Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>Eoflow (294090 KS)'s shares rose 2.7% to 27,000 won on 18 August with 1.4 million shares traded, which was 5.7x higher than the previous three days of trading.</li>
<li>The main reason for this was due to the local news flow on Eoflow's US subsidiary's (Nephria Bio) technology on the advanced material MXene.</li>
<li>This news flow on MXene is likely to put further positive boost to Eoflow's share price closer to the tender offer price (or at least limit further downside risk). </li>
</ul>


Eoflow (294090 KS)'s shares rose 2.7% to 27,000 won on 18 August with 1.4 million shares traded, which was 5.7x higher than the previous three days of trading.
The main reason for this was due to the local news flow on Eoflow's US subsidiary's (Nephria Bio) technology on the advanced material MXene.
This news flow on MXene is likely to put further positive boost to Eoflow's share price closer to the tender offer price (or at least limit further downside risk). 


Eoflow's US Subsidiary (Nephria Bio)'s Technology in MXene Advanced Material

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads  <a href="https://www.smartkarma.com/entities/daiken-corp" target="_blank" data-smartkarma-citation="entities:15544:1" rel="noopener">Daiken Corp (7905 JP)</a>, <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/kyoden-co-ltd" target="_blank" data-smartkarma-citation="entities:7002:1" rel="noopener">Kyoden Co Ltd (6881 JP)</a>, <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/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>, <a href="https://www.smartkarma.com/entities/enm-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16267:1" rel="noopener">ENM Holdings (128 HK)</a>.</li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/yaizu-suisankagaku-industry" target="_blank" data-smartkarma-citation="entities:20044:1" rel="noopener">Yaizu Suisankagaku Industry (2812 JP)</a>, <a href="https://www.smartkarma.com/entities/allkem-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Allkem Ltd (AKE AU)</a>, <a href="https://www.smartkarma.com/entities/itochu-techno-solutions-corp" target="_blank" data-smartkarma-citation="entities:2431:1" rel="noopener">Itochu Techno Solutions (4739 JP)</a>, <a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a>.       </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads  Daiken Corp (7905 JP), 111 Inc (YI US), Eoflow (294090 KS), Kyoden Co Ltd (6881 JP), Orecorp Ltd (ORR AU), Symbio Holdings (SYM AU), ENM Holdings (128 HK).
Lowest spreads - Healius (HLS AU), Toyo Construction (1890 JP), Yaizu Suisankagaku Industry (2812 JP), Allkem Ltd (AKE AU), Itochu Techno Solutions (4739 JP), Penguin International (PBS SP).       


Merger Arb Mondays (14 Aug) - Eoflow, Chindata, OreCorp, Origin, Estia, InvoCare, Daiken, Kyoden

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<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>Two new deals this week: <a href="https://www.smartkarma.com/entities/silvercorp-metals-inc" target="_blank" data-smartkarma-citation="entities:25818:1" rel="noopener">Silvercorp Metals (SVM CN)</a> scrip Offer for <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a>; and <a href="https://www.smartkarma.com/entities/kyoden-co-ltd" target="_blank" data-smartkarma-citation="entities:7002:1" rel="noopener">Kyoden Co Ltd (6881 JP)</a>'s Tender Offer. </li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a>, and <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</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.
Two new deals this week: Silvercorp Metals (SVM CN) scrip Offer for Orecorp Ltd (ORR AU); and Kyoden Co Ltd (6881 JP)'s Tender Offer. 
Key updates took place for Invocare Ltd (IVC AU), Estia Health (EHE AU), Toshiba Corp (6502 JP), Metro Pacific Investments Co (MPI PM), and Eoflow (294090 KS).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: EOFlow, Invocare, Estia, Metro Pacific, Orecorp, Kyoden

