Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 10th December 2024, <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a> announced a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1210/2024121000882.pdf" target="_blank" rel="noopener">rare Scheme buyback</a>, with a Cancellation Price of $7.80/share (not declared final), a punchy 95% premium to undisturbed. </li>
<li>A successful Scheme would result in <a href="https://www.smartkarma.com/entities/fosun-international-ltd" target="_blank" data-smartkarma-citation="entities:433:1" rel="noopener">Fosun International (656 HK)</a> and concert parties holding 100% in Fosun Tourism - without having to outlay a cent. </li>
<li>A scrip alternative was afforded IF expressions of interests from 1% of shares out occurred. That didn't happen. Still a clean deal. Scheme Doc dispatch is the 14th Feb.</li>
</ul>


Back on the 10th December 2024, Fosun Tourism (1992 HK) announced a rare Scheme buyback, with a Cancellation Price of $7.80/share (not declared final), a punchy 95% premium to undisturbed. 
A successful Scheme would result in Fosun International (656 HK) and concert parties holding 100% in Fosun Tourism - without having to outlay a cent. 
A scrip alternative was afforded IF expressions of interests from 1% of shares out occurred. That didn't happen. Still a clean deal. Scheme Doc dispatch is the 14th Feb.


Fosun Tourism (1992 HK): No Love For The Scrip Alternative

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/chuoh-pack-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:1360:1" rel="noopener">Chuoh Pack Industry (3952 JP)</a>, <a href="https://www.smartkarma.com/entities/giga-prize-co-ltd" target="_blank" data-smartkarma-citation="entities:6115:1" rel="noopener">Giga Prize (3830 JP)</a>, <a href="https://www.smartkarma.com/entities/sanyo-special-steel-co-ltd" target="_blank" data-smartkarma-citation="entities:15900:1" rel="noopener">Sanyo Special Steel (5481 JP)</a>, <a href="https://www.smartkarma.com/entities/ascot-corp" target="_blank" data-smartkarma-citation="entities:9576:1" rel="noopener">Ascot Corp (3264 JP)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>. 
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a>, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>, <a href="https://www.smartkarma.com/entities/millennium-copthorne-hotels-nz-ltd" target="_blank" data-smartkarma-citation="entities:5040:1" rel="noopener">Millennium &amp; Copthorne Hotels Nz (MCK NZ)</a>. 
</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: Chuoh Pack Industry (3952 JP), Giga Prize (3830 JP), Sanyo Special Steel (5481 JP), Ascot Corp (3264 JP), Lifestyle China (2136 HK), Seven &amp; I Holdings (3382 JP). 

Lowest spreads: Makino Milling Machine Co (6135 JP), Avjennings Ltd (AVJ AU), Fuji Soft Inc (9749 JP), Macromill, Inc (3978 JP), Millennium &amp; Copthorne Hotels Nz (MCK NZ). 



Merger Arb Mondays (03 Feb) - ESR, LifeStyle China, Vesync, Giga Prize, Sanyo, Ascot, Seven & I

Shinko Electric Industries / Event-Driven

<ul>
<li>For the month of January 2025, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in January was ~57%, excluding <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>'s massive takeunder.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .</li>
</ul>


For the month of January 2025, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn.
The average premium for the new transactions announced (or first discussed) in January was ~57%, excluding Sun Art Retail (6808 HK)'s massive takeunder.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .


(Mostly) Asia M&A, Jan 2025: Sun Art, Sanyo Special Steel, Jamco, Ascot, Dropsuite, Smart Share

<ul>
<li>It was confirmed on Friday afternoon <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751" rel="noopener">Fast Retailing (9983 JP)</a> was a single cap move, NOT a double-capping in a single Review. That limits the sell down.</li>
<li>Chemist Warehouse's reverse buyout of pharmacy wholesaler <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a> is now all-but complete.</li>
<li>
<a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a> announced decent results, decently upgraded guidance in both IFRS/GAAP terms and in Core/Adjusted terms (less impressive uplift in Adjusted/Analysed terms). They also announced a ¥100bn buyback.</li>
</ul>


It was confirmed on Friday afternoon Fast Retailing (9983 JP) was a single cap move, NOT a double-capping in a single Review. That limits the sell down.
Chemist Warehouse's reverse buyout of pharmacy wholesaler Sigma Healthcare (SIG AU) is now all-but complete.

Takeda Pharmaceutical (4502 JP) announced decent results, decently upgraded guidance in both IFRS/GAAP terms and in Core/Adjusted terms (less impressive uplift in Adjusted/Analysed terms). They also announced a ¥100bn buyback.


