Event-Driven Investment Opportunities, Special Situation Investments

Special Situation Investments

Event-Driven Investment Opportunities

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

Event-Driven

<ul><li>Wanda Hotel Development plans to sell its hotel management business, with proceeds potentially returned to shareholders, offering a 40%+ upside.</li><li>Liquidia cleared legal hurdles for Yutrepia's FDA approval, with commercialization expected to narrow the valuation gap with UTHR.</li><li>LENSAR's acquisition by Alcon includes a $2.75 CVR, contingent on procedure volumes, with regulatory risk as a key concern.</li></ul>

Wanda Hotel Development plans to sell its hotel management business, with proceeds potentially returned to shareholders, offering a 40%+ upside.Liquidia cleared legal hurdles for Yutrepia's FDA approval, with commercialization expected to narrow the valuation gap with UTHR.LENSAR's acquisition by Alcon includes a $2.75 CVR, contingent on procedure volumes, with regulatory risk as a key concern.

SSI Weekly Highlights: Asset Sales, Liquidations, and Strategic Reviews in Focus for Key Companies

<ul><li>Wanda Hotel Development plans to sell hotel management operations to Tongcheng Travel for HK$2.4bn, exceeding its market cap.</li><li>WHD intends to return most sale proceeds to shareholders, retaining some for working capital and future investments.</li><li>WHD retains valuable real estate assets, including Chicago condos and a Guilin shopping mall, with potential additional sales.</li></ul>

Wanda Hotel Development plans to sell hotel management operations to Tongcheng Travel for HK$2.4bn, exceeding its market cap.WHD intends to return most sale proceeds to shareholders, retaining some for working capital and future investments.WHD retains valuable real estate assets, including Chicago condos and a Guilin shopping mall, with potential additional sales.

Wanda Hotel Development's Asset Sale: Potential Upside and Key Risks Analyzed

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wanda-hotel-development-co-ltd" target="_blank" data-smartkarma-citation="entities:15233:1" rel="noopener">Wanda Hotel Development (169 HK)</a>, <a href="https://di.hkex.com.hk/di/NSForm2.aspx?fn=CS20241018E00444&amp;sa2=as&amp;sid=290&amp;corpn=Wanda+Hotel+Development+Co.+Ltd.&amp;sd=24%2f04%2f2024&amp;ed=24%2f04%2f2025&amp;cid=0&amp;sa1=cl&amp;scsd=24%2f04%2f2024&amp;sced=24%2f04%2f2025&amp;sc=169&amp;src=MAIN&amp;lang=EN&amp;g_lang=en&amp;" target="_blank" rel="noopener">65.05%</a> held by Wang Jianlin, is selling its hotel property arm to <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com (9961 HK)</a>-backed <a href="https://www.smartkarma.com/entities/tongcheng-travel-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27363:1" rel="noopener">Tongcheng Travel Holdings (780 HK)</a>.</li>
<li>Wang Jianlin's cash-strapped Dalian Wanda Group has been offloading assets such as the $8.3bn sale of its mall management business to a PAG-led consortium in March last year.</li>
<li>Wanda Hotel proposes distributing all or part of the proceeds from the sale. Given Wang's controlling shareholding, I'd tilt towards the former.</li>
</ul>



Wanda Hotel Development (169 HK), 65.05% held by Wang Jianlin, is selling its hotel property arm to Tencent (700 HK) and Trip.com (9961 HK)-backed Tongcheng Travel Holdings (780 HK).
Wang Jianlin's cash-strapped Dalian Wanda Group has been offloading assets such as the $8.3bn sale of its mall management business to a PAG-led consortium in March last year.
Wanda Hotel proposes distributing all or part of the proceeds from the sale. Given Wang's controlling shareholding, I'd tilt towards the former.


Wanda Hotel (169 HK) To Offload Hotel Management Arm

Renatus Tactical Acquisition Corp I / Event-Driven

<ul><li>Renatus Tactical Acquisition, a SPAC targeting crypto/blockchain, shows 3% return with capped downside at 15%, potential speculative inflows.</li><li>Wanda Hotel Development's asset sale exceeds market cap, plans capital return, 20% upside; Lifeway Foods sale to Danone expected.</li><li>Liquidia's FDA-approved Yutrepia drug targets significant market share, 100%+ upside; Currency Exchange International's FX Payments segment shows high growth.</li></ul>

Renatus Tactical Acquisition, a SPAC targeting crypto/blockchain, shows 3% return with capped downside at 15%, potential speculative inflows.Wanda Hotel Development's asset sale exceeds market cap, plans capital return, 20% upside; Lifeway Foods sale to Danone expected.Liquidia's FDA-approved Yutrepia drug targets significant market share, 100%+ upside; Currency Exchange International's FX Payments segment shows high growth.

Exploring Active Portfolio Ideas: SPACs, Asset Sales, Company Sales and More

<ul><li>Renatus Tactical Acquisition Corp I (RTACU) is a SPAC targeting crypto and blockchain mergers, with a capped downside risk.</li><li>Liquidia (LQDA) anticipates strong traction for Yutrepia's launch, with profitability expected within 3 to 4 quarters post-launch.</li><li>Embracer Group (EMBRAC-B:ST) faces delays in AAA game releases, impacting sales estimates, but Coffee Stain spinoff remains on track.</li></ul>

Renatus Tactical Acquisition Corp I (RTACU) is a SPAC targeting crypto and blockchain mergers, with a capped downside risk.Liquidia (LQDA) anticipates strong traction for Yutrepia's launch, with profitability expected within 3 to 4 quarters post-launch.Embracer Group (EMBRAC-B:ST) faces delays in AAA game releases, impacting sales estimates, but Coffee Stain spinoff remains on track.

SSI Newsletter Highlights: New SPAC and Liquidation Ideas, Key Updates on Dividends and More

Hong Kong

Wanda Hotel Development Company Limited is an investment holding company. The Company focuses on property development, property leasing, property management and investment holdings activities. Wanda Hotel Development builds and holds hotels in cities worldwide.

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SSI Weekly Highlights: Asset Sales, Liquidations, and Strategic Reviews in Focus for Key Companies

Wanda Hotel Development plans to sell its hotel management business, with proceeds potentially returned to shareholders, offering a 40%+ upside.

Special Situation Investments

Wanda Hotel Development's Asset Sale: Potential Upside and Key Risks Analyzed

Wanda Hotel Development plans to sell hotel management operations to Tongcheng Travel for HK$2.4bn, exceeding its market cap.

Special Situation Investments

Wanda Hotel (169 HK) To Offload Hotel Management Arm

Wanda Hotel is selling its hotel property arm to Tencent/Trip.com-backed Tongcheng. Wanda said it will distribute all or part of the proceeds....

David Blennerhassett

Exploring Active Portfolio Ideas: SPACs, Asset Sales, Company Sales and More

Renatus Tactical Acquisition, a SPAC targeting crypto/blockchain, shows 3% return with capped downside at 15%, potential speculative inflows.

Special Situation Investments

SSI Newsletter Highlights: New SPAC and Liquidation Ideas, Key Updates on Dividends and More

Renatus Tactical Acquisition Corp I (RTACU) is a SPAC targeting crypto and blockchain mergers, with a capped downside risk.

Special Situation Investments