Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Tianneng Power International / Event-Driven

<ul>
<li>In January 2021, <strong><a href="https://www.smartkarma.com/entities/tianneng-power-international-ltd" target="_blank" data-smartkarma-citation="entities:18978:1" rel="noopener">Tianneng Power (819 HK)</a></strong>'s (TPI) battery unit <strong><a href="https://www.smartkarma.com/entities/tianneng-battery-group-co-ltd" target="_blank" data-smartkarma-citation="entities:33458:1" rel="noopener">Tianneng Battery (688819 CH)</a></strong> (TBG) was listed on China's Star Market, as discussed in <a href="https://skr.ma/TcCjv" target="_blank" rel="noopener"><em>Tianneng: Star Market Battery Spin-Off Priced</em>. </a>
</li>
<li>TBG is now proposing the issuance of GDRs, accounting for 10% of existing shares out, to be listed on the SIX Swiss Exchange.  </li>
<li>A circular has been issued and TPI shareholders go to the vote on the 31 January. TPI currently holds 86.53% in TBG worth &gt;300% of its market cap.</li>
</ul>


In January 2021, Tianneng Power (819 HK)'s (TPI) battery unit Tianneng Battery (688819 CH) (TBG) was listed on China's Star Market, as discussed in Tianneng: Star Market Battery Spin-Off Priced. 

TBG is now proposing the issuance of GDRs, accounting for 10% of existing shares out, to be listed on the SIX Swiss Exchange.  
A circular has been issued and TPI shareholders go to the vote on the 31 January. TPI currently holds 86.53% in TBG worth &gt;300% of its market cap.


Tianneng (819 HK): EV Battery Play Seeks Swiss Listing

<div>
<p>After first <a href="http://www3.hkexnews.hk/listedco/listconews/SEHK/2018/1109/LTN201811091011.pdf" target="_blank" rel="noopener">announcing</a> the possible spin-off and separate listing of Tianneng Battery Group ("TBG") on the 9 November 2018, <a href="https://www.smartkarma.com/entities/tianneng-power-intl-ltd" target="_blank" data-smartkarma-citation="entities:18978:1" rel="noopener">Tianneng Power Intl (819 HK)</a> ("TPI") announced on the 15 December that the proposed A-share listing on the Star Board had been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1215/2020121501202.pdf" target="_blank" rel="noopener">approved</a> by the CSRC.</p>
<p>An Offer Price of RMB41.79/share has now been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0103/2021010300069.pdf" target="_blank" rel="noopener">announced</a>. That is 36% higher than the Indicative Offer Price of RMB30.65 flagged in the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2019/0624/ltn201906241058.pdf" target="_blank" rel="noopener">June 2019 prospectus</a>. Listing is expected to take place between mid-late Jan, according to my conversation with TPI's IR. </p>
<p>TPI is up 204% in the past year and 35% since the CSRC approval. Today's relatively lacklustre share price response to TBG's pricing would indicate TPI's pricing is full. </p>
</div>
<div>
<p>More below the fold.</p>
</div>


After first announcing the possible spin-off and separate listing of Tianneng Battery Group ("TBG") on the 9 November 2018, Tianneng Power Intl (819 HK) ("TPI") announced on the 15 December that the proposed A-share listing on the Star Board had been approved by the CSRC.
An Offer Price of RMB41.79/share has now been announced. That is 36% higher than the Indicative Offer Price of RMB30.65 flagged in the June 2019 prospectus. Listing is expected to take place between mid-late Jan, according to my conversation with TPI's IR. 
TPI is up 204% in the past year and 35% since the CSRC approval. Today's relatively lacklustre share price response to TBG's pricing would indicate TPI's pricing is full. 


More below the fold.


Tianneng (819 HK): Star Market Battery Spin-Off Priced

China

Fujian Nanping Sun Cable Co Ltd designs and produces power wires, wire harnesses, plugs, wire clamps, and wires which are used in the internal or external of computers, TVs, speakers, and home appliances.

Dalian Insulator Group Company Limited develops, manufactures and sells procelain and composite insulator for high-voltage transmission lines, procelain and composite insulator for power stations, and porcelain fittings.

GUANGZHOU ZHIGUANG ELECTRIC CO., Ltd. develops, designs, manufactures and distributes electric power grids control equipments, electric control equipments, power conservation equipments, electric automation equipments and electric information systems.

