In today’s briefing:
- Kiri’s $700 Million Exit From DyStar – What Next?
- Changhong Jiahua (3991 HK): Expect Sichuan Changhong To Make An Offer
- Side Flow Trade Opportunity from the PRS Deal: Timing the Ecopro BM Buy Flow
- Bank of Japan’s Rate Decision on Sept 19: Does Timing Signal the Outcome?
- Special Situations: Forian’s Potential Higher Offer, Lifeway Foods Resolution, and Currency Exchange’s Q3 Results
Kiri’s $700 Million Exit From DyStar – What Next?
- Kiri Industries has signed a deal to sell its 37.6% stake in DyStar Global to Zhejiang Longsheng for US$697 million (~INR 5,800 crore), concluding a decade-long Singapore court battle.
- The payout is multiple times Kiri’s current market cap and marks one of the strongest minority shareholder wins globally.
- The DyStar exit removes litigation overhang and hands Kiri a war chest. Now, execution of the copper and fertilizer project will define the future of the company.
Changhong Jiahua (3991 HK): Expect Sichuan Changhong To Make An Offer
- Changhong Jiahua Holdings (3991 HK) (CJ), which is principally engaged in the distribution of consumer electronic products, is suspended pursuant to the Takeovers Code.
- Sichuan Changhong Electric Co, Ltd. (600839 CH) holds ~60.13% of the shares outstanding. And 100% of the preference shares (76.7% of shares out).
- This week, a final judgement, concerning monies owed, was ruled in CJ’s favour. The sum involved is ~30% of CJ’s market cap.
Side Flow Trade Opportunity from the PRS Deal: Timing the Ecopro BM Buy Flow
- Ecopro’s PRS: KRW 700bn, 2-year, BM shares underlying, 5.85% coupon; SK’s July PRS was bigger (KRW 1.4tn, 3-year, 4.3%), same payoff mechanics.
- Watch for hedge-flow side trades: Ecopro’s KRW 700bn PRS on BM shares should mirror SKI’s setup, likely triggering a noticeable pop when the primary buyer hedges.
- PRS likely hits Sept 24–25; Mirae Asset leads. Be ready to catch flow-driven whipsaws from local institutions around execution.
Bank of Japan’s Rate Decision on Sept 19: Does Timing Signal the Outcome?
- Context: The Bank of Japan (BoJ) will announce its monetary policy decision on Friday, 19 September 2025. Unlike most central banks, the BoJ announces its decisions flexibly, usually around noon.
- Highlight: Analysis of the past 13 meetings hints at patterns linking longer meetings and delayed announcements with policy changes, including a surprise hike in July 2024.
- Why it Matters: This analysis helps investors interpret timing signals ahead of the 19 September decision, assessing whether delay itself could hint at an outcome shift.
Special Situations: Forian’s Potential Higher Offer, Lifeway Foods Resolution, and Currency Exchange’s Q3 Results
- Forian (FORA) received a $2.10/share go-private proposal from a founder-led consortium controlling 63% of the company.
- Lifeway Foods (LWAY) trades 20% above Danone’s previous offer, with NDA agreement expiry on September 15.
- Currency Exchange International (CURN) Q3 results show 4% EBITDA growth, with management considering distributing $12.8m cash to shareholders.
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