Last Week in Event SPACE: Fast Retailing, Sigma, Takeda Pharmaceutical, WH Group

<ul>
<li>I tally 58 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Ten new deals discussed this week! Australia's <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite</a>, <a href="https://www.smartkarma.com/entities/red-hawk-mining-ltd" target="_blank" data-smartkarma-citation="entities:15387:1" rel="noopener">Red Hawk</a>,; Singapore's <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa</a>, <a href="https://www.smartkarma.com/entities/slb-development-ltd" target="_blank" data-smartkarma-citation="entities:26989:1" rel="noopener">SLB</a>; Japan's <a href="https://www.smartkarma.com/entities/global-food-creators-co-ltd" target="_blank" data-smartkarma-citation="entities:20883:1" rel="noopener">Global Food</a>, <a href="https://www.smartkarma.com/entities/ascot-corp" target="_blank" data-smartkarma-citation="entities:9576:1" rel="noopener">Ascot Corp</a>, <a href="https://www.smartkarma.com/entities/chuoh-pack-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:1360:1" rel="noopener">Chuoh Pack Industry</a>, <a href="https://www.smartkarma.com/entities/giga-prize-co-ltd" target="_blank" data-smartkarma-citation="entities:6115:1" rel="noopener">Giga Prize</a>, <a href="https://www.smartkarma.com/entities/sanyo-special-steel-co-ltd" target="_blank" data-smartkarma-citation="entities:15900:1" rel="noopener">Sanyo Special Steel</a>; and <a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, <a href="https://www.smartkarma.com/entities/shandong-hi-speed-new-energy-g" target="_blank" data-smartkarma-citation="entities:6927:1" rel="noopener">Shandong Hi-Speed New Energy (1250 HK)</a>, <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>, <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports (MAHB MK)</a>, and <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art (6808 HK)</a>.</li>
</ul>


I tally 58 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Ten new deals discussed this week! Australia's Dropsuite, Red Hawk,; Singapore's Japfa, SLB; Japan's Global Food, Ascot Corp, Chuoh Pack Industry, Giga Prize, Sanyo Special Steel; and Dada Nexus.
Key updates/news took place on: Sigma Healthcare (SIG AU), Shandong Hi-Speed New Energy (1250 HK), China National Building Material (3323 HK), Malaysia Airports (MAHB MK), and Sun Art (6808 HK).


(Mostly) Asia-Pac M&A: Sigma Healthcare Dropsuite, Japfa, Dada Nexus, Malaysia Airports, Sanyo Steel

China

Shandong Hi-Speed New Energy provides renewable energy services. The Company operates photovoltaic power and wind power businesses. Shandong Hi-Speed New Energy also involves in energy storage, micro-grid network, electricity sales, geothermal power generation, regional energy systems, and other new energy fields.

Price Gauge
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Shandong Hi-Speed New Energy G (1250 HK)

Fosun Tourism (1992 HK): No Love For The Scrip Alternative

This transaction is done. No competing Offer will emerge. IF payment early April, I'd pay up to HK$7.62/share for a gross/annualised return of 2%/15%.

David Blennerhassett

Merger Arb Mondays (03 Feb) - ESR, LifeStyle China, Vesync, Giga Prize, Sanyo, Ascot, Seven & I

This week, the highest gross spreads are Chuoh Pack Industry (273%), Giga Prize (48.5%), Sanyo Special Steel (37.4%), Ascot Corp (20.4%), Lifestyle...

Arun George

Last Week in Event SPACE: Fast Retailing, Sigma, Takeda Pharmaceutical, WH Group

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

(Mostly) Asia-Pac M&A: Sigma Healthcare Dropsuite, Japfa, Dada Nexus, Malaysia Airports, Sanyo Steel

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Fosun Tourism (1992 HK): No Love For The Scrip Alternative

This transaction is done. No competing Offer will emerge. IF payment early April, I'd pay up to HK$7.62/share for a gross/annualised return of 2%/15%.

David Blennerhassett

Merger Arb Mondays (03 Feb) - ESR, LifeStyle China, Vesync, Giga Prize, Sanyo, Ascot, Seven & I

This week, the highest gross spreads are Chuoh Pack Industry (273%), Giga Prize (48.5%), Sanyo Special Steel (37.4%), Ascot Corp (20.4%), Lifestyle...

Arun George

(Mostly) Asia M&A, Jan 2025: Sun Art, Sanyo Special Steel, Jamco, Ascot, Dropsuite, Smart Share

For the month of January, 14 new deals were discussed on Smartkarma with an overall deal size of just ~US$6bn. The average premium for the new...

David Blennerhassett

Last Week in Event SPACE: Fast Retailing, Sigma, Takeda Pharmaceutical, WH Group

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

(Mostly) Asia-Pac M&A: Sigma Healthcare Dropsuite, Japfa, Dada Nexus, Malaysia Airports, Sanyo Steel

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