Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After shares were suspended on the 27 November, <a href="https://www.smartkarma.com/entities/weiqiao-textile-co" target="_blank" data-smartkarma-citation="entities:3690:1" rel="noopener">Weiqiao Textile Co (2698 HK)</a> has now announced a pre-conditional privatisation at <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1204/2023120402335.pdf" target="_blank" rel="noopener">HK$3.50 per H-share</a>.</li>
<li>This Offer, from its parent, is by way of a Merger by Absorption, which incorporates a Scheme-like vote. There is no tendering condition.
</li>
<li>The Offer Price is a premium to last close is a hefty 104.68%. and around a six-year high. This is done. </li>
</ul>


After shares were suspended on the 27 November, Weiqiao Textile Co (2698 HK) has now announced a pre-conditional privatisation at HK$3.50 per H-share.
This Offer, from its parent, is by way of a Merger by Absorption, which incorporates a Scheme-like vote. There is no tendering condition.

The Offer Price is a premium to last close is a hefty 104.68%. and around a six-year high. This is done. 


Weiqiao Textile (2698 HK)’s Pre-Conditional Merger By Absorption

Taisho Pharmaceutical Holdin / Event-Driven

<ul>
<li>For the month of November 2023, 16 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$13bn.</li>
<li>The average premium for the new deals announced (or first discussed) in November was 41%. The average YTD is 38% (97 deals).</li>
<li>This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of November 2023, 16 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$13bn.
The average premium for the new deals announced (or first discussed) in November was 41%. The average YTD is 38% (97 deals).
This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Nov 2023: Taisho Pharma, CIMC Vehicle, CMIC, Japan Best Rescue, Shidax

Haitong International Securities / Event-Driven

Haitong International Securities (TFZ GR)

<ul>
<li>When <a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a> was suspended on the 27 September, a punchy premium was expected if controlling shareholder <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:166:1" rel="noopener">Haitong Securities Co (600837 CH)</a> was launching an Offer. </li>
<li>And that is what we got: a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1006/2023100601477.pdf" target="_blank" rel="noopener">$1.52/share Offer</a>, by way of a Scheme, and a 114% premium to last close. Terms have been declared final.</li>
<li>This is a pre-conditional Offer, requiring approvals from approvals from Shanghai SASAC, CSRC, NDRC, and the Shanghai branch of the PBOC. </li>
</ul>


When Haitong International Securities Group (665 HK) was suspended on the 27 September, a punchy premium was expected if controlling shareholder Haitong Securities Co (600837 CH) was launching an Offer. 
And that is what we got: a $1.52/share Offer, by way of a Scheme, and a 114% premium to last close. Terms have been declared final.
This is a pre-conditional Offer, requiring approvals from approvals from Shanghai SASAC, CSRC, NDRC, and the Shanghai branch of the PBOC. 


Haitong Int'l Securities (665 HK): A 114% Offer Premium Should Do The Trick

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>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads - <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a>, Lithium Power.</li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>, <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a>, <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>, <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a>, Allkem. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads - 111 Inc (YI US), Eoflow (294090 KS), Hollysys Automation Technologies (HOLI US), Origin Energy (ORG AU), JSR Corp (4185 JP), Orecorp Ltd (ORR AU), Lithium Power.
Lowest spreads - Azure Minerals (AZS AU), Pact Group Holdings (PGH AU), Chindata Group (CD US), Tietto Minerals Ltd (TIE AU), T&amp;K Toka Co Ltd (4636 JP), Allkem. 


Merger Arb Mondays (06 Nov) - Haitong Intl, NWS, Poly Culture, Eoflow, Origin, Azure, Tietto

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a>, <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (1877628D HK)</a>, <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> and <a href="https://www.smartkarma.com/entities/cainiao-smart-logistics-networ" target="_blank" data-smartkarma-citation="entities:36859:1" rel="noopener">Cainiao Smart Logistics Networ (1437124D HK)</a> IPOs</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>, <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>, <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - EcoPro Materials (ECO123 KS), WuXi XDC Cayman (1877628D HK), Midea Group Co Ltd A (000333 CH) and Cainiao Smart Logistics Networ (1437124D HK) IPOs
Event-Driven developments - Origin Energy (ORG AU), Azure Minerals (AZS AU), Tietto Minerals Ltd (TIE AU), Symbio Holdings (SYM AU), Eoflow (294090 KS), Hollysys Automation Technologies (HOLI US). 


Weekly Deals Digest (05 Nov) - Origin, Azure, Tietto, Eoflow, Hollysys, WuXi XDC, Midea, EcoPro Mat

China

Poly Culture Group operates as a culture and art company in China, primarily engaged in art business and auction, performance and theatre management, and cinema investment and management. Its activities include buying and selling artworks, managing theatres, arranging performances, and operating cinemas. The company was founded in 2000 and is headquartered in Beijing, People's Republic of China.

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Poly Culture Group (POLY HK)

Weiqiao Textile (2698 HK)’s Pre-Conditional Merger By Absorption

If history is any indication, Prudence (now with 9.79% of shares out) is expected to be supportive of the Offer for Weiqiao Textile (2698 HK)....

David Blennerhassett

(Mostly) Asia M&A, Nov 2023: Taisho Pharma, CIMC Vehicle, CMIC, Japan Best Rescue, Shidax

For the month of November, 16 new deals were discussed on Smartkarma with an overall deal size of ~US$13bn. The average premium for the new deals...

David Blennerhassett

Haitong Int'l Securities (665 HK): A 114% Offer Premium Should Do The Trick

Pre-cons fulfilled. Now for the Scheme Doc. The despatch date had previously been pushed out to 29 December. That's now disproportionate. Perhaps...

David Blennerhassett

Merger Arb Mondays (06 Nov) - Haitong Intl, NWS, Poly Culture, Eoflow, Origin, Azure, Tietto

This week, the highest gross spreads are 111 (57.1%), Eoflow (38.2%), Hollysys (21.4%), Origin Energy (12.7%), JSR (7.8%), Orecorp (9.9%), Lithium...

Arun George

Weekly Deals Digest (05 Nov) - Origin, Azure, Tietto, Eoflow, Hollysys, WuXi XDC, Midea, EcoPro Mat

Last week, notable developments occurred in Event-Driven (Azure, Origin, Symbio, Tietto, Eoflow, Hollysys, NWS, Poly Culture, UMW) and ECM (EcoPro...

Arun George

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