Daily Brief Financials: Fairfax India Holdings, Ganglong China Property Group, Bitcoin and more

In today’s briefing:

Fairfax India Holdings: Major Value Unlock Via BIAL IPO
Hong Kong CEO & Director Dealings (18 Nov): Cross Harbour, Grand Ming, Ganglong, Pharmaron, JL Mag
An Arbitrage Opportunity? Evaluating the GBTC Convergence Trade

Fairfax India Holdings: Major Value Unlock Via BIAL IPO

Fairfax India Holdings (FIH/U CN), a holdco with investment activities exclusively in India, is edging closer to IPOing 49%-held Bangalore International Airport (BIAL).
Reportedly FIH is seeking a value upward of C$3.7bn for BIAL, a 45% premium over the current fair value holding.
Currently trading at a P/B of 0.6x compared to its five-year average of 0.8x, and the two-year average pre-Covid of 1.06x.

The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. However, such disclosures are by no means an absolute.
These insights may flag those companies where shares have been pledged. Stocks mentioned include Cross Harbour (32 HK), Grand Ming (1271 HK), and Ganglong China Property (6968 HK)

Recent concerns on Genesis’ solvency arose after the broker/dealer halted redemptions on its lending unit and was reportedly looking to raise $1 billion of loans from investors.
Contagion fears have extended to Genesis’ parent company, DCG, and its wholly owned Grayscale subsidiary, which has a steady fee generating business via its Bitcoin and ETH trust products.
We analyze the potential arbitrage opportunity for the controversial GBTC convergence trade with its 42.7% discount to NAV.

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