<ul>
<li>Insulet Corp (PODD US)'s lawsuit against Eoflow (294090 KS) caused a sharp decline in Eoflow's share price today (down 10.7% to 24,950 won).</li>
<li>Insulet is accusing Eoflow of hiring several senior personnel that have helped Eoflow to develop a product that could take away market share from Insulet. </li>
<li>The most important factor may be Eoflow's "special sauce" which is some kind of technology/mechanism that allows this 17% greater efficiency/convenience for the wearable EOPatch insulin device.</li>
</ul>


Insulet Corp (PODD US)'s lawsuit against Eoflow (294090 KS) caused a sharp decline in Eoflow's share price today (down 10.7% to 24,950 won).
Insulet is accusing Eoflow of hiring several senior personnel that have helped Eoflow to develop a product that could take away market share from Insulet. 
The most important factor may be Eoflow's "special sauce" which is some kind of technology/mechanism that allows this 17% greater efficiency/convenience for the wearable EOPatch insulin device.


Insulet's Lawsuit Against Eoflow, Medtronic's Tender Offer, and Eoflow's "Special Sauce"

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>This signifies the official commencement of a lawsuit against Eoflow in the United States, which has been considered one of the most significant risks for Eoflow.</li>
<li>Eoflow is externally saying that the aspect of patents claimed by Insulet is actually based on previously expired patents. Hence, Eoflow believes they can win this patent lawsuit.</li>
<li>This lawsuit emerged before the acquisition decision by Medtronic suggesting a need to consider trading the current spread based on the inference that the tender offer is still valid.</li>
</ul>


This signifies the official commencement of a lawsuit against Eoflow in the United States, which has been considered one of the most significant risks for Eoflow.
Eoflow is externally saying that the aspect of patents claimed by Insulet is actually based on previously expired patents. Hence, Eoflow believes they can win this patent lawsuit.
This lawsuit emerged before the acquisition decision by Medtronic suggesting a need to consider trading the current spread based on the inference that the tender offer is still valid.


Summary of the Situation Regarding Insulet's Lawsuit in the US Against Eoflow

South Korea

INTEROJO CO LTD manufactures and markets contact lens.  The Company's main brands are Clalen, Morning-Q, Festival-II, Bandage, Multivision.

Value Added Technology Co., Ltd. develops, manufactures, and engages in sales of digital radiography medical equipments for dental clinics.  The Company also supplies digital sensor for X-ray equipments.

Curexo Inc. distributes medical equipment such as MRI (Magnetic Resonance Imaging) and endoscope used in operating of breast cancer.  The Company also produces goods for aromatic therapy.

InBody Co., Ltd. manufactures and markets a body composition analyzer and other related medical instruments.  The Company supplies its products to the hospitals, clinics, fitness clubs, and households.  Biospace also exports its products to overseas markets, such as America, Europe, and Asia.

Huons Co., Ltd. manufactures pharmaceutical products.  The Company produces medical drugs in the fields of nervous system, sensory organs, anti-histamines, circulatory system, respiratory system, digestive system, metabolic agents and hormones.

Vieworks Company Ltd. designs and manufactures camera systems for digital radiography, digital fluoroscopy, and angiography systems.

Infopia Co., Ltd specializes in developing equipments to prevent heart disease and cancer.  The Company produces heart disease diagnosing kits, cancer diagnosing kits, and remote treatment systems.  Infopia manufactures blood glucose monitoring systems, hemoglobin measuring systems, auto chemical analyzers, and glucose mobile phones.

Suheung Co., Ltd. manufactures hard and soft gelatin capsules for pharmaceutical  industry.  The Company also produces Health & Nutrition Food and hard capsule filling machines.

Access Bio Inc. develops, manufactures, and markets in-vitro diagnostic (IVD) tests.  The Company develops rapid diagnostic test (RDT) for Malaria and Pregnancy.

L&K Biomed Co., Ltd. develops and manufactures medical devices.  The Company's main products include cervical spine devices, 3D wholebody scanner and bio-similar products.

OraSure Technologies, Inc. develops, manufactures, and markets medical devices and diagnostic products.  The Company supplies oral fluid collection devices and assays to the life insurance industry and public health markets for the detection of antibodies to HIV.  OraSure also supplies oral fluid testing solutions for drugs-of-abuse testing.

