Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Weimob Inc. provides targetedmarketing services. The Company offers product display, orderintake and payment processing, customer relationship management, and social media marketing services. Weimob provides services in China.

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.</li>
<li>The key stocks mentioned in this regular insight include: <a href="https://www.smartkarma.com/entities/weimob-inc" target="_blank" data-smartkarma-citation="entities:27394:1" rel="noopener">Weimob Inc. (2013 HK)</a>, <a href="https://www.smartkarma.com/entities/midea-real-estate-holding-ltd" target="_blank" data-smartkarma-citation="entities:27450:1" rel="noopener">Midea Real Estate Holding (3990 HK)</a>, and <a href="https://www.smartkarma.com/entities/pharmaron-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:28428:1" rel="noopener">Pharmaron Beijing (3759 HK)</a>.</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
The key stocks mentioned in this regular insight include: Weimob Inc. (2013 HK), Midea Real Estate Holding (3990 HK), and Pharmaron Beijing (3759 HK).


HK CEO & Director Dealings (31st Dec 2024): Weimob Inc., Midea Real Estate, Pharmaron Beijing

Greatview Aseptic Packaging / Event-Driven

Greatview Aseptic Packaging Company Limited is an integrated provider of aseptic packaging and related services. The Company also provides customers with a range of support services with respect to standard roll-fed filling machines, which include training and on-site technical assistance, as well as spare parts.

<ul>
<li>In the UK, once a Bidder is named in a possible offer announcement, the Bidder has 28 days to either announce a firm Offer intention or walk away. </li>
<li>This is known as a 'put up or shut up' or 'PUSU' deadline. Hong Kong's takeover rules has no such provision.</li>
<li>It's ~21 weeks since co-founders Jeff Bi and Gang Hong tabled a non-binding Offer. With no firm Offer in sight, AND contesting a SAMR ruling, they should fold their tent.</li>
</ul>


In the UK, once a Bidder is named in a possible offer announcement, the Bidder has 28 days to either announce a firm Offer intention or walk away. 
This is known as a 'put up or shut up' or 'PUSU' deadline. Hong Kong's takeover rules has no such provision.
It's ~21 weeks since co-founders Jeff Bi and Gang Hong tabled a non-binding Offer. With no firm Offer in sight, AND contesting a SAMR ruling, they should fold their tent.


GAPack (468 HK): Hong Kong's Takeovers Code Needs A PUSU Rule

Shandong Hi-Speed New Energy G / Event-Driven

Shandong Hi-Speed New Energy provides renewable energy services. The Company operates photovoltaic power and wind power businesses. Shandong Hi-Speed New Energy also involves in energy storage, micro-grid network, electricity sales, geothermal power generation, regional energy systems, and other new energy fields.

<ul>
<li>Back on the 27th November, <a href="https://www.smartkarma.com/entities/shandong-hi-speed-holdings-gro" target="_blank" data-smartkarma-citation="entities:10356:1" rel="noopener">Shandong Hi-Speed Holdings (412 HK)</a> (SDHG) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1127/2024112700199.pdf" target="_blank" rel="noopener">entered into SPAs</a> with two <a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (6030 HK)</a>-backed funds, holding 13.52% in <a href="https://www.smartkarma.com/entities/shandong-hi-speed-new-energy-g" target="_blank" data-smartkarma-citation="entities:6927:1" rel="noopener">Shandong Hi-Speed New Energy (1250 HK)</a>. 
</li>
<li>The SPAs were completed on the 27th December, elevating SDHG's stake to 56.97%, triggering an unconditional MGO. The Offer Price is HK$1.78/share, the same as that under the SPAs.</li>
<li>The premium to last close is just 7.23%. But don't expect a bump in terms. SDHG intends to maintain Shandong Hi-Speed New Energy's listing. </li>
</ul>


Back on the 27th November, Shandong Hi-Speed Holdings (412 HK) (SDHG) entered into SPAs with two Citic Securities (6030 HK)-backed funds, holding 13.52% in Shandong Hi-Speed New Energy (1250 HK). 

