Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allied-group-ltd" target="_blank" data-smartkarma-citation="entities:4387:1" rel="noopener">Allied (373 HK)</a> took <a href="https://www.smartkarma.com/entities/allied-properties-h-k-limited" target="_blank" data-smartkarma-citation="entities:19953:1" rel="noopener">Allied Properties (H.K.) (56 HK)</a> private in 2020, followed by <a href="https://www.smartkarma.com/entities/shk-hong-kong-industries-ltd" target="_blank" data-smartkarma-citation="entities:2399:1" rel="noopener">SHK Hong Kong Industries (666 HK)</a> in 2021. Now it's <a href="https://www.smartkarma.com/entities/tian-an-china-investment" target="_blank" data-smartkarma-citation="entities:13665:1" rel="noopener">Tian An China (28 HK)</a>'s turn.</li>
<li>Preceding my comments on Tian An and AGL 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>



Allied (373 HK) took Allied Properties (H.K.) (56 HK) private in 2020, followed by SHK Hong Kong Industries (666 HK) in 2021. Now it's Tian An China (28 HK)'s turn.
Preceding my comments on Tian An and AGL 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%.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tian-an-china-investment" target="_blank" data-smartkarma-citation="entities:13665:1" rel="noopener">Tian An China Investment (28 HK)</a> and <a href="https://www.smartkarma.com/entities/allied-group-ltd" target="_blank" data-smartkarma-citation="entities:4387:1" rel="noopener">Allied (373 HK)</a> entered a trading halt “pursuant to The Hong Kong Code on Takeovers and Mergers.” Allied owns 55.72% of Tian An.</li>
<li>It is likely that Allied Group is seeking to privatise its subsidiary Tian An. Tian An's other substantial shareholders have a history of sell-downs which facilitate an offer.</li>
<li>
<a href="https://www.smartkarma.com/entities/allied-properties-h-k-limited" target="_blank" data-smartkarma-citation="entities:19953:1" rel="noopener">Allied Properties (H.K.) (56 HK)</a>/APL's partial offer for Tian An in 2011 and Allied's privatisation of APL in 2020 point to a 20.8%-34.3% premium or HK$5.01-5.57 per share offer.</li>
</ul>



Tian An China Investment (28 HK) and Allied (373 HK) entered a trading halt “pursuant to The Hong Kong Code on Takeovers and Mergers.” Allied owns 55.72% of Tian An.
It is likely that Allied Group is seeking to privatise its subsidiary Tian An. Tian An's other substantial shareholders have a history of sell-downs which facilitate an offer.

Allied Properties (H.K.) (56 HK)/APL's partial offer for Tian An in 2011 and Allied's privatisation of APL in 2020 point to a 20.8%-34.3% premium or HK$5.01-5.57 per share offer.


Tian An China Investments (28 HK): Trading Halt, Privatisation by Allied Group?

Keisei Electric Railway Co / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric (9009 JP)</a>'s valuation has deviated from <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>'s since the proposed expansion of Tokyo Disney Sea, Fantasy Springs. That bifurcation should now reverse. </li>
<li>Don't expect a serious fight in <a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec (6594 JP)</a>'s hostile for <a href="https://www.smartkarma.com/entities/takisawa-machine-tool-co-ltd" target="_blank" data-smartkarma-citation="entities:7344:1" rel="noopener">Takisawa Machine Tool (6121 JP)</a>.  Fanuc could counter. It is possible others could step up but we wouldn't know. </li>
<li>On the back of the news to spin off and list some logistics ops, <a href="https://www.smartkarma.com/entities/shenzhen-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:9:1" rel="noopener">Shenzhen International (152 HK)</a> is probably a buy on weakness vs Stub Ops Peers. </li>
</ul>



Keisei Electric (9009 JP)'s valuation has deviated from Oriental Land (4661 JP)'s since the proposed expansion of Tokyo Disney Sea, Fantasy Springs. That bifurcation should now reverse. 
Don't expect a serious fight in Nidec (6594 JP)'s hostile for Takisawa Machine Tool (6121 JP).  Fanuc could counter. It is possible others could step up but we wouldn't know. 
On the back of the news to spin off and list some logistics ops, Shenzhen International (152 HK) is probably a buy on weakness vs Stub Ops Peers. 


