Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For the month of January 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$2bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in January was ~34%. </li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of January 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$2bn.
The average premium for the new transactions announced (or first discussed) in January was ~34%. 
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Jan 2024: Newmark, Eureka, Aoki, Medley, Payroll, Kerry Express, Genetron, TDCX

Shinko Electric Industries / Event-Driven

<ul>
<li>I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week on Smartkarma: All-scrip deals for <a href="https://www.smartkarma.com/entities/newmark-property-reit" target="_blank" data-smartkarma-citation="entities:40696:1" rel="noopener">Newmark Property REIT (NPR AU)</a> and <a href="https://www.smartkarma.com/entities/eureka-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20321:1" rel="noopener">Eureka Group Holdings (EGH AU)</a>; and <a href="https://www.smartkarma.com/entities/payroll-inc" target="_blank" data-smartkarma-citation="entities:33434:1" rel="noopener">Payroll (4489 JP)</a>'s Tender Offer.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a>, <a href="https://www.smartkarma.com/entities/weiqiao-textile-co" target="_blank" data-smartkarma-citation="entities:3690:1" rel="noopener">Weiqiao Textile Co (2698 HK)</a>, <a href="https://www.smartkarma.com/entities/mandala-multifinance-tbk-pt" target="_blank" data-smartkarma-citation="entities:12756:1" rel="noopener">Mandala Multifinance (MFIN IJ)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a> &amp; <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>.</li>
</ul>


I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week on Smartkarma: All-scrip deals for Newmark Property REIT (NPR AU) and Eureka Group Holdings (EGH AU); and Payroll (4489 JP)'s Tender Offer.
Key updates took place on: Orecorp Ltd (ORR AU), Weiqiao Textile Co (2698 HK), Mandala Multifinance (MFIN IJ), Shinko Electric Industries (6967 JP) &amp; JSR Corp (4185 JP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Newmark, Payroll, Orecorp, Weiqiao, Mandala Multi, Shinko

<ul>
<li>I tally 46 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals discussed this week on Smartkarma: <a href="https://www.smartkarma.com/entities/genetron-holdings-ltd" target="_blank" data-smartkarma-citation="entities:28435:1" rel="noopener">Genetron Holdings Ltd (GTH US)</a>'s take-private transaction; and<a href="https://www.smartkarma.com/entities/medley-inc" target="_blank" data-smartkarma-citation="entities:31041:1" rel="noopener">Medley (4480 JP)</a>'s buy out of <a href="https://www.smartkarma.com/entities/guppy-s-inc" target="_blank" data-smartkarma-citation="entities:40692:1" rel="noopener">GUPPY's Inc (5127 JP)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp (ORR AU)</a>, <a href="https://www.smartkarma.com/entities/weiqiao-textile-co" target="_blank" data-smartkarma-citation="entities:3690:1" rel="noopener">Weiqiao Textile (2698 HK)</a>, <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One (2412 JP)</a>, <a href="https://www.smartkarma.com/entities/taisho-pharmaceutical-holdin" target="_blank" data-smartkarma-citation="entities:3774:1" rel="noopener">Taisho Pharmaceutical (4581 JP)</a>, <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka (4636 JP)</a>, and <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>.</li>
</ul>


I tally 46 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals discussed this week on Smartkarma: Genetron Holdings Ltd (GTH US)'s take-private transaction; andMedley (4480 JP)'s buy out of GUPPY's Inc (5127 JP).
Key updates took place on: Orecorp (ORR AU), Weiqiao Textile (2698 HK), Benefit One (2412 JP), Taisho Pharmaceutical (4581 JP), T&amp;K Toka (4636 JP), and Hollysys Automation Technologies (HOLI US).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Genetron, Guppy, Weiqiao Textile, Taisho Pharma, T&K Toka

Taisho Pharmaceutical Holdin / Event-Driven

<ul>
<li>I tally 45 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deal discussed this week on Smartkarma: <a href="https://www.smartkarma.com/entities/tdcx-inc" target="_blank" data-smartkarma-citation="entities:34187:1" rel="noopener">TDCX (TDCX US)</a>'s MBO.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a>, <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a>, <a href="https://www.smartkarma.com/entities/taisho-pharmaceutical-holdin" target="_blank" data-smartkarma-citation="entities:3774:1" rel="noopener">Taisho Pharmaceutical Holdin (4581 JP)</a>, <a href="https://www.smartkarma.com/entities/benesse-holdings-inc" target="_blank" data-smartkarma-citation="entities:12877:1" rel="noopener">Benesse Holdings (9783 JP)</a>, and <a href="https://www.smartkarma.com/entities/ijtt-co-ltd" target="_blank" data-smartkarma-citation="entities:19461:1" rel="noopener">IJTT Co., Ltd. (7315 JP)</a>.</li>
</ul>


I tally 45 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal discussed this week on Smartkarma: TDCX (TDCX US)'s MBO.
Key updates took place on: Orecorp Ltd (ORR AU), T&amp;K Toka Co Ltd (4636 JP), Taisho Pharmaceutical Holdin (4581 JP), Benesse Holdings (9783 JP), and IJTT Co., Ltd. (7315 JP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: TDCX, Orecorp, T&K Toka, Taisho Pharma, Benesse, IJTT

<ul>
<li>I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals discussed this week: <a href="https://www.smartkarma.com/entities/aoki-holdings-inc" target="_blank" data-smartkarma-citation="entities:2993:1" rel="noopener">AOKI Holdings (8214 JP)</a>'s MBO and in-specied-triggered MTO got <a href="https://www.smartkarma.com/entities/kerry-express-thailand" target="_blank" data-smartkarma-citation="entities:29253:1" rel="noopener">Kerry Express Thailand (KEX TB)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/joyy-inc" target="_blank" data-smartkarma-citation="entities:285:1" rel="noopener">JOYY (YY US)</a>, <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>and <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>.</li>
</ul>


