Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

[Japan CorpGov] TSE "Mgmt Conscious" Reports (Mar26) - Disappointing Case Studies, Weak Study Group

[Japan CorpGov] TSE "Mgmt Conscious" Reports (Apr26) - Small Updates, Several Surveys/Consultations

[Japan Event] DeNA (2432 JP) - BIG Buyback, Asset Sale, Murakami Selling, but Squeeze Building?

[Japan M&A] Yutaka Giken (7229 JP) TOB - Possibly the Most Offensively Low TOB Price I've Ever Seen

[Japan M&A/Activism] Toyota RE Says No Bump for Toyota Inds (6201) Part III - Elliott Makes Its Case

[Japan CorpGov] TSE "Mgmt Conscious" Reports (Jan26) - Disappointing Set of Case Studies

[Japan M&A] ARCHION (Hino+MFTBC) Merger Incoming; Still a Re-IPO, Still Rich

[Japan M&A/Activism] Toyota RE Deal for Toyota Inds (6201) Part II: Trading Through, Buns at Dawn

Quiddity Advisors

Event-Driven

<ul>
<li>TSE-Listed companies are asked to file "Management Conscious of Capital Cost/Stock Price" awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.</li>
<li>There were case study updates published late-Dec25. Interesting, but not ground-breaking. 146 CGRs were filed in January after 475 in December 2025. It's low season til spring.</li>
<li>The ongoing Study Group to review Minority Shareholder Protection, etc has interim comments suggesting Toyota Fudosan's claim of Majority of Minority is false (of course it is, but they're nicer).</li>
</ul>


TSE-Listed companies are asked to file "Management Conscious of Capital Cost/Stock Price" awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
There were case study updates published late-Dec25. Interesting, but not ground-breaking. 146 CGRs were filed in January after 475 in December 2025. It's low season til spring.
The ongoing Study Group to review Minority Shareholder Protection, etc has interim comments suggesting Toyota Fudosan's claim of Majority of Minority is false (of course it is, but they're nicer).


[Japan CorpGov] TSE "Mgmt Conscious" Reports (Feb26) - Disappointing Case Studies, Weak Study Group

Toyota Industries

[Japan CorpGov] TSE "Mgmt Conscious" Reports (Feb26) - Disappointing Case Studies, Weak Study Group