Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After the <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a> fiasco back in October, Hong Kong M&amp;As have received some welcome Xmas cheer of late.</li>
<li>Small-Cap <a href="https://www.smartkarma.com/entities/cm-hi-tech-cleanroom-limited" target="_blank" data-smartkarma-citation="entities:44057:1" rel="noopener">CM Hi-Tech  (2115 HK)</a> secured reg approvals in record time. Then <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC (906 HK)</a>'s pre-cons were satisfied on 13th December. Now <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius (2696 HK)</a>'s pre-cons are also fulfilled. </li>
<li>Henlius' spread narrowed after securing NDRC approval on the 22nd Nov; and again after fulfilling pre-cons this week. A 3.1% gross spread is okay. This is done. Get involved.</li>
</ul>


After the China Traditional Chinese Medicine (570 HK) fiasco back in October, Hong Kong M&amp;As have received some welcome Xmas cheer of late.
Small-Cap CM Hi-Tech  (2115 HK) secured reg approvals in record time. Then CPMC (906 HK)'s pre-cons were satisfied on 13th December. Now Shanghai Henlius (2696 HK)'s pre-cons are also fulfilled. 
Henlius' spread narrowed after securing NDRC approval on the 22nd Nov; and again after fulfilling pre-cons this week. A 3.1% gross spread is okay. This is done. Get involved.


Henlius (2696 HK): This Should Trade Tighter. Get Involved

<ul>
<li>Back on the 27 June, art and culture play <a href="https://www.smartkarma.com/entities/poly-culture-group-corp-h" target="_blank" data-smartkarma-citation="entities:4729:1" rel="noopener">Poly Culture Group Corp H (3636 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0627/2023062701620.pdf" target="_blank" rel="noopener">announced</a> a pre-conditional privatisation at HK$8.88 per H-share.</li>
<li>This Offer from SOE Poly Group is by way of a Merger by Absorption, incorporating a Scheme-like vote. There is no tendering condition. 
</li>
<li>The pre-cons have now been fulfilled. The Composite Document, including the H Share Class meeting/EGM date and IFA opinion, is expected to be despatched on or before the 30 September. </li>
</ul>


Back on the 27 June, art and culture play Poly Culture Group Corp H (3636 HK) announced a pre-conditional privatisation at HK$8.88 per H-share.
This Offer from SOE Poly Group is by way of a Merger by Absorption, incorporating a Scheme-like vote. There is no tendering condition. 

The pre-cons have now been fulfilled. The Composite Document, including the H Share Class meeting/EGM date and IFA opinion, is expected to be despatched on or before the 30 September. 


Poly Culture (3636 HK): Trading Wide To Terms. Get Involved.

Xiamen International Port H / Event-Driven

<ul>
<li>Back on 2 June, SOE terminal operator <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port (3378 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0602/2022060202446.pdf" target="_blank" rel="noopener">announced</a> a pre-conditional Offer of $2.25/share from Xiamen Port Holding, a Fujian SASAC-controlled entity.</li>
<li>The pre-conditions  - NDRC, MoC, SAFE, and CSRC - were fulfilled on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0816/2022081601198.pdf" target="_blank" rel="noopener">16 August</a>.</li>
<li>The Composite Doc is now <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0822/2022082200558.pdf" target="_blank" rel="noopener">out</a>. The H-class meeting will be held on the 16 September. There is no tendering condition. Payment should be the 6 October.</li>
</ul>


Back on 2 June, SOE terminal operator Xiamen International Port (3378 HK) announced a pre-conditional Offer of $2.25/share from Xiamen Port Holding, a Fujian SASAC-controlled entity.
The pre-conditions  - NDRC, MoC, SAFE, and CSRC - were fulfilled on the 16 August.
The Composite Doc is now out. The H-class meeting will be held on the 16 September. There is no tendering condition. Payment should be the 6 October.


