Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For July 2025, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$4bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in July was 45%, with a year-to-date average of 47%.</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 July 2025, just six new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$4bn.
The average premium for the new transactions announced (or first discussed) in July was 45%, with a year-to-date average of 47%.
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, July 2025 Wrap: Pacific Industrial, Johns Lyon, TalkMed, DD Group, Hanil Cement

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> walks away from <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>, and accuses 7&amp;i's Board, management, and the Special Committee of bad faith and bad governance.</li>
<li>Buy <a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a> with both hands as pledged sharesfall to 3.5% of shares outstanding from 16.3% the previous month.</li>
<li>If you have borrow on <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a>, use it. Otherwise, avoid like the plague. It would not be surprising if the TSE were to ding someone on manipulation. </li>
</ul>



Alimentation Couche-Tard (ATD CN) walks away from Seven &amp; I Holdings (3382 JP), and accuses 7&amp;i's Board, management, and the Special Committee of bad faith and bad governance.
Buy Krungthai Card (KTC TB) with both hands as pledged sharesfall to 3.5% of shares outstanding from 16.3% the previous month.
If you have borrow on GMO Internet (4784 JP), use it. Otherwise, avoid like the plague. It would not be surprising if the TSE were to ding someone on manipulation. 


Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson

<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/dd-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1439:1" rel="noopener">DD Group (3073 JP)</a>'s MBO and the <a href="https://www.smartkarma.com/entities/hanil-cement-co-ltd-new" target="_blank" data-smartkarma-citation="entities:27447:1" rel="noopener">Hanil Cement Co Ltd/New (300720 KS)</a>/<a href="https://www.smartkarma.com/entities/hanil-hyundai-cement-co-ltd" target="_blank" data-smartkarma-citation="entities:14406:1" rel="noopener">Hanil Hyundai Cement (006390 KS)</a> merger.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/adriatic-metals-plc" target="_blank" data-smartkarma-citation="entities:30797:1" rel="noopener">Adriatic Metals PLC (ADT AU)</a>, <a href="https://www.smartkarma.com/entities/abacus-storage-king" target="_blank" data-smartkarma-citation="entities:39857:1" rel="noopener">Abacus Storage King (ASK AU)</a>, <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, and <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>.</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deals were discussed on Smartkarma this week: DD Group (3073 JP)'s MBO and the Hanil Cement Co Ltd/New (300720 KS)/Hanil Hyundai Cement (006390 KS) merger.
Key updates/news took place on PointsBet Holdings (PBH AU), Adriatic Metals PLC (ADT AU), Abacus Storage King (ASK AU), New World Resources (NWC AU), and ZEEKR (ZK US).


(Mostly) Asia-Pac M&A: ZEEKR, DD Group, Hanil Cement, Adriatic Metals, Abacus Storage, PointsBet

<ul>
<li>Given the METI extension on FEFTA review on <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura (6957 JP)</a>, risks are slightly higher. &lt;¥5,900 was a good buy on an incremental basis. ¥5,970 is OK but not spectacular.</li>
<li>As expected (at least by me) - I Squared has withdrawn its Offer for <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>.</li>
<li>Re: <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a>, this "rescue package" announcement - ~HK$88.2bn - should come as no surprise, as the alternative situation (liquidation/bankruptcy) and the ensuing optics were not great.</li>
</ul>


Given the METI extension on FEFTA review on Shibaura (6957 JP), risks are slightly higher. &lt;¥5,900 was a good buy on an incremental basis. ¥5,970 is OK but not spectacular.
As expected (at least by me) - I Squared has withdrawn its Offer for HKBN Ltd (1310 HK).
Re: New World Development (17 HK), this "rescue package" announcement - ~HK$88.2bn - should come as no surprise, as the alternative situation (liquidation/bankruptcy) and the ensuing optics were not great.


Last Week In Event SPACE: Shibaura, HKBN, NWD, Yichang HEC

<ul>
<li>I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/talkmed-group-ltd" target="_blank" data-smartkarma-citation="entities:16079:1" rel="noopener">Talkmed (TKMED SP)</a>'s Scheme and <a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Rural Comm Bank (6122 HK)</a>'s Hobson's Choice</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/silk-logistics-holdings-limited" target="_blank" data-smartkarma-citation="entities:35733:1" rel="noopener">Silk Logistics (SLH AU)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Fengxiang (9977 HK)</a>,<a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain (DHG AU)</a>, <a href="https://www.smartkarma.com/entities/nissin-corp" target="_blank" data-smartkarma-citation="entities:12749:1" rel="noopener">Nissin (9066 JP)</a> and <a href="https://www.smartkarma.com/entities/viol-co-ltd" target="_blank" data-smartkarma-citation="entities:41010:1" rel="noopener">VIOL (335890 KS)</a>.</li>
</ul>


I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deal were discussed on Smartkarma this week: Talkmed (TKMED SP)'s Scheme and Jilin Jiutai Rural Comm Bank (6122 HK)'s Hobson's Choice
Key updates/news took place on New World Resources (NWC AU), Insignia (IFL AU), Silk Logistics (SLH AU), Fengxiang (9977 HK),Domain (DHG AU), Nissin (9066 JP) and VIOL (335890 KS).


(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL

Singapore

TalkMed Group is a Singapore-based investment holding company providing medical oncology and palliative care healthcare services. It also offers cellular and gene therapy-related products and services through its subsidiaries. The company was founded in 1997 and is headquartered in Singapore.

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TalkMed Group (TKMED SP)

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(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL

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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