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Equity Bottom-Up

Tian An China Investments / Equity Bottom-Up

<ul>
 <li>Tian An is a Hong Kong-based investment holding company primarily focused on property development and investment in Mainland China, with a history dating back to 1986.</li>
 <li>The company faces significant headwinds from the prolonged downturn in China's real estate sector, reflected in its sharply declining net income and dividends, culminating in a net loss in the most recent fiscal year.</li>
 <li>Despite profitability challenges, the company has demonstrated a remarkably strong growth in operating and free cash flow in the latest year, coupled with a low price-to-book valuation that may attract value-oriented investors.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Tian An is a Hong Kong-based investment holding company primarily focused on property development and investment in Mainland China, with a history dating back to 1986.
  The company faces significant headwinds from the prolonged downturn in China's real estate sector, reflected in its sharply declining net income and dividends, culminating in a net loss in the most recent fiscal year.
  Despite profitability challenges, the company has demonstrated a remarkably strong growth in operating and free cash flow in the latest year, coupled with a low price-to-book valuation that may attract value-oriented investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Tian An China Investment (28 HK) - Feb 2026

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 21 - 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 deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>, and <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>, <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a>, and <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a><a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener"></a>.</li>
</ul>


I tally 21 - 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 deal was discussed on Smartkarma this week: Atlas Arteria (ALX AU), European Lithium (EUR AU), and oOh!Media Ltd (OML AU).
Key updates/news also took place on: Humm Group (HUM AU), ENN Energy (2688 HK), Makino Milling Machine Co (6135 JP), and Sankei Real Estate (2972 JP).


Asia-Pac M&A Weekly Wrap: Atlas Arteria, European Lithium, OOh!Media Ltd, ENN Energy, Makino Milling

<ul>
<li>
<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso (6902 JP)</a> is a "value trade". <a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a>'s also great value, but doesn't have disappointing Mar27e guidance. It also has a buyback to come after the tender-offer buyback.</li>
<li>IFM has abandoned its creep approach and launched an off-market Offer for <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>.
</li>
<li>Irrespective of the recent H-share placement, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> (CATL) continues to boast a high concentration of shareholders post-placement.</li>
</ul>



Denso (6902 JP) is a "value trade". Aisin (7259 JP)'s also great value, but doesn't have disappointing Mar27e guidance. It also has a buyback to come after the tender-offer buyback.
IFM has abandoned its creep approach and launched an off-market Offer for Atlas Arteria (ALX AU).

Irrespective of the recent H-share placement, Contemporary Amperex Technology (CATL) (3750 HK) (CATL) continues to boast a high concentration of shareholders post-placement.


Last Week In Event SPACE: Denso / Aisin, CATL, CK Hutchison

<ul>
<li>On the 23rd March, hospital/nursing home operator <a href="https://www.smartkarma.com/entities/tian-an-medicare-limited" target="_blank" data-smartkarma-citation="entities:7181:1" rel="noopener">Tian An Medicare (383 HK)</a> announced a small buyback, potentially lifting <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>'s stake to 55% from 51.47%.</li>
<li>The buyback is for 70mn shares or 6.48% of shares out, at HK$1.10/share, a 15.79% premium to last close. IF key shareholders do not tender, pro-ration could be &gt;95%.</li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0427/2026042702170.pdf" target="_blank" rel="noopener">The Offer Doc is now out</a>. The SGM (effectively a formality) will be held on the 18th May. The IFA says "fair and reasonable". </li>
</ul>


On the 23rd March, hospital/nursing home operator Tian An Medicare (383 HK) announced a small buyback, potentially lifting Tian An China Investment (28 HK)'s stake to 55% from 51.47%.
The buyback is for 70mn shares or 6.48% of shares out, at HK$1.10/share, a 15.79% premium to last close. IF key shareholders do not tender, pro-ration could be &gt;95%.

The Offer Doc is now out. The SGM (effectively a formality) will be held on the 18th May. The IFA says "fair and reasonable". 


Tian An Medicare (383 HK)'s Partial Offer Doc Now Out

<ul>
<li>Bain extends the TOB for <a href="https://www.smartkarma.com/entities/mcj-co-ltd" target="_blank" data-smartkarma-citation="entities:14132:1" rel="noopener">MCJ Co Ltd (6670 JP)</a>. This still needs a bump.</li>
<li>I'd still be setting up the stub here. Or buying <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> outright. Expect more accretion/recycling. All of which benefits Matheson. And the Keswicks.</li>
<li>Re: <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>: arbitrageurs gonna arbitrage. And shorts are going to cover. If you are in either camp, you know what to do. Or have to do.</li>
</ul>


Bain extends the TOB for MCJ Co Ltd (6670 JP). This still needs a bump.
I'd still be setting up the stub here. Or buying Jardine Matheson Holdings (JM SP) outright. Expect more accretion/recycling. All of which benefits Matheson. And the Keswicks.
Re: Toyota Industries (6201 JP): arbitrageurs gonna arbitrage. And shorts are going to cover. If you are in either camp, you know what to do. Or have to do.


Last Week In Event SPACE: MCJ, Jardine Matheson, Toyota Industries, Zijin Mining/Chifeng Jilong Gold

Hong Kong

Tian An China Investments is an investment holding company primarily engaged in property development and investment, property management services, and the investment and operation of hospitals, eldercare, and health-related businesses. The company develops residential, office, and commercial properties, and also operates golf courses and manages hotels. It was founded in 1986 and is headquartered in Wan Chai, Hong Kong.

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Tian An China Investments (28 HK)

Primer: Tian An China Investment (28 HK) - Feb 2026

Tian An is a Hong Kong-based investment holding company primarily focused on property development and investment in Mainland China, with a...

αSK

Asia-Pac M&A Weekly Wrap: Atlas Arteria, European Lithium, OOh!Media Ltd, ENN Energy, Makino Milling

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: Denso / Aisin, CATL, CK Hutchison

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

Tian An Medicare (383 HK)'s Partial Offer Doc Now Out

I'd buy Tian An Medicare, either for the back-end (if you have a strong opinion); or for what could potentially be a very high pro-ration.

David Blennerhassett

Last Week In Event SPACE: MCJ, Jardine Matheson, Toyota Industries, Zijin Mining/Chifeng Jilong Gold

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

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