Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Domain Holdings Australia  / Event-Driven

Domain Holdings Australia Limited offers multi-platform property solutions. The Company operates an online portal that delivers property marketing solutions for residential, new development, and commercial properties. Domain Holdings Australia serves buyers, sellers, renters, and investors in Australia.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a>, Australia's  number two player in the online real estate market, has announced a non-binding proposal, by way of a Scheme, from <a href="https://www.smartkarma.com/entities/costar-group-inc" target="_blank" data-smartkarma-citation="entities:16907:1" rel="noopener">CoStar Group (CSGP US)</a>.</li>
<li>CoStar is offering A$4.20/share, in cash. A A$0.02/share dividend declared on the 13th Feb will be added (but now ex). CoStar also acquired 16.9% of shares out, also at A$4.20/share.</li>
<li>Domain is 60% owned by <a href="https://www.smartkarma.com/entities/nine-entertainment-co-holdings-ltd" target="_blank" data-smartkarma-citation="entities:708:1" rel="noopener">Nine Entertainment Co Holdings (NEC AU)</a>, and has been known to be scoping out a buyer. A firm offer will require FIRB to sign off.</li>
</ul>



Domain Holdings Australia (DHG AU), Australia's  number two player in the online real estate market, has announced a non-binding proposal, by way of a Scheme, from CoStar Group (CSGP US).
CoStar is offering A$4.20/share, in cash. A A$0.02/share dividend declared on the 13th Feb will be added (but now ex). CoStar also acquired 16.9% of shares out, also at A$4.20/share.
Domain is 60% owned by Nine Entertainment Co Holdings (NEC AU), and has been known to be scoping out a buyer. A firm offer will require FIRB to sign off.


Domain (DHG AU): CoStar's A$4.20/Share NBIO

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

ENN Energy Holdings Ltd. distributes natural gas in China.  The Company, through its subsidiaries, invests in, operates, and manages gas pipelines, and sells and distributes piped and bottled gas in China.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/enn-natural-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:16456:1" rel="noopener">ENN Natural Gas</a> has made a pre-conditional proposal to privatise <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>. For each ENN share, shareholders will receive 2.9427 <a href="https://www.smartkarma.com/entities/enn-natural-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:16456:1" rel="noopener">ENN Natural Gas</a> shares and HK$24.5 in cash.</li>
<li>The <a href="https://www.smartkarma.com/entities/enn-natural-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:16456:1" rel="noopener">ENN Natural Gas</a> H-shares will be listed on the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX</a>. The value received by <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy</a> shareholders depends on <a href="https://www.smartkarma.com/entities/enn-natural-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:16456:1" rel="noopener">ENN Natural Gas</a> stock performance and the H-share discount.</li>
<li>The <a href="https://www.smartkarma.com/entities/enn-natural-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:16456:1" rel="noopener">ENN Natural Gas (600803 CH)</a> H-shares are likely to replace <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> in global indices and the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a>. </li>
</ul>



ENN Natural Gas has made a pre-conditional proposal to privatise ENN Energy (2688 HK). For each ENN share, shareholders will receive 2.9427 ENN Natural Gas shares and HK$24.5 in cash.
The ENN Natural Gas H-shares will be listed on the HKEX. The value received by ENN Energy shareholders depends on ENN Natural Gas stock performance and the H-share discount.
The ENN Natural Gas (600803 CH) H-shares are likely to replace ENN Energy (2688 HK) in global indices and the Hang Seng Index (HSI INDEX). 


ENN Energy (2688 HK) Privatization: Details & Index Implications

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Naturgy Energy Group S.A. distributes natural gas. The Company operates gas storage facilities, as well as owns and operates a fiber optic backbone telecommunications networks. Naturgy Energy Group also markets energy management products, household gas appliances, and installs gas heating systems. Naturgy Energy serves clients worldwide.

<ul>
<li>Naturgy's 10% self-tender offer at €26.50/share offers a 3.5% premium and ~40.6% annualized return, pending CNMV approval with settlement likely by mid-May 2025.</li>
<li>Strategic negotiations may see Taqa acquire up to 29.9% from exiting funds GIP and CVC, rebalancing Naturgy’s ownership toward industrial partners and reducing geopolitical friction.</li>
<li>With treasury shares reissued, free float could rise to 21%, boosting ADTV above €12 million and enhancing index eligibility, while dividend payouts remain attractive despite temporary uplift being unsustainable.</li>
</ul>


Naturgy's 10% self-tender offer at €26.50/share offers a 3.5% premium and ~40.6% annualized return, pending CNMV approval with settlement likely by mid-May 2025.
Strategic negotiations may see Taqa acquire up to 29.9% from exiting funds GIP and CVC, rebalancing Naturgy’s ownership toward industrial partners and reducing geopolitical friction.
With treasury shares reissued, free float could rise to 21%, boosting ADTV above €12 million and enhancing index eligibility, while dividend payouts remain attractive despite temporary uplift being unsustainable.


