Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Construction contractor play <a href="https://www.smartkarma.com/entities/ronzgun-international-holdings" target="_blank" data-smartkarma-citation="entities:40082:1" rel="noopener">Rongzun (1780 HK)</a> is suspended pursuant to the Hong Kong Code on Takeovers and Mergers.</li>
<li>I discussed Rongzun last November in <a href="https://skr.ma/HPEAI" target="_blank" rel="noopener">HK CEO/Director Dealings (31 Oct 2025): Shanghai Chicmax, AuGroup, Twintek, Rongzun</a> after the key shareholder placed out a 60% stake, leaving it with 15%.</li>
<li>The remaining 15% was sold on the 30th March, and Jingyao Yang emerged with 19.84%. Xia Liping, an INED at <a href="https://www.smartkarma.com/entities/future-world-holdings-limited" target="_blank" data-smartkarma-citation="entities:10570:1" rel="noopener">Future World Holdings (572 HK)</a>, also holds 13.71%.</li>
</ul>


Construction contractor play Rongzun (1780 HK) is suspended pursuant to the Hong Kong Code on Takeovers and Mergers.
I discussed Rongzun last November in HK CEO/Director Dealings (31 Oct 2025): Shanghai Chicmax, AuGroup, Twintek, Rongzun after the key shareholder placed out a 60% stake, leaving it with 15%.
The remaining 15% was sold on the 30th March, and Jingyao Yang emerged with 19.84%. Xia Liping, an INED at Future World Holdings (572 HK), also holds 13.71%.


Rongzun (1780 HK): Halted Pursuant To Takeover's Code

<ul>
<li>I tally 23 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>One new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/global-ltd-the" target="_blank" data-smartkarma-citation="entities:9672:1" rel="noopener">Global (3271 JP)</a>. Both <a href="https://www.smartkarma.com/entities/ronzgun-international-holdings" target="_blank" data-smartkarma-citation="entities:40082:1" rel="noopener">Rongzun (1780 HK)</a> and <a href="https://www.smartkarma.com/entities/beijingwest-industries-interna" target="_blank" data-smartkarma-citation="entities:13118:1" rel="noopener">BeijingWest Industries (2339 HK)</a> are suspended pursuant to the Hong Kong Takever's Code.</li>
<li>Key updates/news also 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/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>, <a href="https://www.smartkarma.com/entities/bright-smart-securities-commodities-group" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities (1428 HK)</a>, <a href="https://www.smartkarma.com/entities/mcj-co-ltd" target="_blank" data-smartkarma-citation="entities:14132:1" rel="noopener">MCJ (6670 JP)</a>, and <a href="https://www.smartkarma.com/entities/takara-bio-inc" target="_blank" data-smartkarma-citation="entities:10766:1" rel="noopener">Takara Bio Inc (4974 JP)</a>.</li>
</ul>


I tally 23 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deal was discussed on Smartkarma this week: Global (3271 JP). Both Rongzun (1780 HK) and BeijingWest Industries (2339 HK) are suspended pursuant to the Hong Kong Takever's Code.
Key updates/news also took place on: Insignia Financial (IFL AU), National Storage REIT (NSR AU), Bright Smart Securities (1428 HK), MCJ (6670 JP), and Takara Bio Inc (4974 JP).


Asia-Pac M&A Weekly Wrap: The Global, Insignia Financial, National Storage REIT, MCJ, Takara Bio

<ul>
<li>There's little left in <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> if Murakami-san is the sole blocker, as it gets done with him in the back end OR a big bump.</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a> is trading around its highest implied stub, post <a href="https://www.smartkarma.com/entities/smithfield-foods-inc" target="_blank" data-smartkarma-citation="entities:44251:1" rel="noopener">Smithfield Foods (SFD US)</a>'s spin-off. Forward growth drivers are more evident in Smithfield and <a href="https://www.smartkarma.com/entities/henan-shuanghui-investment-development" target="_blank" data-smartkarma-citation="entities:20515:1" rel="noopener">Henan Shuanghui (000895 CH)</a>.</li>
<li>For CSRC to pushback on <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>, it would need to clearly articulate, clear friction points surrounding the deal structure and/or systematic A-share market risks. Neither appears apparent.</li>
</ul>


There's little left in Sankei Real Estate (2972 JP) if Murakami-san is the sole blocker, as it gets done with him in the back end OR a big bump.

WH Group (288 HK) is trading around its highest implied stub, post Smithfield Foods (SFD US)'s spin-off. Forward growth drivers are more evident in Smithfield and Henan Shuanghui (000895 CH).
For CSRC to pushback on ENN Energy (2688 HK), it would need to clearly articulate, clear friction points surrounding the deal structure and/or systematic A-share market risks. Neither appears apparent.


Last Week In Event SPACE: Sankei Real Estate, WH Group, ENN Energy, Tekscend Photomask

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. </li>
<li>However, such disclosures are by no means an absolute. These insights also flag those companies where shares have been pledged, both recently and ongoing.</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. 
However, such disclosures are by no means an absolute. These insights also flag those companies where shares have been pledged, both recently and ongoing.


HK CEO/Director Dealings (31 Oct 2025): Shanghai Chicmax, AuGroup (Shenzhen), Twintek, Rongzun

Hong Kong

Rongzun International is an investment holding company primarily engaged in alteration and addition works and civil engineering works in Hong Kong. The company provides services including new structural works, fitting-out works, building extensions, conversions, site formation, and foundation works. It was founded in 1995 and is headquartered in Kwai Chung, Hong Kong.

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Rongzun International (1780 HK)

Rongzun (1780 HK): Halted Pursuant To Takeover's Code

I don't expect a full takeoffer from Jingyao Yang; not with the share price up 92% since he entered. My bet is that Yang enters into a SPA, lifting...

David Blennerhassett

Asia-Pac M&A Weekly Wrap: The Global, Insignia Financial, National Storage REIT, MCJ, Takara Bio

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

Last Week In Event SPACE: Sankei Real Estate, WH Group, ENN Energy, Tekscend Photomask

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

HK CEO/Director Dealings (31 Oct 2025): Shanghai Chicmax, AuGroup (Shenzhen), Twintek, Rongzun

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett

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