Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 27th December, <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>, a manufacturer of small home appliances, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1227/2024122701148.pdf" target="_blank" rel="noopener">announced</a> an Offer, by way of a Scheme, from the Yang family controlling ~69.04% of Vesync. </li>
<li>The Cancellation Price of $5.60/share, declared final, was a 33.3% premium to undisturbed, and above the 2020 IPO price of HK$5.52/share.</li>
<li>The US anti-trust condition has now been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0128/2025012800338.pdf" target="_blank" rel="noopener">fulfilled</a>. The Scheme Doc dispatch has been extended to the 11 April. I estimate payment under the Offer late May. </li>
</ul>


Back on the 27th December, Vesync (2148 HK), a manufacturer of small home appliances, announced an Offer, by way of a Scheme, from the Yang family controlling ~69.04% of Vesync. 
The Cancellation Price of $5.60/share, declared final, was a 33.3% premium to undisturbed, and above the 2020 IPO price of HK$5.52/share.
The US anti-trust condition has now been fulfilled. The Scheme Doc dispatch has been extended to the 11 April. I estimate payment under the Offer late May. 


Vesync (2148 HK): Trading Wide Ahead Of The Scheme Vote

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>On 27 December 2024, <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a> disclosed a Cayman scheme privatisation offer from the Yang family at HK$5.60. On 28 January, the antitrust condition was satisfied.   </li>
<li>Despite a light offer, the scheme vote is low-risk. No disinterested shareholder holds a blocking stake, there is a scrip option with no cap, and there is no retail opposition. </li>
<li>The scheme document will be despatched by 11 April. At the last close and for an end-of-May payment, the gross and annualised spread is 6.9% and 22.7%, respectively.  </li>
</ul>


On 27 December 2024, Vesync (2148 HK) disclosed a Cayman scheme privatisation offer from the Yang family at HK$5.60. On 28 January, the antitrust condition was satisfied.   
Despite a light offer, the scheme vote is low-risk. No disinterested shareholder holds a blocking stake, there is a scrip option with no cap, and there is no retail opposition. 
The scheme document will be despatched by 11 April. At the last close and for an end-of-May payment, the gross and annualised spread is 6.9% and 22.7%, respectively.  


Vesync (2148 HK): Antitrust Condition Satisfied, and the Scheme Vote Remains Low-Risk

<ul>
<li>On the <a href="https://announcements.asx.com.au/asxpdf/20241125/pdf/06bsnwy06nspdv.pdf" target="_blank" rel="noopener">25th November</a>, online trading player <a href="https://www.smartkarma.com/entities/selfwealth-ltd" target="_blank" data-smartkarma-citation="entities:30690:1" rel="noopener">SelfWealth Ltd (SWF AU)</a> entered into a SID with <a href="https://www.smartkarma.com/entities/bell-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:7251:1" rel="noopener">Bell Financial (BFG AU)</a> at A$0.25/share after outbidding AxiCorp Financial Services.</li>
<li>Now Singaporean-based wealth manager Svava has tabled a non-binding A$0.28/share Offer, in cash, by way of a Scheme. Svava also holds an effective blocking stake - 18.8% of shares out. </li>
<li>SelfWealth said Svava's proposal "while indicative and non-binding, could be reasonably considered to become a superior proposal." BFG needs to step up. </li>
</ul>


On the 25th November, online trading player SelfWealth Ltd (SWF AU) entered into a SID with Bell Financial (BFG AU) at A$0.25/share after outbidding AxiCorp Financial Services.
Now Singaporean-based wealth manager Svava has tabled a non-binding A$0.28/share Offer, in cash, by way of a Scheme. Svava also holds an effective blocking stake - 18.8% of shares out. 
SelfWealth said Svava's proposal "while indicative and non-binding, could be reasonably considered to become a superior proposal." BFG needs to step up. 


