Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Changhong Jiahua (3991 HK): Expect Sichuan Changhong To Make An Offer

Quiddity Advisors

Event-Driven

<ul>
<li>After <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-limited" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a> (CJ) was suspended pursuant to the Takeovers Code, I expected SOE-backed <a href="https://www.smartkarma.com/entities/sichuan-changhong-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:17702:1" rel="noopener">Sichuan Changhong (600839 CH)</a> (60.13%) to make an Offer. And that is what unfolded. </li>
<li>Sichuan Changhong plus provincial bodies, have made a pre-conditional Offer by  way of a Scheme, at HK$1.223/share, a 32.93% premium to last close. The Offer Price is final.</li>
<li>Pre-Cons include the local SASAC &amp;  Reform Commission Commerce, plus SAFE.  The risk to the deal will be one of timing. The Offer Price is fair.</li>
</ul>


After Changhong Jiahua (3991 HK) (CJ) was suspended pursuant to the Takeovers Code, I expected SOE-backed Sichuan Changhong (600839 CH) (60.13%) to make an Offer. And that is what unfolded. 
Sichuan Changhong plus provincial bodies, have made a pre-conditional Offer by  way of a Scheme, at HK$1.223/share, a 32.93% premium to last close. The Offer Price is final.
Pre-Cons include the local SASAC &amp;  Reform Commission Commerce, plus SAFE.  The risk to the deal will be one of timing. The Offer Price is fair.


Sichuan Changhong Electric Co, Ltd. (600839 CH)

Changhong Jiahua (3991 HK): Sichuan Changhong's Pre-Con Scheme

Changhong Jiahua Holdings

Changhong Jiahua (3991 HK): Sichuan Changhong's Pre-Con Scheme