In today’s briefing:
- Weekly Deals Digest (30 Nov) – SBI Shinsei, JDI, ANE, Canon Electronics, Digital, Mandom, NSR, Qube
- Merger Arb Mondays (01 Dec) – AUB, Qube, NSR, Dongfeng, ENN, Jinke, ANE, Canon Electronics, Low Keng
- Render: A Utility Token Powering AI and the Establishing Digital Compute Economy
- CNMV Clears Neinor’s OPA; Mandatory €24 Offer for Aedas Minorities Now Base Case
Weekly Deals Digest (30 Nov) – SBI Shinsei, JDI, ANE, Canon Electronics, Digital, Mandom, NSR, Qube
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: SBI Shinsei Bank (8303 JP), NS Group (471A JP), JD Industrial Technology (2231713D CH) IPOs, and Toyoda Gosei (7282 JP)‘s US$0.8 billion secondary offering.
- Event-Driven developments: ANE Cayman Inc (9956 HK), Canon Electronics (7739 JP), Digital Holdings Inc (2389 JP), Mandom Corp (4917 JP), National Storage REIT (NSR AU), Qube Holdings (QUB AU).
Merger Arb Mondays (01 Dec) – AUB, Qube, NSR, Dongfeng, ENN, Jinke, ANE, Canon Electronics, Low Keng
- I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads: Canon Electronics (7739 JP), Smart Share Global (EM US), AUB Group Limited (AUB AU), Dongfeng Motor (489 HK), Low Keng Huat Singapore (LKH SP), Digital Holdings,
- Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Toyota Industries (6201 JP), Seven West Media (SWM AU), Ainsworth Game Technology (AGI AU), Star Micronics (7718 JP).
Render: A Utility Token Powering AI and the Establishing Digital Compute Economy
- Render is one of the earliest real-use utility tokens with a functioning marketplace for GPU compute, and adoption is expanding beyond crypto-native users.
- Its migration to Solana and support for AI/ML workloads positions Render to benefit from rising demand for decentralised GPU resources, although competition from hyperscalers remains a structural risk.
- As increasing real-world usage and transparent tokenomics provide upside optionality, but liquidity and regulatory uncertainties warrant conservative sizing.
CNMV Clears Neinor’s OPA; Mandatory €24 Offer for Aedas Minorities Now Base Case
- CNMV approves Neinor’s €21.335 voluntary OPA; minorities unlikely to tender, making the mandatory €24 offer the highest-probability exit with minimal regulatory risk.
- Aedas trades at €23.65, pricing a near-certain €24 outcome. Remaining 1.48% spread offers a high-certainty, mid–single-digit annualized IRR driven primarily by timing, not deal completion.
- Key tail event is a >90% acceptance squeeze-out at €21.335, but probability remains extremely low. Most realistic path is a mandatory €24 OPA settling mid–February 2026.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
