Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

<ul>
<li>
<a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar, CFA</a> put out June rebal predictions on <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-hscei-jun25-large-price-swings-needed-to-trigger-index-changes" target="_blank" rel="noopener">HSCEI</a>, <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-hstech-jun25-us-204mn-one-way-no-index-changes-likely" target="_blank" rel="noopener">HSTECH</a>, and <a href="https://www.smartkarma.com/insights/quiddity-leaderboard-hsiii-jun25-sep25-capping-flows-in-june-and-index-changes-in-september" target="_blank" rel="noopener">Hang Seng Internet &amp; Infotech</a> on 17-Mar-25 (and 7 mainland indices 19-21 March) and...</li>
<li>...the Quiddity team put out its regular predictions of all 7 major HS indices and 11 mainland indices, but on 21-March after the close, the Hang Seng team updated methodology.</li>
<li>They changed the way float is calculated for Secondary Listings in Hang Seng indices. It affects only a few names, but this adds US$2.7bn of buying to three names.</li>
</ul>



Janaghan Jeyakumar, CFA put out June rebal predictions on HSCEI, HSTECH, and Hang Seng Internet &amp; Infotech on 17-Mar-25 (and 7 mainland indices 19-21 March) and...
...the Quiddity team put out its regular predictions of all 7 major HS indices and 11 mainland indices, but on 21-March after the close, the Hang Seng team updated methodology.
They changed the way float is calculated for Secondary Listings in Hang Seng indices. It affects only a few names, but this adds US$2.7bn of buying to three names.


Changes to Hang Seng Methodology - Early Doors but $3bn a Side Across Major Indices

Baycurrent Consulting , Inc. offers comprehensive consulting services in a wide variety of industries. The company's main focus areas are business strategy consulting, IT consulting, and IT integration.

<ul>
<li>Every year it's the same trade. But sometimes it is not. This year it is Thursday and Friday. Or not.</li>
<li>The month-end and quarter-end bring big flows, or not, depending on how things have gone.</li>
<li>Over the past 10 years or so, the two-day return on the March trade is pretty good. This year? Well read on!</li>
</ul>


Every year it's the same trade. But sometimes it is not. This year it is Thursday and Friday. Or not.
The month-end and quarter-end bring big flows, or not, depending on how things have gone.
Over the past 10 years or so, the two-day return on the March trade is pretty good. This year? Well read on!


The Japan March-End Rebal and Dividend Trade

Shinko Electric Industries / Event-Driven

SHINKO ELECTRIC INDUSTRIES CO., LTD. designs, manufactures, and markets advanced electronic materials, such as semiconductor packages, including leadframes, and PLP(Plastics Laminated Packages).  The Company markets its products worldwide through a network of sales offices in such places as the Philippines, Germany, and Hong Kong.

<ul>
<li>The Tender Offer closed end of last week. The bidder JICC-04 got 59.281mm shares. Most of what was left over - perhaps even more than 100%, was passive-owned.</li>
<li>More than 100%? How does that work? It works because of how the logistics goes. </li>
<li>And right now, the reason why the stock is trading well through terms is a matter of Chicken and Logistics.</li>
</ul>


The Tender Offer closed end of last week. The bidder JICC-04 got 59.281mm shares. Most of what was left over - perhaps even more than 100%, was passive-owned.
More than 100%? How does that work? It works because of how the logistics goes. 
And right now, the reason why the stock is trading well through terms is a matter of Chicken and Logistics.


Shinko Electric (6967) - Chicken and Logistics

David Blennerhassett

Great Eastern Holdings Limited operates in the life insurance business. The Company provides fund management services including retirement plans and endowments as well as life and health insurance, personal accident insurance, and general insurance

<ul>
<li>Back on the 10th May 2024, <strong><a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC (OCBC SP)</a></strong> launched a voluntary unconditional general Offer for the 11.56% in life/non-life insurer <strong><a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a></strong> not held.</li>
<li>The Offer closed on the 12th July with OCBC holding 93.62%. Shares were subsequently.  suspended. And have been suspended ever since. Compulsory acquisition was not afforded. </li>
<li>The SGX has thrice granted OCBC an extension of time to restore the float.  UK-based activist Palliser is agitating for better terms. Time for a bump.</li>
</ul>


Back on the 10th May 2024, OCBC (OCBC SP) launched a voluntary unconditional general Offer for the 11.56% in life/non-life insurer Great Eastern Holdings (GE SP) not held.
The Offer closed on the 12th July with OCBC holding 93.62%. Shares were subsequently.  suspended. And have been suspended ever since. Compulsory acquisition was not afforded. 
The SGX has thrice granted OCBC an extension of time to restore the float.  UK-based activist Palliser is agitating for better terms. Time for a bump.


This Needs To Be Sorted: Great Eastern (GE SP)'s Protracted Suspension

Event-Driven Investment Opportunities, Special Situation Investments

Special Situation Investments

Event-Driven Investment Opportunities

Focus on event-driven trades and low risk arbitrage opportunities with short term catalysts

NZME Limited provides printing and publication services. The Company offers services of newspapers and magazines, as well as commercial printing and specialist publications.

<ul><li>NZME Limited's strategic review of OneRoof aims for potential separation, with activist Jim Grenon acquiring a 13.5% stake.</li><li>Grenon and Osmium Partners are pushing for board changes and OneRoof's monetization, suggesting a possible spin-off.</li><li>The sum-of-the-parts valuation estimates NZME's stock at A$1.49/share, implying a 35% upside from current levels.</li></ul>

NZME Limited's strategic review of OneRoof aims for potential separation, with activist Jim Grenon acquiring a 13.5% stake.Grenon and Osmium Partners are pushing for board changes and OneRoof's monetization, suggesting a possible spin-off.The sum-of-the-parts valuation estimates NZME's stock at A$1.49/share, implying a 35% upside from current levels.

NZME's Strategic Review and Activist Involvement Signal Potential Value Unlock Through OneRoof Spin-Off and Board Overhaul

Asian event-driven, risk-arb & special-sits

Asia Event-Driven
Asian event-driven, risk-arb & special-sits

Changes to Hang Seng Methodology - Early Doors but $3bn a Side Across Major Indices

A few days ago, the Hang Seng Index Team announced a rule change for counting float of Secondary Listings. Small beans perhaps but the top three...

Travis Lundy

The Japan March-End Rebal and Dividend Trade

History shows (see Discussion Point) that "the right trade" is to be outright long TOPIX from today at the close to sell Friday (dividend ex-date)...

Travis Lundy

Shinko Electric (6967) - Chicken and Logistics

Shinko Electric is getting squeezed. The main reason? A large portion of the passive risk was tendered - either by passives themselves, or by short...

Travis Lundy

This Needs To Be Sorted: Great Eastern (GE SP)'s Protracted Suspension

The SGX has thrice granted OCBC an extension of time to restore the float. UK-based activist Palliser is agitating for better terms. Time for a bump.

David Blennerhassett

NZME's Strategic Review and Activist Involvement Signal Potential Value Unlock Through OneRoof Spin-Off and Board Overhaul

NZME Limited's strategic review of OneRoof aims for potential separation, with activist Jim Grenon acquiring a 13.5% stake.

Special Situation Investments