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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a>'s listing has been approved by the JPX and the stock is expected to start trading on 24 March. </li>
<li>News reports indicate a raise of US$1bn (JPY 115.5bn). This translates to an IPO price of JPY 1,920/share, valuing the company at JPY 300bn (US$2.59bn).</li>
<li>The stock should be added to the <a href="https://www.smartkarma.com/entities/tokyo-stock-exchange-tokyo-price-index-topix" target="_blank" data-smartkarma-citation="entities:22910:1" rel="noopener">TPX INDEX</a> at the close on 27 April where trackers will need to buy over 14% of the stock issued in the IPO.</li>
</ul>



SBI Sumishin Net Bank (7163 JP)'s listing has been approved by the JPX and the stock is expected to start trading on 24 March. 
News reports indicate a raise of US$1bn (JPY 115.5bn). This translates to an IPO price of JPY 1,920/share, valuing the company at JPY 300bn (US$2.59bn).
The stock should be added to the TPX INDEX at the close on 27 April where trackers will need to buy over 14% of the stock issued in the IPO.


SBI Sumishin Net Bank (7163 JP) IPO: Listing in March, TPX Inclusion Possibly in April

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<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> is/was my High Conviction call for 2022. </li>
<li>SBI went to 47.77% in the Tender and is higher as Shinsei has bought back stock. Shinsei has more to go and could get funkier to buy back more.</li>
<li>8 February is the EGM to approve a new board and explicit SBI control. Delisting expectations will rise after that, but practically it will take time.</li>
</ul>



Shinsei Bank (8303 JP) is/was my High Conviction call for 2022. 
SBI went to 47.77% in the Tender and is higher as Shinsei has bought back stock. Shinsei has more to go and could get funkier to buy back more.
8 February is the EGM to approve a new board and explicit SBI control. Delisting expectations will rise after that, but practically it will take time.


2022 High Conviction - Shinsei Bank Update

<ul>
<li>The TSE will move to a new cash equity market structure on 4 April 2022. There will be three new sections: TSE Prime, TSE Standard, and TSE Growth.</li>
<li>The Nikkei Index Team in July 2021 <a href="https://indexes.nikkei.co.jp/nkave/archives/news/20210705E_1.pdf" target="_blank" rel="noopener">announced</a> a change to the Nikkei 225 Average Guidebook language which said constituents had to be members of TSE Prime going forward.  </li>
<li>At least one Nikkei 225 name and possibly two are headed for TSE Standard when the TSE makes its announcement on 11 January 2022. Suggested treatments are discussed.</li>
</ul>


The TSE will move to a new cash equity market structure on 4 April 2022. There will be three new sections: TSE Prime, TSE Standard, and TSE Growth.
The Nikkei Index Team in July 2021 announced a change to the Nikkei 225 Average Guidebook language which said constituents had to be members of TSE Prime going forward.  
At least one Nikkei 225 name and possibly two are headed for TSE Standard when the TSE makes its announcement on 11 January 2022. Suggested treatments are discussed.


Nikkei 225 Deletions/Additions in March(?) 2022 Due to TSE Market Structure Changes

<ul>
<li>I was originally going to title this <em>Shinsei Bank Buyback to Continue - Watch the Squeeze</em>.</li>
<li>In reviewing the new news, and the existing setup, and reviewing my previous work on the name (<a href="https://www.smartkarma.com/profiles/travis-lundy/insights?fulltext=Shinsei" target="_blank" rel="noopener">here</a>), I am inclined to repeat my 2021 High Conviction trade. Shinsei Bank.</li>
<li>So I did. Shinsei is my High Conviction Idea for a second year in a row. </li>
</ul>


I was originally going to title this Shinsei Bank Buyback to Continue - Watch the Squeeze.
In reviewing the new news, and the existing setup, and reviewing my previous work on the name (here), I am inclined to repeat my 2021 High Conviction trade. Shinsei Bank.
So I did. Shinsei is my High Conviction Idea for a second year in a row. 


Thematic (Sector/Industry)

<ul>
<li>This is part of a series of M&amp;A guides that our Quiddity* <a href="https://www.smartkarma.com/companies/quiddity-advisors/team" target="_blank" rel="noopener">team</a> is publishing to aid investors in understanding the rules, parameters, possibilities, and processes in M&amp;A. </li>
<li>They are designed to contain links to all the relevant rules, oversight entities, and provide details as to how M&amp;A is conducted and what rules apply.</li>
<li>In many of the insights on deals in specific markets and countries, these insights will be used as points of reference. </li>
</ul>


This is part of a series of M&amp;A guides that our Quiddity* team is publishing to aid investors in understanding the rules, parameters, possibilities, and processes in M&amp;A. 
They are designed to contain links to all the relevant rules, oversight entities, and provide details as to how M&amp;A is conducted and what rules apply.
In many of the insights on deals in specific markets and countries, these insights will be used as points of reference. 


Japan

SBI Holdings, Inc. manages venture capital fund which mainly invest in Internet related venture companies.  The Company also provides brokerage, investment banking, and financial services.

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SBI Holdings (8473 JP)

SBI Sumishin Net Bank (7163 JP) IPO: Listing in March, TPX Inclusion Possibly in April

JPX has approved SBI Sumishin Net Bank's IPO and the stock should list on 24 March. First Section on listing and then to the Prime Market. TOPIX...

Brian Freitas

2022 High Conviction - Shinsei Bank Update

Shinsei is buying back stock and the EGM to install SBI's management is Tuesday 8 February. Watch for more delisting talk after. There is buyback...

Travis Lundy

Nikkei 225 Deletions/Additions in March(?) 2022 Due to TSE Market Structure Changes

There is likely to be one Nikkei 225 Change around the end of Q1 2022. There may be more. We will know more on 11 Jan 2022 how many deletions are...

Travis Lundy

2022 High Conviction - Shinsei Bank

Shinsei Bank is my High Conviction idea for the second year in a row. Just over 7x PER, well under half of book, limited float, and a squeeze out...

Travis Lundy

Quiddity Japan M&A Guide 2022

The 2022 version of the Quiddity Japan M&A Guide with the rules and regulations and practices surrounding Mergers and Acquisitions in Japan as they...

Travis Lundy

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