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

StubWorld: Sun Corp (6736 JP) Trading Cheap to Cellebrite (CLBT US)

StubWorld: Sun Corp (6736 JP) Is Still Inexpensive To Its Cellebrite Stake

Unsolicited Partial Offer for 19% of Sun Corp (6736 JP) - Play on Cellebrite from SPAC Sponsor

True Wind Raises Partial TOB Price for Sun Corp (6736 JP) By 8%. Not Enough.

To Tender Or Not - Gauging The Future of Sun Corp (6736)

True Wind Raises Partial Offer for Sun Corp Further, Leaving an Interesting Back End

Quiddity Advisors

Event-Driven

<ul>
<li>The reason why <a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> has traditionally traded at a large discount to its potential outcome is the possibility of inefficient or delayed value realisation. </li>
<li>Materially ALL of the value of the company is in its holding in <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite DI (CLBT US)</a>. True Wind Capital, the SPAC sponsor of CLBT, just bought 19% of SunCorp. </li>
<li>They bought that for the CLBT, or the value realisation thereof. And now with the slightly surprising Tender Offer result, the chances of a better outcome are now higher.</li>
</ul>


The reason why Sun Corp (6736 JP) has traditionally traded at a large discount to its potential outcome is the possibility of inefficient or delayed value realisation. 
Materially ALL of the value of the company is in its holding in Cellebrite DI (CLBT US). True Wind Capital, the SPAC sponsor of CLBT, just bought 19% of SunCorp. 
They bought that for the CLBT, or the value realisation thereof. And now with the slightly surprising Tender Offer result, the chances of a better outcome are now higher.


Sun Corp

Sun Corp (6736) - The Future Is Bright