Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

CK Infrastructure Holdings / Event-Driven

<ul>
<li>The Aussie Tax-Loss Selling Baskets worked very well on the sell side from 30 April through end-June 2024. What now?  Unwind.</li>
<li>
<a href="https://www.smartkarma.com/entities/ck-infrastructure-holdings-l" target="_blank" data-smartkarma-citation="entities:163:1" rel="noopener">CK Infrastructure Holdings (1038 HK)</a> has now submitted an application for a secondary listing, not a dual-primary listing, on the London stock exchange. Admission expected on the 19th August. </li>
<li>The right trade is to buy <a href="https://www.smartkarma.com/entities/jtower-inc" target="_blank" data-smartkarma-citation="entities:31042:1" rel="noopener">JTower (4485 JP)</a> below terms. The really right trade is to already be an owner. IF you're an arbitrageur, you know what to do.</li>
</ul>


The Aussie Tax-Loss Selling Baskets worked very well on the sell side from 30 April through end-June 2024. What now?  Unwind.

CK Infrastructure Holdings (1038 HK) has now submitted an application for a secondary listing, not a dual-primary listing, on the London stock exchange. Admission expected on the 19th August. 
The right trade is to buy JTower (4485 JP) below terms. The really right trade is to already be an owner. IF you're an arbitrageur, you know what to do.


Last Week in Event SPACE: Aussie Tax Loss Basket, CK Infra, JTower, Porsche

<ul>
<li>The <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy (GULF TB)</a>/<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch (INTUCH TB)</a> merger is an opportunistic, bullying method designed to have GULF shareholders buy INTUCH and therefore <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">AIS (ADVANC TB)</a> at too low a price. </li>
<li>
<a href="https://www.smartkarma.com/entities/ck-infrastructure-holdings-l" target="_blank" data-smartkarma-citation="entities:163:1" rel="noopener">CK Infrastructure Holdings (1038 HK)</a>'s interest in a possible London listing coincides with the LSE undergoing a listing regime change.</li>
<li>Management continue to creep their stake in <a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group (881 HK)</a>, and now hold a shade under 50%. </li>
</ul>


The Gulf Energy (GULF TB)/Intouch (INTUCH TB) merger is an opportunistic, bullying method designed to have GULF shareholders buy INTUCH and therefore AIS (ADVANC TB) at too low a price. 

CK Infrastructure Holdings (1038 HK)'s interest in a possible London listing coincides with the LSE undergoing a listing regime change.
Management continue to creep their stake in Zhongsheng Group (881 HK), and now hold a shade under 50%. 


Last Week in Event SPACE: Gulf Energy/Intouch, CK Infra, Zhongsheng, Thai Beverage, Fraser & Neave

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

CK Infrastructure Holdings / Equity Bottom-Up

<ul>
<li>Equity ETF flows in China continued to lead Asia as the "National Team" in China supports market levels during the 3rd Plenum.</li>
<li>
<a href="https://www.smartkarma.com/entities/ck-infrastructure-holdings-l" target="_blank" data-smartkarma-citation="entities:163:1" rel="noopener">CK Infrastructure Holdings (1038 HK)</a> , <a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a> and <a href="https://www.smartkarma.com/entities/boc-aviation" target="_blank" data-smartkarma-citation="entities:22689:1" rel="noopener">BOC Aviation (2588 HK)</a> saw positive news sentiment and share price movements for the week.</li>
<li>
<a href="https://www.smartkarma.com/entities/jiumaojiu-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:28293:1" rel="noopener">Jiumaojiu (9922 HK)</a> , <a href="https://www.smartkarma.com/entities/aluminum-corporation-of-china-limited" target="_blank" data-smartkarma-citation="entities:6884:1" rel="noopener">Aluminum Corporation Of China (2600 HK)</a> and <a href="https://www.smartkarma.com/entities/china-hongqiao-group-ltd" target="_blank" data-smartkarma-citation="entities:1909:1" rel="noopener">China Hongqiao (1378 HK)</a> saw negative news sentiment and share price drops for the week.</li>
</ul>


Equity ETF flows in China continued to lead Asia as the "National Team" in China supports market levels during the 3rd Plenum.

