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

[Quiddity Index] The TOPIX Change in Oct26 - Part V (Final Prep)

[Quiddity Index] The Oct26 TOPIX Rebalance - 35 IN, 684 on a Slow Walk OUT; $69bn to Trade

Quiddity Leaderboard HSIII Dec26/Mar27: Two ADDs/DELs Expected in Mar27, Third Change Possible

Quiddity Advisors

Equity Capital Markets

<ul>
<li>On 28 Sep 2026, aircon instrumentation servicer/installer <a href="https://www.smartkarma.com/entities/nihon-dengi-co-ltd" target="_blank" data-smartkarma-citation="entities:16323:1" rel="noopener">Nihon Dengi (1723 JP)</a> announced five shareholders would sell 3.852mm shares in a secondary offering, with a 577,800 share greenshoe.</li>
<li>That was about ¥11bn and not quite 20 days of ADV. Today, shares are 13% lower.  </li>
<li>On an adjusted capital allocation basis, this company is cheap, the niche growth profile is still good, margins are high, position is strong, and there is One Big Thing coming.</li>
</ul>


On 28 Sep 2026, aircon instrumentation servicer/installer Nihon Dengi (1723 JP) announced five shareholders would sell 3.852mm shares in a secondary offering, with a 577,800 share greenshoe.
That was about ¥11bn and not quite 20 days of ADV. Today, shares are 13% lower.  
On an adjusted capital allocation basis, this company is cheap, the niche growth profile is still good, margins are high, position is strong, and there is One Big Thing coming.


[Japan Offering] Nihon Dengi (1723 JP) Selldown by Banks, the CEO, and One Crossholder