Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are currently 47 - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deals were discussed this week: <a href="https://www.smartkarma.com/entities/guodian-technology-environment-group-corp" target="_blank" data-smartkarma-citation="entities:3941:1" rel="noopener">Guodian Technology &amp; Environment Group (1296 HK)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>, and <a href="https://www.smartkarma.com/entities/g-j-steel-pcl" target="_blank" data-smartkarma-citation="entities:14759:1" rel="noopener">G J Steel PCL (GJS TB)</a>.</li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/over-the-wire-holdings-ltd" target="_blank" data-smartkarma-citation="entities:30653:1" rel="noopener">Over the Wire Holdings Ltd (OTW AU)</a>, <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>, <a href="https://www.smartkarma.com/entities/akm-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:7206:1" rel="noopener">AKM Industrial (1639 HK)</a>, and <a href="https://www.smartkarma.com/entities/ara-logos-logistics-trust" target="_blank" data-smartkarma-citation="entities:937:1" rel="noopener">ARA LOGOS (ALLT SP)</a>.</li>
</ul>


There are currently 47 - mostly firm - transactions currently being discussed and analysed on Smartkarma.
Three new deals were discussed this week: Guodian Technology &amp; Environment Group (1296 HK), Link Net (LINK IJ), and G J Steel PCL (GJS TB).
Keys updates took place for: Over the Wire Holdings Ltd (OTW AU), Razer Inc (1337 HK), China Logistics Property Holdings (1589 HK), AKM Industrial (1639 HK), and ARA LOGOS (ALLT SP).


Asia-Pac Weekly Risk Arb Summary: Razer, Link Net, ARA LOGOS, Guodian Tech, GJ Steel

<ul>
<li>530.8mn shares of <a href="https://www.smartkarma.com/entities/ausnutria-dairy-corp-ltd" target="_blank" data-smartkarma-citation="entities:13799:1" rel="noopener">Ausnutria (1717 HK)</a> crossed at the close yesterday at HK$10.06/share. That is the exact number of shares under the SPAs and the stated price under the agreements.</li>
<li>China's NDRC approval,  a condition to the SPAs, was obtained earlier this month, leaving MoC and SAFE approvals outstanding. They appear to have been received. </li>
<li>Expect confirmation shortly. The completion of the SPAs triggers an MGO, which is conditional on <a href="https://www.smartkarma.com/entities/inner-mongolia-yili-indus-a" target="_blank" data-smartkarma-citation="entities:3220:1" rel="noopener">Inner Mongolia Yili Industrial Group (600887 CH)</a> holding 50% of the voting rights.  </li>
</ul>


530.8mn shares of Ausnutria (1717 HK) crossed at the close yesterday at HK$10.06/share. That is the exact number of shares under the SPAs and the stated price under the agreements.
China's NDRC approval,  a condition to the SPAs, was obtained earlier this month, leaving MoC and SAFE approvals outstanding. They appear to have been received. 
Expect confirmation shortly. The completion of the SPAs triggers an MGO, which is conditional on Inner Mongolia Yili Industrial Group (600887 CH) holding 50% of the voting rights.  


Ausnutria (1717 HK): SPAs Done (Just Not Officially)

<ul>
<li>China's NDRC approval, a key condition to the Share Purchase Agreement, has been obtained.  SAMR clearance had previously been fulfilled, leaving MoC and SAFE approvals yet to be secured.</li>
<li>The turnout at <a href="https://www.smartkarma.com/entities/ausnutria-dairy-corp-ltd" target="_blank" data-smartkarma-citation="entities:13799:1" rel="noopener">Ausnutria Dairy Corp (1717 HK)</a>'s recent EGM would suggest there is a sufficient number of shares for the MGO to turn unconditional. </li>
<li>Provided the Offer becomes unconditional, trading at a gross/annualised spread of 4.4%/22.1%, assuming late 1Q22 completion.</li>
</ul>


China's NDRC approval, a key condition to the Share Purchase Agreement, has been obtained.  SAMR clearance had previously been fulfilled, leaving MoC and SAFE approvals yet to be secured.
The turnout at Ausnutria Dairy Corp (1717 HK)'s recent EGM would suggest there is a sufficient number of shares for the MGO to turn unconditional. 
Provided the Offer becomes unconditional, trading at a gross/annualised spread of 4.4%/22.1%, assuming late 1Q22 completion.


