Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-sheet-glass-co-ltd" target="_blank" data-smartkarma-citation="entities:9013:1" rel="noopener">Nippon Sheet Glass (5202 JP)</a> is now down to "pure arb." All approvals are in. All financing done. The remaining trade is to buy and hold until the cash settles.</li>
<li>I see no startling revelation when inspecting <a href="https://www.smartkarma.com/entities/guotai-junan-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:13438:1" rel="noopener">Guotai Junan International (1788 HK)</a>'s s329 investigative reports.</li>
<li>
<a href="https://www.smartkarma.com/entities/resonac-holdings-corp" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Resonac (4004 JP)</a> is spinning off 80+% of its petrochemical division. <a href="https://www.smartkarma.com/entities/crasus-chemical" target="_blank" data-smartkarma-citation="entities:58630:1" rel="noopener">Crasus Chemical</a> is unlikely to stay in MSCI. Definitely not Nikkei 225. Big selling on Day 1 at the close likely.</li>
</ul>



Nippon Sheet Glass (5202 JP) is now down to "pure arb." All approvals are in. All financing done. The remaining trade is to buy and hold until the cash settles.
I see no startling revelation when inspecting Guotai Junan International (1788 HK)'s s329 investigative reports.

Resonac (4004 JP) is spinning off 80+% of its petrochemical division. Crasus Chemical is unlikely to stay in MSCI. Definitely not Nikkei 225. Big selling on Day 1 at the close likely.


Last Week In Event SPACE: Nippon Sheet Glass, Guotai Junan, Resonac, Skyworth, Fosun, Austal

<ul>
<li>On the 20th January 2026, <a href="https://www.smartkarma.com/entities/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth (751 HK)</a> announced an inter-conditional Scheme and concurrent listing of 70%-held Skyworth Photovoltaic (Skyworth PV) on the HKEx, by way of introduction.</li>
<li>The <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng (489 HK)</a>/<a href="https://www.smartkarma.com/entities/voyah-automotive-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:47617:1" rel="noopener">Voyah (7489 HK)</a>-like structure appeared fair. The challenge was that Skyworth PV's key comps were/are A-share listed, and Skyworth PV should trade at an H-share discount.</li>
<li>Currently trading right at the Scheme cash consideration, assigning zero value for Skyworth PV. Skyworth's share price is 22% below the pre-spin-off announcement price.  I can see this trending lower.</li>
</ul>


On the 20th January 2026, Skyworth (751 HK) announced an inter-conditional Scheme and concurrent listing of 70%-held Skyworth Photovoltaic (Skyworth PV) on the HKEx, by way of introduction.
The Dongfeng (489 HK)/Voyah (7489 HK)-like structure appeared fair. The challenge was that Skyworth PV's key comps were/are A-share listed, and Skyworth PV should trade at an H-share discount.
Currently trading right at the Scheme cash consideration, assigning zero value for Skyworth PV. Skyworth's share price is 22% below the pre-spin-off announcement price.  I can see this trending lower.


Skyworth (751 HK) Gives Up Spin-Off Gains. And Then Some

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 9 March, the vote on the <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> comfortably passed. The offer is HK$6.68 per H Share + 0.3552608 VOYAH H Shares per H Share.</li>
<li>
<a href="https://www.smartkarma.com/entities/voyah-automobile-technology-company-ltd" target="_blank" data-smartkarma-citation="entities:47617:1" rel="noopener">VOYAH Automobile Technology Company (7489 HK)</a> is set to be listed on 19 March. At the Dongfeng's last close price of HK$9.54, the implied value of VOYAH is HK$8.05. </li>
<li>Despite the market turmoil, VOYAH’s peers have fared well, up 7% since the vote. My VOYAH valuation range is HK$10.76 to HK$14.01, with a midpoint of HK$12.45.</li>
</ul>


On 9 March, the vote on the Dongfeng Motor (489 HK) comfortably passed. The offer is HK$6.68 per H Share + 0.3552608 VOYAH H Shares per H Share.

VOYAH Automobile Technology Company (7489 HK) is set to be listed on 19 March. At the Dongfeng's last close price of HK$9.54, the implied value of VOYAH is HK$8.05. 
Despite the market turmoil, VOYAH’s peers have fared well, up 7% since the vote. My VOYAH valuation range is HK$10.76 to HK$14.01, with a midpoint of HK$12.45.


Dongfeng Motor (489 HK): Thoughts on VOYAH’s Listing on 19 March

China

Voyah is a Chinese new energy vehicle manufacturer specializing in designing and developing premium electric vehicles, including sedans, SUVs, and MPVs. The company also provides related repair and maintenance services. Voyah is headquartered in Wuhan, China, and was founded in April 2019.

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Voyah (7489 HK)

Last Week In Event SPACE: Nippon Sheet Glass, Guotai Junan, Resonac, Skyworth, Fosun, Austal

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

Skyworth (751 HK) Gives Up Spin-Off Gains. And Then Some

Skyworth, as is, is trading above its five-year average on all metrics. I don't see the spin-off happening. This has been a terrible trade. I...

David Blennerhassett

Dongfeng Motor (489 HK): Thoughts on VOYAH’s Listing on 19 March

Despite the market turmoil, VOYAH’s peers have fared well, up 7% since the vote. My VOYAH midpoint valuation is HK$12.45. In comparison, at...

Arun George

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