Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven


For the month of August, 10 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$39bn, buoyed by the massive Afterpay Touch (APT AU) transaction.



Clicking on the company name in the table below will take you to the entity page where you can read the initial insight(s) written by Smartkarma contributors on these new deals and follow-up discussions, or simply click on the insight link(s) below the name.







New Deals


Industry


Size (US$bn)


Type


Premium




Australia




1300 Smiles Ltd (ONT AU) 
Dental
0.2
Scheme
14%


1300Smiles (ONT AU): BGH Sinks Its Teeth In



Afterpay (APT AU) 
Payment facilitator
29.0
Scheme
30.6%


Afterpay Ltd (APT AU): All Squared Away



Huon Aquaculture (HUO AU) 
Fisheries
0.3
Scheme
61%



JBS Nets Huon Agriculture (ASX: HUO) Huon Ag (Huo AU): Twiggy Went To Market




Hong Kong




Golden Throat Holdings (6896 HK) 
Cough medicine
0.3
Scheme
55.8%


Golden Throat (6896 HK): Affirma and Founder Group Cough Up



Suchuang Gas Corp (1430 HK) 
Gas transmission
0.1
Scheme
2.9%


Suchuang Gas (1430 HK): Delisting Proposal From CR Gas



Japan




GCA Corporation (2174 JP) 
Finance
0.6
Tender Offer
31.3%


Houlihan Lokey To Take Out GCA :  Light But Likely Done



Kobe Steel Ltd (5406 JP) / Kobelco Eco Solutions (6299 JP)

Materials
0.4
Merger
N/A



New Zealand




Z Energy Ltd (ZEL NZ) 
Petrol Stations
1.3
Scheme
22%


Z Energy (ZEL NZ) Tentatively Backs Ampol's Approach



Taiwan








China Development Financial (2883 TT) / China Life Insurance (2823 TT)

Insurance
4.8
Merger
N/A


CDFHC - China Life Insurance: US$2bn+ Cash &amp; Scrip Deal to Reach the Finish Line



Thailand




Siam Future Development (SF TB) 
Malls
0.8
MGO
8%


Siam Future Development (SF TB): Central Pattana MGO As MAJOR Cineplex Exits



US




New Frontier Health Corp (NFH US) 
Hospitals
1.6
Merger
27.9%


New Frontier (NYSE: NFH): Healthcare Homecoming


Source: Smartkarma Insights





The average premium for the new deals announced (or first discussed) in August was ~28%, with a year-to-date average of ~33% (112 deals &amp; total deal size of US$234bn). This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively.
The above does not include the possible US$5.5bn deal for between IGO Ltd (IGO AU) &amp; Western Areas (WSA AU) (IGO/Western Areas: Battery Mineral Grab); ESR Cayman (1821 HK) acquiring unlisted ARA Asset Management for US$5.2bn (ESR Cayman (1821 HK) Takes Out ARA Asset Management),; or the rumoured US$7.8bn takeover of JOYY (YY US) (JOYY (JOYY US): Rumoured Privatisation). 

Offer Premium Summary


     




2019


2020


2021 YTD



Australia
33.0%
32.4%
35.2%


Hong Kong
25.2%
34.7%
33.9%


Japan
44.0%
35.2%
28.6%


ROW
29.1%
24.2%
34.6%


Average
31.5%
31.1%
33.0%



Source: Smartkarma Insights






Summary of News in August of Arb Situations On Smartkarma's Radar
(Again, click on the company names to take to you to the insights and/or discussion posts for a more comprehensive read-through on each situation)




Australia


Comments (with links to announcements &amp; insights)




5G Networks Ltd/Australia (5GN AU) / Webcentral (WCG AU) 

No August update




Australian Pharmaceutical Industries (API AU) 

No August update




Crown Resorts (CWN AU) 

No August update




Empired Ltd (EPD AU) 

24-Aug. Capgemini has received OIO approval.




Hansen Technologies (HSN AU) 

26-Aug: Hansen Technologies (HSN AU) said today BGH needs further time to complete its DD, but that it has confirmed to Hansen it remains willing to proceeds with a transaction substantially on the terms of its original proposal.  BGH's DD extended to the 10 September. That's a worrying long DD period. 




iCar Asia Ltd (ICQ AU) 

13-Aug: iCar Asia Ltd (ICQ AU) and Carsome obtained ASIC joint bid relief. 




