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

Full Circulation Of H-Shares - July Update

Full Circulation Of H-Shares: January 2021 Update

CSRC Green Lights Full Circulation Of H Shares

Quiddity Advisors

Event-Driven

Postal Savings Bank of China C / Event-Driven

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<p data-v-da61000a="" data-v-294dc056="">On the 29 December 2017, the China Securities Regulatory Commission's ("CSRC") <a href="http://www.csrc.gov.cn/pub/newsite/zjhxwfb/xwfbh/201712/t20171229_329955.html" target="_blank" rel="noopener">announced</a> it would launch the H-share Full Circulation Pilot Project in which participating companies would be allowed to convert certain of their domestic shares into H shares, which would then be eligible to be listed and traded on Hong Kong's stock exchange. Up to three companies were expected to be selected in the pilot scheme.</p>
<p data-v-da61000a="" data-v-294dc056="">Back in June 2018, I discussed in <em><a href="https://skr.ma/c7hcH" target="_blank" rel="noopener">Legend's Conversion of Domestic Shares</a></em> 850mn shares entering  <a href="https://www.smartkarma.com/entities/517" target="_blank" data-smartkarma-citation="entities:517:1" rel="noopener">Legend Holdings Corp H (3396 HK)</a>'s share registry via CCASS Participant ID A00002, as opposed to Shanghai and Shenzhen Connect participant IDs A00003 &amp; A00004 respectively.</p>
<p data-v-da61000a="" data-v-294dc056=""><em>(There are ostensibly four types of CCASS participant IDs:  brokers are denominated with "B", custodians'  "C", pledgee participants "P", and clearinghouses "A".)</em></p>
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<p data-v-da61000a="" data-v-294dc056="">These shares are Legend's converted unlisted domestic shares (45% of the total shares out) into H shares under the CSRC Pilot Program. In June of last year, the CSRC <a href="http://www.csrc.gov.cn/pub/csrc_en/newsfacts/release/201907/t20190716_359384.html" target="_blank" rel="noopener">clarified</a> Legend as part of the Pilot Program, along with <a href="https://www.smartkarma.com/entities/avichina-industry-tech-h" target="_blank" data-smartkarma-citation="entities:16315:1" rel="noopener">Avichina Industry &amp; Tech H (2357 HK)</a> and <a href="https://www.smartkarma.com/entities/shandong-weigao-group-medical-polymer-co" target="_blank" data-smartkarma-citation="entities:1465:1" rel="noopener">Shandong Weigao Group Medical Polymer Co (1066 HK)</a>.</p>
<p data-v-da61000a="" data-v-294dc056="">In November of last year - and discussed in greater detail in <em><a href="https://skr.ma/AFA6A" target="_blank" rel="noopener">CSRC Green Lights Full Circulation Of H Shares</a></em>  - the CSRC <a href="http://www.csrc.gov.cn/pub/newsite/zjhxwfb/xwdd/201911/t20191115_366034.html" target="_blank" rel="noopener">announced</a> it will push forward the “full circulation” reform of H shares.</p>
<p data-v-da61000a="" data-v-294dc056="">A subtle change took place last week, potentially suggesting further developments are forthcoming.</p>
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<p data-v-da61000a="" data-v-294dc056="">As always, more below the fold. </p>
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On the 29 December 2017, the China Securities Regulatory Commission's ("CSRC") announced it would launch the H-share Full Circulation Pilot Project in which participating companies would be allowed to convert certain of their domestic shares into H shares, which would then be eligible to be listed and traded on Hong Kong's stock exchange. Up to three companies were expected to be selected in the pilot scheme.
Back in June 2018, I discussed in Legend's Conversion of Domestic Shares 850mn shares entering  Legend Holdings Corp H (3396 HK)'s share registry via CCASS Participant ID A00002, as opposed to Shanghai and Shenzhen Connect participant IDs A00003 &amp; A00004 respectively.
(There are ostensibly four types of CCASS participant IDs:  brokers are denominated with "B", custodians'  "C", pledgee participants "P", and clearinghouses "A".)


These shares are Legend's converted unlisted domestic shares (45% of the total shares out) into H shares under the CSRC Pilot Program. In June of last year, the CSRC clarified Legend as part of the Pilot Program, along with Avichina Industry &amp; Tech H (2357 HK) and Shandong Weigao Group Medical Polymer Co (1066 HK).
In November of last year - and discussed in greater detail in CSRC Green Lights Full Circulation Of H Shares  - the CSRC announced it will push forward the “full circulation” reform of H shares.
A subtle change took place last week, potentially suggesting further developments are forthcoming.

As always, more below the fold. 




Shandong Weigao Group Medical Polymer Co (1066 HK)

AviChina Industry & Technology H (2357 HK)

Full Circulation Of H Shares: Signs Of Life