Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>YFO has played a relatively upfront game for <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> - badly at first, then better. </li>
<li>With <a href="https://www.smartkarma.com/entities/takashimaya-co-ltd" target="_blank" data-smartkarma-citation="entities:370:1" rel="noopener">Takashimaya (8233 JP)</a> and <a href="https://www.smartkarma.com/entities/h2o-retailing-corp" target="_blank" data-smartkarma-citation="entities:17562:1" rel="noopener">H2O (8242 JP)</a> now more secure and cross-shareholdings more problematic, they will sell off their equity in each other but continue to work on joint projects.</li>
<li>
<a href="https://www.smartkarma.com/entities/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth Group Limited (751 HK)</a>'s latest buyback offers a minimum proration of 7.8%, although applying the last buyback two years ago, it's likely to be 13%+.</li>
</ul>


YFO has played a relatively upfront game for Toyo Construction (1890 JP) - badly at first, then better. 
With Takashimaya (8233 JP) and H2O (8242 JP) now more secure and cross-shareholdings more problematic, they will sell off their equity in each other but continue to work on joint projects.

Skyworth Group Limited (751 HK)'s latest buyback offers a minimum proration of 7.8%, although applying the last buyback two years ago, it's likely to be 13%+.


Last Week in Event SPACE: Toyo, Takashimaya/H2O, Skyworth, Shandong Fengxiang, O2Micro

<ul>
<li>The Composite Document for <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>'s unconditional mandatory Offer from PAG Capital is now out.</li>
<li>Shareholders who tender will be paid within 7 business days. </li>
<li>An H-class meeting will be held on the 18 January to vote on whether to delist Fengxiang. There is no guarantee this will occur.</li>
</ul>


The Composite Document for Shandong Fengxiang (9977 HK)'s unconditional mandatory Offer from PAG Capital is now out.
Shareholders who tender will be paid within 7 business days. 
An H-class meeting will be held on the 18 January to vote on whether to delist Fengxiang. There is no guarantee this will occur.


Fengxiang (9977 HK): Offer Doc Out. Tender Now Or Sell In The Market

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>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 - Very quiet week as <a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (1905332D VN)</a> continues to pre-market a US$1bn IPO.</li>
<li>Event-Driven developments  <a href="https://www.smartkarma.com/entities/conexio-corp" target="_blank" data-smartkarma-citation="entities:19064:1" rel="noopener">Conexio Corp (9422 JP)</a>, <a href="https://www.smartkarma.com/entities/jafco-co-ltd" target="_blank" data-smartkarma-citation="entities:8848:1" rel="noopener">Jafco Co Ltd (8595 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-steel-trading-corporation" target="_blank" data-smartkarma-citation="entities:13087:1" rel="noopener">Nippon Steel Trading Corporation (9810 JP)</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/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a>, <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</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 - Very quiet week as VinFast (1905332D VN) continues to pre-market a US$1bn IPO.
Event-Driven developments  Conexio Corp (9422 JP), Jafco Co Ltd (8595 JP), Nippon Steel Trading Corporation (9810 JP), Origin Energy (ORG AU), OZ Minerals Ltd (OZL AU), Warrego Energy (WGO AU). 


Weekly Deals Digest (26 Dec) - JAFCO, Nippon Steel Trading, Conexio, Origin Energy, Warrego

<ul>
<li>PAG completed the auction procedures for the acquisition of a 70.92% stake in <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>. This will trigger an unconditional MGO at HK$1.5132 per H Share.</li>
<li>As PAG has no compulsory acquisition rights, it will also seek shareholder delisting approval. The MGO is not conditional on the approval of the delisting resolution.</li>
<li>The composite document is to be despatched on or before 28 December. At last close and for an end-of-January payment, the gross and annualised spread is 5.1% and 65.9%, respectively.</li>
</ul>


PAG completed the auction procedures for the acquisition of a 70.92% stake in Shandong Fengxiang (9977 HK). This will trigger an unconditional MGO at HK$1.5132 per H Share.
As PAG has no compulsory acquisition rights, it will also seek shareholder delisting approval. The MGO is not conditional on the approval of the delisting resolution.
The composite document is to be despatched on or before 28 December. At last close and for an end-of-January payment, the gross and annualised spread is 5.1% and 65.9%, respectively.


Fengxiang (9977 HK)’s Share Transfer to PAG Complete, Unconditional MGO

<ul>
<li>A little over two months since PAG Capital won the judicial auction to acquire 70.92% of <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, the acquisition has now cleared all regulatory clearances, including SAMR.</li>
<li>PAG will now be required to make an unconditional Offer for all H-shares at HK$1.5132/share. Separately, PAG intends to delist Fengxiang which involves Scheme-like delisting resolutions. </li>
<li>This is done. The timing for approving the SPA was bang-on with my expectation.</li>
</ul>


A little over two months since PAG Capital won the judicial auction to acquire 70.92% of Shandong Fengxiang (9977 HK), the acquisition has now cleared all regulatory clearances, including SAMR.
PAG will now be required to make an unconditional Offer for all H-shares at HK$1.5132/share. Separately, PAG intends to delist Fengxiang which involves Scheme-like delisting resolutions. 
This is done. The timing for approving the SPA was bang-on with my expectation.


Fengxiang (9977 HK): SPA Completed. Now For The Unconditional MGO

China

Shandong Fengxiang Co.,Ltd manufactures and processes poultry meat products. The Company processes, exports, and distributes poultry, chickens, and meats products. Shandong Fengxiang markets its products primarily throughout China with limited overseas.

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Shandong Fengxiang (9977 HK)

Last Week in Event SPACE: Toyo, Takashimaya/H2O, Skyworth, Shandong Fengxiang, O2Micro

The long weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Fengxiang (9977 HK): Offer Doc Out. Tender Now Or Sell In The Market

This is done, as it was once the SPA competed. Payment under the MGO should occur early January. Sell here, if still trading through terms, or...

David Blennerhassett

Weekly Deals Digest (26 Dec) - JAFCO, Nippon Steel Trading, Conexio, Origin Energy, Warrego

Last week, notable developments occurred in Event-Driven (Nitro, Norwest, Origin Energy, OZ Minerals, Pendal, Warrego, Fengxiang, Conexio, JAFCO,...

Arun George

Fengxiang (9977 HK): SPA Completed. Now For The Unconditional MGO

This is done. The timing for approving the SPA was bang-on with my expectation. Payment under this MGO should occur in early Jan, Fengxiang is...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week in Event SPACE: Toyo, Takashimaya/H2O, Skyworth, Shandong Fengxiang, O2Micro

The long weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Fengxiang (9977 HK): Offer Doc Out. Tender Now Or Sell In The Market

This is done, as it was once the SPA competed. Payment under the MGO should occur early January. Sell here, if still trading through terms, or...

David Blennerhassett

Weekly Deals Digest (26 Dec) - JAFCO, Nippon Steel Trading, Conexio, Origin Energy, Warrego

Last week, notable developments occurred in Event-Driven (Nitro, Norwest, Origin Energy, OZ Minerals, Pendal, Warrego, Fengxiang, Conexio, JAFCO,...

Arun George

Fengxiang (9977 HK)’s Share Transfer to PAG Complete, Unconditional MGO

The composite document is to be despatched on or before 28 December. At last close and for an end-of-January payment, the gross and annualised...

Arun George

Fengxiang (9977 HK): SPA Completed. Now For The Unconditional MGO

This is done. The timing for approving the SPA was bang-on with my expectation. Payment under this MGO should occur in early Jan, Fengxiang is...

David Blennerhassett