Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally  46 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Just one new deal was discussed on Smartkarma this week: Bastion's off-market Offer for <a href="https://www.smartkarma.com/entities/xanadu-mines-ltd" target="_blank" data-smartkarma-citation="entities:1270:1" rel="noopener">Xanadu Mines (XAM AU)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/reject-shop-ltd-the" target="_blank" data-smartkarma-citation="entities:272:1" rel="noopener">Reject Shop (TRS AU)</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>, <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/jamco-corp" target="_blank" data-smartkarma-citation="entities:14741:1" rel="noopener">Jamco Corp (7408 JP)</a>, and <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>/<a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia Holdings (3141 JP)</a>.</li>
</ul>


I tally  46 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Just one new deal was discussed on Smartkarma this week: Bastion's off-market Offer for Xanadu Mines (XAM AU).
Key updates/news took place on: Reject Shop (TRS AU),ESR Group (1821 HK), Shibaura Electronics (6957 JP),Jamco Corp (7408 JP), and Tsuruha Holdings (3391 JP)/Welcia Holdings (3141 JP).


(Mostly) Asia-Pac M&A: Xanadu Mines, Reject Shop, ESR Group, Shibaura Elect., Jamco, Tsuruha/Welcia

<ul>
<li>Back on the 21st May, <a href="https://www.smartkarma.com/entities/xanadu-mines-ltd" target="_blank" data-smartkarma-citation="entities:1270:1" rel="noopener">Xanadu Mines (XAM AU)</a>, a Mongolian copper-gold mining play, inked an off-market deal with Bastion @A$0.08/share in cash. </li>
<li>Bastion comprises Singapore-based Baroo (comprising board members from Mongolia) and Xanadu director Ganbayer Lkhagvasuren. Bastion is also subscribing for 286.8mn shares, at A$0.06/share, or 13% fully diluted.</li>
<li>A follow-up Q&amp;A session is worth listening to in full to gauge why Zijin (JV partner and 19.8% shareholder) may view Bastion taking control of XAM as a good thing.  </li>
</ul>


Back on the 21st May, Xanadu Mines (XAM AU), a Mongolian copper-gold mining play, inked an off-market deal with Bastion @A$0.08/share in cash. 
Bastion comprises Singapore-based Baroo (comprising board members from Mongolia) and Xanadu director Ganbayer Lkhagvasuren. Bastion is also subscribing for 286.8mn shares, at A$0.06/share, or 13% fully diluted.
A follow-up Q&amp;A session is worth listening to in full to gauge why Zijin (JV partner and 19.8% shareholder) may view Bastion taking control of XAM as a good thing.  


Xanadu (XAM AU): A Mongolian Face To A Mongolian Project

Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Rio Tinto has been confirmed as the preferred partner for Chile’s Salares Altoandinos project, marking a major step in scaling its lithium ambitions.</li>
<li>Lithium demand is expected to grow over 5x by 2040, driven by electric vehicles and energy storage, though rising supply and tech shifts may cap long-term pricing.</li>
<li>Zijin Mining is a preferred play given its diversified  -copper and gold and expanding lithium footprint &amp; lower valuation. Albemarle could  face pressure from intensifying competition, rising low-cost supply etc.</li>
</ul>


Rio Tinto has been confirmed as the preferred partner for Chile’s Salares Altoandinos project, marking a major step in scaling its lithium ambitions.
Lithium demand is expected to grow over 5x by 2040, driven by electric vehicles and energy storage, though rising supply and tech shifts may cap long-term pricing.
Zijin Mining is a preferred play given its diversified  -copper and gold and expanding lithium footprint &amp; lower valuation. Albemarle could  face pressure from intensifying competition, rising low-cost supply etc.