Guangzhou Zhiguang Electric Co, Ltd. (002169 CH)

Shanghai Acrel Company Limited develops, manufactures and sells clients intelligent power meters. The Company's main products include clients intelligent power meters, and the complementary power sensors.

Zhejiang Yankon Group Co., Ltd. manufactures electronic energy-saving lamps, energy-saving fluorescence bulbs, and other related lighting systems.  The Company sells its products domestically and exports to other countries.

Ocean's King Lighting Science & Technology Company Limited develops, manufactures, sells lighting equipment.The Company's main products include fixed lighting equipment, mobile lighting equipment and portable lighting equipment.

Ocean'S King Lighting Science (002724 CH)

Nanjing Quanxin Cable Technology Co., Ltd. designs and manufactures transmission cable lines. The Company produces military transmission cables, high-frequency components and optical transmission systems.

Guangzhou Baiyun Electric Equipment Company Limited develops, manufactures and sells high and low voltage switchgears and control equipment. The Company's main products include high and low voltage switchgears, gas-insulated metal-enclosed switchgears, and other related products.

Shenzhen Increase Technology Shares Co., Ltd manufactures power electronic products. The Company develops and sells power mode for automobile charging, electronic operating systems, and other related electronic products. Shenzhen Increase Technology Shares markets its products in China.

Zhejiang Grandwall Electric Science&Technology Co., Ltd. manufactures and distributes wire products. The Company offers electromagnetic, winding, and other wire products for energy power generation, household appliances, industrial motors, power tools, and lighting appliances industries. Zhejiang Grandwall Electric Science&Technology also produces electrical equipment.

SANYO DENKI CO., LTD. manufactures and markets small precision motors used for telecommunications, office automation, and factory automation equipment.  The Company's products include fan motors, UPS, stepping systems, and servo-mechanisms.

Korea Electric Terminal Co., Ltd. specializes in manufacturing a wide range of connectors used in automobiles, home appliances, and telecommunications devices, The Company also produces fiber-optic products, such as jumper cord assemblies, attenuators, couplers, and multiplexers.

Bharat Bijlee Limited manufactures electric motors and transformers.  The Group also designs and creates Speed Drive Systems for sugar centrifugals, in addition to controllers for VSD systems. Bharat Bijlee also undertakes construction projects.

Pitti Engineering Limited manufactures and distributes industrial machinery products. The Company provides electrical steel laminations, motor cores, sub-assemblies, die-cast rotors, and press tools. Pitti Engineering serves customers globally.

Hua Eng Wire & Cable Co., Ltd. manufactures and markets electrical cables, telecommunication cables, and copper wires.

Allied Motion Technologies, Inc. designs, manufactures, and sells motion control products into applications that serve various industry sectors.  The Company supplies precision and specialty motion control components and systems to a range of customers throughout the world.

P.I.E. Industrial Berhad is an investment holding company which provides management services. Through its subsidiaries, the Company has operation in contract manufacturing services, manufactures raw wires and cables, and trades personal computer peripheral products.

LSI Industries Inc. designs, manufactures, and markets a variety of lighting fixtures, menu board systems, and graphic products.  The Company sells its products to the petroleum/convenience store market, the multi-site retail market such as restaurants and automobile dealerships, and the commercial/industrial lighting market.

IDEC CORPORATION manufactures and markets controlling devices such as switches, display lights, relays, and timers.  The Company has manufacturing bases in Japan, Taiwan and US, and markets its products worldwide through its sales subsidiaries in Canada, Australia, Germany, UK, Singapore, Taiwan, and US.

CII Bridges & Roads JSC manufactures street lighting, decorative lighting, and traffic signals.

Shenzhen Center Power Tech. Co., Ltd manufactures and sells storage batteries. The Company's products include battery for electric vehicles, deep-cycling battery, and colloid battery.

Shenzhen Center Power Tech Co (002733 CH)

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Shenzhen Center Power Tech Co (002733 CH)

Tianneng (819 HK): EV Battery Play Seeks Swiss Listing

TBG is seeking a GDR listing in Zurich. The holding in TBG accounts for 307% of TPI's market cap. TPI is mispriced. But it may simply remain...

David Blennerhassett

Tianneng (819 HK): Star Market Battery Spin-Off Priced

In my prior insight, I recommended buying TPI on the expectation it retests its July high. It achieved that today. If you were already in, I'd be...

David Blennerhassett

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