Utah Medical Products, Inc. develops, manufactures, assembles, and markets a broad range of disposable and reusable specialty medical devices. The Company's products are designed to provide better health outcomes for patients and their care-providers. Utah Medical's primary focus is healthcare for women and their babies.

United Orthopedic Corporation manufactures orthopedic implants and precision medical devices.  The Company's products include hip replacement system, knee replacement system, as well as oncology and custom implants.  UOC also acts as an OEM (Original Equipment Manufacturer) supplier.

St.Shine Optical Co., Ltd. specializes in manufacturing cast-molding soft contact lens, including disposable and frequent replacement contact lens.  The Company also produces lathe-cutting contact lens.  St.Shine Optical markets its products under the brand name Ticon.

PW Medtech Group Ltd is a medical device developer, manufacturer and marketer in China.  The Company's products include infusion products and orthopedic implant products.

AngioDynamics, Inc. designs, develops, manufactures, and markets therapeutic and diagnostic devices.  The Company's products enable interventional physicians to treat peripheral vascular disease and other non-coronary diseases. AngioDynamic's product lines consist of angiographic catheters, hemodialysis catheters, image guided vascular access products, and thrombolytic products.

Bioteque Corporation manufactures and markets disposable medical products. The Company's products include hemodialysis blood line sets, AV (arteriovenous) fistula needles, IV (intravenous) infusion bags, IV infusion sets, drainage bags, precision infusion sets, surgical drainage tubes, medical catheters. medical components, and homecare items.

Scivision Biotech Inc produces medical Hyaluronic Acid using fermentation biotechnology. The company products include Hya-Dermis and Hya-Joint injection, skin care series and health food.

MEDIKIT Co., LTD. mainly manufactures medical devices for use in blood-related tests and treatments such as transfusion and intravenous introduction.  The Company produces a variety of catheters for use in kidney dialysis, angiography, transfusion, and vessel access.

Tristel plc develops, manufactures, and markets infection control, contamination control, and hygiene products. It offers hospital infection prevention and control, and hygiene products based on its proprietary chlorine dioxide chemistry technology; disinfection and cleaning products for veterinary and animal welfare sectors; and contamination control products for pharmaceutical and personal care industries. The company markets its products under Tristel, Crystel, Anistel, Dermastel, Enzystel, Medistel, Airstel, and Odostel brand names. It markest its products directly and through distributors and dealers in the United Kingdom, Germany, Switzerland, Austria, the Russian Federation, China, Hong Kong, New Zealand, and internationally. Tristel plc was founded in 1993 and is based in Snailwell, the United Kingdom.

Eoflow Co.,Ltd. develops and sells medical devices. The Company produces and sells wearable disposable insulin pumps and other products. Eoflow markets its products throughout Korea.

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Eoflow (294090 KS)

Eoflow's US Subsidiary (Nephria Bio)'s Technology in MXene Advanced Material

This news flow on MXene is likely to put further positive boost to Eoflow's share price closer to the tender offer price (or at least limit further...

Douglas Kim

Merger Arb Mondays (14 Aug) - Eoflow, Chindata, OreCorp, Origin, Estia, InvoCare, Daiken, Kyoden

This week, the highest gross spreads are Daiken (28.8%), 111 (20.8%), Eoflow (13.2%), Kyoden (12.6%), Orecorp (10.8%), Symbio (10.7%), ENM (9.4%),...

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: EOFlow, Invocare, Estia, Metro Pacific, Orecorp, Kyoden

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

Insulet's Lawsuit Against Eoflow, Medtronic's Tender Offer, and Eoflow's "Special Sauce"

The most important factor may be Eoflow's "special sauce" which is some kind of technology/mechanism that allows this 17% greater efficiency...

Douglas Kim

Summary of the Situation Regarding Insulet's Lawsuit in the US Against Eoflow

This post urgently summarizes the situation regarding Insulet's lawsuit in the US against Eoflow and discusses what we should do with the current...

Sanghyun Park

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