Last Week in Event SPACE: Takisawa Machine Tools, Kesei Electric/​Oriental, Shenzhen Int’l/E'Way, HMM

<ul>
<li>Activist investor influence in distributing <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>'s ¥1,980bn Oriental Land (4661 JP) stake to existing shareholders could unleash over 150% potential upside</li>
<li>
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> is coming up cheap versus <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>. Yet the longer-term view suggests otherwise. </li>
<li>
<a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a> confirmed the spin-off of an ASX-listed self-storage REIT with A$3bn in total assets. There's a trade here. </li>
</ul>


Activist investor influence in distributing Keisei Electric Railway Co (9009 JP)'s ¥1,980bn Oriental Land (4661 JP) stake to existing shareholders could unleash over 150% potential upside

Intouch Holdings (INTUCH TB) is coming up cheap versus Advanced Info Service (ADVANC TB). Yet the longer-term view suggests otherwise. 

Abacus Property (ABP AU) confirmed the spin-off of an ASX-listed self-storage REIT with A$3bn in total assets. There's a trade here. 


Last Week in Event SPACE: Kesei/Oriental Land, Intouch, Abacus Property, Great Eagle, JS Global

<ul>
<li>There are 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Five new deals were discussed this week: <a href="https://www.smartkarma.com/entities/lutronic-corp" target="_blank" data-smartkarma-citation="entities:2250:1" rel="noopener">Lutronic (085370 KS)</a> tender Offer;<a href="https://www.smartkarma.com/entities/hailan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:39776:1" rel="noopener">Hailan (2278 HK)</a>'s VGO; <a href="https://www.smartkarma.com/entities/mason-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17664:1" rel="noopener">Mason (273 HK)</a>'s Scheme; <a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent (TNT AU)</a>Scheme, &amp; <a href="https://www.smartkarma.com/entities/kenedix-office-investment-co" target="_blank" data-smartkarma-citation="entities:16263:1" rel="noopener">Kenedix Office (8972 JP)</a>'s merger. </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/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Inner Mongolia Yitai Coal Company Ltd (3948 HK)</a>, and <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>
</ul>


There are 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Five new deals were discussed this week: Lutronic (085370 KS) tender Offer;Hailan (2278 HK)'s VGO; Mason (273 HK)'s Scheme; Tesserent (TNT AU)Scheme, &amp; Kenedix Office (8972 JP)'s merger. 
Key updates took place for Toyo Construction (1890 JP), Inner Mongolia Yitai Coal Company Ltd (3948 HK), and HKBN Ltd (1310 HK).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Lutronic, Hailan, Mason, Tesserent, Kenedix

Hong Kong

Tian An China Investments Co Ltd, through its subsidiaries, develops and manages properties, and provides agency services.  The Company also sells construction materials.

Tian An China Investment (28 HK)

StubWorld: Tian An In AGL's Crosshairs

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David Blennerhassett

Tian An China Investments (28 HK): Trading Halt, Privatisation by Allied Group?

It is likely that Allied Group is seeking to privatise its subsidiary Tian An. An analysis of past transactions suggests an offer of HK$5.01-5.57...

Arun George

Last Week in Event SPACE: Takisawa Machine Tools, Kesei Electric/Oriental, Shenzhen Int’l/E'Way, HMM

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

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(Mostly) Asia-Pac Weekly Risk Arb Wrap: Lutronic, Hailan, Mason, Tesserent, Kenedix

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

StubWorld: Tian An In AGL's Crosshairs

Tian is currently suspended so there is nothing to do. AGL is dirt cheap. Expect Asiasec Properties (271 HK) and Sun Hung Kai (86 HK) to be the...

David Blennerhassett

Tian An China Investments (28 HK): Trading Halt, Privatisation by Allied Group?

It is likely that Allied Group is seeking to privatise its subsidiary Tian An. An analysis of past transactions suggests an offer of HK$5.01-5.57...

Arun George

Last Week in Event SPACE: Takisawa Machine Tools, Kesei Electric/​Oriental, Shenzhen Int’l/E'Way, HMM

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Last Week in Event SPACE: Kesei/Oriental Land, Intouch, Abacus Property, Great Eagle, JS Global

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Lutronic, Hailan, Mason, Tesserent, Kenedix

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: Takisawa Machine Tools, Kesei Electric/Oriental, Shenzhen Int’l/E'Way, HMM