Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last month, apparel play <a href="https://www.smartkarma.com/entities/shinsung-tongsang-co-ltd" target="_blank" data-smartkarma-citation="entities:4107:1" rel="noopener">Shinsung Tongsang (005390 KS)</a> announced a Tender Offer from Canaan Co for 22.02% of shares out, at ₩2,300/share, a 15.84% premium to undisturbed.</li>
<li>Canaan Co. and related parties hold a combined stake of 77.68%, which increases to 99.7% IF the Offer is successful. Canaan needs 95% to force delisting. </li>
<li>Shinsung's share price has languished over the past 12 months or so, despite improving market share and earnings. Getting to 95% might be a stretch. In need of a bump?</li>
</ul>


Last month, apparel play Shinsung Tongsang (005390 KS) announced a Tender Offer from Canaan Co for 22.02% of shares out, at ₩2,300/share, a 15.84% premium to undisturbed.
Canaan Co. and related parties hold a combined stake of 77.68%, which increases to 99.7% IF the Offer is successful. Canaan needs 95% to force delisting. 
Shinsung's share price has languished over the past 12 months or so, despite improving market share and earnings. Getting to 95% might be a stretch. In need of a bump?


Shinsung Tongsang (005390 KS)'s Cheeky Delisting Offer

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 21 June 2024, Canaan Co. announced a tender offer and taking private of Shinsung Tongsang. Tender offered shares are 31.664 million shares, representing 22.02% of outstanding shares.</li>
<li>It could be difficult to complete this tender offer at 2,300 won, because there could be many investors that simply refuse to sell their shares at such low valuations.</li>
<li>On the business side, the company has successfully captured higher market share and enjoyed higher profit margins especially for the Top Ten apparel brand, taking away market share from Uniqlo.</li>
</ul>


On 21 June 2024, Canaan Co. announced a tender offer and taking private of Shinsung Tongsang. Tender offered shares are 31.664 million shares, representing 22.02% of outstanding shares.
It could be difficult to complete this tender offer at 2,300 won, because there could be many investors that simply refuse to sell their shares at such low valuations.
On the business side, the company has successfully captured higher market share and enjoyed higher profit margins especially for the Top Ten apparel brand, taking away market share from Uniqlo.


Tender Offer and Taking Private of Shinsung Tongsang

<ul>
<li>I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week on Smartkarma: <a href="https://www.smartkarma.com/entities/samson-holding-ltd" target="_blank" data-smartkarma-citation="entities:2767:1" rel="noopener">Samson Holding (531 HK)</a>'s Scheme, and VTOs for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> and <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a>.</li>
<li>Key updates took place on <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada (AND AU)</a>, <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">TCM (570 HK)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC  (906 HK)</a>, <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a>,and <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>.</li>
</ul>


I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week on Smartkarma: Samson Holding (531 HK)'s Scheme, and VTOs for Advanced Info Service (ADVANC TB) and Thaicom Pcl (THCOM TB).
Key updates took place on Capitol Health (CAJ AU), Alumina (AWC AU), Ansarada (AND AU), TCM (570 HK), CPMC  (906 HK), Fancl (4921 JP),and Hollysys Automation Technologies (HOLI US).


(Mostly) Asia-Pac M&A: AIS/Thaicom, Capitol Health, Alumina, Ansarada, TCM, CPMC, Fancl, Hollysys

<ul>
<li>The Toyota Group cross-holding ecosystem is in flux. They started with a small announcement by <a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a> but moves have come fast and furious.</li>
<li>Apparently minorities are grumbling to the SFC about the low-balled Offer for <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>. And for good reason. The best course of action? Vote against the Scheme.</li>
<li>
<a href="https://www.smartkarma.com/entities/hanwha-corporation" target="_blank" data-smartkarma-citation="entities:10619:1" rel="noopener">Hanwha Corporation (000880 KS)</a> is trading at a steep NAV discount. And the controlling family is making  a partial Offer to gain majority control. </li>
</ul>


The Toyota Group cross-holding ecosystem is in flux. They started with a small announcement by Aisin (7259 JP) but moves have come fast and furious.
Apparently minorities are grumbling to the SFC about the low-balled Offer for Asia Cement China (743 HK). And for good reason. The best course of action? Vote against the Scheme.

Hanwha Corporation (000880 KS) is trading at a steep NAV discount. And the controlling family is making  a partial Offer to gain majority control. 


Last Week in Event SPACE: Toyota, Asia Cement, Hanwha Corp, Kokusai Electric, Keisei Electric

<ul>
<li>I tally 46 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Four new deals discussed this week on Smartkarma: <a href="https://www.smartkarma.com/entities/second-chance-properties-ltd" target="_blank" data-smartkarma-citation="entities:20342:1" rel="noopener">Second Chance Properties (SCE SP)</a>'s VGO,<a href="https://www.smartkarma.com/entities/shinsung-tongsang-co-ltd" target="_blank" data-smartkarma-citation="entities:4107:1" rel="noopener">Shinsung Tongsang (005390 KS)</a>'s Tender, <a href="https://www.smartkarma.com/entities/rex-minerals-ltd" target="_blank" data-smartkarma-citation="entities:13845:1" rel="noopener">Rex Minerals (RXM AU)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest (1381 HK)</a>'s possible Offer.</li>
<li>Key updates took place on <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a>, <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>, <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, and <a href="https://www.smartkarma.com/entities/kfc-holdings-japan-ltd" target="_blank" data-smartkarma-citation="entities:12358:1" rel="noopener">Kfc Holdings Japan (9873 JP)</a>.</li>
</ul>


I tally 46 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals discussed this week on Smartkarma: Second Chance Properties (SCE SP)'s VGO,Shinsung Tongsang (005390 KS)'s Tender, Rex Minerals (RXM AU)'s Scheme, and Canvest (1381 HK)'s possible Offer.
Key updates took place on Altium Ltd (ALU AU), Pacific Smiles (PSQ AU), Asia Cement China (743 HK), Shanghai Henlius Biotech (2696 HK), and Kfc Holdings Japan (9873 JP).


