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 Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF

[Quiddity Index] Nikkei 225 Mar26 - Kioxia (285A) On the Menu, Others Not Far Behind

Pan Pacific International Holdings (7532 JP): Q1 FY06/26 flash update

[Japan Special] Ibiden (4062) Replaces Nidec (6594) In Nikkei 225 on Accounting - A VERY BIG DEAL

Quiddity Advisors

Equity Capital Markets

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>After the close today, BCPE Pangea Cayman announced plans to sell a stake of 36mm shares of <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> in an overnight block. It trades tomorrow.</li>
<li>This is 6.7% of shares out, 1.5x ADV. The discount is 7-9%. But it is 35% of Max Real World Float. And probably gets tradable shares to 34+%, not 35%.</li>
<li>That means another offering is likely near-term. The lockup is only 30 days it appears. There is possibly a fair bit of long-dated index demand.</li>
</ul>


After the close today, BCPE Pangea Cayman announced plans to sell a stake of 36mm shares of Kioxia Holdings (285A JP) in an overnight block. It trades tomorrow.
This is 6.7% of shares out, 1.5x ADV. The discount is 7-9%. But it is 35% of Max Real World Float. And probably gets tradable shares to 34+%, not 35%.
That means another offering is likely near-term. The lockup is only 30 days it appears. There is possibly a fair bit of long-dated index demand.


[Japan Offering] Bain Starting Kioxia (285A) Selldown; More to Come Soonish?