Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 54 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two news new deals discussed this week: <a href="https://www.smartkarma.com/entities/reject-shop-ltd-the" target="_blank" data-smartkarma-citation="entities:272:1" rel="noopener">Reject Shop (TRS AU)</a> and <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a>. <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a> also suspended pursuant to the Takeovers Code. </li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite  (DSE AU)</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/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings (DHG AU)</a>, <a href="https://www.smartkarma.com/entities/jamco-corp" target="_blank" data-smartkarma-citation="entities:14741:1" rel="noopener">Jamco (7408 JP)</a>, <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a>, and <a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus (DADA US)</a>.</li>
</ul>


I tally 54 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Two news new deals discussed this week: Reject Shop (TRS AU) and Topcon Corp (7732 JP). Jinke Smart Services (9666 HK) also suspended pursuant to the Takeovers Code. 
Key updates/news took place on Dropsuite  (DSE AU), AVJennings Ltd (AVJ AU), Domain Holdings (DHG AU), Jamco (7408 JP), Shin Kong Financial Holding (2888 TT), and Dada Nexus (DADA US).


(Mostly) Asia-Pac M&A: Topcon, Jinke Smart Services, Dropsuite, Domain, Jamco, Shin Kong, Dada Nexus

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Index Rebalance

The Shanghai Commerical & Sa / Index Rebalance

<ul>
<li>The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.</li>
<li>In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2025 index rebal event.</li>
<li>We expect five changes for the TDIV index. On top of that, there will be capping flows too.</li>
</ul>


The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
In this insight, we take look at Quiddity's expectations for index changes and capping flows for the TDIV Index for the June 2025 index rebal event.
We expect five changes for the TDIV index. On top of that, there will be capping flows too.


Quiddity Leaderboard TDIV Jun25: US$2.1bn One-Way; 17% Turnover; Sector-Neutral Trade Ideas

Shin Kong Financial Holding / Event-Driven

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).</li>
<li>In this insight, we take a look at the potential ADDs and DELs for the June 2025 index rebal event.</li>
<li>Currently, we see one change for T50 and one change for T100.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
In this insight, we take a look at the potential ADDs and DELs for the June 2025 index rebal event.
Currently, we see one change for T50 and one change for T100.


Quiddity Leaderboard T50/​​​100 Jun25: Taishin-Shin Kong Merger Could Cause Two Changes

Travis Lundy

<ul>
<li>Late Monday, The Financial Supervisory Commission approved the merger where <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a> is to be absorbed by <a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin Financial Holding (2887 TT)</a>. Announcement <a href="https://www.fsc.gov.tw/ch/home.jsp?id=96&amp;parentpath=0,2&amp;mcustomize=news_view.jsp&amp;dataserno=202503310004&amp;aplistdn=ou=news,ou=multisite,ou=chinese,ou=ap_root,o=fsc,c=tw&amp;dtable=News" target="_blank" rel="noopener">here</a>.</li>
<li>Yesterday, the chairmen of both Shin Kong and Taishin decided the merger base date, which has been set a bit further out than even I expected, at 24 July 2025.</li>
<li>The terms tightened yesterday. There is still a worthwhile switch to be done (or arb if you have cheap borrow), and NEWCO is cheap to peers, STILL.</li>
</ul>


Late Monday, The Financial Supervisory Commission approved the merger where Shin Kong Financial Holding (2888 TT) is to be absorbed by Taishin Financial Holding (2887 TT). Announcement here.
Yesterday, the chairmen of both Shin Kong and Taishin decided the merger base date, which has been set a bit further out than even I expected, at 24 July 2025.
The terms tightened yesterday. There is still a worthwhile switch to be done (or arb if you have cheap borrow), and NEWCO is cheap to peers, STILL.


Shin Kong (2888 TT)/Taishin (2887 TT) Deal Gets FSC Approval - Still A Good Swap

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Mar 28th which has an aggregated short interest worth USD20.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Quanta Computer, Eva Airways, Macronix International, Sinopac Financial, Largan Precision, Chang Hwa Commercial Bank.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Mar 28th which has an aggregated short interest worth USD20.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Quanta Computer, Eva Airways, Macronix International, Sinopac Financial, Largan Precision, Chang Hwa Commercial Bank.


TWSE Short Interest Weekly (Mar 28th): Quanta Computer, Eva Airways, Macronix Intl

Taiwan

Taishin Financial Holding Co., Ltd. is a holding company. Through its subsidiaries, the Company conducts commercial banking business, such as deposits, loans, discount bills, guarantees, remittances, and foreign exchange transactions.

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Taishin Financial Holding (2887 TT)

(Mostly) Asia-Pac M&A: Topcon, Jinke Smart Services, Dropsuite, Domain, Jamco, Shin Kong, Dada Nexus

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

Quiddity Leaderboard TDIV Jun25: US$2.1bn One-Way; 17% Turnover; Sector-Neutral Trade Ideas

We expect one-way flows of 2.1bn which translates to a turnover of 17%. There are multiple names with 10x ADV or more to trade. Some of the outflow...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/100 Jun25: Taishin-Shin Kong Merger Could Cause Two Changes

Shin Kong could get added to T50 in June and then get deleted from T50 in July when the Taishin-Shin Kong merger becomes effective. This could...

Janaghan Jeyakumar, CFA

Shin Kong (2888 TT)/Taishin (2887 TT) Deal Gets FSC Approval - Still A Good Swap

The Shin Kong/Taishin Deal has been approved. The merger base date has been set for late July. There is still a good gross spread to take and NEWCO...

Travis Lundy

TWSE Short Interest Weekly (Mar 28th): Quanta Computer, Eva Airways, Macronix Intl

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Quanta Computer, Eva Airways, Macronix...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

(Mostly) Asia-Pac M&A: Topcon, Jinke Smart Services, Dropsuite, Domain, Jamco, Shin Kong, Dada Nexus

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

Quiddity Leaderboard TDIV Jun25: US$2.1bn One-Way; 17% Turnover; Sector-Neutral Trade Ideas

We expect one-way flows of 2.1bn which translates to a turnover of 17%. There are multiple names with 10x ADV or more to trade. Some of the outflow...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard T50/​​​100 Jun25: Taishin-Shin Kong Merger Could Cause Two Changes

Shin Kong could get added to T50 in June and then get deleted from T50 in July when the Taishin-Shin Kong merger becomes effective. This could...

Janaghan Jeyakumar, CFA

Shin Kong (2888 TT)/Taishin (2887 TT) Deal Gets FSC Approval - Still A Good Swap

The Shin Kong/Taishin Deal has been approved. The merger base date has been set for late July. There is still a good gross spread to take and NEWCO...

Travis Lundy

TWSE Short Interest Weekly (Mar 28th): Quanta Computer, Eva Airways, Macronix Intl

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Quanta Computer, Eva Airways, Macronix...

Ke Yan, CFA, FRM

Quiddity Leaderboard T50/100 Jun25: Taishin-Shin Kong Merger Could Cause Two Changes