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 ECM] Kokusai Elec (6525) - KKR's Lock Up Expiry in 3 Weeks - $700mm Clean-Up Coming?

[Japan ECM] Kokusai Elec (6525) - Applied Materials $330mm Selldown

Nikkei 225 Sep25 Rebal: One ADD, One DELETE Still Probable Unless Kokusai Elec (6525) Offering/Split

Nikkei 225 Sep25 Rebal: One ADD, One DELETE Probable - Less Interesting Than Before

Nikkei 225 Mar25 Rebal: BayCurrent (6532) IN, Mitsubishi Logi (9301) OUT (Re-IPO). Kokusai MIA

Quiddity Advisors

Equity Capital Markets

Kokusai Electric  / Equity Capital Markets

<ul>
<li>After the close today, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> announced that large holder (and original PE owner) KKR HKE Investment LP would sell down 30mm shares or 12.88% of shares out.</li>
<li>This is not expected, but also not unexpected - it's exactly a year since the first selldown. There is a decent-sized short position, and it isn't a huge offering.</li>
<li>This changes two aspects of the future supply/demand balance. Both are important for how this trades in coming months.</li>
</ul>


After the close today, Kokusai Electric (6525 JP) announced that large holder (and original PE owner) KKR HKE Investment LP would sell down 30mm shares or 12.88% of shares out.
This is not expected, but also not unexpected - it's exactly a year since the first selldown. There is a decent-sized short position, and it isn't a huge offering.
This changes two aspects of the future supply/demand balance. Both are important for how this trades in coming months.


[Japan ECM] Kokusai Elec (6525) Offering - Expect It Very Well Bid, and the Back End Squeezy