Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 44 - 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: <a href="https://www.smartkarma.com/entities/t-gaia-corp" target="_blank" data-smartkarma-citation="entities:8339:1" rel="noopener">T Gaia (3738 JP)</a>'s and <a href="https://www.smartkarma.com/entities/shinsegae-eng-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:11972:1" rel="noopener">Shinsegae E&amp;C (034300 KS)</a> Tender Offers, and <a href="https://www.smartkarma.com/entities/mphb-capital-bhd" target="_blank" data-smartkarma-citation="entities:8540:1" rel="noopener">MPHB (MPHB MK)</a>'s SCR. Plus <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASMPT (522 HK)</a> in the crosshairs. Again.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, <a href="https://www.smartkarma.com/entities/descente-ltd" target="_blank" data-smartkarma-citation="entities:8225:1" rel="noopener">Descente Ltd (8114 JP)</a>, <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a>, <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>, and <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>.
</li>
</ul>


I tally 44 - 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: T Gaia (3738 JP)'s and Shinsegae E&amp;C (034300 KS) Tender Offers, and MPHB (MPHB MK)'s SCR. Plus ASMPT (522 HK) in the crosshairs. Again.
Key updates took place on: Sigma Healthcare (SIG AU), Descente Ltd (8114 JP), Shin Kong Financial Holding (2888 TT), Pacific Smiles (PSQ AU), and Greatview Aseptic Packaging (468 HK).



(Mostly) Asia-Pac M&A: Descente, Shin Kong Financial, T Gaia, Shinsegae E&C, MPHB, Pacific Smiles

Shinsegae Eng & Construction / Event-Driven

<ul>
<li>Construction services play <a href="https://www.smartkarma.com/entities/shinsegae-eng-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:11972:1" rel="noopener">Shinsegae E&amp;C (034300 KS)</a> has announced a Tender Offer from <a href="https://www.smartkarma.com/entities/e-mart-inc" target="_blank" data-smartkarma-citation="entities:6993:1" rel="noopener">E Mart  (139480 KS)</a> for 27.33% of shares out, at ₩18,300/share, a 14% premium to undisturbed.</li>
<li>E Mart holds 70.46% - and the company holds 2.21% in treasuries - therefore, E Mart  requires ~22% of the remaining ~27% held by minorities to tender and force delisting. </li>
<li>Super clean deal.  E Mart will acquire all shares tendered. The Offer  kicks off today, and closes on the 29th October. There is no minimum tendering % condition.</li>
</ul>


Construction services play Shinsegae E&amp;C (034300 KS) has announced a Tender Offer from E Mart  (139480 KS) for 27.33% of shares out, at ₩18,300/share, a 14% premium to undisturbed.
E Mart holds 70.46% - and the company holds 2.21% in treasuries - therefore, E Mart  requires ~22% of the remaining ~27% held by minorities to tender and force delisting. 
Super clean deal.  E Mart will acquire all shares tendered. The Offer  kicks off today, and closes on the 29th October. There is no minimum tendering % condition.


Shinsegae E&C (034300 KS)'s Delisting Offer

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>E Mart Inc (139480 KS) is conducting a tender offer of 27.33% of Shinsegae Eng &amp; Construction (034300 KS) (2,126,611 shares) and trying to take the company private afterwards.</li>
<li>The tender offer price is 18,300 won, which is 14% higher than the closing price on Friday (27 September).</li>
<li>Tender offer is likely to result in higher price of Shinsegae E&amp;C in the near term but it could be difficult for E Mart to take it private this year. </li>
</ul>


E Mart Inc (139480 KS) is conducting a tender offer of 27.33% of Shinsegae Eng &amp; Construction (034300 KS) (2,126,611 shares) and trying to take the company private afterwards.
The tender offer price is 18,300 won, which is 14% higher than the closing price on Friday (27 September).
Tender offer is likely to result in higher price of Shinsegae E&amp;C in the near term but it could be difficult for E Mart to take it private this year. 