Iress Ltd (IRE AU) 

11-Aug: Iress Ltd (IRE AU)' board has now backed a revised Offer from EQT - but at $15.91/share, just 3.3% above the previous proposal. Iress (IRE AU) Accepts EQT's Latest Proposal




Japara Healthcare (JHC AU) 

30-Aug: FY21 results




Mainstream Group Holdings Ltd (MAI AU) 
27-Aug: FY21 results




Milton Corp Ltd (MLT AU) 

12-Aug: The Magnality of the Marvelous Milton Merger Makes a Moribund March To Metaphysis (It's Mirific!) 25-Aug: Marvelous Milton Making Its Move - New 30yr Highs On Both Stocks




Oil Search Ltd (OSH AU) 

2-Aug: Santos and Oil Search Agree on Terms 24-Aug: Oil Search Ltd (OSH AU) posted a net profit of US$139mn in FY21.




Rhipe Ltd (RHP AU) 

No August update




Spark Infrastructure (SKI AU) 

23-Aug: A firm Offer for Spark Infrastructure (SKI AU) has now been tabled and a SID entered into with KKR, OTTPB, and PSP. The terms remain the same. Spark's board unanimously recommends the Offer. The Scheme Meeting is expected to be held by the end of 2021. Spark Infrastructure (SKI AU): KKR/OTPPB/PSP's Firm Offer




Sydney Airport (SYD AU) 

16-Aug: Sydney Airport (SYD AU) announced it had received a revised offer of $8.45 from the consortium on the 16 Aug. The Board also concluded the proposal was low-balled. That rejection comes as no surprise - this is just a 2.4% bump in terms.  I'm still disinclined to chase it here. I still think there is a chance of a "no deal".  Sydney Airports (SYD AU) Reject's Consortium's Revised Offer.




Think Childcare (TNK AU) 

18-Aug: Court meeting scheduled for the 29 September for Think Childcare (TNK AU).




Youfoodz Holdings (YFZ AU) 

13-Aug: Youfoodz Holdings (YFZ AU) enters into a SID with Hellofresh
24-Aug: Youfoodz Holdings (YFZ AU) posted a net loss of A$3.5mn in FY21.








Hong Kong


Comments (with links to announcements &amp; insights)




Beijing Capital Land Ltd H (2868 HK) 

19-Aug: Beijing Capital Land (2868 HK): Pre-Cons Satisfied. This Should Trade Tight 24-Aug: This will give the stock a bit of an extra push. The SFC does not consider GIC's Reco Pearl to be acting in concert with the Offeror for Beijing Capital Land Ltd H (2868 HK). In addition, Redo Pearl has given an irrevocable undertaking to vote in favour of the Scheme resolutions. Reco owns 181,194,000 H Shares, representing 4.15% of the issued shares and 11.83% of the H Shares held by the Independent H Shareholders.
27-Aug: Beijing Capital Land (2868 HK): EGM On The 23 Sept. IFA Says Fair




Bestway Global Holding (3358 HK) 

22-Aug: Scheme Doc dispatched. Court Meeting will be held on the 15 September with expected payment on or before the 19 October. 
Bestway Global (3358 HK): Scheme Doc Out. Court Meeting On Sept 15th




China Traditional Chinese Medicine (570 HK) 

11-Aug: And it's a deal break - Sinopharm has decided not "to proceed with the Possible Privatisation this time".




China Youzan Limited (8083 HK) 

30-Aug: Youzan Technology has re-filed its application with the Stock Exchange for the listing of the Youzan Technology Shares by way of an offering of new shares, instead of by way of introduction.




Chong Hing Bank (1111 HK) 

14-Aug: Chong Hing Bank Ltd have announced an interim dividend of HK$0.11 will be added to the cancellation price:   23-Aug: Irevocables received.  24-Aug: Chong Hing Bank (1111 HK) has announced Cosco Shipping, with 19,823,037 shares, representing approximately 2.04% of the issued shares, 8.14% of the Scheme Shares, and 12.68% of the Independent Scheme Shares, has given an irrevocable to vote for the Scheme. 



Kerry Logistics Network (636 HK)

3-Aug: Kerry Logistics Network (636 HK) announced NDRC and MoC approval has been received as to the partial offer. A number of pre-cons still remain outstanding, all of which are technically waivable, apart from the SFC consent. 
10-Aug: Kerry Logistics (636 HK): Pre-Cons Done. Partial Offer To Commence Next Week 14-Aug: Kerry Logistics (636 HK): Doc Out Early - Offer Now Open 30-Aug: Kerry Logistics (636 HK): Technicalities As Partial Draws To An End




Nature Home Holding Company (2083 HK) 
18-Aug: Nature Home Holding Company (2083 HK) has announced an (expected) delay in the dispatch of the Composite Doc so as to accommodate the interims, which are due out on the 31 August. The dispatch date is now expected on or before the 30 September compared to my earlier estimate of 27 September. 



