shareholder with 32.12%.
Ping An is offering, by way of a Scheme, HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. The price is final. 
What now? Back in OneConnect's boards' court whether to engage or not. Which they should. No competing Offer will emerge.


OneConnect Financial (6638 HK/OCFT US): Ping An's Fair NBIO

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>
<a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a> disclosed a preliminary non-binding privatisation offer from <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a> at HK$2.068 (US$7.98 per ADS), a 72.33% premium to the undisturbed price.</li>
<li>Despite the hefty premium, the offer is opportunistic as it values OneConnect around net cash and is at a material discount to historical trading ranges. </li>
<li>If a binding proposal materialises, the offer price will not be increased. A high minority participation rate could be an issue for the vote.  </li>
</ul>



Oneconnect Financial Technology (6638 HK) disclosed a preliminary non-binding privatisation offer from Ping An Insurance (H) (2318 HK) at HK$2.068 (US$7.98 per ADS), a 72.33% premium to the undisturbed price.
Despite the hefty premium, the offer is opportunistic as it values OneConnect around net cash and is at a material discount to historical trading ranges. 
If a binding proposal materialises, the offer price will not be increased. A high minority participation rate could be an issue for the vote.  


OneConnect Financial (6638 HK/OCFT US): Negative EV Play Draws an Opportunistic Offer from Ping An

China

OneConnect Financial Technology is a leading technology-as-a-service (TaaS) platform that provides cloud-native solutions for financial institutions. It offers digital banking, digital insurance, and the Gamma platform, leveraging AI, blockchain, and big data to enhance sales, risk management, and customer services. The company was founded in December 2015 and is headquartered in Shenzhen, China.

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OneConnect Financial Technology (6638 HK)

Last Week in Event SPACE: Cheung Kong, Macromill, China National Building Material, Canvest

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

(Mostly) Asia-Pac M&A: Oneconnect, Snt, Aeon Delight, AEON Mall, Insignia, 7&I, Sun Art

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

OneConnect Financial (6638 HK/OCFT US): Ping An's Fair NBIO

This should be done. But we are talking about an illiquid Hong Kong arb. and an indicative one at that. If you can get in around here - do so. I...

David Blennerhassett

OneConnect Financial (6638 HK/OCFT US): Negative EV Play Draws an Opportunistic Offer from Ping An

Despite the hefty premium, the offer is opportunistic as it values OneConnect around net cash and is at a material discount to historical trading...

Arun George

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