Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

On March 24th after the close of trading, <a href="https://www.smartkarma.com/entities/20829" target="_blank" data-smartkarma-citation="entities:20829">Baoxin Auto Group Ltd</a> ("Baoxin")and <a href="https://www.smartkarma.com/entities/17171" target="_blank" data-smartkarma-citation="entities:17171">China Grand Automotive Services Co Ltd</a> ("CGAS") released a <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0324/LTN20160324845.pdf" target="_blank">Joint Announcement</a> Update on the Satisfaction of Pre-Conditions from the "Rule 3.5 Announcement of 11 December 2015. The main content of the update is that...<blockquote>
with respect to Pre-Condition (b), the filing notice from the NDRC, the approval from the Shanghai Stock Exchange and the filing notice from Shanghai Municipal Commission of Commerce of the PRC or…
</blockquote>

On March 24th after the close of trading, Baoxin Auto Group Ltd ("Baoxin")and China Grand Automotive Services Co Ltd ("CGAS") released a Joint Announcement Update on the Satisfaction of Pre-Conditions from the "Rule 3.5 Announcement of 11 December 2015. The main content of the update is that...
with respect to Pre-Condition (b), the filing notice from the NDRC, the approval from the Shanghai Stock Exchange and the filing notice from Shanghai Municipal Commission of Commerce of the PRC or…


Baoxin Pre-Conditions Remaining: SAFE, Sales? And Signatures

Last Friday, <a href="https://www.smartkarma.com/entities/20829" target="_blank" data-smartkarma-citation="entities:20829">Baoxin Auto Group Ltd</a> (1293 HK) released a <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0318/LTN20160318552.pdf" target="_blank">Joint Announcement</a> containing an updated list of Irrevocable Undertakings to ACCEPT the Offer, adding another 98 million shares to the total. Various media sources (some well-known to risk arbitrageurs) had suggested over the past few weeks that the delay in some of the approvals - most notably from the Shanghai Municipal Commission of Commerce and by the banks approved by SAFE for the foreign exchange transaction (to enable <a href="https://www.smartkarma.com/entities/17171" target="_blank" data-smartkarma-citation="entities:17171">China Grand</a>…

Last Friday, Baoxin Auto Group Ltd (1293 HK) released a Joint Announcement containing an updated list of Irrevocable Undertakings to ACCEPT the Offer, adding another 98 million shares to the total. Various media sources (some well-known to risk arbitrageurs) had suggested over the past few weeks that the delay in some of the approvals - most notably from the Shanghai Municipal Commission of Commerce and by the banks approved by SAFE for the foreign exchange transaction (to enable China Grand…

BAOXIN: Further Undertakings -If You Think This Gets Done, It's Too Cheap. Gotta Have It.

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on pre-conditions, an update on irrevocable acceptances of the Offer by more parties related to the existing owning family and management, which will reduce the fill ratio for minority shareholders, slightly weaker EPS forecasts on average, and a slightly stronger market than earlier this year.A week ago, Baoxin came out with an update on the pre-conditions noting…

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on pre-conditions, an update on irrevocable acceptances of the Offer by more parties related to the existing owning family and management, which will reduce the fill ratio for minority shareholders, slightly weaker EPS forecasts on average, and a slightly stronger market than earlier this year.A week ago, Baoxin came out with an update on the pre-conditions noting…

Baoxin: CGAS Offer Update, Fair Value, And Arb Grids

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Thematic (Sector/Industry)

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of Volkswagen's U.S. emission test cheating.Some pundits have opined an early demise to the technology. However, automakers have invested heavily in diesel capacity, especially in Europe.Analyst: Richard Hilgert

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of Volkswagen's U.S. emission test cheating.Some pundits have opined an early demise to the technology. However, automakers have invested heavily in diesel capacity, especially in Europe.Analyst: Richard Hilgert 

Our Is the Demise of the Diesel Imminent or Exaggerated?

Germany

Mercedes-Benz Group AG operates as an automobile company. The Company designs, manufactures, distributes, and sells a wide range of automotive products such as passenger cars, trucks, vans, and buses. Mercedes-Benz Group also provides financial and other services relating to its automotive businesses.

Porsche Automobil Holding SE is a holding company. The Company, through its subsidiaries, offers development, production, and sale of automobiles along with financial services. Porsche operates worldwide.

Volkswagen AG manufactures and sells vehicles. The Company offers economy and luxury automobiles, sports cars, trucks, and commercial vehicles. Volkswagen serves customers worldwide.

Daimler AG develops, manufactures, distributes, and sells a wide range of automotive products such as passenger cars, trucks, vans, and buses. The Company also provides financial and other services relating to its automotive businesses.

Continental AG manufactures tires, automotive parts, and industrial products. The Company produces passenger cars, trucks, commercial vehicles, bicycle tires, braking systems, shock absorbers, hoses, drive belts, conveyor belting, transmission products, and sealing systems. Continental markets its products worldwide.

HELLA GmbH & Co. KGaA develops and manufactures lighting, electronic components, and systems. The Company offers spare parts, chassis, side lights, and accessories, as well as vehicle diagnostics, battery installation, and lighting services. HELLA serves customers worldwide.

Schaeffler AG is an automotive and industrial supplier. The Company's business divisions include engine, transmission and chassis systems, automotive aftermarket, industrial applications, and industrial aftermarket. Schaeffler AG operates worldwide.

ElringKlinger AG manufactures and distributes original equipment and replacement parts for automobiles.  The Company makes cylinder-head gaskets, seals, modules, and elastomer gasket systems, and shielding systems.  ElringKlinger offers engine testing services.  The Company owns real estate properties such as industrial parks and warehouses.

adidas AG manufactures sports shoes and sports equipment. The Company produces products that include footwear, sports apparel, and golf clubs and balls. adidas sells its products worldwide.

Grammer AG manufactures seats for vehicles.  The Company produces seats for tractors, forklifts, construction machinery, automobiles, buses, and railroad cars.  Grammer manufactures in Europe, South America and Asia, and sells its products through subsidiaries, distributors, and licensed ventures worldwide.

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business. Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

Suzuki Motor Corporation manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

Bayerische Motoren Werke Aktiengesellschaft (BMW) manufactures and sells cars and motorcycles. The Company offers convertible sports cars, sedans, and touring motorcycles with large displacement engines. BMW serves customers worldwide.

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Bayerische Motoren Werke (BMW) (BMW GR)

Baoxin Pre-Conditions Remaining: SAFE, Sales? And Signatures

On March 24th after the close of trading, Baoxin Auto Group Ltd ("Baoxin")and China Grand Automotive Services Co Ltd ("CGAS") released a Joint...

Travis Lundy

BAOXIN: Further Undertakings -If You Think This Gets Done, It's Too Cheap. Gotta Have It.

Last Friday, Baoxin Auto Group Ltd (1293 HK) released a Joint Announcement containing an updated list of Irrevocable Undertakings to ACCEPT the...

Travis Lundy

Baoxin: CGAS Offer Update, Fair Value, And Arb Grids

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on...

Travis Lundy

Our Is the Demise of the Diesel Imminent or Exaggerated?

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of...

Morningstar, Inc.

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