SelfWealth (SWF AU): Peter Thiel-Backed Svava Crashes Bell's Offer

<ul>
<li>Back 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 <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1210/2024121000882.pdf" target="_blank" rel="noopener">rare Scheme buyback</a>, with a Cancellation Price of $7.80/share (not declared final), a punchy 95% premium to undisturbed. </li>
<li>A successful Scheme would result in <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 holding 100% in Fosun Tourism - without having to outlay a cent. </li>
<li>A scrip alternative was afforded IF expressions of interests from 1% of shares out occurred. That didn't happen. Still a clean deal. Scheme Doc dispatch is the 14th Feb.</li>
</ul>


Back on the 10th December 2024, Fosun Tourism (1992 HK) announced a rare Scheme buyback, with a Cancellation Price of $7.80/share (not declared final), a punchy 95% premium to undisturbed. 
A successful Scheme would result in Fosun International (656 HK) and concert parties holding 100% in Fosun Tourism - without having to outlay a cent. 
A scrip alternative was afforded IF expressions of interests from 1% of shares out occurred. That didn't happen. Still a clean deal. Scheme Doc dispatch is the 14th Feb.


Fosun Tourism (1992 HK): No Love For The Scrip Alternative

<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/chuoh-pack-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:1360:1" rel="noopener">Chuoh Pack Industry (3952 JP)</a>, <a href="https://www.smartkarma.com/entities/giga-prize-co-ltd" target="_blank" data-smartkarma-citation="entities:6115:1" rel="noopener">Giga Prize (3830 JP)</a>, <a href="https://www.smartkarma.com/entities/sanyo-special-steel-co-ltd" target="_blank" data-smartkarma-citation="entities:15900:1" rel="noopener">Sanyo Special Steel (5481 JP)</a>, <a href="https://www.smartkarma.com/entities/ascot-corp" target="_blank" data-smartkarma-citation="entities:9576:1" rel="noopener">Ascot Corp (3264 JP)</a>, <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>. 
</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/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/millennium-copthorne-hotels-nz-ltd" target="_blank" data-smartkarma-citation="entities:5040:1" rel="noopener">Millennium &amp; Copthorne Hotels Nz (MCK NZ)</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: Chuoh Pack Industry (3952 JP), Giga Prize (3830 JP), Sanyo Special Steel (5481 JP), Ascot Corp (3264 JP), Lifestyle China (2136 HK), Seven &amp; I Holdings (3382 JP). 

Lowest spreads: Makino Milling Machine Co (6135 JP), Avjennings Ltd (AVJ AU), Fuji Soft Inc (9749 JP), Macromill, Inc (3978 JP), Millennium &amp; Copthorne Hotels Nz (MCK NZ). 



Merger Arb Mondays (03 Feb) - ESR, LifeStyle China, Vesync, Giga Prize, Sanyo, Ascot, Seven & I

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)

Vesync (2148 HK): Trading Wide Ahead Of The Scheme Vote

This is done. IF payment late-May, I'd pay up to HK$5.35/share for a gross/annualised return of 4.5%/15%. If small, illiquid arbs are your bent,...

David Blennerhassett

Vesync (2148 HK): Antitrust Condition Satisfied, and the Scheme Vote Remains Low-Risk

Despite a light offer, the scheme vote is low-risk. No disinterested shareholder holds a blocking stake, there is a scrip option with no cap, and...

Arun George

SelfWealth (SWF AU): Peter Thiel-Backed Svava Crashes Bell's Offer

We have a (more than likely) competing bidding situation. If small, illiquid arbs are your bent, look to enter around Svava's non-binding terms and...

David Blennerhassett

Fosun Tourism (1992 HK): No Love For The Scrip Alternative

This transaction is done. No competing Offer will emerge. IF payment early April, I'd pay up to HK$7.62/share for a gross/annualised return of 2%/15%.

David Blennerhassett

Merger Arb Mondays (03 Feb) - ESR, LifeStyle China, Vesync, Giga Prize, Sanyo, Ascot, Seven & I

This week, the highest gross spreads are Chuoh Pack Industry (273%), Giga Prize (48.5%), Sanyo Special Steel (37.4%), Ascot Corp (20.4%), Lifestyle...

Arun George

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