Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Reportedly SOE-backed <a href="https://www.smartkarma.com/entities/angang-steel-co-ltd-h" target="_blank" data-smartkarma-citation="entities:203:1" rel="noopener">Angang Steel Co Ltd (H) (347 HK)</a> is planning a potential merger with regional player <a href="https://www.smartkarma.com/entities/bengang-steel-plates-co-ltd" target="_blank" data-smartkarma-citation="entities:29319:1" rel="noopener">Bengang Steel (000761 CH)</a>. Angang is a top four steel producer in China and Bengang is the number nine player.
Bengang recently disclosed that its parent, Bengang Group, which in turn is owned by Liaoning SASAC, had received interest in its ~69% stake into Bengang. Such discussions remain in the planning stages, with any sale subject to approval from relevant regulatory bodies, 
A merger between Angang and Bengang, both of which are headquartered in Liaoning, is not a new development; it was first floated back in 2005. However, the State Council - or Central SASAC -  Angang's parent, and Liaoning SASAC, could not reach an agreement on terms.
Where it could get funky, is that Angang has both A and H shares, and is part of both the Shanghai and Shenzhen <a href="https://www.hkex.com.hk/Mutual-Market/Stock-Connect/Eligible-Stocks/View-All-Eligible-Securities?sc_lang=en" target="_blank" rel="noopener">Stock Connect</a> whereas Bengang has A and B shares, no Hs, and is not part of the Connect program. 
More below the fold.

Reportedly SOE-backed Angang Steel Co Ltd (H) (347 HK) is planning a potential merger with regional player Bengang Steel (000761 CH). Angang is a top four steel producer in China and Bengang is the number nine player.
Bengang recently disclosed that its parent, Bengang Group, which in turn is owned by Liaoning SASAC, had received interest in its ~69% stake into Bengang. Such discussions remain in the planning stages, with any sale subject to approval from relevant regulatory bodies, 
A merger between Angang and Bengang, both of which are headquartered in Liaoning, is not a new development; it was first floated back in 2005. However, the State Council - or Central SASAC -  Angang's parent, and Liaoning SASAC, could not reach an agreement on terms.
Where it could get funky, is that Angang has both A and H shares, and is part of both the Shanghai and Shenzhen Stock Connect whereas Bengang has A and B shares, no Hs, and is not part of the Connect program. 
More below the fold.

Amalgamated Steel: Merging Angang & Bengang As, Bs, and Hs

Bengang Steel Plates

Amalgamated Steel: Merging Angang & Bengang As, Bs, and Hs