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: Rigaku Holdings (268A JP) - May 2026

Quiddity Advisors

Equity Capital Markets

<ul>
<li>On 21 April, <a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> announced a business/capital alliance with larger US SPE metrology firm Onto Innovations. For that, Carlyle sold 27% of their 42% holding to Onto.</li>
<li>That left 15% to sell to clean up. Shorts are large-ish. The sale price to Onto was well below. An offering should have been imminent. It was.</li>
<li>On 22 May, they announced a cleanup sale. Rigaku has a big market share in x-ray and growing presence in the booming SPE metrology space. But it's not cheap.</li>
</ul>


On 21 April, Rigaku Holdings (268A JP) announced a business/capital alliance with larger US SPE metrology firm Onto Innovations. For that, Carlyle sold 27% of their 42% holding to Onto.
That left 15% to sell to clean up. Shorts are large-ish. The sale price to Onto was well below. An offering should have been imminent. It was.
On 22 May, they announced a cleanup sale. Rigaku has a big market share in x-ray and growing presence in the booming SPE metrology space. But it's not cheap.


[Japan Offering] Rigaku (268A) PE Firm Cleanup Selldown Smaller Than Expected 3mos Ago