CK Infrastructure Holdings (1038 HK) , Genscript Biotech (1548 HK) and BOC Aviation (2588 HK) saw positive news sentiment and share price movements for the week.

Jiumaojiu (9922 HK) , Aluminum Corporation Of China (2600 HK) and China Hongqiao (1378 HK) saw negative news sentiment and share price drops for the week.


The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (July 19)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ck-infrastructure-holdings-l" target="_blank" data-smartkarma-citation="entities:163:1" rel="noopener">CK Infrastructure Holdings (1038 HK)</a>, 75.67%-held by <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0711/2024071100267.pdf" target="_blank" rel="noopener">announced</a> it is considering a second listing on an overseas stock exchange, such as London.</li>
<li>A UK-listing makes perfect sense. In excess of 90% of CKI's FY23 profit was sourced from businesses outside Asia, with ~50% from its UK ops.</li>
<li>The wording in the announcement is unclear - a dual primary listing, or a secondary listing? The LSE is also undergoing a listing regime change, effective 29th July.</li>
</ul>



CK Infrastructure Holdings (1038 HK), 75.67%-held by CK Hutchison Holdings (1 HK), announced it is considering a second listing on an overseas stock exchange, such as London.
A UK-listing makes perfect sense. In excess of 90% of CKI's FY23 profit was sourced from businesses outside Asia, with ~50% from its UK ops.
The wording in the announcement is unclear - a dual primary listing, or a secondary listing? The LSE is also undergoing a listing regime change, effective 29th July.


<ul>
<li>The pre-conditional Scheme from its founders and CVC for <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer (1337 HK)</a> at $2.82/share, is a 55.8% premium to the undisturbed price, but below the 2017 IPO price of $3.88.</li>
<li>
<a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>'s implied stub and the simple ratio (CKH/ <a href="https://www.smartkarma.com/entities/ck-infrastructure-holdings-l" target="_blank" data-smartkarma-citation="entities:163:1" rel="noopener">CK Infrastructure Holdings (1038 HK)</a>) are currently at an all-time low.</li>
<li>The local government is now getting practically involved in the resolution of the financial problems of <a href="https://www.smartkarma.com/entities/china-evergrande-group" target="_blank" data-smartkarma-citation="entities:479:1" rel="noopener">Evergrande (3333 HK)</a>and <a href="https://www.smartkarma.com/entities/china-evergrande-new-energy-vehicle-group-ltd" target="_blank" data-smartkarma-citation="entities:713:1" rel="noopener">Evergrande Auto (708 HK)</a>. </li>
</ul>


The pre-conditional Scheme from its founders and CVC for Razer (1337 HK) at $2.82/share, is a 55.8% premium to the undisturbed price, but below the 2017 IPO price of $3.88.

CK Hutchison Holdings (1 HK)'s implied stub and the simple ratio (CKH/ CK Infrastructure Holdings (1038 HK)) are currently at an all-time low.
The local government is now getting practically involved in the resolution of the financial problems of Evergrande (3333 HK)and Evergrande Auto (708 HK). 


Last Week in Event SPACE: Razer Inc, Evergrande Land/Auto, CK Hutchison, Grab SPAC

Hong Kong

CK Infrastructure Holdings Limited (CKI) operates as a real assets investment company. The Company invests in energy, transportation, water, and electricity generation sectors. CKI serves customers worldwide.

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CK Infrastructure Holdings (1038 HK)

Last Week in Event SPACE: Aussie Tax Loss Basket, CK Infra, JTower, Porsche

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Last Week in Event SPACE: Gulf Energy/Intouch, CK Infra, Zhongsheng, Thai Beverage, Fraser & Neave

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (July 19)

Equity ETF flows in China benefited from National Team buying this week. CK Infrastructure, Genscript Bio and BOC Aviation saw positive news...

David Mudd

CK Infra (1038 HK): London Calling

CKI announced it is considering a second listing on an overseas exchange such as London. But a dual primary listing, or a secondary listing? The...

David Blennerhassett

Last Week in Event SPACE: Razer Inc, Evergrande Land/Auto, CK Hutchison, Grab SPAC

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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52-week Range

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