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

Chong Hing Bank (1111 HK): Takeover Talk As Shares Pop

Chong Hing Bank (1111 HK): Yue Xiu's Offer Is Light

Quiddity Advisors

Event-Driven

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<p>On the 18 May, Yue Xiu (the investment arm of the Guangzhou municipal government) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0519/2021051900117.pdf" target="_blank" rel="noopener">made an Offer</a>, by way of a Scheme, for <a href="https://www.smartkarma.com/entities/chong-hing-bank-ltd" target="_blank" data-smartkarma-citation="entities:344:1" rel="noopener">Chong Hing Bank (1111 HK)</a> shares not owned, at HK$20.80/share, a 51.2% premium to last close, and a 97% premium to the day preceding the last trading day. The Cancellation Price, which was a 10.1% discount to the NAV, would NOT be increased.</p>
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<p>Standard Scheme conditions apply. Chong Hing is Hong Kong incorporated, therefore there is no headcount test.</p>
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<p>The Scheme Document is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0730/2021073000133.pdf" target="_blank" rel="noopener">out</a>.  The Scheme Meeting will be held on the 30 August with expected payment (assuming the Scheme resolutions are approved by independent shareholders) on the 7 October.</p>
<p>The IFA considers the Offer to be fair and reasonable, although that report covered the bare minimum. </p>
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<p>More below the fold.</p>
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On the 18 May, Yue Xiu (the investment arm of the Guangzhou municipal government) made an Offer, by way of a Scheme, for Chong Hing Bank (1111 HK) shares not owned, at HK$20.80/share, a 51.2% premium to last close, and a 97% premium to the day preceding the last trading day. The Cancellation Price, which was a 10.1% discount to the NAV, would NOT be increased.


Standard Scheme conditions apply. Chong Hing is Hong Kong incorporated, therefore there is no headcount test.


The Scheme Document is now out.  The Scheme Meeting will be held on the 30 August with expected payment (assuming the Scheme resolutions are approved by independent shareholders) on the 7 October.
The IFA considers the Offer to be fair and reasonable, although that report covered the bare minimum. 


More below the fold.


Chong Hing Bank (1111 HK): Scheme Doc Out. IFA Says Fair