Soho China Ltd (410 HK) 

8-Aug: SOHO China (410 HK): Time To Buy




WH Group (288 HK) 

17-Aug: WH Group Partial Buyback Offer Now Unconditional
18-Aug: WH Group - Stock Plummets as Ousted Son Drags Pigs Into The Mud 30-Aug: WH Group Post-Tender Outlook - Index Selldown and Back-End Trading/Valuations On the 30th of August the company announced the results of the buyback offer with a pro-ration of 23.1%









India


Comments 




Adani Power (ADANI IN) 

No August update, though SEBI is said to be investigating the low indicative price.  And the stock is going into FTSE Large as of 17 September. 




Mphasis Ltd (MPHL IN) 

No August update









Japan


Comments (with links to announcements &amp; insights)




Hitachi Metals (5486 JP) 

No August update




Invesco Office J Reit (3298 JP) 

26-Aug: Invesco Office Index Deletion Monday 30 Aug




Sakai Ovex (3408 JP) 
No August update (City Index Eleventh reported on 3 August that as of 27 July they had lifted their stake to 8.01%); tender closes 8 Sep. 




Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

<h2><strong>Eight new names, SoftBank remains for the 3rd quarter running</strong></h2>
<ul>
<li>
<strong>Our</strong><strong>Q2-2021 All Cap High-Risk screen of stocks produced a market cap-weighted average price decline of 2%</strong>. In comparison, the MSCI Asia Pacific Index posted a decline of 1.7% over the same period. The stock quality of our Q2 2021 decreased 2.4 points or 3.8% over the period. Within the mix of 34 stocks in our Q2 2021 (May) list 19 posted negative performance, with an average decline of 14.1%.</li>
<li>
<strong>At a static number of 34</strong><strong> stocks our Q3 2021 screen, delivers an interesting composition this quarter, </strong>with eight (8) new names and strong representation from Hong Kong in terms of geography and Industrials and Basic Materials from a sector perspective. This suggests that the “reopening of the economy” trade may have run its course for now.</li>
<li><strong>Our Q3 2021 screen shows a further reduction in average stock rank (a reading on relative quality amongst the broad market peers with 100 being the highest) to 61 from 65.18 in Q2 2021.</strong></li>
<li>
<strong>Stock specific focus:</strong> We discuss why SoftBank stands out as a stock that presents with additional risk. We also discuss the fact that whilst there is a high representation of Industrials in the list, within this list, there are several names that may warrant not being too bearish towards.</li>
</ul>

Eight new names, SoftBank remains for the 3rd quarter running


OurQ2-2021 All Cap High-Risk screen of stocks produced a market cap-weighted average price decline of 2%. In comparison, the MSCI Asia Pacific Index posted a decline of 1.7% over the same period. The stock quality of our Q2 2021 decreased 2.4 points or 3.8% over the period. Within the mix of 34 stocks in our Q2 2021 (May) list 19 posted negative performance, with an average decline of 14.1%.

At a static number of 34 stocks our Q3 2021 screen, delivers an interesting composition this quarter, with eight (8) new names and strong representation from Hong Kong in terms of geography and Industrials and Basic Materials from a sector perspective. This suggests that the “reopening of the economy” trade may have run its course for now.
Our Q3 2021 screen shows a further reduction in average stock rank (a reading on relative quality amongst the broad market peers with 100 being the highest) to 61 from 65.18 in Q2 2021.

Stock specific focus: We discuss why SoftBank stands out as a stock that presents with additional risk. We also discuss the fact that whilst there is a high representation of Industrials in the list, within this list, there are several names that may warrant not being too bearish towards.


Screening the Silk Road: Q3 2021 High-Risk Names to Avoid

Last Week in Event SPACE:  Afterpay, SPH, ESR Cayman, Prosus/Naspers, Kingsoft, Milton, SOHO China

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<p>After the close today, Japanese materials, machinery, and electric power business <a href="https://www.smartkarma.com/entities/kobe-steel-ltd" target="_blank" data-smartkarma-citation="entities:209:1" rel="noopener">Kobe Steel Ltd (5406 JP)</a> announced they would merge with consolidated subsidiary <a href="https://www.smartkarma.com/entities/kobelco-eco-solutions-co-ltd" target="_blank" data-smartkarma-citation="entities:5802:1" rel="noopener">Kobelco Eco Solutions (6299 JP)</a> in a share swap deal that will result in Kobelco Eco getting delisted from the Tokyo Stock Exchange. </p><p>Kobelco Eco shareholders will receive a scrip consideration of 4.85 Kobe Steel shares per Kobelco Eco share. As at the time of writing, Kobelco Eco has a market cap of ¥44bn (~US$400mn).</p><p>The Deal is conditional on Kobelco Eco shareholder approval. The record date for the EGM is set to be 20th August 2021 and the EGM is expected to take place on 30th September 2021. </p><p>The Merger is expected to become effective on 1st November 2021. </p><p><em>More below the fold.</em></p><hr><div class="content-remarks"><p>For more information about M&amp;A rules, regulations, and practices in Japan, please refer to <a href="https://www.smartkarma.com/insights/quiddity-japan-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:28911" rel="noopener">Quiddity Japan M&amp;A Guide 2019</a> </p></div>

