Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

HKBN Ltd., provides telephone voice and data communications services. The Company offers wireless internet service, IDD and IPTV service, local telephony services, and other value-added services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> has made a pre-conditional HK$5.23/share voluntary Offer for <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>. However, a possible separate Offer from I Squared continues to make the news. </li>
<li>In an unusual move, MBK, via Twin Holding, has converted HK$970.5mn of VLNs, at a whopping HK$11.60/share conversion price, lifting MBK's stake to 16.39% on a fully diluted basis.</li>
<li>Speculation is rife that MBK provides an irrevocable to I Squared for its enlarged shareholding. Maybe. I still don't see China supporting a U.S.-based infrastructure firm over an SOE .</li>
</ul>



China Mobile (941 HK) has made a pre-conditional HK$5.23/share voluntary Offer for HKBN Ltd (1310 HK). However, a possible separate Offer from I Squared continues to make the news. 
In an unusual move, MBK, via Twin Holding, has converted HK$970.5mn of VLNs, at a whopping HK$11.60/share conversion price, lifting MBK's stake to 16.39% on a fully diluted basis.
Speculation is rife that MBK provides an irrevocable to I Squared for its enlarged shareholding. Maybe. I still don't see China supporting a U.S.-based infrastructure firm over an SOE .


HKBN (1310 HK): MBK Ups Stake Via VLN Conversion

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>Today’s <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> monthly update notes that I Squared has completed due diligence and is finalising the terms of a possible preconditional offer. </li>
<li>The I Squared bid will likely be a modest premium to the China Mobile offer with a 50% minimum tendering condition. The key unknown is securing regulatory approvals. </li>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> will first react to an I Squared offer by maintaining terms. However, regardless of whether I Squared secures regulatory approvals, it is likely to match terms. </li>
</ul>


Today’s HKBN Ltd (1310 HK) monthly update notes that I Squared has completed due diligence and is finalising the terms of a possible preconditional offer. 
The I Squared bid will likely be a modest premium to the China Mobile offer with a 50% minimum tendering condition. The key unknown is securing regulatory approvals. 

China Mobile (941 HK) will first react to an I Squared offer by maintaining terms. However, regardless of whether I Squared secures regulatory approvals, it is likely to match terms. 


HKBN (1310 HK): I Squared Inches Closer to a Competing Offer

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>Back on the 26th March, <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> announced a cash/scrip Offer from <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>, its largest shareholder.</li>
<li>Investors hoping for a clean (er) exit, or one where the back-end terms were clearly defined, will be disappointed. And minorities are active in this name.</li>
<li>The Offer pivots on where the newly-listed H-shares trade. The IFA's assessment on the theoretical value of these H-shares is unrealistic. </li>
</ul>


Back on the 26th March, ENN Energy (2688 HK) announced a cash/scrip Offer from ENN Natural Gas (600803 CH), its largest shareholder.
Investors hoping for a clean (er) exit, or one where the back-end terms were clearly defined, will be disappointed. And minorities are active in this name.
The Offer pivots on where the newly-listed H-shares trade. The IFA's assessment on the theoretical value of these H-shares is unrealistic. 


Travis Lundy

SPDR S&P 500 ETF Trust is an exchange-traded fund incorporated in the USA. The ETF tracks the S&P 500 Index. The Trust consists of a portfolio representing all 500 stocks in the S&P 500 Index. It holds predominantly large-cap U.S. stocks. This ETF is structured as a Unit Investment Trust and pays dividends on a quarterly basis. The holdings are weighted by market capitalization.

<ul>
<li>For weeks, if not months, the world has been wondering what the "reciprocal tariffs" would be, and what the logic would be behind them.</li>
<li>There is talk of VAT, and NTBs, and huge tariff step-ups after quotas are exceeded (US exports of milk and cheese to Canada - high tariffs, but quotas not exceeded).</li>
<li>But a quick check of the math on the Trump Executive Order and Annex I tells you the logic is different than what everyone expected. </li>
</ul>


For weeks, if not months, the world has been wondering what the "reciprocal tariffs" would be, and what the logic would be behind them.
There is talk of VAT, and NTBs, and huge tariff step-ups after quotas are exceeded (US exports of milk and cheese to Canada - high tariffs, but quotas not exceeded).
But a quick check of the math on the Trump Executive Order and Annex I tells you the logic is different than what everyone expected. 


Trump Team's Weird Tariff Math - Not Meant to Be Negotiated

Dropsuite Limited operates a cloud based software platform. The Company owns commercialized cloud backup software that enables small and medium enterprises to  backup, recover, and protect their digital assets.

<ul>
<li>On the 28th January 2025, <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite Ltd (DSE AU)</a>, a backup, recovery and protection software company, entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.</li>
<li>NinjaOne's A$5.90/share Offer was a 34.1% premium to undisturbed. The Offer had the backing of Dropsuite's largest shareholder, Topline Capital (31% - at the time!). Board/management held a further 9%.</li>
<li>
The Scheme Booklet is now <a href="https://announcements.asx.com.au/asxpdf/20250402/pdf/06h8yqg5k4585w.pdf" target="_blank" rel="noopener">out</a>, with a Court Meeting on the 9th May, and expected payment on or before the 30th May. The IE (BDO) says "fair &amp; reasonable".</li>
</ul>


On the 28th January 2025, Dropsuite Ltd (DSE AU), a backup, recovery and protection software company, entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.
NinjaOne's A$5.90/share Offer was a 34.1% premium to undisturbed. The Offer had the backing of Dropsuite's largest shareholder, Topline Capital (31% - at the time!). Board/management held a further 9%.

The Scheme Booklet is now out, with a Court Meeting on the 9th May, and expected payment on or before the 30th May. The IE (BDO) says "fair &amp; reasonable".


Dropsuite (DSE AU): 9th May Vote On NinjaOne's Offer

Event-Driven
Event-Driven Insights

HKBN (1310 HK): MBK Ups Stake Via VLN Conversion

In its monthly update, HKBN mentions I Squared has finished DD and is finalising a possible pre-con offer. IF I Squared does make a higher firm...

David Blennerhassett

HKBN (1310 HK): I Squared Inches Closer to a Competing Offer

China Mobile will first react to an I Squared offer by maintaining terms. However, regardless of whether I Squared secures regulatory approvals, it...

Arun George

ENN Energy (2688 HK): This Is An Avoid

The Offer pivots on where the newly-listed H-shares trade. The IFA's assessment on the theoretical value of these H-shares is unrealistic.

David Blennerhassett

Trump Team's Weird Tariff Math - Not Meant to Be Negotiated

Donald Trump has released his Tariff Plan set at "half" the "Foreign Tariffs" against the US. That's a mislabelling. It is nothing of the sort....

Travis Lundy

Dropsuite (DSE AU): 9th May Vote On NinjaOne's Offer

This is a clean deal. Trading tightish at 1.9%/12.8% gross/annualised spread. If small, illiquid arbs are your bent, look to enter here and on any w

David Blennerhassett