Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 35 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deals were was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a>, <a href="https://www.smartkarma.com/entities/albis-co-ltd" target="_blank" data-smartkarma-citation="entities:16344:1" rel="noopener">Albis Co Ltd (7475 JP)</a>, and <a href="https://www.smartkarma.com/entities/sharingtechnology-inc" target="_blank" data-smartkarma-citation="entities:26948:1" rel="noopener">Sharingtechnology Inc (3989 JP)</a>.</li>
<li>Key updates/news also took place on:<a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/zenith-minerals-ltd" target="_blank" data-smartkarma-citation="entities:3234:1" rel="noopener">Zenith Minerals (ZNC AU)</a>, and <a href="https://www.smartkarma.com/entities/cygnus-metals-limited" target="_blank" data-smartkarma-citation="entities:30504:1" rel="noopener">Cygnus Metals (CY5 AU)</a>.</li>
</ul>


I tally 35 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deals were was discussed on Smartkarma this week: Ingenia Communities (INA AU), Albis Co Ltd (7475 JP), and Sharingtechnology Inc (3989 JP).
Key updates/news also took place on:Kakaku.com Inc (2371 JP), Zenith Minerals (ZNC AU), and Cygnus Metals (CY5 AU).


Asia-Pac Weekly Wrap: Kakaku, Ingenia Communities, Albis, Sharingtechnology, Cygnus Metals

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-sheet-glass-co-ltd" target="_blank" data-smartkarma-citation="entities:9013:1" rel="noopener">Nippon Sheet Glass (5202 JP)</a> is now down to "pure arb." All approvals are in. All financing done. The remaining trade is to buy and hold until the cash settles.</li>
<li>I see no startling revelation when inspecting <a href="https://www.smartkarma.com/entities/guotai-junan-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:13438:1" rel="noopener">Guotai Junan International (1788 HK)</a>'s s329 investigative reports.</li>
<li>
<a href="https://www.smartkarma.com/entities/resonac-holdings-corp" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Resonac (4004 JP)</a> is spinning off 80+% of its petrochemical division. <a href="https://www.smartkarma.com/entities/crasus-chemical" target="_blank" data-smartkarma-citation="entities:58630:1" rel="noopener">Crasus Chemical</a> is unlikely to stay in MSCI. Definitely not Nikkei 225. Big selling on Day 1 at the close likely.</li>
</ul>



Nippon Sheet Glass (5202 JP) is now down to "pure arb." All approvals are in. All financing done. The remaining trade is to buy and hold until the cash settles.
I see no startling revelation when inspecting Guotai Junan International (1788 HK)'s s329 investigative reports.

Resonac (4004 JP) is spinning off 80+% of its petrochemical division. Crasus Chemical is unlikely to stay in MSCI. Definitely not Nikkei 225. Big selling on Day 1 at the close likely.


Last Week In Event SPACE: Nippon Sheet Glass, Guotai Junan, Resonac, Skyworth, Fosun, Austal

<ul>
<li>
<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> wants to buy 20% of <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE (4477 JP)</a> out of 46.7% likely available. That's unlikely at ¥340; they'll have to bump to get those shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/continental-aerospace-technologies-holding-ltd" target="_blank" data-smartkarma-citation="entities:15249:1" rel="noopener">Continental Aerospace Technologies (232 HK)</a> has played out nicely. There's still money on the table - just a question mark on timing for the distribution from "surplus cash".</li>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-chemical-holdings" target="_blank" data-smartkarma-citation="entities:12781:1" rel="noopener">Mitsubishi Chemical (4188 JP)</a>'s turnaround narrative sees it trading rich (implied stub &amp; simple ratio) to ~51%-held <a href="https://www.smartkarma.com/entities/nippon-sanso-holdings-corporation" target="_blank" data-smartkarma-citation="entities:15756:1" rel="noopener">Nippon Sanso Holdings (4091 JP)</a>'s steady-as-you-go narrative.</li>
</ul>



SBI Holdings (8473 JP) wants to buy 20% of BASE (4477 JP) out of 46.7% likely available. That's unlikely at ¥340; they'll have to bump to get those shares.

Continental Aerospace Technologies (232 HK) has played out nicely. There's still money on the table - just a question mark on timing for the distribution from "surplus cash".

Mitsubishi Chemical (4188 JP)'s turnaround narrative sees it trading rich (implied stub &amp; simple ratio) to ~51%-held Nippon Sanso Holdings (4091 JP)'s steady-as-you-go narrative.


