Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Pacific Smiles (PSQ AU): Genesis Returns To Dislodge Co-Founder

Joy City (207 HK): Minorities Should Take The Cash

Pacific Smiles: Key Shareholders Reject Genesis' Terms

Quiddity Advisors

Event-Driven

<ul>
<li>On the 31sr July, Chinese property play <strong><a href="https://www.smartkarma.com/entities/joy-city-property-ltd" target="_blank" data-smartkarma-citation="entities:10958:1" rel="noopener">Joy City (207 HK)</a></strong> announced a Scheme buyback, @ $0.62/share (declared final), a 67.57% premium; but arguably a 158% premium to undisturbed.</li>
<li>Yes, this was a ~70% discount to NAV. However, Joy City had traded at P/B of 0.14x, on average, the past five years. Earnings have trended south in that timeframe.</li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1023/2025102300920.pdf" target="_blank" rel="noopener"><strong>The Scheme Document's now out</strong></a>, with a Court Meeting on the 17th November and expected payment around the 4th December. The IFA (Somerley) says "fair &amp; reasonable". It probably is.</li>
</ul>


On the 31sr July, Chinese property play Joy City (207 HK) announced a Scheme buyback, @ $0.62/share (declared final), a 67.57% premium; but arguably a 158% premium to undisturbed.
Yes, this was a ~70% discount to NAV. However, Joy City had traded at P/B of 0.14x, on average, the past five years. Earnings have trended south in that timeframe.

The Scheme Document's now out, with a Court Meeting on the 17th November and expected payment around the 4th December. The IFA (Somerley) says "fair &amp; reasonable". It probably is.


Mandarin Oriental International (MAND SP)

Grandjoy Holdings Group Co., Ltd. A (000031 CH)

Hainan Meilan International Airport (357 HK)

Bright Smart Securities & Commodities (1428 HK)

Jilin Jiutai Rural Commercial Bank (2JJ GR)

Evergrande Property Services Group (6666 HK)

OneConnect Financial Technology (6638 HK)

Joy City (207 HK): 17th November Vote On COFCO's Offer

Joy City Property

Joy City (207 HK): 17th November Vote On COFCO's Offer