Xiamen Port (3378 HK)’s Composite Doc Out; Shareholders To Vote On 16 Sept

EVOC Intelligent Technology Company Limited H / Event-Driven

EVOC Intelligent Technology Company Limited H

<ul>
<li>After shares were suspended on the 1 August, electronics play and property developer <a href="https://www.smartkarma.com/entities/evoc-intelligent-technology-company-limited-h" target="_blank" data-smartkarma-citation="entities:2015:1" rel="noopener">EVOC Intelligent Technology Company Limited H (2308 HK)</a> has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2022/0808/2022080801133.pdf" target="_blank" rel="noopener">announced</a> a privatisation at HK$1.75 per H-share.</li>
<li>This Offer is by way of a Merger by Absorption, which incorporates a Scheme-like vote. There is no tendering condition.
</li>
<li>The premium to last close is just 15.13%; however, it is a 42.28% premium to the five-day closing average. This is EVOC's third privatisation attempt in the past five years. </li>
</ul>


After shares were suspended on the 1 August, electronics play and property developer EVOC Intelligent Technology Company Limited H (2308 HK) has announced a privatisation at HK$1.75 per H-share.
This Offer is by way of a Merger by Absorption, which incorporates a Scheme-like vote. There is no tendering condition.

The premium to last close is just 15.13%; however, it is a 42.28% premium to the five-day closing average. This is EVOC's third privatisation attempt in the past five years. 


<ul>
<li>SOE terminal operator <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port (3378 HK)</a> has announced a pre-conditional Offer from Xiamen Port Holding, a Fujian SASAC-controlled entity.</li>
<li>The Offer price is HK$2.25 per H-share, a 55% premium to last close. The Offer price will NOT be increased. The final dividend will be added to the cancellation price. </li>
<li>Pre-Conditions include approvals from NDRC, MoC, SAFE, and CSRC. There is no tendering condition. This deal mirrors <a href="https://www.smartkarma.com/entities/guodian-technology-environment-group-corp" target="_blank" data-smartkarma-citation="entities:3941:1" rel="noopener">Guodian Technology (1296 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-capital-land-ltd-h" target="_blank" data-smartkarma-citation="entities:4543:1" rel="noopener">BCL (2868 HK)</a>, and <a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Jin Jiang Capital (2006 HK)</a>.</li>
</ul>


SOE terminal operator Xiamen International Port (3378 HK) has announced a pre-conditional Offer from Xiamen Port Holding, a Fujian SASAC-controlled entity.
The Offer price is HK$2.25 per H-share, a 55% premium to last close. The Offer price will NOT be increased. The final dividend will be added to the cancellation price. 
Pre-Conditions include approvals from NDRC, MoC, SAFE, and CSRC. There is no tendering condition. This deal mirrors Guodian Technology (1296 HK), BCL (2868 HK), and Jin Jiang Capital (2006 HK).


Xiamen Port (3378 HK)’s Pre-Conditional Offer

China

Shanghai Jin Jiang Capital Company Limited owns and operates hotels.

Shanghai Jin Jiang Capital Company Limited (2006 HK)

Shanghai Jin Jiang Capital Company Limited

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

Shanghai Jin Jiang Capital Company Limited (2006 HK)

Henlius (2696 HK): This Should Trade Tighter. Get Involved

A 3.1% gross spread with expected payment around mid-Feb is okay. I'd pay up to HK$24.10/share for a 15% annualised spread. This is done. Get...

David Blennerhassett

Poly Culture (3636 HK): Trading Wide To Terms. Get Involved.

This is done. It has been declared final for that reason. Optically, it looks reasonable. This is a heavily indebted illiquid company. I'd buy...

David Blennerhassett

Xiamen Port (3378 HK)’s Composite Doc Out; Shareholders To Vote On 16 Sept

This is done - play the spread here. Assuming payment early October payment, this is trading at a modestly attractive gross/annualised spread at 2%...

David Blennerhassett

EVOC (2308 HK)'s Merger By Absorption

There's enough here to see the Offer get up. I'd be buying up to around $1.67 or a gross/annualised spread of 5%/15%, assuming a late-November...

David Blennerhassett

Xiamen Port (3378 HK)’s Pre-Conditional Offer

Assuming payment mid-June, I would pay up to HK$2.08/share or a gross/annualised spread at 9%/24% - including the divy. Guodian Tech traded at a...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)