I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals discussed this week: AOKI Holdings (8214 JP)'s MBO and in-specied-triggered MTO got Kerry Express Thailand (KEX TB).
Key updates took place on: JOYY (YY US), Tietto Minerals Ltd (TIE AU)and Pact Group Holdings (PGH AU).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Aoki, Kerry Express Thailand, JOYY, Tietto Mins, Pact Group

China

Beijing Honggao Creative Construction Design Co., Ltd mainly engages in engineering design, landscape design, furniture design, arts & crafts design and sale of contruction materials.

Beijing Honggao Cretv Constn Dsgn (002504 CH)

Shanghai Huahongjt Smart System Company Limited develops, integrates and sells non-contact IC card auto toll systems. The Company's main products include rail transportation automatic fare collection systems, and city card automatic fare collection systems.

Shanghai Huahong Jtng Smrt Systm (300330 CH)

Pacific Online Ltd provides Internet content in the Peoples Republic of China. The Company operates multiple portal sites that offers content that includes information technology product related content and automobile related content, personal computer games, womens lifestyle related topics, and parenting related issues.

Suzhou New Sea Union Telecom Technology Co., Ltd. develops, manufactures and markets telecommunication products. The company's products include telecommunication networking equipment and software, related electronic products, cable, security products and so on.

Suzhou New Sea Union Tlcm Tchnlgy (002089 CH)

Nanjing Sample Technology Company Limited develops and provides video security system solutions in China targeting on government authorities.  The Company's products are used in the traffic monitoring and control sector as well as the customs logistics monitoring sector.  Nanjing Sample also sells computer products.

Beijing Beida Jade Bird Universal Sci-Tech Company Limited, through its subsidiaries, researches, develops, manufactures, markets, and sells network security system, wireless fire alarm system, security ICs, smart card application system, and remote meter reading system.  The Company also trades computers and related products as well as develops properties.

Guangdong Chaohua Technology Company, Ltd. produces printed circuit board and copper clad laminate. The Company manufactures upstream products such as electrolytic copper foil, wood pulp paper for copper clad laminate, solder mask, resistant ink, and legend. Guangdong Chaohua Technology Company serves customers and clients internationally.

Sinosoft Technology Group Limited is a provider of application software products and solutions. The Company principally develops and markets export tax software and related services, carbon management solutions, e-Government solutions.

Babytree Group operates Chinese parenting website. The Company and its subsidiaries, engaged in the advertising, e-commerce, and content monetization businesses. Babytree Group provides services for worldwide customers.

Bluedon Information Safe Technology Co Ltd provides information security products, information security integration and information security services. The Company's main products include security gateway type products, security audit type products, and application security products.

Bluedon Information Security Tech (300297 CH)

Feiyu Technology International Co Ltd is a video-game developer. The Company is primarily focused on the development and operation of mobile games.

Cypress Technology Co., Ltd. is mainly engaged in the sale of personal computers and peripheral products.  Other businesses include distribution, quotation, and tendering business as an agent for relevant domestic and foreign manufacturers.

Force Mos Technology Co., Ltd. designs and manufactures semiconductor products. The Company produces analog integrated circuits, metal oxide semiconductor field effect transistors, bipolar transistors, and other products. Force Mos Technology markets its products throughout Taiwan.

YD Online Corp. provides consulting and software development services for communication and E-commerce related companies.  The Company also retails E-business related products.

Kuen Chaang Uppertech Corp. distributes semiconductor products.  The Company's products include FETs (Field Effect Transistors), LEDs (Light Emitting Diodes), ICs (Integrated Circuits), optical products, flash memories, and other related products.

SOLXYZ Co., Ltd. develops computer application software for business use.  The Company also provides system integration services as well as management and maintenance services for its clients' computer systems.

Jhen Vei Electronic Co Ltd manufactures and installs cable sockets, computer cables and lighting system.

KYOEI SANGYO CO., LTD. sells electronic equipment and components.  Through its subsidiary, the Company also researches and develops printed circuit boards. Kyoei is an affiliate of Mitsubishi Electric.

NIPPON ANTENNA CO., LTD. manufactures and sells various types of antennas for automobiles, TVs, and communication equipment.  The Company also provides installation services.

SHOWA SHINKU CO., LTD. manufactures and sells vacuum evaporation equipment for quartz crystal and optical films.  The Company also makes semiconductor equipment and flat panels displays.  Showa's products include sputtering equipment, iron plating equipment, vacuum metallurgic equipment, vacuum exhaust equipment, oil-sealed rotary vacuum pumps, and oil diffusion pumps.

111, Inc. operates as a digital and mobile healthcare platform. The Company offers pharmacy distribution, medical consultancy, e-prescription, and other services. 111 serves patients in China.

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111 Inc (YI US)

(Mostly) Asia M&A, Jan 2024: Newmark, Eureka, Aoki, Medley, Payroll, Kerry Express, Genetron, TDCX

For the month of January 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Newmark, Payroll, Orecorp, Weiqiao, Mandala Multi, Shinko

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Genetron, Guppy, Weiqiao Textile, Taisho Pharma, T&K Toka

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: TDCX, Orecorp, T&K Toka, Taisho Pharma, Benesse, IJTT

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Aoki, Kerry Express Thailand, JOYY, Tietto Mins, Pact Group

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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