Ausnutria (1717 HK): MGO Imminent As NDRC Approval Obtained

Lanzhou Zhuangyuan Pasture / Event-Driven

<ul>
<li>PRC dairy farmer <a href="https://www.smartkarma.com/entities/lanzhou-zhuangyuan-pasture-co-ltd" target="_blank" data-smartkarma-citation="entities:10174:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/lanzhou-zhuangyuan-pasture-co-ltd" target="_blank" data-smartkarma-citation="entities:10174:1" rel="noopener">Lanzhou Zhuangyuan Pasture (1533 HK)</a> is proposing to buy back its H-shares, in cash. No price was cited in the HKEx announcement.</li>
<li>Such an Offer is expected to be done via a voluntary cash Offer. This suggests a condition to the Offer involves a tendering condition. </li>
<li>This is the second proposal in the Chinese dairy space in as many months, after infant-formula  firm <a href="https://www.smartkarma.com/entities/ausnutria-dairy-corp-ltd" target="_blank" data-smartkarma-citation="entities:13799:1" rel="noopener">Ausnutria Dairy Corp (1717 HK)</a>'s Scheme</li>
</ul>


PRC dairy farmer Lanzhou Zhuangyuan Pasture (1533 HK) is proposing to buy back its H-shares, in cash. No price was cited in the HKEx announcement.
Such an Offer is expected to be done via a voluntary cash Offer. This suggests a condition to the Offer involves a tendering condition. 
This is the second proposal in the Chinese dairy space in as many months, after infant-formula  firm Ausnutria Dairy Corp (1717 HK)'s Scheme


Lanzhou Zhuangyuan Pasture (1533 HK): Possible H-Share Delisting Offer

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

China Youran Dairy Group Ltd / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-youran-dairy-group-ltd" target="_blank" data-smartkarma-citation="entities:31075:1" rel="noopener">China Youran Dairy Group Ltd (9858 HK)</a> was listed on Hong Kong Exchange on 18th June, 2021. The company’s six-month lock-up expiry will expire on 18th December, 2021.</li>
<li>The company is now trading 41% below its IPO price based on yesterday’s close price.</li>
<li>Pre-IPO and cornerstone investors could sell. These shareholders account for 399 days of ADV with the majority coming from PAG III.</li>
</ul>



China Youran Dairy Group Ltd (9858 HK) was listed on Hong Kong Exchange on 18th June, 2021. The company’s six-month lock-up expiry will expire on 18th December, 2021.
The company is now trading 41% below its IPO price based on yesterday’s close price.
Pre-IPO and cornerstone investors could sell. These shareholders account for 399 days of ADV with the majority coming from PAG III.


Youran Dairy(悠然牧业) IPO Lock-Up - Pre-IPO Investors Still Sitting in the Money Even After 41% Decline

China

Inner Mongolia Yili Industrial Group Co., Ltd. produces milk, powdered milk, ice cream, and other dairy products.  The Company also produces frozen food and noodles.

Inner Mongolia Yili Industrial Group (A) (600887 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Inner Mongolia Yili Industrial Group (A) (600887 CH)

Asia-Pac Weekly Risk Arb Summary: Razer, Link Net, ARA LOGOS, Guodian Tech, GJ Steel

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

Ausnutria (1717 HK): SPAs Done (Just Not Officially)

That spread is okay. You still need the MGO turns unconditional. In any event, I would expect a back-end re-rate following the completion of the...

David Blennerhassett

Ausnutria (1717 HK): MGO Imminent As NDRC Approval Obtained

At HK$9.64/share, Ausnutria is currently trading at a gross/annualised spread of 4.4%/22.1%, assuming late 1Q22 completion. That still looks...

David Blennerhassett

Youran Dairy(悠然牧业) IPO Lock-Up - Pre-IPO Investors Still Sitting in the Money Even After 41% Decline

China Youran Dairy Group Ltd (9858 HK) was listed on Hong Kong Exchange on 18th June, 2021. The company’s six-month lock-up expiry will expire on...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia-Pac Weekly Risk Arb Summary: Razer, Link Net, ARA LOGOS, Guodian Tech, GJ Steel

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

Ausnutria (1717 HK): SPAs Done (Just Not Officially)

That spread is okay. You still need the MGO turns unconditional. In any event, I would expect a back-end re-rate following the completion of the...

David Blennerhassett

Ausnutria (1717 HK): MGO Imminent As NDRC Approval Obtained

At HK$9.64/share, Ausnutria is currently trading at a gross/annualised spread of 4.4%/22.1%, assuming late 1Q22 completion. That still looks...

David Blennerhassett

Lanzhou Zhuangyuan Pasture (1533 HK): Possible H-Share Delisting Offer

PRC-Diary farmer Lanzhou Zhuangyuan Pasture (1533 HK) is proposing to buy back its H-shares, in cash. No price was cited in the HKEx announcement....

David Blennerhassett

Youran Dairy(悠然牧业) IPO Lock-Up - Pre-IPO Investors Still Sitting in the Money Even After 41% Decline

China Youran Dairy Group Ltd (9858 HK) was listed on Hong Kong Exchange on 18th June, 2021. The company’s six-month lock-up expiry will expire on...

Sumeet Singh