After the close today, Japanese materials, machinery, and electric power business Kobe Steel Ltd (5406 JP) announced they would merge with consolidated subsidiary Kobelco Eco Solutions (6299 JP) in a share swap deal that will result in Kobelco Eco getting delisted from the Tokyo Stock Exchange. Kobelco Eco shareholders will receive a scrip consideration of 4.85 Kobe Steel shares per Kobelco Eco share. As at the time of writing, Kobelco Eco has a market cap of ¥44bn (~US$400mn).The Deal is conditional on Kobelco Eco shareholder approval. The record date for the EGM is set to be 20th August 2021 and the EGM is expected to take place on 30th September 2021. The Merger is expected to become effective on 1st November 2021. More below the fold.For more information about M&amp;A rules, regulations, and practices in Japan, please refer to Quiddity Japan M&amp;A Guide 2019 

Kobelco Eco (6299) - Kobe Steel (5406): This Scrip Merger Is a Done Deal

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/weimob-inc" target="_blank" data-smartkarma-citation="entities:27394:1" rel="noopener">Weimob Inc. (2013 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/nongfu-spring" target="_blank" data-smartkarma-citation="entities:28955:1" rel="noopener">Nongfu Spring (9633 HK)</a> and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>. Shorts increased in the Communication Services, Consumer Discretionary, Financials and Health Care sectors.</p></div><div><p>In Japan, stocks increased on <a href="https://www.smartkarma.com/entities/shimano-inc" target="_blank" data-smartkarma-citation="entities:3777:1" rel="noopener">Shimano Inc (7309 JP)</a>, <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive Systems (6324 JP)</a>, <a href="https://www.smartkarma.com/entities/cocokara-fine-inc" target="_blank" data-smartkarma-citation="entities:15447:1" rel="noopener">Cocokara Fine (3098 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a> and <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" data-smartkarma-citation="entities:18338:1" rel="noopener">Casio Computer (6952 JP)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/pharma-foods-international" target="_blank" data-smartkarma-citation="entities:10530:1" rel="noopener">Pharma Foods International (2929 JP)</a>, <a href="https://www.smartkarma.com/entities/sumco-corp" target="_blank" data-smartkarma-citation="entities:379:1" rel="noopener">SUMCO Corp (3436 JP)</a>, <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a>, <a href="https://www.smartkarma.com/entities/showa-denko-k-k" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Showa Denko K.K. (4004 JP)</a> and <a href="https://www.smartkarma.com/entities/kobe-steel-ltd" target="_blank" data-smartkarma-citation="entities:209:1" rel="noopener">Kobe Steel Ltd (5406 JP)</a>. Shorts increased in the Consumer Discretionary, Industrials and Consumer Staples sectors while decreasing in the Health Care and Information Technology sectors.</p></div><div><p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/hmm-co-ltd" target="_blank" data-smartkarma-citation="entities:13494:1" rel="noopener">HMM Co., Ltd. (011200 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-display-co-ltd" target="_blank" data-smartkarma-citation="entities:7145:1" rel="noopener">LG Display (034220 KS)</a>, <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation (096770 KS)</a>, <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> and <a href="https://www.smartkarma.com/entities/pan-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:5279:1" rel="noopener">Pan Ocean (028670 KS)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/doosan-heavy-industries-construction" target="_blank" data-smartkarma-citation="entities:7389:1" rel="noopener">Doosan Heavy Industries &amp; Construction (034020 KS)</a>, <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a>, <a href="https://www.smartkarma.com/entities/gs-retail-co-ltd" target="_blank" data-smartkarma-citation="entities:3867:1" rel="noopener">GS Retail (007070 KS)</a>, <a href="https://www.smartkarma.com/entities/ncsoft-corp" target="_blank" data-smartkarma-citation="entities:5169:1" rel="noopener">NCSOFT Corp (036570 KS)</a> and <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics Co., (207940 KS)</a>. </p></div><div><p>In Taiwan, shorts increased