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

Primer: Hulic Co Ltd (3003 JP) - May 2026

HULIC (3003 JP) - Crossholders Show Up with a BIG (Relative) Secondary Offering

Quiddity Advisors

Equity Capital Markets

<ul>
<li>Today after the close, <a href="https://www.smartkarma.com/entities/hulic-co-ltd" target="_blank" data-smartkarma-citation="entities:388:1" rel="noopener">Hulic Co Ltd (3003 JP)</a> announced that several crossholders would sell about ¥30bn of stock in an overnight offering to international investors. </li>
<li>The Real World Float on this stock is about 27% or so 2.3% is about 8% of Max RWF. Given 75% of MRWF is held by retail, this is surprising.</li>
<li>The stock is far less volatile than its leverage would suggest but the stock is performing better than a sector suffering from waning investor interest. Could be a good punt.</li>
</ul>


Today after the close, Hulic Co Ltd (3003 JP) announced that several crossholders would sell about ¥30bn of stock in an overnight offering to international investors. 
The Real World Float on this stock is about 27% or so 2.3% is about 8% of Max RWF. Given 75% of MRWF is held by retail, this is surprising.
The stock is far less volatile than its leverage would suggest but the stock is performing better than a sector suffering from waning investor interest. Could be a good punt.


[Japan Offering] Hulic (3003) Sees Crossholder Selldown in ABO Offering Despite Retail Dominance