(Mostly) Asia-Pac M&A: Second Chance Properties, Shinsung Tongsang, Rex Minerals, Canvest, Altium

South Korea

Handsome Co., Ltd. manufactures and retails women's and men's apparel, furs, and accessories.  The Company provides its products to domestic department stores.

BYC Co., Ltd. manufactures and exports a wide range of men and women's undergarments.  The Company's products include lingerie, boxer, tank top, thermo, socks, and stocking.  BYC also operates construction business through its subsidiary.

Baiksan Co., Ltd. manufactures and markets synthetic leather used in footwear, garment, and furniture.  The Company also produces non-woven wipes for cleaning and polishing purposes used in households and industrial plants.  In addition, Baiksan refines and recycles waste solvents such as dimethylformamide produced during the synthetic leather manufacturing process.

LF Corp. is a fashion clothing company and was spun off from LG International Corp. in 2006.  The company imports and distributes famous foreign brands into Korea.  The company's lines of business include men's/women's apparel, accessories and sports wear.

GeneOne Life Science Inc. engages in biotech business.  The Company holds the proprietary technology and patent in DNA manufacturing and develops DNA vaccines.  The Company also manufactures and markets interlinings used in knitting and woven fabrics.

Chokwang Leather Co., Ltd. manufactures and exports grain leathers.  The Company produces various types of finished leather to make shoes, car seats, bags, luggage, furniture, belts, and wallets.

Hansae Yes24 Holdings Co., Ltd. manufactures knitwear and fabrics on an original equipment manufacturing (OEM) basis.  The Company's customers include Abercrombie & Fitch, Express, Limited Too, J.C. Penney, K-Mart, Wall Mart, and Speedo.  Hansae Yes24 Holdings operates production facilities in Spain, Nicaragua, and Vietnam.

Hansae Yes24 Holdings Co, Ltd. (016450 KS)

Ilshin Spinning Co., Ltd. manufactures cotton, blended yarns, knit, and fabrics. The Company exports products to Japan, America, Australia, and China.  Ilshin Spinning also provides financial services through its subsidiaries and retails The Body Shop in Korea.

Kyungbang Ltd. is a textile manufacturer that produces cotton, polyester, various yarn products, and woven fabrics.  Kyungbang also operates a department store through a subsidiary.

TK Chemical Corporation manufactures and sell synthetic fibers. The Company's main business divisions are polyester business, spandex buisness and PET resin business.

TSUTSUMI JEWELRY CO., LTD. designs, manufactures, and sells wholesale and retail jewelry.  The Company sells mainly rings, necklaces, and bracelets.  Tsutsumi Jewelry operates directly managed stores based in Saitama prefecture.

China Dongxiang Group Co Ltd retails sportswear apparel products.

MORITO CO., LTD., founded in 1908 is a distributor primarily handling footwear, apparel, and wide-use materials.  The Company designs, manufactures, and distributes products such as apparel accessories, shoes materials, auto interior parts, and camera related products. The company also operates business in Europe, America, China, and Southeast Asia countries.

Sinoer Men's Wear Company Limited designs, manufactures and markets suits, shirts and other apparel products. The Company sales its products through outlets, franchises, group orders, original equipment manufacturers and direct sales.

Nitin Spinners Ltd. manufactures yarns and knitted fabrics. The Company produces yarns for terrycloth towels, denims, furnishing fabrics, carpets and industrial fabrics, and knitted fabrics for the apparel industry.

Magni-Tech Industries Berhad is an investment holding company which provides management services. Through its subsidiaries, the Company manufactures and distributes flexible plastic packaging materials, inner packaging boxes, fiberboards, cartons, and boxes for industrial and commercial uses.

Hong Ho Precision Textile Co., Ltd. manufactures a variety of fabrics and clothes.

Jiangsu lianfa textile Co.Ltd. Manufactures and sell woven fabric, apparel and textile.  The Company's products include pure cotton fabric, cotton yarn, special fiber, and shirt.

Sinotop Holding Bhd manufactures textiles and apparel. The Company manufactures customized woven fabrics from cotton and synthetic and mixed yarns, and apparel for men and children.

Sabina PCL manufactures women's underwear.  The Company produces panties, brassieres, and lingerie.

Shinsung Tongsang Co., Ltd. designs, manufactures, and sells ladies' and men's garments.  The Company's products include shirts, sweaters, jackets, suits, pants, and skirts.  Shinsung Tongsang markets its products under the brand names such as Union Bay, Olzen, and Ziozia and supplies them to JC Penney, Sears, and Target. In addition, the Company operates construction business.

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

Shinsung Tongsang (005390 KS)