Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 5th November, <a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice Holdings (64 HK)</a> (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a> (GNF).</li>
<li>The (then) HK$1.116/share implied scrip price &amp; divvy compared to a book value of HK1.736/share. and net cash of ~HK$1.00/share. At the 22nd January EGM, GNH shareholders <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0122/2025012200343.pdf" target="_blank" rel="noopener">backed the Offer</a>.</li>
<li>The Scheme Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0210/2025021000033.pdf" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 7th March,  with new GNH shares trading on the 7th April. The IFA (Veda Capital) botched its peer analysis.</li>
</ul>


Back on the 5th November, Get Nice Holdings (64 HK) (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held Get Nice Financial Group Ltd (1469 HK) (GNF).
The (then) HK$1.116/share implied scrip price &amp; divvy compared to a book value of HK1.736/share. and net cash of ~HK$1.00/share. At the 22nd January EGM, GNH shareholders backed the Offer.
The Scheme Doc is now out, with a Court Meeting on the 7th March,  with new GNH shares trading on the 7th April. The IFA (Veda Capital) botched its peer analysis.


Get Nice Financial (1469 HK)'s Scheme Vote On The 7th March

<ul>
<li>On the 10th December 2024, <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a> announced a Scheme buyback, with a Cancellation Price of $7.80/share (not declared final), a chunky 95% premium to undisturbed.</li>
<li>Assuming the Scheme gets up, <a href="https://www.smartkarma.com/entities/fosun-international-ltd" target="_blank" data-smartkarma-citation="entities:433:1" rel="noopener">Fosun International (656 HK)</a> and concert parties would hold 100% in Fosun Tourism.</li>
<li>The Scheme Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0210/2025021000007.pdf" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 4th March, and expected settlement on the 26th March. The IFA (Altus Capital) says "fair and reasonable".</li>
</ul>


On the 10th December 2024, Fosun Tourism (1992 HK) announced a Scheme buyback, with a Cancellation Price of $7.80/share (not declared final), a chunky 95% premium to undisturbed.
Assuming the Scheme gets up, Fosun International (656 HK) and concert parties would hold 100% in Fosun Tourism.
The Scheme Doc is now out, with a Court Meeting on the 4th March, and expected settlement on the 26th March. The IFA (Altus Capital) says "fair and reasonable".


Fosun Tourism (1992 HK)'s Scheme Buyback Vote On The 4th March

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>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/lifestyle-china-group-ltd" target="_blank" data-smartkarma-citation="entities:26090:1" rel="noopener">Lifestyle China (2136 HK)</a>, <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>, <a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus (DADA US)</a>, <a href="https://www.smartkarma.com/entities/smart-share-global-limited" target="_blank" data-smartkarma-citation="entities:32217:1" rel="noopener">Smart Share Global (EM US)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, Get Nice Financial. 
</li>
<li>Lowest spreads: <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>, <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>, <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto Corp (4298 JP)</a>. 
</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Lifestyle China (2136 HK), Seven &amp; I Holdings (3382 JP), Dada Nexus (DADA US), Smart Share Global (EM US), ESR Group (1821 HK), Get Nice Financial. 

Lowest spreads: Makino Milling Machine Co (6135 JP), Shibaura Electronics (6957 JP), Avjennings Ltd (AVJ AU), Fuji Soft Inc (9749 JP), Macromill, Inc (3978 JP), Proto Corp (4298 JP). 



Merger Arb Mondays (10 Feb) - Shibaura, Makino, Fuji Soft, Tecnos, Tohto Suisan, Proto, Pentamaster

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>Relevant departments are discussing the promotion of drugs included in VBP scope to enter retail pharmacies. However, the new business model will be detrimental to valuation performance for retail pharmacies.</li>
<li>The gap in the distribution of funds among biotech companies is rapidly widening. We suggest investors focus on leading biotech rather than take risks in areas with higher uncertainties.</li>
<li>Vesync is a good company. Due to the low liquidity, the Proposal presents a good opportunity for shareholders to exit. Considering its future growth potential, Share Alternative can be considered.</li>
</ul>


Relevant departments are discussing the promotion of drugs included in VBP scope to enter retail pharmacies. However, the new business model will be detrimental to valuation performance for retail pharmacies.
The gap in the distribution of funds among biotech companies is rapidly widening. We suggest investors focus on leading biotech rather than take risks in areas with higher uncertainties.
Vesync is a good company. Due to the low liquidity, the Proposal presents a good opportunity for shareholders to exit. Considering its future growth potential, Share Alternative can be considered.


China Healthcare Weekly (Feb.9) - Vesync Is a High-Quality Company, VBP to Cover Retail Pharmacies

<ul>
<li>You could label <a href="https://www.smartkarma.com/entities/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera Corp (6971 JP)</a>"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>spins off <a href="https://www.smartkarma.com/entities/smithfield-foods-inc" target="_blank" data-smartkarma-citation="entities:44251:1" rel="noopener">Smithfield Foods (SFD US)</a> - below the prior expected price range.  Pricing looks full here.</li>
<li>As <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?</li>
</ul>


You could label Kyocera Corp (6971 JP)"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.

WH Group (288 HK)spins off Smithfield Foods (SFD US) - below the prior expected price range.  Pricing looks full here.
As China National Building Material (3323 HK)'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?


Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

United States

Vesync Co., Ltd. specializes in the research, development, manufacture, and sale of smart household appliances and smart home devices. The company markets its products under three main brands: Levoit for home environment appliances, Etekcity for smart home gadgets and health monitoring, and Cosori for kitchen appliances. Founded in 2011, its headquarters are located in Shenzhen, China.

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Vesync (2148 HK)

Get Nice Financial (1469 HK)'s Scheme Vote On The 7th March

As of the 14th Feb, GNH is no longer shortable. Avoid the arb trade. A more interesting bet is GNH, at a 74% discount to NAV and 0.21x P/B. That...

David Blennerhassett

Fosun Tourism (1992 HK)'s Scheme Buyback Vote On The 4th March

This is a clean deal. Assuming payment early April, I'd pay up to HK$7.67/share for a gross/annualised return of 2%/15%.

David Blennerhassett

Merger Arb Mondays (10 Feb) - Shibaura, Makino, Fuji Soft, Tecnos, Tohto Suisan, Proto, Pentamaster

This week, the highest gross spreads are Lifestyle China (16.7%), Seven & I (15.4%), Dada Nexus (9.3%), Smart Share (7.8%), ESR (7.8%), Get Nice...

Arun George

China Healthcare Weekly (Feb.9) - Vesync Is a High-Quality Company, VBP to Cover Retail Pharmacies

Promoting VBP in retail pharmacy may harm valuation.Biotech funding gap widens, investors advised to focus on leading companies. Vesync is a good...

Xinyao (Criss) Wang

Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

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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