Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal was discussed on Smartkarma this week: <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>, <a href="https://www.smartkarma.com/entities/rpmglobal-holdings-limited" target="_blank" data-smartkarma-citation="entities:16492:1" rel="noopener">RPMGlobal Holdings Limited (RUL AU)</a> and <a href="https://www.smartkarma.com/entities/genting-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:3141:1" rel="noopener">Genting Malaysia (GENM MK)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, <a href="https://www.smartkarma.com/entities/iress-ltd" target="_blank" data-smartkarma-citation="entities:15342:1" rel="noopener">Iress Ltd (IRE AU)</a>, and <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a>.</li>
</ul>


I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal was discussed on Smartkarma this week: Mandarin Oriental International (MAND SP), RPMGlobal Holdings Limited (RUL AU) and Genting Malaysia (GENM MK).
Key updates/news took place on: Mayne Pharma (MYX AU), Iress Ltd (IRE AU), and Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK).


(Mostly) Asia-Pac M&A: Mandarin Oriental, RPMGlobal, Genting, Mayne Pharma, Iress, Kangji Medical

<ul>
<li>As with large, clean liquid deals in Asia-Pac, expect <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng (11 HK)</a>'s annualised spreads to widen (i.e. gross spread remains static) as investors hit their full quota early on. </li>
<li>The question is whether <a href="https://www.smartkarma.com/entities/soft99-corp" target="_blank" data-smartkarma-citation="entities:18486:1" rel="noopener">Soft99 (4464 JP)</a>'s MBO Bidco raises the price to  ¥3,200 saying "let's split the difference", and that would make some people happy. It's doubtful they will.</li>
<li>
<a href="https://www.smartkarma.com/entities/sihuan-pharmaceutical-hldgs" target="_blank" data-smartkarma-citation="entities:33:1" rel="noopener">Sihuan Pharmaceutical (460 HK)</a> has benefited a little from the HK$500mn buyback programme announced last October. But a HK$11bn run up in market cap YTD? This looks stretched to me.</li>
</ul>


As with large, clean liquid deals in Asia-Pac, expect Hang Seng (11 HK)'s annualised spreads to widen (i.e. gross spread remains static) as investors hit their full quota early on. 
The question is whether Soft99 (4464 JP)'s MBO Bidco raises the price to  ¥3,200 saying "let's split the difference", and that would make some people happy. It's doubtful they will.

Sihuan Pharmaceutical (460 HK) has benefited a little from the HK$500mn buyback programme announced last October. But a HK$11bn run up in market cap YTD? This looks stretched to me.


Last Week In Event SPACE: Hang Seng Bank, Soft99, Sihuan Pharma, Dongfeng Motor

<ul>
<li>I tally 43- mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>, <a href="https://www.smartkarma.com/entities/predictive-discovery-ltd" target="_blank" data-smartkarma-citation="entities:15374:1" rel="noopener">Predictive Discovery (PDI AU)</a>/<a href="https://www.smartkarma.com/entities/robex-resources-inc" target="_blank" data-smartkarma-citation="entities:45880:1" rel="noopener">Robex Resources (RXR AU)</a>, and <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a>, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, and <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a>.</li>
</ul>


I tally 43- mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal was discussed on Smartkarma this week: Pacific Smiles (PSQ AU), Predictive Discovery (PDI AU)/Robex Resources (RXR AU), and Hang Seng Bank (11 HK).
Key updates/news took place on: Infomedia Ltd (IFM AU), Pacific Industrial (7250 JP), ReNew Energy Global (RNW US), and Mandom Corp (4917 JP).


(Mostly) Asia-Pac M&A: Mandom, Pacific Smiles, Robex Res., Infomedia, Pacific Ind., ReNew Energy

<ul>
<li>Back on the 10th December 2024, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, an Indian renewable energy play, announced a non-binding Offer of US$7.07/share, by way of a Scheme.</li>
<li>The bidding consortium, comprising (mainly) pre-IPO investors CPP, ADIA, Abu Dhabi Future Energy, and founder Sumant Sinha, collectively holding 64%. Non-binding terms were bumped to US$8/share on the 3rd July.</li>
<li>ReNew's Special Committee will provide "public comment regarding these matters at such time as there is a material development in the process, and by no later than 30 September 2025".
</li>
</ul>


Back on the 10th December 2024, ReNew Energy Global (RNW US), an Indian renewable energy play, announced a non-binding Offer of US$7.07/share, by way of a Scheme.
The bidding consortium, comprising (mainly) pre-IPO investors CPP, ADIA, Abu Dhabi Future Energy, and founder Sumant Sinha, collectively holding 64%. Non-binding terms were bumped to US$8/share on the 3rd July.
ReNew's Special Committee will provide "public comment regarding these matters at such time as there is a material development in the process, and by no later than 30 September 2025".



ReNew Energy Global (RNW US): Decision Time On NBIO

<ul>
<li>The Labubu craze has resulted in a ~200% increase in <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK)</a>’s shares YTD. <a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO (9896 HK)</a>'s TOP TOY will be wanting to cash in on this exuberance.</li>
<li>Those who want to buy <a href="https://www.smartkarma.com/entities/sony-financial-group-inc" target="_blank" data-smartkarma-citation="entities:564:1" rel="noopener">Sony Financial (8729 JP)</a> may wait until earnings. If shares stayed flat for a month until earnings came out, don't short the eve of earnings.</li>
<li>
<a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin Mining Group (2899 HK)</a> is fully valued as <a href="https://www.smartkarma.com/entities/zijin-gold-international" target="_blank" data-smartkarma-citation="entities:45448:1" rel="noopener">Zijin Gold (2259 HK) </a> trades at a 100% premium to peers on forward PER and EV/EBITDA multiples. </li>
</ul>


The Labubu craze has resulted in a ~200% increase in Pop Mart (9992 HK)’s shares YTD. MINISO (9896 HK)'s TOP TOY will be wanting to cash in on this exuberance.
Those who want to buy Sony Financial (8729 JP) may wait until earnings. If shares stayed flat for a month until earnings came out, don't short the eve of earnings.

Zijin Mining Group (2899 HK) is fully valued as Zijin Gold (2259 HK)  trades at a 100% premium to peers on forward PER and EV/EBITDA multiples. 


Last Week In Event SPACE: MINISO, Sony Financial, Zijin Mining/Gold, Jardines/Mandarin Oriental

India

ReNew Energy Global is a decarbonization solutions company and a leading independent power producer, primarily focused on utility-scale wind, solar, and hydro energy projects in India. The company also provides clean energy solutions through digitalization, storage, carbon market services, and manufacturing of solar panels and modules. It was founded in 2011 and is headquartered in Gurugram, India.

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ReNew Energy Global (RNW US)

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