Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

NTT (Nippon Telegraph & Telephone) / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> sees a US$1bn selldown of shares on 29 December, due to a weird quirk in the way TOPIX and JPX Nikkei 400 are constructed and managed.</li>
<li>China's State Administration for Market Supervision is reviewing <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer (1337 HK)</a>'s privatisation as a simple case. With the key regulatory pre-condition all but satisfied, the Scheme timeline will significantly shorten. </li>
<li>The trade is to be long the back end of <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a>'s Tender Offer. BUY Shinsei Bank shares - outright, and vs large Japanese banks with higher PBRs. </li>
</ul>



NTT (9432 JP) sees a US$1bn selldown of shares on 29 December, due to a weird quirk in the way TOPIX and JPX Nikkei 400 are constructed and managed.
China's State Administration for Market Supervision is reviewing Razer (1337 HK)'s privatisation as a simple case. With the key regulatory pre-condition all but satisfied, the Scheme timeline will significantly shorten. 
The trade is to be long the back end of Shinsei Bank (8303 JP)'s Tender Offer. BUY Shinsei Bank shares - outright, and vs large Japanese banks with higher PBRs. 


Last Week in Event SPACE: NTT, Razer, Shinsei Bank, Evergrande, Bank of Kyoto, Nippon Express

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-evergrande-group" target="_blank" data-smartkarma-citation="entities:479:1" rel="noopener">Evergrande (3333 HK)</a> resurfaces as "cheap" on my monitor versus <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>, but the equity is still best viewed from the sidelines.</li>
<li>Preceding my comments on Evergrande, are the current setup/unwind tables for Asia-Pacific Holdcos. </li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Evergrande (3333 HK) resurfaces as "cheap" on my monitor versus Evergrande Auto (708 HK), but the equity is still best viewed from the sidelines.
Preceding my comments on Evergrande, are the current setup/unwind tables for Asia-Pacific Holdcos. 
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Evergrande Trading "Cheap" But Still Uninvestable

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>
Surprise Exchange Filing: In a surprise exchange filing, China Evergrande Group (3333.HK) [Evergrande] is planning to “actively engage” with offshore creditors on a restructuring plan; </li>
<li>
Ending Grace Period:Another Evergrande test comes on December 6, 2021, when the 30-day grace period ends on two USD bond coupon payments; and</li>
<li>
Kaisa Risk:Kaisa Group Holdings (1638.HK) faces a potential USD 400 mn default a day after the Evergrande payments are due. </li>
</ul>



Surprise Exchange Filing: In a surprise exchange filing, China Evergrande Group (3333.HK) [Evergrande] is planning to “actively engage” with offshore creditors on a restructuring plan; 

Ending Grace Period:Another Evergrande test comes on December 6, 2021, when the 30-day grace period ends on two USD bond coupon payments; and

Kaisa Risk:Kaisa Group Holdings (1638.HK) faces a potential USD 400 mn default a day after the Evergrande payments are due. 


Travis Lundy

<ul>
<li>Evergrande did a "Friday night drop" saying it might not be able to continue to perform its financial obligations. The Guangdong govt called Chairman Hui on the carpet. </li>
<li>The PBOC, CBIRC, and CSRC appear to have thrown Evergrande management under the bus with simultaneous statements that Evergrande's case is an individual one due to "reckless expansion."</li>
<li>$82.5mm of coupons are due today at midnight. There is a demand for performance of a a guarantee on a US$260mm bond. Push has come to shove. </li>
</ul>


Evergrande did a "Friday night drop" saying it might not be able to continue to perform its financial obligations. The Guangdong govt called Chairman Hui on the carpet. 
The PBOC, CBIRC, and CSRC appear to have thrown Evergrande management under the bus with simultaneous statements that Evergrande's case is an individual one due to "reckless expansion."
$82.5mm of coupons are due today at midnight. There is a demand for performance of a a guarantee on a US$260mm bond. Push has come to shove. 


The Evergrande Quantum Kitty Living Its Ninth Life

<ul>
<li>On Friday 26 November, <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> dropped a business <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/1126/2021112601534.pdf" target="_blank" rel="noopener">update</a> at 10:30pm.</li>
<li>The land under Guangzhou Evergrande Stadium has been taken over by the local government meaning the $1.8bn project is under new control. The team may be forfeit as well.</li>
<li>Evergrande Chairman Hui sold 1.2 billion shares of Evergrande (3333 HK) last week in what appeared to be two transactions. That may be linked to a third this coming week.</li>
</ul>


On Friday 26 November, Evergrande Auto (708 HK) dropped a business update at 10:30pm.
The land under Guangzhou Evergrande Stadium has been taken over by the local government meaning the $1.8bn project is under new control. The team may be forfeit as well.
Evergrande Chairman Hui sold 1.2 billion shares of Evergrande (3333 HK) last week in what appeared to be two transactions. That may be linked to a third this coming week.


