Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally xx - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Four new (ish) deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/360-capital-group-ltd" target="_blank" data-smartkarma-citation="entities:11865:1" rel="noopener">360 Capital (TGP AU)</a>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a> , <a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>, and <a href="https://www.smartkarma.com/entities/medical-data-vision-co-ltd" target="_blank" data-smartkarma-citation="entities:8367:1" rel="noopener">Medical Data Vision (3902 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/predictive-discovery-ltd" target="_blank" data-smartkarma-citation="entities:15374:1" rel="noopener">Predictive Discovery (PDI AU)</a>, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, and <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a> </li>
</ul>


I tally xx - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Four new (ish) deals were discussed on Smartkarma this week: 360 Capital (TGP AU), Humm Group (HUM AU) , Hogy Medical (3593 JP), and Medical Data Vision (3902 JP).
Key updates/news also took place on: Predictive Discovery (PDI AU), ReNew Energy Global (RNW US), and Mandom Corp (4917 JP) 


Asia-Pac M&A Weekly Wrap: Mandom Humm, Medical Data Vision, Predictive Disc., ReNew Energy Global

<ul>
<li>On the 15th July, <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, China’s second-largest carmaker, firmed a cash or scrip Offer for 62.8%-held <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium Chinese electric vehicle manufacturer</li>
<li>ZEEKR has traded through the cash terms US$26.87/ADS from the onset; but at a discount to the scrip terms. The scrip spread has widened recently. </li>
<li>The Offer is low-balled. However, Geely's stake plus Li Shufu (founder)'s 10.61% holdings push the Offer through. Geely's EGM is this Friday (7th July). Li (41.34%) is required to abstain. </li>
</ul>


On the 15th July, Geely Auto (175 HK), China’s second-largest carmaker, firmed a cash or scrip Offer for 62.8%-held ZEEKR (ZK US), a premium Chinese electric vehicle manufacturer
ZEEKR has traded through the cash terms US$26.87/ADS from the onset; but at a discount to the scrip terms. The scrip spread has widened recently. 
The Offer is low-balled. However, Geely's stake plus Li Shufu (founder)'s 10.61% holdings push the Offer through. Geely's EGM is this Friday (7th July). Li (41.34%) is required to abstain. 


ZEEKR (ZK US): Widening Scrip Spread Ahead Of Geely EGM Vote

<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/dd-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1439:1" rel="noopener">DD Group (3073 JP)</a>'s MBO and the <a href="https://www.smartkarma.com/entities/hanil-cement-co-ltd-new" target="_blank" data-smartkarma-citation="entities:27447:1" rel="noopener">Hanil Cement Co Ltd/New (300720 KS)</a>/<a href="https://www.smartkarma.com/entities/hanil-hyundai-cement-co-ltd" target="_blank" data-smartkarma-citation="entities:14406:1" rel="noopener">Hanil Hyundai Cement (006390 KS)</a> merger.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/adriatic-metals-plc" target="_blank" data-smartkarma-citation="entities:30797:1" rel="noopener">Adriatic Metals PLC (ADT AU)</a>, <a href="https://www.smartkarma.com/entities/abacus-storage-king" target="_blank" data-smartkarma-citation="entities:39857:1" rel="noopener">Abacus Storage King (ASK AU)</a>, <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, and <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>.</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deals were discussed on Smartkarma this week: DD Group (3073 JP)'s MBO and the Hanil Cement Co Ltd/New (300720 KS)/Hanil Hyundai Cement (006390 KS) merger.
Key updates/news took place on PointsBet Holdings (PBH AU), Adriatic Metals PLC (ADT AU), Abacus Storage King (ASK AU), New World Resources (NWC AU), and ZEEKR (ZK US).


(Mostly) Asia-Pac M&A: ZEEKR, DD Group, Hanil Cement, Adriatic Metals, Abacus Storage, PointsBet

<ul>
<li>Back on the 7th May, <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, China’s second-largest carmaker, made a US$25.66/ADS non-binding proposal for 62.8%-held <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium Chinese electric vehicle manufacturer</li>
<li>Yesterday, Geely tweaked and firmed terms at US$26.87/ADS, a 4.7% bump to the original NBIO, and ~3.4% below ZEEKR's last close.  ZEEKR promptly gained 2.4% on the news.</li>
<li>ZEEKR shareholders also have the option to receive Geely scrip. Given Geely's and Li Shufu's (10.61%) holdings - neither are required to abstain on voting - this Offer is done. </li>
</ul>


Back on the 7th May, Geely Auto (175 HK), China’s second-largest carmaker, made a US$25.66/ADS non-binding proposal for 62.8%-held ZEEKR (ZK US), a premium Chinese electric vehicle manufacturer
Yesterday, Geely tweaked and firmed terms at US$26.87/ADS, a 4.7% bump to the original NBIO, and ~3.4% below ZEEKR's last close.  ZEEKR promptly gained 2.4% on the news.
ZEEKR shareholders also have the option to receive Geely scrip. Given Geely's and Li Shufu's (10.61%) holdings - neither are required to abstain on voting - this Offer is done. 


ZEEKR (ZK US): Geely Firms Low-Balled Offer. It Is What It Is

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a> has entered into a definitive merger agreement with <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a> at US$26.87 per ADS or 12.3 newly issued Geely shares. The cash offer increased by 4.7%. </li>
<li>The proposal is conditional on regulatory approvals (low risk, as Zeekr is a subsidiary of Geely), as well as approval from Zeekr's shareholders and Geely's independent shareholders.  </li>
<li>The Zeekr shareholder vote is a formality as Geely and undertakings exceed the two-thirds voting threshold. The Geely vote is low risk due to the low takeover premium. </li>
</ul>



ZEEKR (ZK US) has entered into a definitive merger agreement with Geely Auto (175 HK) at US$26.87 per ADS or 12.3 newly issued Geely shares. The cash offer increased by 4.7%. 
The proposal is conditional on regulatory approvals (low risk, as Zeekr is a subsidiary of Geely), as well as approval from Zeekr's shareholders and Geely's independent shareholders.  
The Zeekr shareholder vote is a formality as Geely and undertakings exceed the two-thirds voting threshold. The Geely vote is low risk due to the low takeover premium. 


ZEEKR (ZK US): Geely Auto’s Binding Offer a Done Deal

United States

ZEEKR Intelligent Technology Holding Limited operates as a holding company. The Company, through its subsidiaries, principally engages in commercialization and sales of electric vehicles and battery, and provision of automotive related research and development services. ZEEKR Intelligent Technology Holding serves customers worldwide.

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ZEEKR (ZK US)

Asia-Pac M&A Weekly Wrap: Mandom Humm, Medical Data Vision, Predictive Disc., ReNew Energy Global

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

ZEEKR (ZK US): Widening Scrip Spread Ahead Of Geely EGM Vote

Trading wide-ish to the scrip terms. This is a cross-border trade. Look to short Geely late in the day, and buy ZEEKR early in the US day. I don't...

David Blennerhassett

(Mostly) Asia-Pac M&A: ZEEKR, DD Group, Hanil Cement, Adriatic Metals, Abacus Storage, PointsBet

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

ZEEKR (ZK US): Geely Firms Low-Balled Offer. It Is What It Is

Trading through the cash terms and right at the scrip terms. Unless already in, or have a strong conviction Geely needs to bump (I don't), not a...

David Blennerhassett

ZEEKR (ZK US): Geely Auto’s Binding Offer a Done Deal

The Zeekr shareholder vote is a formality as Geely and undertakings exceed the two-thirds voting threshold. The Geely independent vote is low risk...

Arun George

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