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: Tokyo Kiraboshi Financial Group (7173 JP) - May 2026

Quiddity Advisors

Equity Capital Markets

Tokyo Kiraboshi Financial Group / Equity Capital Markets

Tokyo Kiraboshi Financial Group (7173 JP)

<ul>
<li>Friday 8 May 2026, <a href="https://www.smartkarma.com/entities/tokyo-kiraboshi-financial-group" target="_blank" data-smartkarma-citation="entities:5369:1" rel="noopener">Tokyo Kiraboshi Financial Group (7173 JP)</a> reported full-year results, offered Mar-27 guidance, announced buybacks/cancellations of both Class 1 and Class 2 Prefs, and an equity offering.</li>
<li>The 2024-2026 plan had the govt's ¥40bn of Class 2 prefs repurchased in 2026/2028. That's done now. Mitsui Sumitomo Trust had the Class 1s. They converted and there's an offering.</li>
<li>The offering is going to be ~60% of Max Real World Float. It's big. Guidance is lower year-on-year. That's not great. But it's not an expensive bank. </li>
</ul>


Friday 8 May 2026, Tokyo Kiraboshi Financial Group (7173 JP) reported full-year results, offered Mar-27 guidance, announced buybacks/cancellations of both Class 1 and Class 2 Prefs, and an equity offering.
The 2024-2026 plan had the govt's ¥40bn of Class 2 prefs repurchased in 2026/2028. That's done now. Mitsui Sumitomo Trust had the Class 1s. They converted and there's an offering.
The offering is going to be ~60% of Max Real World Float. It's big. Guidance is lower year-on-year. That's not great. But it's not an expensive bank. 


[Japan Offering] Tokyo Kiraboshi FG (7173 JP) - Prefs Conversion Leads to $400mm Offering