Daily Brief China: SJM Holdings, Super Hi International Holding, Yashili International Holdings and more

In today’s briefing:

Last Week In Event SPACE: SJM, Yashili, Cayman Headcount, ResApp, Honda Tsushin Kogyo
Visit to a Haidilao Restaurant in London & Listing of Super Hi International in Hong Kong
(Mostly) Asia-Pac Weekly Risk Arb Wrap: ResApp, Honda Tsushin Kogyo, Yashili, Link Admin, Lifestyle

Last Week In Event SPACE: SJM, Yashili, Cayman Headcount, ResApp, Honda Tsushin Kogyo

Participate in SJM Holdings (880 HK)‘s Excess Application Auction, though one would need to bid for a fantastically large quantity of shares to get anything, because everyone else will
At a 11% gross spread to terms, and potential 4Q22 completion, Yashili(1230 HK) IS A CLEAR BUY. The world is a bit risk averse and it shows up in spreads.
The ‘headcount test‘ for Cayman-incorporated companies failed to move with the times and address the fact that the majority of shares of Hong Kong-listed companies were held by HKSCC Nominees.

In this insight, we discuss our recent visit to a Haidilao restaurant in London and the listing of Super Hi International in Hong Kong.
On 13 July, Haidilao (6862 HK) provided the IPO prospectus of Super Hi International for a separate listing in Hong Kong bourse.
By spinning off Super Hi and listing this newco in Hong Kong, Haidilao is capitalizing on its best known global brand for hot pots amid zero COVID policy in China.

There are 42 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed this week on Smartkarma. Honda Tsushin Kogyo (6826 JP)‘s Tender Offer.
Key updates took place for: Resapp Health (RAP AU), Link Administration (LNK AU), and Yashili International Holdings (1230 HK).

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