Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> takeout of <a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a> was opportunistic - done at a price SBI Shinsei's Board considered not reasonable. Until it changed its mind.</li>
<li>I had thought appraisal rights a great trade. I also thought it a good trade to own the back end, but that involved one holder putting ¥55bn on the table. </li>
<li>Activist Murakami-san's S Grant Corporation has done that. It will own one share of 8 post-consolidation on Monday. They are now equal shareholders with the govt entities.  Wow.</li>
</ul>


The SBI Holdings (8473 JP) takeout of SBI Shinsei Bank (8303 JP) was opportunistic - done at a price SBI Shinsei's Board considered not reasonable. Until it changed its mind.
I had thought appraisal rights a great trade. I also thought it a good trade to own the back end, but that involved one holder putting ¥55bn on the table. 
Activist Murakami-san's S Grant Corporation has done that. It will own one share of 8 post-consolidation on Monday. They are now equal shareholders with the govt entities.  Wow.


Murakami-San's Masterful Maneuvering to Stymy SBI's Shysterish Shinsei Squeezeout

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> raised around US$370m in its Japan IPO in Mar 2023. Its IPO linked lockup is set to expire on 24th Sep 2023.</li>
<li>SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



SBI Sumishin Net Bank (7163 JP) raised around US$370m in its Japan IPO in Mar 2023. Its IPO linked lockup is set to expire on 24th Sep 2023.
SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
In this note, we will talk about the lock-up dynamics and updates since our last note.


SBI Sumishin Net Bank IPO Lock-Up - A US$1bn Lockup Release, Will Sell a Little at Some Point

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. Past Peak Rates - Equities continue upward trajectory;  9/11 SPX sectors  up as Tech leads; Yields down post weaker than expected ADP Employment; More China Measures for Economy </li>
<li>JAPAN. NKY Futures +0.2% vs Cash; USDJPY 146.3; MOF FY24 Budget ~30trillion, +10.7%YoY; BOJ Board Member: BOJ May normalize in 2024; Govt Extends Gasoline Subsidy Program</li>
<li>JAPAN X: Tokyo's Condo Prices Break Decades-Old Records, being fueled foreign buying spurred by weaker yen. Potential Boon for Tokyo Focused Developers-IF they can secure labor and keep GPM </li>
</ul>


OVERSEAS. Past Peak Rates - Equities continue upward trajectory;  9/11 SPX sectors  up as Tech leads; Yields down post weaker than expected ADP Employment; More China Measures for Economy 
JAPAN. NKY Futures +0.2% vs Cash; USDJPY 146.3; MOF FY24 Budget ~30trillion, +10.7%YoY; BOJ Board Member: BOJ May normalize in 2024; Govt Extends Gasoline Subsidy Program
JAPAN X: Tokyo's Condo Prices Break Decades-Old Records, being fueled foreign buying spurred by weaker yen. Potential Boon for Tokyo Focused Developers-IF they can secure labor and keep GPM 


Ohayo Japan|"Past Peak Rate" View Spur Equity Bid; JAPAN X: Tokyo's Condo Prices Reach Record High

<ul>
<li>The SBI Holdings Tender Offer for <a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a> was completed about four weeks ago, and in something of a surprise, only 3.7% of 26.98% minority holdings tendered.</li>
<li>The stock traded above terms every day during the Tender Offer Period. People accumulated in order to pursue their appraisal rights later. That is big. </li>
<li>This week, SBI Shinsei announced the schedule of dates relating to the squeezeout EGM. The record date was early. The reverse stock split announced is as expected, <em>possibly</em> game-able.</li>
</ul>


The SBI Holdings Tender Offer for SBI Shinsei Bank (8303 JP) was completed about four weeks ago, and in something of a surprise, only 3.7% of 26.98% minority holdings tendered.
The stock traded above terms every day during the Tender Offer Period. People accumulated in order to pursue their appraisal rights later. That is big. 
This week, SBI Shinsei announced the schedule of dates relating to the squeezeout EGM. The record date was early. The reverse stock split announced is as expected, possibly game-able.