on <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a>, <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>, <a href="https://www.smartkarma.com/entities/quanta-computer-inc" target="_blank" data-smartkarma-citation="entities:2754:1" rel="noopener">Quanta Computer (2382 TT)</a>, <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a> and <a href="https://www.smartkarma.com/entities/sitronix-technology-corp" target="_blank" data-smartkarma-citation="entities:5684:1" rel="noopener">Sitronix Technology (8016 TT)</a> while shorts covered on <a href="https://www.smartkarma.com/entities/yang-ming-marine-transport" target="_blank" data-smartkarma-citation="entities:8502:1" rel="noopener">Yang Ming Marine Transport (2609 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/silergy-corp" target="_blank" data-smartkarma-citation="entities:13998:1" rel="noopener">Silergy Corp (6415 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> and <a href="https://www.smartkarma.com/entities/chunghwa-telecom-co-ltd" target="_blank" data-smartkarma-citation="entities:9181:1" rel="noopener">Chunghwa Telecom (2412 TT)</a>.</p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Tencent (700 HK), China Merchants Bank H (3968 HK), Ping An Insurance (H) (2318 HK), Meituan (3690 HK) and Sunny Optical (2382 HK) while there was short covering on Weimob Inc. (2013 HK), Xiaomi Corp (1810 HK), JD.com Inc. (9618 HK), Nongfu Spring (9633 HK) and WuXi AppTec Co. Ltd. (2359 HK). Shorts increased in the Communication Services, Consumer Discretionary, Financials and Health Care sectors.In Japan, stocks increased on Shimano Inc (7309 JP), Harmonic Drive Systems (6324 JP), Cocokara Fine (3098 JP), Nippon Steel Corporation (5401 JP) and Casio Computer (6952 JP) while there was short covering on Pharma Foods International (2929 JP), SUMCO Corp (3436 JP), BASE Inc (4477 JP), Showa Denko K.K. (4004 JP) and Kobe Steel Ltd (5406 JP). Shorts increased in the Consumer Discretionary, Industrials and Consumer Staples sectors while decreasing in the Health Care and Information Technology sectors.In Korea, shorts increased on HMM Co., Ltd. (011200 KS), LG Display (034220 KS), SK Innovation (096770 KS), Kakao Corp (035720 KS) and Pan Ocean (028670 KS) while shorts were covered on Doosan Heavy Industries &amp; Construction (034020 KS), Doosan Infracore (042670 KS), GS Retail (007070 KS), NCSOFT Corp (036570 KS) and Samsung Biologics Co., (207940 KS). In Taiwan, shorts increased on United Microelectronics Corp (2303 TT), Novatek Microelectronics Corp (3034 TT), Quanta Computer (2382 TT), Winbond Electronics (2344 TT) and Sitronix Technology (8016 TT) while shorts covered on Yang Ming Marine Transport (2609 TT), TSMC (2330 TT), Silergy Corp (6415 TT), Yageo Corporation (2327 TT) and Chunghwa Telecom (2412 TT).

Asia Shorts: Tencent, CMB, Ping An, Weimob, WuXi, Shimano, Cocokara, HMM, Kakao, Doosan, Yang Ming

Japan

Kobe Steel, Ltd. is a steelmaker, as well as a supplier of aluminum and copper products.  The products include steel plates and steel rods.  The Company also operates other businesses such as welding consumables, urban infrastructure, plant engineering, and industrial & construction machinery.  Kobe Steel has operating offices in the US, Europe, and Asia.

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

Kobe Steel Ltd (5406 JP)

(Mostly) Asia M&A: August 2021 Roundup

The average premium for the new deals announced (or first discussed) in August was ~28%, with a year-to-date average of ~33%. The average premium...

David Blennerhassett

Screening the Silk Road: Q3 2021 High-Risk Names to Avoid

Screening the Silk Road Q3 2021: Asia Pac High-risk names to avoid screening is out now. Eight new names, despite being down 23%, SoftBank remains...

David Lepper

Last Week in Event SPACE: Afterpay, SPH, ESR Cayman, Prosus/Naspers, Kingsoft, Milton, SOHO China

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

Kobelco Eco (6299) - Kobe Steel (5406): This Scrip Merger Is a Done Deal

This deal between Kobe Steel and a 60%-owned subsidiary is not surprising. Expect more like this across Japan. Japanese companies are winding up...

Janaghan Jeyakumar, CFA

Asia Shorts: Tencent, CMB, Ping An, Weimob, WuXi, Shimano, Cocokara, HMM, Kakao, Doosan, Yang Ming

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)