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

Quiddity Advisors

Event-Driven

Haitong Securities Co Ltd (H) / Event-Driven

A number of Hong Kong spin-offs, including  <a href="https://www.smartkarma.com/entities/28044" target="_blank" data-smartkarma-citation="entities:28044:1">Haitong UniTrust International Leasing Co Ltd (1905 HK)</a> and <a href="https://www.smartkarma.com/entities/27808" target="_blank" data-smartkarma-citation="entities:27808:1">Xinyi Energy Holdings Ltd (3868 HK)</a>, have been announced recently. Clicking on the company names will take you to a home page providing a list of recent insights by various Smartkarma contributors.There are other situations where they have been announced but conditions (approvals, market conditions) are unmet and they may never arrive.My interest is whether these spin-offs create new parent/subsidiary relationships leading to relative value trade ideas going forward, which will be dependent on the spin-off's liquidity and the % market cap held by the parent.Using available information from the prospectus/red herrings and various HKEx announcements, it is also possible to back out a rudimentary implied stub value of the unlisted parent's operations ahead of these spin-offs.The first to be addressed is Haitong Securities' spin-off of Haitong UniTrust International Leasing.

A number of Hong Kong spin-offs, including  Haitong UniTrust International Leasing Co Ltd (1905 HK) and Xinyi Energy Holdings Ltd (3868 HK), have been announced recently. Clicking on the company names will take you to a home page providing a list of recent insights by various Smartkarma contributors.There are other situations where they have been announced but conditions (approvals, market conditions) are unmet and they may never arrive.My interest is whether these spin-offs create new parent/subsidiary relationships leading to relative value trade ideas going forward, which will be dependent on the spin-off's liquidity and the % market cap held by the parent.Using available information from the prospectus/red herrings and various HKEx announcements, it is also possible to back out a rudimentary implied stub value of the unlisted parent's operations ahead of these spin-offs.The first to be addressed is Haitong Securities' spin-off of Haitong UniTrust International Leasing.

Haitong UniTrust International Leasing (1905 HK)

SPINOFF: Haitong Securities Spinoff of Haitong UniTrust Int'l Leasing