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

Advanced Semiconductor Mfg Corp Ltd. / Event-Driven

Advanced Semiconductor Mfg Corp Ltd. (3355 HK)

<a href="https://www.smartkarma.com/entities/13753" target="_blank">Advanced Semiconductor Mfg Corp Ltd. (3355 HK)</a> <a href="http://www3.hkexnews.hk/listedco/listconews/SEHK/2018/1030/LTN201810301277.pdf" target="_blank">announced</a> last week a proposed privatisation by GTA by way of a merger by absorption, at a cancellation price of HK$1.50/share, a 66.7% premium to last close and a lifetime high. The Offer Price is Final.
GTA is 100%-owned by Huada Semiconductor Co., Ltd, the largest shareholder of ASMC with a 19.65% (direct) or 25.43% shareholding when including the indirect interest via its 25.47% holding in Shanghai Belling. 
Dissension rights are available, however, what constitutes a "fair price" under those rights, and the timing of the settlement under such rights, are not evident. 
This looks priced to complete. It's just a question on the timing to completion.
Approvals from both the NDRC and the Shanghai Municipal Commission of Commerce have been obtained. Only SAMR (anti-trust) approval is outstanding, in addition to the independent H-shareholder vote.
SAMR is expected to continue the recent trend toward faster, more efficient reviews of straightforward transactions. This transaction may complete earlier than prior mergers by absorption, which have taken 6-8 months from the initial announcement.

Advanced Semiconductor Mfg Corp Ltd. (3355 HK) announced last week a proposed privatisation by GTA by way of a merger by absorption, at a cancellation price of HK$1.50/share, a 66.7% premium to last close and a lifetime high. The Offer Price is Final.
GTA is 100%-owned by Huada Semiconductor Co., Ltd, the largest shareholder of ASMC with a 19.65% (direct) or 25.43% shareholding when including the indirect interest via its 25.47% holding in Shanghai Belling. 
Dissension rights are available, however, what constitutes a "fair price" under those rights, and the timing of the settlement under such rights, are not evident. 
This looks priced to complete. It's just a question on the timing to completion.
Approvals from both the NDRC and the Shanghai Municipal Commission of Commerce have been obtained. Only SAMR (anti-trust) approval is outstanding, in addition to the independent H-shareholder vote.
SAMR is expected to continue the recent trend toward faster, more efficient reviews of straightforward transactions. This transaction may complete earlier than prior mergers by absorption, which have taken 6-8 months from the initial announcement.

Advanced Semiconductor Mfg Corp Ltd.

ASMC's Merger By Absorption