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>
<a href="https://www.smartkarma.com/entities/vcredit-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27143:1" rel="noopener">VCredit Holdings Ltd (2003 HK)</a>, a provider of consumer financial services in China, was listed on the 21st June 2018 at <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2018/0620/02003_3371304/e102.pdf" target="_blank" rel="noopener">HK$20/share</a>. Shares are currently down 90%.</li>
<li>Ma Ting Hung, VCredit's chairman, held 35.6% at the time of listing, and currently holds 39.85%.  </li>
<li>VCredit was suspended this morning pursuant to the Takeovers Code. Now might be the time for Ma to take VCredit back into the fold. </li>
</ul>



VCredit Holdings Ltd (2003 HK), a provider of consumer financial services in China, was listed on the 21st June 2018 at HK$20/share. Shares are currently down 90%.
Ma Ting Hung, VCredit's chairman, held 35.6% at the time of listing, and currently holds 39.85%.  
VCredit was suspended this morning pursuant to the Takeovers Code. Now might be the time for Ma to take VCredit back into the fold. 


<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?

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

VCredit (2003 HK): Ma Makes His Move?

VCredit is down 90% from its 2018 listing. VCredit is currently suspended pursuant to the Takeovers Code. Now might be the time for the Chairman...

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

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