Tender Offer and Taking Private of Shinsegae E&C by E Mart

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>E Mart Inc is launching a tender offer for 27.33% of Shinsegae Eng &amp; Construction, offering ₩18,300 per share, a 14% premium, from September 30 to October 29.</li>
<li>This tender’s got zero cancellation or proration risk since they’re all in to buy every share tendered. That makes it a prime event for close spread tracking and trading opportunities.</li>
<li>Emart needs 95% of Shinsegae Construction's shares to delist, requiring 22% of the remaining 27%. If they can't get it, a stock swap with Emart shares is likely.</li>
</ul>


E Mart Inc is launching a tender offer for 27.33% of Shinsegae Eng &amp; Construction, offering ₩18,300 per share, a 14% premium, from September 30 to October 29.
This tender’s got zero cancellation or proration risk since they’re all in to buy every share tendered. That makes it a prime event for close spread tracking and trading opportunities.
Emart needs 95% of Shinsegae Construction's shares to delist, requiring 22% of the remaining 27%. If they can't get it, a stock swap with Emart shares is likely.


Emart's Tender Offer for Shinsegae Construction: Arb Trading Angles

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>PDD US/BABA US/JD US/3690 HK/VIPS US: NBS publishes data social retail consumption data for May 2024 (+/+/+/+/-)</li>
<li>700 HK: &lt;Need for Speed Mobile&gt; to officially launch on July 11, with pre-registration surpassed 26 mn (+)</li>
<li>CPNG/BABA/TEMU/139480.KR:Coupang told to stop favoring its own products in its algorithm (-/+/+)</li>
</ul>


PDD US/BABA US/JD US/3690 HK/VIPS US: NBS publishes data social retail consumption data for May 2024 (+/+/+/+/-)
700 HK: &lt;Need for Speed Mobile&gt; to officially launch on July 11, with pre-registration surpassed 26 mn (+)
CPNG/BABA/TEMU/139480.KR:Coupang told to stop favoring its own products in its algorithm (-/+/+)


[Blue Lotus Daily - TMT Update]:PDD/BABA /JD/3690HK/VIPS/700HK/CPNG/TEMU/13948 KR/TCOM/ATAT/BILI

South Korea

E-MART Inc. operates E-Mart discount stores. The Company retails food, clothing, household goods, electronics, and other items through several branch stores.

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E Mart Inc (139480 KS)

(Mostly) Asia-Pac M&A: Descente, Shin Kong Financial, T Gaia, Shinsegae E&C, MPHB, Pacific Smiles

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

Shinsegae E&C (034300 KS)'s Delisting Offer

Trading tight at a gross spread of 0.8% - before securities tax. Not much juice for arbers. Unless there was a material pullback. For LOs - if not...

David Blennerhassett

Tender Offer and Taking Private of Shinsegae E&C by E Mart

The tender offer is likely to result in higher share price of Shinsegae E&C in the near term but it could be difficult for E Mart to take the...

Douglas Kim

Emart's Tender Offer for Shinsegae Construction: Arb Trading Angles

Emart is about to drop a regulatory filing for a tender offer targeting Shinsegae Construction shareholders before the market opens today. This...

Sanghyun Park

[Blue Lotus Daily - TMT Update]:PDD/BABA /JD/3690HK/VIPS/700HK/CPNG/TEMU/13948 KR/TCOM/ATAT/BILI

NBS releases social retail consumption data for May 2024, Need for Speed Mobile to launch on July 11 with 26 mn pre-registrations, Coupang told to...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

(Mostly) Asia-Pac M&A: Descente, Shin Kong Financial, T Gaia, Shinsegae E&C, MPHB, Pacific Smiles

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

Shinsegae E&C (034300 KS)'s Delisting Offer

Trading tight at a gross spread of 0.8% - before securities tax. Not much juice for arbers. Unless there was a material pullback. For LOs - if not...

David Blennerhassett

Tender Offer and Taking Private of Shinsegae E&C by E Mart

The tender offer is likely to result in higher share price of Shinsegae E&C in the near term but it could be difficult for E Mart to take the...

Douglas Kim

Emart's Tender Offer for Shinsegae Construction: Arb Trading Angles

Emart is about to drop a regulatory filing for a tender offer targeting Shinsegae Construction shareholders before the market opens today. This...

Sanghyun Park

[Blue Lotus Daily - TMT Update]:PDD/BABA /JD/3690HK/VIPS/700HK/CPNG/TEMU/13948 KR/TCOM/ATAT/BILI

​NBS releases social retail consumption data for May 2024, Need for Speed Mobile to launch on July 11 with 26 mn pre-registrations, Coupang told to...

Blue Lotus Research Institute

NBS releases social retail consumption data for May 2024, Need for Speed Mobile to launch on July 11 with 26 mn pre-registrations, Coupang told to...