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 M&A/Activism] Digital HD (2389 JP) Gets a Counter + 20% - Tough But Not Impossible

US Banks - Cockroaches? Weekly LLR Only 0.32% YoY. Comment Appears to Be In Contrast to Data

[Japan Activism/M&A] Hakuhodo DY Lowers Digital Holdings (2389 JP) TOB Threshold, Bumps a Tiny 2.2%

Quiddity Advisors

Event-Driven

<ul>
<li>On 11 Sep 2025 after the close, <a href="https://www.smartkarma.com/entities/hakuhodo-dy-holdings-inc" target="_blank" data-smartkarma-citation="entities:8736:1" rel="noopener">Hakuhodo Dy Holdings (2433 JP)</a> announced a takeunder of <a href="https://www.smartkarma.com/entities/digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:1697:1" rel="noopener">Digital Holdings Inc (2389 JP)</a> in MBO form. </li>
<li>Two major holders with 37% roll their stakes into new ownership in <a href="https://www.smartkarma.com/entities/hakuhodo-dy-holdings-inc" target="_blank" data-smartkarma-citation="entities:8736:1" rel="noopener">Hakuhodo Dy Holdings (2433 JP)</a> and another 17+% probably just fall in line.</li>
<li>Foreigners hold a lot. They may not like the takeunder. It is not clear who would buy this if Hakuhodo does not, or whether it is worth the hassle.</li>
</ul>


On 11 Sep 2025 after the close, Hakuhodo Dy Holdings (2433 JP) announced a takeunder of Digital Holdings Inc (2389 JP) in MBO form. 
Two major holders with 37% roll their stakes into new ownership in Hakuhodo Dy Holdings (2433 JP) and another 17+% probably just fall in line.
Foreigners hold a lot. They may not like the takeunder. It is not clear who would buy this if Hakuhodo does not, or whether it is worth the hassle.


[Japan M&A] Digital HD (2389 JP) MBO Takeunder Is Optically Bad, A Little Light, But Tough to Beat