China

Chengdu B-Ray Media Co., Ltd. provides newspaper publishing, printing, delivery, and advertising services.  The Company also sells newsprints and printing equipment.

Jishi Media Company Limited constructs, manages and maintains cable television networks. The Company's main businesses include basic radio and television transmission services, digital television value-added services, two-way interactive broadband services, and cable-based network services.

Beijing HualuBaina Film & TV Company Limited invests in, produces, distributes films and TV dramas, and engages in film derivates businesses. The Company's main products include TV dramas and films, product placements, film advertisements, television and film books, and other related products.

Beijing Hualu Baina Film & Tv (300291 CH)

Shanghai Xinhua Media Co., Ltd. is principally involved  in culture and media industry. The Company offers books, video products, school supplies and stationeries, logistics service, as well as supermarket retailing business.

Shanghai Xinhua Media Co, Ltd. (600825 CH)

Hubei Broadcasting and Television Information Network Co., Ltd. undertakes investment and operational management of the digital cable TV industry; cable TV related product R&D, production and sales; design, production and agency work of advertising, movies, TV and animation; and planning of film and television featured films.

Hubei Radio And Tlvsn Infrn Ntwrk (000665 CH)

Inly Media Co., Ltd. provides strategy consulting and media agency services. The Company engages in content marketing, brand management and advertising services.

Northern United Publishing & Media (Group) Co., Ltd. publishes books, distributes magazines, and prints commercial receipts. The Company produces kid books such as coloring books and reading books, bibliographic, and teen age book. The Company uses single paper-base media.

Northern United Publishing&Md(Grp) (601999 CH)

Songliao Automobile Company, Ltd. manufactures and markets vans and auto body parts. The Company sells its products in northeastern China.

Huayi Brothers Media Corporation produces and distributes movies and dramas. The Company also provides artists management services.

Zhejiang Talent Television & Film Co., Ltd. partakes in the investment, production, promotion, and distribution of both Chinese domestic and imported films.

Hathway Cable and Datacom Limited is a cable television service provider.  The Company offers analog and digital cable television services.  Hathway also provides cable broadband services as well.

Avex Inc. operates entertainment businesses. The Company provides music production, live communication management, artist training, content creation, and other services. Avex offers services in Japan.

oOh!media Ltd is a media company. The Company provides advertising and marketing solutions, campaign production, campaign management, creative and digital solutions.

Prime Focus Ltd. offers motion picture post production and visual effects services.  The Company offers visual effects, digital film lab, telecine, editing, and motion control to high-definition production services.

MPS Ltd. is a publisher of school and college textbooks, reference books, general non-fiction titles and atlases.  The Company also has an online learning division that develops and manages educational portals.  MPS's information processing division supplies typesetting and data digitization services.

SEPTENI Holdings Co., Ltd. is a holding company, which manages operations for its subsidiaries.  Group companies provide Internet advertising services, direct mailing, and catalog advertising.

VGI Public Company Limited operates as an advertising media company. The Company offers out of home advertising, campaign measurement, target advertising campaign, and offline-to-online solutions. VGI serves customers globally.

Gray Television, Inc. operates television stations.  The Company operates in the southern, midwestern, and southwestern United States.

PT Surya Citra Media Tbk has operations in mass media consultation, in house production and other multimedia services.  The Company's subsidiaries, SCTV and Indosiar provides television broadcasting throughout Indonesia.

AMC Networks Inc. operates as a holding company which produces independent films and original programming through its subsidiaries. The Company broadcasts and distributes its content on television, through online streaming services and on mobile platforms.

Evergrande Auto researches, develops, and manufactures new energy vehicles. The Company engages in vehicle manufacturing, electric motor control, power batteries, vehicle sales, smart charging, shared mobility, and more. Evergrande Auto also operates health management businesses.

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Evergrande Auto (708 HK)

Last Week in Event SPACE: NTT, Razer, Shinsei Bank, Evergrande, Bank of Kyoto, Nippon Express

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

StubWorld: Evergrande Trading "Cheap" But Still Uninvestable

It is now a question of when and how the debt gets restructured. Best to watch from the cheap seats. Evergrande's equity remains un-investable.

David Blennerhassett

China Evergrande – Pre-Announcement?

EVERGRANDE: In an exchange filing, Evergrande is planning to “actively engage” with offshore creditors on a restructuring plan. A 30-day grace...

Thomas J. Monaco

The Evergrande Quantum Kitty Living Its Ninth Life

Evergrande filed a statement Friday saying debt repayment was a question mark. The Guangdong govt will send in a work group which is part of the...

Travis Lundy

Goings On in Evergrande Land

EG NEV (708 HK) raised equity, then sold land back to the local govt, Chairman Hui sold shares, the local govt took back the Lotus Flower stadium,...

Travis Lundy

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