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

Thoughts on Amazon –What Does Its Valuation Tells Us?

Netflix & Amazon Expand in Korea – Not a Coincidence

Okja: The Fight Between Netflix Vs. CJ CGV

Quiddity Advisors

Event-Driven

After posting strong <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2019/1113/2019111301100.pdf" target="_blank" rel="noopener">3Q20</a> (to 30 September) results, <a href="https://www.smartkarma.com/entities/kingsoft-corp-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft Corp (3888 HK)</a> announced  a possible <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2019/1114/2019111400079.pdf" target="_blank" rel="noopener">spin-off and separate listing</a> of Kingsoft Cloud Holdings Limited (KCH) on a recognised stock exchange.
KCH is principally engaged in the provision of cloud storage and cloud computation services, and is 51.58% held by Kingsoft.
KCH has raised ~US$920mn in the past seven years, implying a base fair value of ~US$470mn or HK$2.70/share, just for the sunk cost. 
Kingsoft bounced 8% yesterday and is trading around a 20% discount to my NAV, toward the high-end of the range over the past 12 months. 94% of that NAV relates to unlisted operations, and ~37% to KCH. 
There still appears upside from here however momentum depends on what is considered a fair value for KCH,  on what exchange, and the timing of any such listing. Shares are up almost 50% since the recent low in August.

After posting strong 3Q20 (to 30 September) results, Kingsoft Corp (3888 HK) announced  a possible spin-off and separate listing of Kingsoft Cloud Holdings Limited (KCH) on a recognised stock exchange.
KCH is principally engaged in the provision of cloud storage and cloud computation services, and is 51.58% held by Kingsoft.
KCH has raised ~US$920mn in the past seven years, implying a base fair value of ~US$470mn or HK$2.70/share, just for the sunk cost. 
Kingsoft bounced 8% yesterday and is trading around a 20% discount to my NAV, toward the high-end of the range over the past 12 months. 94% of that NAV relates to unlisted operations, and ~37% to KCH. 
There still appears upside from here however momentum depends on what is considered a fair value for KCH,  on what exchange, and the timing of any such listing. Shares are up almost 50% since the recent low in August.

Cloud Chronicles: Kingsoft Proposes Cloud Spin-Off