Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today after the close, Value Act reported that it owned 7.87% of shares outstanding in <a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> and it may make proposals to management. </li>
<li>This has been trading cheaply (and I pointed it out on <a href="https://www.smartkarma.com/insights/sun-corp-6736-clbt-has-round-tripped-but-now-better-parentco-and-a-buyback-so-set-up-is-better" target="_blank" rel="noopener">13 Aug</a> and <a href="https://www.smartkarma.com/insights/sun-corp-6736-clbt-has-round-tripped-but-now-better-parentco-and-a-buyback-so-set-up-is-better" target="_blank" rel="noopener">12 Sep</a>). Cellebrite DI (CLBT US) is up 35% in those 8 weeks. Sun Corp +50%.</li>
<li>ValueAct had owned 4.9+% for at least a few months before, but now it has gone public. They were likely in already under a different name in March, now public.</li>
</ul>


Today after the close, Value Act reported that it owned 7.87% of shares outstanding in Sun Corp (6736 JP) and it may make proposals to management. 
This has been trading cheaply (and I pointed it out on 13 Aug and 12 Sep). Cellebrite DI (CLBT US) is up 35% in those 8 weeks. Sun Corp +50%.
ValueAct had owned 4.9+% for at least a few months before, but now it has gone public. They were likely in already under a different name in March, now public.


[Japan Activism] Sun Corp (6736) Gets ANOTHER Public Activist - ValueAct Reports 7.9%

<ul>
<li>12 months on from the Tender Offer which changed the shape of the shareholder register, <a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> is up small and its main asset Cellebrite is -10%.</li>
<li>The value of the rest of Sun Corp has probably increased to cover that 10% through new business earnings, but the main value is still Cellebrite. An exit still awaited.</li>
<li>Now Cellebrite is lower, and SunCorp is lower (but recently rising) and SunCorp has announced a buyback which accounts for a big chunk of Real World Float. Hmmm...</li>
</ul>


12 months on from the Tender Offer which changed the shape of the shareholder register, Sun Corp (6736 JP) is up small and its main asset Cellebrite is -10%.
The value of the rest of Sun Corp has probably increased to cover that 10% through new business earnings, but the main value is still Cellebrite. An exit still awaited.
Now Cellebrite is lower, and SunCorp is lower (but recently rising) and SunCorp has announced a buyback which accounts for a big chunk of Real World Float. Hmmm...


Sun Corp (6736) - CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> is a clear value play. But it's not as cheap to <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite (CLBT US)</a> as it was  last month. The trade is a net long position</li>
<li>As <a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> plumbs new 12-month lows for its NAV discount and implied stub, Swire's B shares have significantly outperformed the As over the past month.</li>
<li>
<a href="https://www.smartkarma.com/entities/shandong-hi-speed-holdings-gro" target="_blank" data-smartkarma-citation="entities:10356:1" rel="noopener">Shandong Hi-Speed (412 HK)</a> is a bubble. High shareholder concentration is still likely present, and the stock is getting squeezed. SHP is a short. Once it starts to turn.</li>
</ul>



Sun Corp (6736 JP) is a clear value play. But it's not as cheap to Cellebrite (CLBT US) as it was  last month. The trade is a net long position
As Swire Pacific (A) (19 HK) plumbs new 12-month lows for its NAV discount and implied stub, Swire's B shares have significantly outperformed the As over the past month.

Shandong Hi-Speed (412 HK) is a bubble. High shareholder concentration is still likely present, and the stock is getting squeezed. SHP is a short. Once it starts to turn.


