Daily Brief Financials: SBI Shinsei Bank, Compass Diversified Holdings, E.Sun Financial Holding Co and more

• 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 Industrials (7618 HK) IPOs.
• Event-Driven developments: Predictive Discovery (PDI AU), ANE Cayman Inc (9956 HK), Fast Fitness Japan Inc (7092 JP), Tsuruha Holdings (3391 JP), Spindex Industries (SPE SP). 

• Compass Diversified is navigating a significant operational and reputational crisis following the discovery of pervasive fraud at its subsidiary, Lugano, necessitating a full restatement of financial statements for fiscal years 2022 through 2024.
• The company’s diversified model, with eight other subsidiaries remaining operational and cash-flow positive, provides a potential buffer against the isolated incident at Lugano, though the event has exposed significant governance and oversight weaknesses.
• Financial performance has been weak, characterized by negative net income and deteriorating operating and free cash flows over the past three years, raising concerns about the sustainability of its historically attractive dividend.

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• The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 5th December 2025.
• There will be four ADD/DELs for T50, three separate ADDs/DELs for T100, and three ADDs/DELs for TDIV. 
• All of these changes were correctly predicted except for one surprise TDIV addition.