A Power Move: Naturgy Sparks a Strategic Rebalance

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Kum Yang Co., Ltd. specializes in manufacturing blowing agents to foam rubber products and polymers.  The Company also produces other basic fine chemicals, such as sulphur products.

<ul>
<li>On 26 March, Korea Exchange provided a list of 38 companies in KOSPI and KOSDAQ that are subject to delisting this year.</li>
<li>These 38 companies have a combined market cap of 3.4 trillion won.</li>
<li>Many of these companies have received 'refusals of opinion' from auditors in the audit report. Some of them also face charges of embezzlement and breach of trust. </li>
</ul>


On 26 March, Korea Exchange provided a list of 38 companies in KOSPI and KOSDAQ that are subject to delisting this year.
These 38 companies have a combined market cap of 3.4 trillion won.
Many of these companies have received 'refusals of opinion' from auditors in the audit report. Some of them also face charges of embezzlement and breach of trust. 


Korea Exchange Highlights 38 Companies That Could Be Delisted in 2025

<ul>
<li>
<a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>, a major clean energy distributor based in China, is currently suspended pursuant to the Takeovers Code</li>
<li>The largest shareholder is ENN Group (34.28% of shares out), an entity controlled by founder Wang Yusuo and his wife, Zhao Baoju. </li>
<li>ENN Energy is a US$8.5bn market cap company. It's possible ENN Group make an Offer. But more likely, I'd expect an Offer from a (larger) third party.</li>
</ul>



ENN Energy (2688 HK), a major clean energy distributor based in China, is currently suspended pursuant to the Takeovers Code
The largest shareholder is ENN Group (34.28% of shares out), an entity controlled by founder Wang Yusuo and his wife, Zhao Baoju. 
ENN Energy is a US$8.5bn market cap company. It's possible ENN Group make an Offer. But more likely, I'd expect an Offer from a (larger) third party.


Event-Driven
Event-Driven Insights

ENN Energy (2688 HK) Privatization: Details & Index Implications

ENN Natural Gas is looking to privatise ENN Energy in a stock+cash deal. The value received by ENN Energy shareholders largely depends on how ENN...

Brian Freitas

A Power Move: Naturgy Sparks a Strategic Rebalance

Naturgy's self-tender offer at €26.50/share aims to rebalance ownership, boost free float, and enhance index eligibility, pending CNMV approval...

Jesus Rodriguez Aguilar

Korea Exchange Highlights 38 Companies That Could Be Delisted in 2025

On 26 March, Korea Exchange provided a list of 38 companies in KOSPI and KOSDAQ that are subject to delisting this year. These 38 companies have a...

Douglas Kim

ENN Energy (2688 HK): Third Party Offer?

My initial takeaway is that this not is the Offer investors are seeking. Yes - the headline Offer consideration of $80/share is fair. However,...

David Blennerhassett

Domain (DHG AU): CoStar's A$4.20/Share NBIO

Domain has announced a $4.43/share NBIO from Costar - deemed best & final. It's a 5.5% premium to its initial bid, and a 42% premium to the 20th...

David Blennerhassett

ENN Energy (2688 HK) Privatization: Details & Index Implications

ENN Natural Gas is looking to privatise ENN Energy in a stock+cash deal. The value received by ENN Energy shareholders largely depends on how ENN...

Brian Freitas

A Power Move: Naturgy Sparks a Strategic Rebalance

​Naturgy's self-tender offer at €26.50/share aims to rebalance ownership, boost free float, and enhance index eligibility, pending CNMV approval...

Jesus Rodriguez Aguilar

Korea Exchange Highlights 38 Companies That Could Be Delisted in 2025

On 26 March, Korea Exchange provided a list of 38 companies in KOSPI and KOSDAQ that are subject to delisting this year. These 38 companies have a...

Douglas Kim

ENN Energy (2688 HK): Third Party Offer?

My initial takeaway is that this not is the Offer investors are seeking. Yes - the headline Offer consideration of $80/share is fair. However,...

David Blennerhassett

Naturgy's self-tender offer at €26.50/share aims to rebalance ownership, boost free float, and enhance index eligibility, pending CNMV approval...