Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 20 December, <a href="https://www.smartkarma.com/entities/vcredit-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27143:1" rel="noopener">VCredit Holdings (2003 HK)</a>, a provider of consumer financial services in China, announced a unconditional MGO from Ma Ting Hung, VCredit's chairman. and concert parties.</li>
<li>The catch? The Offer Price of HK$1.80/share was a 9.09% discount to undisturbed. It will not be increased. </li>
<li>VCredit's Composite Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0109/2025010900641.pdf" target="_blank" rel="noopener">out</a>, with the Offer open for tendering, with a 3rd February first close. The IFA says "not fair and not reasonable". Trading 45% through terms.</li>
</ul>


Back on the 20 December, VCredit Holdings (2003 HK), a provider of consumer financial services in China, announced a unconditional MGO from Ma Ting Hung, VCredit's chairman. and concert parties.
The catch? The Offer Price of HK$1.80/share was a 9.09% discount to undisturbed. It will not be increased. 
VCredit's Composite Doc is now out, with the Offer open for tendering, with a 3rd February first close. The IFA says "not fair and not reasonable". Trading 45% through terms.


VCredit (2003 HK): Offer Now Open. IFA Says Not Fair. Not Even Close

<ul>
<li>When <a href="https://www.smartkarma.com/entities/vcredit-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27143:1" rel="noopener">VCredit Holdings (2003 HK)</a>, a provider of consumer financial services in China, was suspended pursuant to the Takeovers Code, I expected an Offer from Ma Ting Hung, VCredit's chairman.</li>
<li>Well, we do have an Offer. Ma acquired 4.19% via two SPAs, lifting his stake to 44.04%. Stephen Liu (an ED) also acquired 1.43% via an SPA.</li>
<li>As Ma, Liu, and other parties, are presumed to be acting in concert, an <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1220/2024122001704.pdf" target="_blank" rel="noopener">unconditional MGO</a> is triggered. But at HK$1.80/share, a 9.09% discount to undisturbed.
</li>
</ul>


When VCredit Holdings (2003 HK), a provider of consumer financial services in China, was suspended pursuant to the Takeovers Code, I expected an Offer from Ma Ting Hung, VCredit's chairman.
Well, we do have an Offer. Ma acquired 4.19% via two SPAs, lifting his stake to 44.04%. Stephen Liu (an ED) also acquired 1.43% via an SPA.
As Ma, Liu, and other parties, are presumed to be acting in concert, an unconditional MGO is triggered. But at HK$1.80/share, a 9.09% discount to undisturbed.



VCredit (2003 HK): Ma Does Makes His Move. But Nothing To Shout About

<ul>
<li>Cuscaden Peak, the sponsor of <a href="https://www.smartkarma.com/entities/paragon-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">Paragon REIT (PGNREIT SP)</a> and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24's S$0.0233/unit cash distribution.</li>
<li>The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.</li>
<li>Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It may trade tighter given the early distribution payment.</li>
</ul>


Cuscaden Peak, the sponsor of Paragon REIT (PGNREIT SP) and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24's S$0.0233/unit cash distribution.
The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.
Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It may trade tighter given the early distribution payment.


Paragon REIT (PGNREIT SP)'s Privatisation Offer

<ul>
<li>Mid-Trading yesterday, broker <a href="https://www.smartkarma.com/entities/bright-smart-securities-and" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities And (1428 HK)</a> was suspended pursuant to the Takeovers Code. Shares closed up 9.3% before suspension.</li>
<li>Bright Smart's ops are tonking along nicely. It recently announced a (preliminary) 10% increase in FY25 profit (Mar Y/E). The share price is up 97% yoy.</li>
<li>Bright Smart's Chairman, Yip Peter Mow Lun, holds 50.54%. Unusual timing to take the company private. Alternatively Yip, at 73-years of age, may be cashing in his chips. </li>
</ul>


Mid-Trading yesterday, broker Bright Smart Securities And (1428 HK) was suspended pursuant to the Takeovers Code. Shares closed up 9.3% before suspension.
Bright Smart's ops are tonking along nicely. It recently announced a (preliminary) 10% increase in FY25 profit (Mar Y/E). The share price is up 97% yoy.
Bright Smart's Chairman, Yip Peter Mow Lun, holds 50.54%. Unusual timing to take the company private. Alternatively Yip, at 73-years of age, may be cashing in his chips. 


Bright Smart (1428 HK): Chairman's Scheme, Or Cashing Out?

<ul>
<li>Back in March of last year, Bloomberg reported,that Renaldo Santosa and his family, who collectively controlled ~75.5% of agri-play <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>, were considering taking Japfa private.</li>
<li>This was discussed in<a href="https://www.smartkarma.com/compose/insight/174028/%20https:/skr.ma/iKVsA" target="_blank" rel="noopener"> Japfa (JAP SP): Impressive Gain. But No Firm Offer</a>. Then crickets. </li>
<li>The family has now pitched an Offer of S$0.62/share, by way of  a Scheme, a 34.8% premium to undisturbed. That's probably enough to get this over the line. </li>
</ul>


Back in March of last year, Bloomberg reported,that Renaldo Santosa and his family, who collectively controlled ~75.5% of agri-play Japfa Ltd (JAP SP), were considering taking Japfa private.
This was discussed in Japfa (JAP SP): Impressive Gain. But No Firm Offer. Then crickets. 
The family has now pitched an Offer of S$0.62/share, by way of  a Scheme, a 34.8% premium to undisturbed. That's probably enough to get this over the line. 


Japfa (JAP SP): The Santosa Family (Finally) Makes A Move

Hong Kong

VCredit Holdings Limited provides consumer finance services. The Company offers microloans, financing guarantees, financial leasing, and other services. VCredit Holdings also provides related consulting services.

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VCredit Holdings Ltd (2003 HK)

VCredit (2003 HK): Offer Now Open. IFA Says Not Fair. Not Even Close

Unless you have some strong opinion on the back-end - I don't - this is an avoid. No one will tender into this Offer. Nothng to see here.

David Blennerhassett

VCredit (2003 HK): Ma Does Makes His Move. But Nothing To Shout About

Unless you have some strong opinion on the back-end, this is an avoid. Over time, provided VCredit stays bombed out, expect Ma/concert parties to...

David Blennerhassett

Paragon REIT (PGNREIT SP)'s Privatisation Offer

Looks pretty clean. A 7% premium to NAV and a roughly two-year high. If payment on or around late May, I'd pay up to S$0.97/share for a gross...

David Blennerhassett

Bright Smart (1428 HK): Chairman's Scheme, Or Cashing Out?

Broker Bright Smart is suspended to the Takeovers Code. Its chairman, Yip Peter, holds 50.54%. Unusual timing to take the company private. Yip, at...

David Blennerhassett

Japfa (JAP SP): The Santosa Family (Finally) Makes A Move

Scheme Doc dispatched. 15th April Scheme Meeting. Payment on or around the 30th May. With a fair value range of S$0.53 to S$0.56/share, the IFA...

David Blennerhassett

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