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

Sichuan Road & Bridge: A PRC Partial Offer

Northeast Pharm (000597 CH): Partial Offer

Quiddity Advisors

Event-Driven

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<p>Zhuhai Investment Holdings Company, a subsidiary of the state-owned SASAC, and the largest shareholder in <a href="https://www.smartkarma.com/entities/gree-real-estate-co-ltd-a" target="_blank" data-smartkarma-citation="entities:13356:1" rel="noopener">Gree Real Estate Co Ltd A (600185 CH</a> with 41.11% of shares out, is seeking to raise its stake by 8.89% via a <a href="http://www.sse.com.cn/disclosure/listedinfo/announcement/c/2020-05-23/600185_20200523_20.pdf" target="_blank" rel="noopener">partial Tender Offer</a>, in an RMB1.2bn (~US$167mn) transaction.</p>
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<p>The Tender Offer is RMB6.50/share, a ~23% premium to the undisturbed close, and 11.5% to last close. The minimum pro-ration is 15.09%. </p>
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<p>Despite a healthy premium, the low pro-ration appears unattractive.  However, recent partial Offers in China have shown remarkably high pro-rations. That's worth a second look.</p>
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<p>More below the fold. Plus <em><strong>Ye Old Arb Grids</strong></em>. </p>
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Zhuhai Investment Holdings Company, a subsidiary of the state-owned SASAC, and the largest shareholder in Gree Real Estate Co Ltd A (600185 CH with 41.11% of shares out, is seeking to raise its stake by 8.89% via a partial Tender Offer, in an RMB1.2bn (~US$167mn) transaction.


The Tender Offer is RMB6.50/share, a ~23% premium to the undisturbed close, and 11.5% to last close. The minimum pro-ration is 15.09%. 


Despite a healthy premium, the low pro-ration appears unattractive.  However, recent partial Offers in China have shown remarkably high pro-rations. That's worth a second look.


More below the fold. Plus Ye Old Arb Grids. 


Shanghai Pudong Road & Bridge Construction Co. Ltd. (600284 CH)

Shanghai Pudong Road & Bridge Construction Co. Ltd.

Gree Real Estate (600185 CH): Partial Offer