The SPAs were completed on the 27th December, elevating SDHG's stake to 56.97%, triggering an unconditional MGO. The Offer Price is HK$1.78/share, the same as that under the SPAs.
The premium to last close is just 7.23%. But don't expect a bump in terms. SDHG intends to maintain Shandong Hi-Speed New Energy's listing. 


Shandong Hi-Speed New Energy (1250 HK)'s Unconditional MGO. It Is What It Is

Vesync Co Ltd develops smart home platform that connect air quality, health monitoring, kitchen, lighting, and outlet systems.The Company helps users to manage home, save energy, and bring remote items within handheld reach.

<ul>
<li>When <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>, a manufacturer of small home appliances, was suspended pursuant to the Takeovers Code, an Offer from the Yang family, led by chairman/CEO, controlling ~69.04%, was expected.</li>
<li>And on cue, that is what unfolded. <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1227/2024122701148.pdf" target="_blank" rel="noopener">HK$5.60/share</a>, a premium of 33.33%, by way of a Scheme. The price is final. A scrip option afforded. No dividends.</li>
<li>The blocking stake is 1.675%. Expect around fourth months to complete. This is done.</li>
</ul>


When Vesync (2148 HK), a manufacturer of small home appliances, was suspended pursuant to the Takeovers Code, an Offer from the Yang family, led by chairman/CEO, controlling ~69.04%, was expected.
And on cue, that is what unfolded. HK$5.60/share, a premium of 33.33%, by way of a Scheme. The price is final. A scrip option afforded. No dividends.
The blocking stake is 1.675%. Expect around fourth months to complete. This is done.


Vesync (2148 HK): 33.3% Premium For An Illiquid Arb - Yep, This Is Done.

Travis Lundy

TSURUHA HOLDINGS INC. is a holding company which manages subsidiaries that operate drug stores in Hokkaido and the Tohoku area.  The Company's product line includes drugs, cosmetics, and household utensils.

<ul>
<li>In Feb-24, Aeon (8267) agreed with Oasis Management to buy its stake in Tsuruha Holdings (3391) and Tsuruha and Welcia Holdings (3141) would discuss a merger, details decided by end-2027.</li>
<li>On Saturday 27 December, a Jiji article said the two would look to integrate by end-2025, now that they no longer need SEC approval. That reason sounds wrong.</li>
<li>The language of the articles is odd but we have to take it at face value. That means we look to what might happen between here and there.</li>
</ul>


In Feb-24, Aeon (8267) agreed with Oasis Management to buy its stake in Tsuruha Holdings (3391) and Tsuruha and Welcia Holdings (3141) would discuss a merger, details decided by end-2027.
On Saturday 27 December, a Jiji article said the two would look to integrate by end-2025, now that they no longer need SEC approval. That reason sounds wrong.
The language of the articles is odd but we have to take it at face value. That means we look to what might happen between here and there.


Tsuruha (3391) And Welcia (3141) To Move UP Merger to End-2025; Makes It TWO Trades in 18mos?

Quiddity Advisors
Pan-Asia Catalysts/Events

HK CEO & Director Dealings (31st Dec 2024): Weimob Inc., Midea Real Estate, Pharmaron Beijing

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett

GAPack (468 HK): Hong Kong's Takeovers Code Needs A PUSU Rule

It's ~21 weeks since co-founders Jeff Bi and Gang Hong tabled a non-binding Offer. With no firm Offer in sight, AND contesting a SAMR ruling, they...

David Blennerhassett

Shandong Hi-Speed New Energy (1250 HK)'s Unconditional MGO. It Is What It Is

Assuming around mid-Feb payment, pay up to HK$1.75/share. BUT - if you can get in at the last close (HK$1.73), do so. Don't expect a bump in...

David Blennerhassett

Vesync (2148 HK): 33.3% Premium For An Illiquid Arb - Yep, This Is Done.

This is all stitched up. No competing Offer will emerge. I'd pay up to HK$5.35/share for around a 5%/15% gross/annualised spread.

David Blennerhassett

Tsuruha (3391) And Welcia (3141) To Move UP Merger to End-2025; Makes It TWO Trades in 18mos?

Over the weekend, Japanese media outlets reported that Tsuruha and Welcia would advance merger plans by 2 years, merging as early as end-2025,...

Travis Lundy