Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in 2021, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> took 84.89%-held <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic (JS SP)</a> private by way of an Amalgamation. As Matheson was permitted to vote, the outcome was assured. </li>
<li>Less clear are "fair value" appraisal rights afforded Strategic's dissentient shareholders, the outcome of which navigates the Bermuda/UK courts. To date, dissenters have mostly had their way.</li>
<li>Which may have precipitated Matheson opting for a (full value) Scheme for <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental International (MAND SP)</a>, in which appraisal rights are not afforded.</li>
</ul>


Back in 2021, Jardine Matheson (JM SP) took 84.89%-held Jardine Strategic (JS SP) private by way of an Amalgamation. As Matheson was permitted to vote, the outcome was assured. 
Less clear are "fair value" appraisal rights afforded Strategic's dissentient shareholders, the outcome of which navigates the Bermuda/UK courts. To date, dissenters have mostly had their way.
Which may have precipitated Matheson opting for a (full value) Scheme for Mandarin Oriental International (MAND SP), in which appraisal rights are not afforded.


Matheson's Motive For Avoiding MAND's Dissentient Shareholders

<ul>
<li>You might have to go all the back to <a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener">Guoco Group Ltd (53 HK)</a>'s 2012/2013 unconditional cash offer, which was ostensibly blocked by First Eagle AND Elliott Advisors.</li>
<li>Otherwise, it's slim pickings. Past Schemes or Tender Offers arguably failed as minorities were simply not supportive. There are exceptions, like <a href="https://www.smartkarma.com/entities/soho-china-ltd" target="_blank" data-smartkarma-citation="entities:4123:1" rel="noopener">Soho China (410 HK)</a> and <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">TCM (570 HK)</a>
</li>
<li>IF LVC wish to remain active in this space/region, they appear to be going about it in a counterproductive way. I still don't understand why they would want to block.</li>
</ul>


You might have to go all the back to Guoco Group Ltd (53 HK)'s 2012/2013 unconditional cash offer, which was ostensibly blocked by First Eagle AND Elliott Advisors.
Otherwise, it's slim pickings. Past Schemes or Tender Offers arguably failed as minorities were simply not supportive. There are exceptions, like Soho China (410 HK) and TCM (570 HK)

IF LVC wish to remain active in this space/region, they appear to be going about it in a counterproductive way. I still don't understand why they would want to block.


Henlius (2696 HK): So, When Was The Last Time A PE/VC Outfit Blocked A Deal?

<ul>
<li>FY25 results reaffirm <a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a>'s stub ops continue to burn cash. Deconsolidated net debt touches an all-time high. And <a href="https://www.smartkarma.com/entities/hkt-ltd" target="_blank" data-smartkarma-citation="entities:874:1" rel="noopener">HKT (6823 HK)</a>'s dividend pass-through % is trending south.</li>
<li>Preceding my comments on PCCW/ HKT 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>


FY25 results reaffirm PCCW Ltd (8 HK)'s stub ops continue to burn cash. Deconsolidated net debt touches an all-time high. And HKT (6823 HK)'s dividend pass-through % is trending south.
Preceding my comments on PCCW/ HKT 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: PCCW's Irrational NAV Premium & Implied Stub

<ul>
<li>Despite the recent pullback, <a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a> continues to trade at an unjustifiable premium to NAV.</li>
<li>Preceding my comments on PCCW/ <a href="https://www.smartkarma.com/entities/hkt-ltd" target="_blank" data-smartkarma-citation="entities:874:1" rel="noopener">HKT Ltd (6823 HK)</a> 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>


Despite the recent pullback, PCCW Ltd (8 HK) continues to trade at an unjustifiable premium to NAV.
Preceding my comments on PCCW/ HKT Ltd (6823 HK) 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%.


Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>M&amp;G partners with Stockland to enter the senior living market in Australia, expanding its portfolio.</li><li>Sun Hung Kai has secured JP Morgan as a major tenant in the West Kowloon area, enhancing its presence.</li><li>LogiSpace launches a $167 million logistics project in Sydney, backed by Macquarie's financial support.</li></ul>

M&amp;G partners with Stockland to enter the senior living market in Australia, expanding its portfolio.Sun Hung Kai has secured JP Morgan as a major tenant in the West Kowloon area, enhancing its presence.LogiSpace launches a $167 million logistics project in Sydney, backed by Macquarie's financial support.

Asia Real Estate Tracker (17-Mar-2026): M&G partners with Stockland in Australia senior living.

Hong Kong

PCCW Limited is a Hong Kong-based information and communication technology (ICT) and telecommunications company. It provides fixed-line, broadband, mobile communication, and media entertainment services, including the OTT video streaming service Viu, alongside IT solutions and property development. The company is headquartered in Hong Kong and was founded in 1925.

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PCCW (8 HK)

Matheson's Motive For Avoiding MAND's Dissentient Shareholders

I see MAND trading at 2.1%/6.9% gross/annualised - assuming late Feb 2026 payment. That's not exciting. I prefer Matheson here.

David Blennerhassett

Henlius (2696 HK): So, When Was The Last Time A PE/VC Outfit Blocked A Deal?

PE and/or a VC outfit blocking deals are rare. Which may suggest LVC doesn't want that moniker. You could therefore, extrapolate that line of...

David Blennerhassett

StubWorld: PCCW's Irrational NAV Premium & Implied Stub

Deconsolidated net debt is now at an an all-time high. And by my calcs, the HKT (6823 HK) dividend pass-through % is consistently trending down. I...

David Blennerhassett

StubWorld: PCCW's Tenacious NAV Premium

For a company that has consistently spilled red ink at the stub level, PCCW shouldn't trade at a NAV premium. Unless, now that the deal for HKBN is...

David Blennerhassett

Asia Real Estate Tracker (17-Mar-2026): M&G partners with Stockland in Australia senior living.

M&G enters Australia's senior living market with Stockland, Sun Hung Kai secures JP Morgan in West Kowloon, LogiSpace launches a $167M project in...

Asia Real Estate Tracker

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