Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There's (still) a LOT of upside here. IF <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> sells the Operating Business at 1x book, there's at least another ¥5,800 in this, and maybe more.</li>
<li>FY25 results reaffirm <a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a>'s stub ops continue to burn cash. Deconsolidated net debt touches an all-time high. And <a href="https://www.smartkarma.com/entities/hkt-ltd" target="_blank" data-smartkarma-citation="entities:874:1" rel="noopener">HKT (6823 HK)</a>'s dividend pass-through % is trending south. </li>
<li>
<a href="https://www.smartkarma.com/entities/yutaka-giken-co-ltd" target="_blank" data-smartkarma-citation="entities:4033:1" rel="noopener">Yutaka Giken (7229 JP)</a> will end up being a case study of how NOT to execute a takeover for a parent company, which is "responsible" for treating minorities fairly.</li>
</ul>


There's (still) a LOT of upside here. IF Toyota Industries (6201 JP) sells the Operating Business at 1x book, there's at least another ¥5,800 in this, and maybe more.
FY25 results reaffirm PCCW Ltd (8 HK)'s stub ops continue to burn cash. Deconsolidated net debt touches an all-time high. And HKT (6823 HK)'s dividend pass-through % is trending south. 

Yutaka Giken (7229 JP) will end up being a case study of how NOT to execute a takeover for a parent company, which is "responsible" for treating minorities fairly.


Last Week In Event SPACE: Toyota Industries, PCCW, Yutaka Giken, Ferretti, Daishin Securities

<ul>
<li>I tally 36 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Four new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/pepper-money-ltd-australia" target="_blank" data-smartkarma-citation="entities:24157:1" rel="noopener">Pepper Money (PPM AU)</a>, <a href="https://www.smartkarma.com/entities/mcj-co-ltd" target="_blank" data-smartkarma-citation="entities:14132:1" rel="noopener">MCJ Co Ltd (6670 JP)</a>, <a href="https://www.smartkarma.com/entities/br-holdings-corp" target="_blank" data-smartkarma-citation="entities:19365:1" rel="noopener">Br Holdings (1726 JP)</a>, and <a href="https://www.smartkarma.com/entities/alleanza-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:29288:1" rel="noopener">Alleanza Holdings Co Ltd (3546 JP)</a>.</li>
<li>Key updates/news also took place on: <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>, <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a>, <a href="https://www.smartkarma.com/entities/yutaka-giken-co-ltd" target="_blank" data-smartkarma-citation="entities:4033:1" rel="noopener">Yutaka Giken (7229 JP)</a>. and <a href="https://www.smartkarma.com/entities/minmetals-land-ltd" target="_blank" data-smartkarma-citation="entities:1917:1" rel="noopener">Minmetals Land (230 HK)</a>.</li>
</ul>


I tally 36 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Four new deals were discussed on Smartkarma this week: Pepper Money (PPM AU), MCJ Co Ltd (6670 JP), Br Holdings (1726 JP), and Alleanza Holdings Co Ltd (3546 JP).
Key updates/news also took place on: Dongfeng Motor (489 HK), Mandom Corp (4917 JP), Yutaka Giken (7229 JP). and Minmetals Land (230 HK).


Asia-Pac M&A Weekly Wrap: Pepper Money, MCJ, Br Holdings, Alleanza, Dongfeng Motor, Mandom

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 13th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Geely Automobile (175 HK), Kingsoft (3888 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Tencent (700 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Feb 13th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (1810 HK), Geely Automobile (175 HK), Kingsoft (3888 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Zto Express (2057 HK), Xiaomi (1810 HK), Tencent (700 HK).


Hong Kong Buybacks Weekly (Feb 13th): Xiaomi, Geely Automobile, Kingsoft

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>
<a href="https://www.smartkarma.com/entities/biodlink-international" target="_blank" data-smartkarma-citation="entities:28192:1" rel="noopener">BioDlink International (1875 HK)</a> announced a conditional VGO from <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK)</a> at HK$4.00, a 60.0% premium to the last close price. </li>
<li>The key condition is a minimum acceptance threshold: WuXi XDC must represent at least 60% of voting rights.</li>
<li>The 60% minimum acceptance condition will be satisfied due to irrevocables and shortfall undertakings. Therefore, the offer will likely be declared unconditional on the first closing date. </li>
</ul>



BioDlink International (1875 HK) announced a conditional VGO from WuXi XDC Cayman (2268 HK) at HK$4.00, a 60.0% premium to the last close price. 
The key condition is a minimum acceptance threshold: WuXi XDC must represent at least 60% of voting rights.
The 60% minimum acceptance condition will be satisfied due to irrevocables and shortfall undertakings. Therefore, the offer will likely be declared unconditional on the first closing date. 


BioDlink (1875 HK): WuXi XDC’s Conditional VGO at HK$4 a Done Deal

<ul>
<li>Back on the 14th January, biopharma play <a href="https://www.smartkarma.com/entities/biodlink-international" target="_blank" data-smartkarma-citation="entities:28192:1" rel="noopener">BioDlink International (1875 HK)</a> announced a voluntary offer from <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>-backed <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman (2268 HK)</a>.</li>
<li>WuXi XDC is offering HK$4.00/share, a 99% premium to last close. Terms are final. The Offer is conditional on a 60% acceptance hurdle. Irrevocables are at 60%. This is done.</li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0212/2026021200041.pdf" target="_blank" rel="noopener">The Composite Doc is now out</a>. The Offer is now open. First close is the 13th March. The IFA (Grand Moore) says "fair &amp; reasonable". Trading through terms.</li>
</ul>


Back on the 14th January, biopharma play BioDlink International (1875 HK) announced a voluntary offer from Wuxi Biologics (2269 HK)-backed WuXi XDC Cayman (2268 HK).
WuXi XDC is offering HK$4.00/share, a 99% premium to last close. Terms are final. The Offer is conditional on a 60% acceptance hurdle. Irrevocables are at 60%. This is done.

The Composite Doc is now out. The Offer is now open. First close is the 13th March. The IFA (Grand Moore) says "fair &amp; reasonable". Trading through terms.


BioDlink (1875 HK): Offer Now Open For WuXi XDC's VGO

China

Wuxi Biologics is a global Contract Research, Development, and Manufacturing Organization (CRDMO) offering end-to-end solutions for biologics discovery, development, and manufacturing, including complex modalities like monoclonal antibodies and antibody-drug conjugates. The company provides comprehensive services from concept to commercialization, including vaccine CRDMO services. It was founded in 2010 and is headquartered in Wuxi, China.

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Wuxi Biologics (2269 HK)

Last Week In Event SPACE: Toyota Industries, PCCW, Yutaka Giken, Ferretti, Daishin Securities

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

Asia-Pac M&A Weekly Wrap: Pepper Money, MCJ, Br Holdings, Alleanza, Dongfeng Motor, Mandom

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Hong Kong Buybacks Weekly (Feb 13th): Xiaomi, Geely Automobile, Kingsoft

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Xiaomi (1810 HK),...

Ke Yan, CFA, FRM

BioDlink (1875 HK): WuXi XDC’s Conditional VGO at HK$4 a Done Deal

The IFA considers the offer to be fair and reasonable. The shares are trading above the terms due to an uplift in the backend valuation from WuXi...

Arun George

BioDlink (1875 HK): Offer Now Open For WuXi XDC's VGO

Super clean deal. Trading through terms as investors play the back-end. Unless this were to retrace back to terms, nothing to see here for arb...

David Blennerhassett

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