Last Week In Event SPACE: SBI/BASE, Con Aero Tech, Mitsubishi Chem/Nippon Sanso, Swire Pac, Jollibee

<ul>
<li>Construction subcontractor <a href="https://www.smartkarma.com/entities/lotus-horizon-holdings-limited" target="_blank" data-smartkarma-citation="entities:49193:1" rel="noopener">Lotus Horizon (6063 HK)</a> is <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0903/2026090300013.pdf" target="_blank" rel="noopener">suspended</a> pursuant to the Hong Kong Code on Takeovers and Mergers.</li>
<li>I expect Lotus will follow in <a href="https://www.smartkarma.com/entities/wk-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:49355:1" rel="noopener">WK Group (2535 HK)</a> and <a href="https://www.smartkarma.com/entities/superland-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:55388:1" rel="noopener">Superland Group Holdings (368 HK)</a>'s footsteps, whereby the controlling family exits, triggering an unconditional takeunder. </li>
<li>Loss-Making Lotus is a total bubble stock, up 457% since Feb , 750%+ in 12 months, and trading at 20x P/B. Are shell companies and reverse takeovers making a comeback?
</li>
</ul>


Construction subcontractor Lotus Horizon (6063 HK) is suspended pursuant to the Hong Kong Code on Takeovers and Mergers.
I expect Lotus will follow in WK Group (2535 HK) and Superland Group Holdings (368 HK)'s footsteps, whereby the controlling family exits, triggering an unconditional takeunder. 
Loss-Making Lotus is a total bubble stock, up 457% since Feb , 750%+ in 12 months, and trading at 20x P/B. Are shell companies and reverse takeovers making a comeback?



Lotus (6063 HK) Is A Bubble Stock. Expect An Unconditional Takeunder

<ul>
<li>I tally 29 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Three new deals were was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/sk-signet-inc" target="_blank" data-smartkarma-citation="entities:55377:1" rel="noopener">SK Signet (260870 KS)</a>, <a href="https://www.smartkarma.com/entities/energy-one-ltd" target="_blank" data-smartkarma-citation="entities:19865:1" rel="noopener">Energy One (EOL AU)</a>, and <a href="https://www.smartkarma.com/entities/ns-united-kaiun-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:17238:1" rel="noopener">Ns United Kaiun Kaisha (9110 JP)</a>. </li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>, <a href="https://www.smartkarma.com/entities/zenith-minerals-ltd" target="_blank" data-smartkarma-citation="entities:3234:1" rel="noopener">Zenith Minerals (ZNC AU)</a>, <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>, <a href="https://www.smartkarma.com/entities/pepper-money-ltd-australia" target="_blank" data-smartkarma-citation="entities:24157:1" rel="noopener">Pepper Money (PPM AU)</a>, and <a href="https://www.smartkarma.com/entities/yamada-corp" target="_blank" data-smartkarma-citation="entities:16273:1" rel="noopener">Yamada Corp (6392 JP)</a><a href="https://www.smartkarma.com/entities/yamada-corp" target="_blank" data-smartkarma-citation="entities:16273:1" rel="noopener"></a>.</li>
</ul>


I tally 29 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deals were was discussed on Smartkarma this week: SK Signet (260870 KS), Energy One (EOL AU), and Ns United Kaiun Kaisha (9110 JP). 
Key updates/news also took place on: Perpetual Ltd (PPT AU), Zenith Minerals (ZNC AU), Australian Strategic Materials (ASM AU), Pepper Money (PPM AU), and Yamada Corp (6392 JP).


Asia-Pac Weekly Wrap: Perpetual, SK Signet, Energy One, Superland, WK Group, Ns United Kaiun, Yamada

Hong Kong

Superland Group Holdings Limited provides providing fitting-out and maintenance services. The Company provides interior decorative parts upgrade, restoration improvement, repair, replacement installation, and other services. Superland Group Holdings offers services in Hong Kong.

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Superland Group Holdings (368 HK)

Asia-Pac Weekly Wrap: Kakaku, Ingenia Communities, Albis, Sharingtechnology, Cygnus Metals

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

Last Week In Event SPACE: Nippon Sheet Glass, Guotai Junan, Resonac, Skyworth, Fosun, Austal

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

Last Week In Event SPACE: SBI/BASE, Con Aero Tech, Mitsubishi Chem/Nippon Sanso, Swire Pac, Jollibee

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

Lotus (6063 HK) Is A Bubble Stock. Expect An Unconditional Takeunder

Expect a takeunder. Loss-making Lotus is a total bubble stock, up 457% since Feb , 750%+ in 12 months, and trading at 20x P/B. Are shell comapanies...

David Blennerhassett

Asia-Pac Weekly Wrap: Perpetual, SK Signet, Energy One, Superland, WK Group, Ns United Kaiun, Yamada

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

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52-week Range

Market Cap (USDm)

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