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

Be Careful of Expectations on Sawada (8699)

Sawada (8699) - Upsilon To End Its Tender, and Khan Bank Applies to List

Sawada - Upsilon Gets Its Stake And Still We Wait

Sawada Selldown May Be Done - Now On To Earnings

Sawada (8699 JP) Stuck Between Mongolian Central Bank Idealism and Reality

Sawada Selldown Was NOT Done - Shareholder Structure Looks Different Now

Sawada Gets Some Good News - Expect a Selldown

Quiddity Advisors

Event-Driven

The long saga of <a href="https://www.smartkarma.com/entities/sawada-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7311:1" rel="noopener">Sawada Holdings (8699 JP)</a> - the last decade where Real World Float was effectively 20%, the launch of a Tender Offer by a relatively unknown group with the namesake founder agreeing to sell well below book value, the ongoing tribulations of incompetence, misunderstanding, and what appears to be somewhat deliberate obfuscation, the change in the Mongolian Banking Law, the selldown by a shareholder to meet the strictures of those changes, the implications of the new regulations, and the ability of Sawada Holdings to comply with them - is now closer to an end than its beginning. Sawada Holdings has less time remaining to comply with the new rules than the current duration of the Upsilon tender offer so far (currently set to close on 25 May, after 305 business days).Last week, the once major Qualifying Shareholder or Designated Shareholder Tower Investment Management announced they had sold their stake down from just below 10% to just over 2%. That changes things. Sawada is a different stock now.<hr>The history of this event is in the insights below:<a href="https://www.smartkarma.com/insights/sawada-holdings-partial-offer-arb-grids-pro-ration" target="_blank" data-smartkarma-citation="insights:37141" rel="noopener"></a>    <a href="https://www.smartkarma.com/insights/sawada-holdings-partial-tender-an-odd-duck" target="_blank" data-smartkarma-citation="insights:36802" rel="noopener">Sawada Holdings Partial Tender - An Odd Duck</a>    <a href="https://www.smartkarma.com/insights/sawada-holdings-partial-offer-arb-grids-pro-ration" target="_blank" data-smartkarma-citation="insights:37141" rel="noopener">Sawada Holdings Partial Offer - Arb Grids &amp; Pro-Ration</a>   <a href="https://www.smartkarma.com/insights/sawada-withholds-opinion-on-tob-mongolia-deal-risk-may-exist" target="_blank" data-smartkarma-citation="insights:36959" rel="noopener">Sawada Withholds Opinion on TOB - Mongolia Deal Risk May Exist</a>   <a href="https://www.smartkarma.com/insights/sawada-holdings-tender-holding-pattern" target="_blank" data-smartkarma-citation="insights:37764" rel="noopener">Sawada Holdings Tender Holding Pattern</a>    <a href="https://www.smartkarma.com/insights/sawada-holdings-partial-offer-update-it-s-a-buy-here" target="_blank" data-smartkarma-citation="insights:37345" rel="noopener">Sawada Holdings Partial Offer Update - It's a Buy Here</a>    <a href="https://www.smartkarma.com/insights/sawada-holdings-8699-partial-tender-delayed-again-13th-time-a-charm" target="_blank" data-smartkarma-citation="insights:42124" rel="noopener">Sawada Holdings (8699) Partial Tender. Delayed Again. 13th Time a Charm?</a>    <a href="https://www.smartkarma.com/insights/sawada-holdings-still-a-long-but" target="_blank" data-smartkarma-citation="insights:43548" rel="noopener">Sawada Holdings - Still A Long But...</a>    <a href="https://www.smartkarma.com/insights/sawada-holdings-change-of-paradigm-means-opportunity" target="_blank" data-smartkarma-citation="insights:47739" rel="noopener">Sawada Holdings - Change of Paradigm Means Opportunity</a>    <a href="https://www.smartkarma.com/insights/sawada-8699-jp-stuck-between-mongolian-central-bank-idealism-and-reality" target="_blank" data-smartkarma-citation="insights:48921" rel="noopener">Sawada (8699 JP) Stuck Between Mongolian Central Bank Idealism and Reality</a>    <a href="https://www.smartkarma.com/insights/sawada-gets-some-good-news-expect-a-selldown" target="_blank" data-smartkarma-citation="insights:50551" rel="noopener">Sawada Gets Some Good News - Expect a Selldown</a>    <a href="https://www.smartkarma.com/insights/sawada-selldown-may-be-done-now-on-to-earnings" target="_blank" data-smartkarma-citation="insights:50721" rel="noopener">Sawada Selldown May Be Done - Now On To Earnings</a>    <a href="https://www.smartkarma.com/insights/sawada-selldown-was-not-done-shareholder-structure-looks-different-now" target="_blank" data-smartkarma-citation="insights:51240" rel="noopener">Sawada Selldown Was NOT Done - Shareholder Structure Looks Different Now</a>

The long saga of Sawada Holdings (8699 JP) - the last decade where Real World Float was effectively 20%, the launch of a Tender Offer by a relatively unknown group with the namesake founder agreeing to sell well below book value, the ongoing tribulations of incompetence, misunderstanding, and what appears to be somewhat deliberate obfuscation, the change in the Mongolian Banking Law, the selldown by a shareholder to meet the strictures of those changes, the implications of the new regulations, and the ability of Sawada Holdings to comply with them - is now closer to an end than its beginning. Sawada Holdings has less time remaining to comply with the new rules than the current duration of the Upsilon tender offer so far (currently set to close on 25 May, after 305 business days).Last week, the once major Qualifying Shareholder or Designated Shareholder Tower Investment Management announced they had sold their stake down from just below 10% to just over 2%. That changes things. Sawada is a different stock now.The history of this event is in the insights below:    Sawada Holdings Partial Tender - An Odd Duck    Sawada Holdings Partial Offer - Arb Grids &amp; Pro-Ration   Sawada Withholds Opinion on TOB - Mongolia Deal Risk May Exist   Sawada Holdings Tender Holding Pattern    Sawada Holdings Partial Offer Update - It's a Buy Here    Sawada Holdings (8699) Partial Tender. Delayed Again. 13th Time a Charm?    Sawada Holdings - Still A Long But...    Sawada Holdings - Change of Paradigm Means Opportunity    Sawada (8699 JP) Stuck Between Mongolian Central Bank Idealism and Reality    Sawada Gets Some Good News - Expect a Selldown    Sawada Selldown May Be Done - Now On To Earnings    Sawada Selldown Was NOT Done - Shareholder Structure Looks Different Now 

HS Holdings

Sawada Is A Different Stock Now