Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 35 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. </li>
<li>Two new deals this week: <a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a>'s tilt for <a href="https://www.smartkarma.com/entities/excelpoint-technology-ltd" target="_blank" data-smartkarma-citation="entities:1774:1" rel="noopener">Excelpoint Technology (EXLP SP)</a>; Bain's MBO for <a href="https://www.smartkarma.com/entities/tri-stage-inc" target="_blank" data-smartkarma-citation="entities:5685:1" rel="noopener">Tri Stage Inc (2178 JP)</a>.</li>
<li>Key updates took place 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>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>, <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>, and <a href="https://www.smartkarma.com/entities/suchuang-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:304:1" rel="noopener">Suchuang Gas Corp (1430 HK)</a>.</li>
</ul>


There are 35 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. 
Two new deals this week: WT Microelectronics (3036 TT)'s tilt for Excelpoint Technology (EXLP SP); Bain's MBO for Tri Stage Inc (2178 JP).
Key updates took place for: Toyo Construction (1890 JP), Uniti Group Ltd (UWL AU), Western Areas (WSA AU), and Suchuang Gas Corp (1430 HK).


Asia-Pac Weekly Risk Arb Wrap: Excelpoint, Tri Stage, Toyo, Uniti, Western Areas, Suchuang Gas

<ul>
<li>Shortly after piped natural gas operator <a href="https://www.smartkarma.com/entities/suchuang-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:304:1" rel="noopener">Suchuang Gas Corp (1430 HK)</a> announced a privatisation Offer from <a href="https://www.smartkarma.com/entities/china-resources-gas-group-ltd" target="_blank" data-smartkarma-citation="entities:20525:1" rel="noopener">CR Gas (1193 HK)</a> last August, shares were suspended. And remain suspended today.</li>
<li>That suspension pivoted off previously unreleased information that certain bank deposits of Suchuang Gas' subsidiaries had been pledged. </li>
<li>An investigation remains ongoing. A material portion of those pledges have defaulted. Financial results have been delayed. However, the Offer appears to still be moving forward. </li>
</ul>


Shortly after piped natural gas operator Suchuang Gas Corp (1430 HK) announced a privatisation Offer from CR Gas (1193 HK) last August, shares were suspended. And remain suspended today.
That suspension pivoted off previously unreleased information that certain bank deposits of Suchuang Gas' subsidiaries had been pledged. 
An investigation remains ongoing. A material portion of those pledges have defaulted. Financial results have been delayed. However, the Offer appears to still be moving forward. 


Suchuang Gas (1430 HK): Pledges, Results Delays, And Ongoing Suspension

Housing Development Finance Corporation / Event-Driven

Housing Development Finance Corporation (HDFC IN)

<ul>
<li>There are 34 - mostly firm - transactions currently being discussed and analysed on Smartkarma. </li>
<li>Two new deals were discussed on Smartkarma: <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> / <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited (HDFC IN)</a>. <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> and <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal (PDL AU)</a>; <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road (GOR AU)</a> and <a href="https://www.smartkarma.com/entities/dgo-gold-ltd" target="_blank" data-smartkarma-citation="entities:8312:1" rel="noopener">DGO Gold (DGO AU)</a> 
</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>,  <a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Jin Jiang Capital Company Limited (2006 HK)</a> and <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>
</li>
</ul>


There are 34 - mostly firm - transactions currently being discussed and analysed on Smartkarma. 
Two new deals were discussed on Smartkarma: HDFC Bank (HDFCB IN) / HDFC Limited (HDFC IN). Perpetual Ltd (PPT AU) and Pendal (PDL AU); Gold Road (GOR AU) and DGO Gold (DGO AU) 

Key updates took place for: Virtus Health (VRT AU),  Jin Jiang Capital Company Limited (2006 HK) and Western Areas (WSA AU)



Asia-Pac Weekly Risk Arb Wrap: HDFC Bank/Limited Merger, Pendal, Jin Jiang Capital, Western Areas

<ul>
<li>There are 33 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. </li>
<li>A quiet week with no new deals discussed on Smartkarma.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer (1337 HK)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group (UWL AU)</a>, <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>, <a href="https://www.smartkarma.com/entities/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate (IAP AU)</a>, <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown (CWN AU)</a>, <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC (CIM AU)</a>, <a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Jin Jiang Capital (2006 HK)</a> 
</li>
</ul>


There are 33 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. 
A quiet week with no new deals discussed on Smartkarma.
Key updates took place for: Razer (1337 HK), Uniti Group (UWL AU), Toyo Construction (1890 JP), Irongate (IAP AU), Crown (CWN AU), CIMIC (CIM AU), Jin Jiang Capital (2006 HK) 



Asia-Pac Weekly Risk Arb Wrap: Uniti, Toyo Construction, Irongate, Crown, CIMIC, Jin Jiang Capital

<ul>
<li>For the month of March, five new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$3bn.</li>
<li>The average premium for the new deals announced (or first discussed) in March was ~31%.</li>
<li>This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.</li>
</ul>


For the month of March, five new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$3bn.
The average premium for the new deals announced (or first discussed) in March was ~31%.
This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.


China

Suchuang Gas Corporation Limited is a China-based investment holding company primarily engaged in natural gas businesses. Its core activities include the distribution and sale of piped natural gas, natural gas transmission services, and gas pipeline construction and installation. The company also constructs and operates natural gas filling stations. Founded in 2002, it is headquartered in Suzhou, People's Republic of China.

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Suchuang Gas (1430 HK)

Asia-Pac Weekly Risk Arb Wrap: Excelpoint, Tri Stage, Toyo, Uniti, Western Areas, Suchuang Gas

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