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

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

Quiddity Advisors

Event-Driven

<ul>
<li>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> has announced a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0731/2025073102020.pdf" target="_blank" rel="noopener">Scheme buyback</a>, with a price of $0.62/share (declared final), a 67.57% premium; but more like a 158% premium to undisturbed. </li>
<li>Yes, this <em>is</em> a 70% discount to NAV. Yet Joy City has traded at P/B of 0.14x, on average, the past five years. Earnings have trended south in that timeframe. </li>
<li>The IFA will likely cite liquidity and Joy City's historical discount to NAV, and opine "reasonable", and probably even "fair". It is what it is for long-suffering shareholders.</li>
</ul>


Chinese property play Joy City (207 HK) has announced a Scheme buyback, with a price of $0.62/share (declared final), a 67.57% premium; but more like a 158% premium to undisturbed. 
Yes, this is a 70% discount to NAV. Yet Joy City has traded at P/B of 0.14x, on average, the past five years. Earnings have trended south in that timeframe. 
The IFA will likely cite liquidity and Joy City's historical discount to NAV, and opine "reasonable", and probably even "fair". It is what it is for long-suffering shareholders.


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

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

Joy City Property

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