Last Week In Event SPACE: Sun Corp/Cellebrite, Swire, Shandong Hi-Speed, PRC Rural Bank Delistings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> is a clear value play. But not as cheap to 44.3%-held <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite DI (CLBT US)</a> as it was recently. Opt for a net long trade here.</li>
<li>Preceding my comments on Sun Corp - and <a href="https://www.smartkarma.com/entities/jg-summit-holdings-inc" target="_blank" data-smartkarma-citation="entities:15747:1" rel="noopener">JG Summit Holdings (JGS PM)</a> / <a href="https://www.smartkarma.com/entities/universal-robina-corp" target="_blank" data-smartkarma-citation="entities:3709:1" rel="noopener">Universal Robina (URC PM)</a> -  are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Sun Corp (6736 JP) is a clear value play. But not as cheap to 44.3%-held Cellebrite DI (CLBT US) as it was recently. Opt for a net long trade here.
Preceding my comments on Sun Corp - and JG Summit Holdings (JGS PM) / Universal Robina (URC PM) -  are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> for years has been a play on its investment holding in <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite DI (CLBT US)</a>, brought to market in a $2.4bn SPAC deal announced 30Aug2021.  </li>
<li>The SPAC entity was an entity called TWC Tech Holdings II Corp (TWC = "True Wind Capital"). The next day, <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite DI (CLBT US)</a> was born, trading up to US$11.00+.</li>
<li>
<a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a>'s value realisation path had begun. Today, a True Winds entity announced a Partial Tender Offer - unsolicited, unannounced previously - on Sun Corp, for 19.0%.</li>
</ul>



Sun Corp (6736 JP) for years has been a play on its investment holding in Cellebrite DI (CLBT US), brought to market in a $2.4bn SPAC deal announced 30Aug2021.  
The SPAC entity was an entity called TWC Tech Holdings II Corp (TWC = "True Wind Capital"). The next day, Cellebrite DI (CLBT US) was born, trading up to US$11.00+.

Sun Corp (6736 JP)'s value realisation path had begun. Today, a True Winds entity announced a Partial Tender Offer - unsolicited, unannounced previously - on Sun Corp, for 19.0%.


Unsolicited Partial Offer for 19% of Sun Corp (6736 JP) - Play on Cellebrite from SPAC Sponsor

Japan

SUN CORPORATION operates mainly Pachinko related business, information and communication business.  Pachinko related business includes developing, manufacturing and selling a system to control and monitor pachinko machine, and manage business operation.  Sun Corp. also manufactures Pachinko and household appliances and develops game software for family use.

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Sun Corp (6736 JP)

[Japan Activism] Sun Corp (6736) Gets ANOTHER Public Activist - ValueAct Reports 7.9%

ValueAct has now officially joined the register of SunCorp at 7.87% bringing total ownership by Oasis, TrueWind, and ValueAct to 48.40% as of a...

Travis Lundy

Sun Corp (6736) - CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better

Since I wrote 3 weeks ago, CLBT is up 20%, Sun Corp is up 10%, the discount is wider. US domestic political stress will only increase the demand...

Travis Lundy

Last Week In Event SPACE: Sun Corp/Cellebrite, Swire, Shandong Hi-Speed, PRC Rural Bank Delistings

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

StubWorld: Stay Long Sun Corp (6736 JP)

SunCorp is a clear value play. But not as cheap to CLBT as it was last month. Opt for a net long position, rather than long Sun short CLBT dollar...

David Blennerhassett

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[Japan Activism] Sun Corp (6736) Gets ANOTHER Public Activist - ValueAct Reports 7.9%

ValueAct has now officially joined the register of SunCorp at 7.87% bringing total ownership by Oasis, TrueWind, and ValueAct to 48.40% as of a...

Travis Lundy

Sun Corp (6736) - CLBT Has Round-Tripped, But Now Better ParentCo and a Buyback so Set-Up Is Better

Since I wrote 3 weeks ago, CLBT is up 20%, Sun Corp is up 10%, the discount is wider. US domestic political stress will only increase the demand...

Travis Lundy

Last Week In Event SPACE: Sun Corp/Cellebrite, Swire, Shandong Hi-Speed, PRC Rural Bank Delistings

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

StubWorld: Stay Long Sun Corp (6736 JP)

SunCorp is a clear value play. But not as cheap to CLBT as it was last month. Opt for a net long position, rather than long Sun short CLBT dollar...

David Blennerhassett

Unsolicited Partial Offer for 19% of Sun Corp (6736 JP) - Play on Cellebrite from SPAC Sponsor

Sun Corp - long an illiquid activist/RV darling - now has a new suitor. The PE fund which sponsored the Cellebrite SPAC is bidding for 19.0%....

Travis Lundy