Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

(Mostly) Asia M&A, Aug 2024: Orora, Fuji Soft, J Tower, Seven & I, Taishin/Shin Kong, PropertyGuru

Shin Kong (2888.TW) And Taishin (2887.TW) Agree to Merge, But It Isn't Clean, And It's A Bad Price

(Mostly) Asia M&A, July 2024: Canvest, Furukawa, Arvida, Advanced Info, Sermsuk, Thaicom

Quiddity Advisors

Event-Driven

Shin Kong Financial Holding / Event-Driven

<ul>
<li>In late August, <a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin Financial Holding (2887 TT)</a> and <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a> agreed to merge in what appeared to be a hastily papered deal discussed <a href="https://www.smartkarma.com/insights/shin-kong-2888-tw-and-taishin-2887-tw-agree-to-merge-but-it-isn-t-clean-and-it-s-a-bad-price" target="_blank" rel="noopener">here</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/ctbc-financial-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:436:1" rel="noopener">CTBC Financial Holding (2891 TT)</a> put forth its own proposal at a big premium. Shin Kong traded up. Both deals need FSC approval. Taishin's deal has a vote 9 October. </li>
<li>Taishin recently upped terms. And now the FSC has said "no" to CTBC's proposal. But it's weird. It's not "NO"; more like, "not this." Bit of a sticky wicket here.</li>
</ul>


In late August, Taishin Financial Holding (2887 TT) and Shin Kong Financial Holding (2888 TT) agreed to merge in what appeared to be a hastily papered deal discussed here.

CTBC Financial Holding (2891 TT) put forth its own proposal at a big premium. Shin Kong traded up. Both deals need FSC approval. Taishin's deal has a vote 9 October. 
Taishin recently upped terms. And now the FSC has said "no" to CTBC's proposal. But it's weird. It's not "NO"; more like, "not this." Bit of a sticky wicket here.


Competition to Take Over Shin Kong (2888 TT) - CTBC in a Bit of a A Sticky Wicket, Wot?