SBI Shinsei Bank (8303) Calls Its EGM and Appraisal Rights Seekers Prepare for Battle

<ul>
<li>On Friday after the close, <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> - which currently owns 24.63% of <a href="https://www.smartkarma.com/entities/medical-data-vision-co-ltd" target="_blank" data-smartkarma-citation="entities:8367:1" rel="noopener">Medical Data Vision (3902 JP)</a> - announced it would buy another 2,043,200 shares.</li>
<li>This market purchase would lift them to just under 30% by year-end.</li>
<li>There have been similar trades done by others in the past and they were worth looking at.</li>
</ul>


On Friday after the close, SBI Holdings (8473 JP) - which currently owns 24.63% of Medical Data Vision (3902 JP) - announced it would buy another 2,043,200 shares.
This market purchase would lift them to just under 30% by year-end.
There have been similar trades done by others in the past and they were worth looking at.


Medical Data Vision (3902) - SBI Upping Their Stake Means Opportunity

Japan

SBI Holdings, Inc. manages venture capital fund which mainly invest in Internet related venture companies.  The Company also provides brokerage, investment banking, and financial services.

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SBI Holdings (8473 JP)

Murakami-San's Masterful Maneuvering to Stymy SBI's Shysterish Shinsei Squeezeout

SBI's takeover of SBI Shinsei Bank was opportunistic - too cheap, but the govt holding format held weakness. One could fight via appraisal rights...

Travis Lundy

SBI Sumishin Net Bank IPO Lock-Up - A US$1bn Lockup Release, Will Sell a Little at Some Point

SBI Sumishin Net Bank (7163 JP) raised around US$370m in its Japan IPO in Mar 2023. Its IPO linked lockup is set to expire on 24th Sep 2023.

Sumeet Singh

Ohayo Japan|"Past Peak Rate" View Spur Equity Bid; JAPAN X: Tokyo's Condo Prices Reach Record High

Weaker ADP Employment drives Past Peak Rate Bid; NKY Futures +0.2% vs Cash; USDJPY 146.3; MOF FY24 Budget ~30trillion, +10.7%YoY; BOJ Board Member:...

Mark Chadwick

SBI Shinsei Bank (8303) Calls Its EGM and Appraisal Rights Seekers Prepare for Battle

The Shinsei EGM is on 1 Sep. The vote SHOULD BE a foregone conclusion. It will be interesting to see the detailed results (which may take a few...

Travis Lundy

Medical Data Vision (3902) - SBI Upping Their Stake Means Opportunity

SBI is upping its stake in Medical Data Vision, a somewhat high-growth stock in the high-growth medical data processing and integration field....

Travis Lundy

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Murakami-San's Masterful Maneuvering to Stymy SBI's Shysterish Shinsei Squeezeout

​SBI's takeover of SBI Shinsei Bank was opportunistic - too cheap, but the govt holding format held weakness. One could fight via appraisal rights...

Travis Lundy

SBI Sumishin Net Bank IPO Lock-Up - A US$1bn Lockup Release, Will Sell a Little at Some Point

SBI Sumishin Net Bank (7163 JP) raised around US$370m in its Japan IPO in Mar 2023. Its IPO linked lockup is set to expire on 24th Sep 2023.

Sumeet Singh

Ohayo Japan|"Past Peak Rate" View Spur Equity Bid; JAPAN X: Tokyo's Condo Prices Reach Record High

Weaker ADP Employment drives Past Peak Rate Bid; NKY Futures +0.2% vs Cash; USDJPY 146.3; MOF FY24 Budget ~30trillion, +10.7%YoY; BOJ Board Member:...

Mark Chadwick

SBI Shinsei Bank (8303) Calls Its EGM and Appraisal Rights Seekers Prepare for Battle

The Shinsei EGM is on 1 Sep. The vote SHOULD BE a foregone conclusion. It will be interesting to see the detailed results (which may take a few...

Travis Lundy

Medical Data Vision (3902) - SBI Upping Their Stake Means Opportunity

SBI is upping its stake in Medical Data Vision, a somewhat high-growth stock in the high-growth medical data processing and integration field....

Travis Lundy

SBI's takeover of SBI Shinsei Bank was opportunistic - too cheap, but the govt holding format held weakness. One could fight via appraisal rights...