Rio Tinto Doubles Down on Lithium: A Late Entrant with Long-Term Intent

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xanadu-mines-ltd" target="_blank" data-smartkarma-citation="entities:1270:1" rel="noopener">Xanadu (XAM AU)</a>, a Mongolian copper-gold mining play, has <a href="https://announcements.asx.com.au/asxpdf/20250519/pdf/06jw159bvb537m.pdf" target="_blank" rel="noopener">entered a deal with Bastion</a>, two weeks after an agreement with JV partner and major shareholder <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24628:1" rel="noopener">Zijin Mining (601899 CH)</a> lapsed.</li>
<li>Bastion, which comprises Singapore-based Baroo and Xanadu director Ganbayer Lkhagvasuren, are offering A$0.08/share in cash. Bastion is also subscribing for 286.8mn shares, at A$0.06/share, or 13% fully diluted. </li>
<li>The off-market Offer is contingent on a 50.1% acceptance hurdle. CAAF (11.85%) is supportive. No word on how Zijin (19.8% stakeholder, before dilution) will play this. </li>
</ul>



Xanadu (XAM AU), a Mongolian copper-gold mining play, has entered a deal with Bastion, two weeks after an agreement with JV partner and major shareholder Zijin Mining (601899 CH) lapsed.
Bastion, which comprises Singapore-based Baroo and Xanadu director Ganbayer Lkhagvasuren, are offering A$0.08/share in cash. Bastion is also subscribing for 286.8mn shares, at A$0.06/share, or 13% fully diluted. 
The off-market Offer is contingent on a 50.1% acceptance hurdle. CAAF (11.85%) is supportive. No word on how Zijin (19.8% stakeholder, before dilution) will play this. 


Xanadu Mines (XAM AU) Inks Deal With Bastion After Zijin Tarries

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 25th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in BYD, Meituan, Jd, Kingsoft, China Mobile, CNOOC.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 25th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in BYD, Meituan, Jd, Kingsoft, China Mobile, CNOOC.


HK Short Interest Weekly: BYD, Meituan, Jd, Kingsoft, China Mobile, CNOOC

China

Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines, produces, refines, and sells gold and other mineral resources in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Zijin Mining Group Co Ltd H (2899 HK)

(Mostly) Asia-Pac M&A: Xanadu Mines, Reject Shop, ESR Group, Shibaura Elect., Jamco, Tsuruha/Welcia

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

Xanadu (XAM AU): A Mongolian Face To A Mongolian Project

This is a clean deal. Trading at terms. I don't think Zijin Mining will counter. Bastion's presence is a good thing. If small, illiquid arbs are...

David Blennerhassett

Rio Tinto Doubles Down on Lithium: A Late Entrant with Long-Term Intent

Rio Tinto expands lithium ambitions - EVs & energy storage demand growth. Zijin Mining favored for diversified portfolio, Albemarle may face...

Rahul Jain

Xanadu Mines (XAM AU) Inks Deal With Bastion After Zijin Tarries

This is largely a clean deal. Trading at terms. Will Zijin now step up to the plate? Arguably its NBIO has not been withdrawn. If small, illiquid...

David Blennerhassett

HK Short Interest Weekly: BYD, Meituan, Jd, Kingsoft, China Mobile, CNOOC

We analyzed the latest HK SFC report for aggregate short position as of Apr 25th and highlight short interest changes in BYD, Meituan, Jd,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

(Mostly) Asia-Pac M&A: Xanadu Mines, Reject Shop, ESR Group, Shibaura Elect., Jamco, Tsuruha/Welcia

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

Xanadu (XAM AU): A Mongolian Face To A Mongolian Project

This is a clean deal. Trading at terms. I don't think Zijin Mining will counter. Bastion's presence is a good thing. If small, illiquid arbs are...

David Blennerhassett

Rio Tinto Doubles Down on Lithium: A Late Entrant with Long-Term Intent

​Rio Tinto expands lithium ambitions - EVs & energy storage demand growth. Zijin Mining favored for diversified portfolio, Albemarle may face...

Rahul Jain

Xanadu Mines (XAM AU) Inks Deal With Bastion After Zijin Tarries

This is largely a clean deal. Trading at terms. Will Zijin now step up to the plate? Arguably its NBIO has not been withdrawn. If small, illiquid...

David Blennerhassett

HK Short Interest Weekly: BYD, Meituan, Jd, Kingsoft, China Mobile, CNOOC

We analyzed the latest HK SFC report for aggregate short position as of Apr 25th and highlight short interest changes in BYD, Meituan, Jd,...

Ke Yan, CFA, FRM

Rio Tinto expands lithium ambitions - EVs & energy storage demand growth. Zijin Mining favored for diversified portfolio, Albemarle may face...