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

Quiddity Advisors

Equity Capital Markets

China Pacific Insurance / Equity Capital Markets

In September 2019, as the <a href="https://www.smartkarma.com/entities/huatai-securities-co-ltd-a" target="_blank" data-smartkarma-citation="entities:450:1" rel="noopener">Huatai Securities Co Ltd (A) (601688 CH)</a> GDR was nearing the end of its 'standalone' period as the first GDR to be issued on the LSE as part of London-Shanghai Connect, media reported that <a href="https://www.smartkarma.com/entities/china-pacific-insurance-group-co-ltd-c3977224-9bf8-4947-95bc-bd1fdec7f8e6" target="_blank" data-smartkarma-citation="entities:14184:1" rel="noopener">China Pacific Insurance (Group) Co., (601601 CH)</a> or CPIC would look to become a GDR issuer as <a href="https://insuranceasianews.com/second-chinese-company-to-list-on-lse/" target="_blank" rel="noopener">the Board had reportedly given its green light</a>. There were suggestions, however, that the Chinese government had suspended use of the GDR scheme, until May 8, when the China Banking and Insurance Regulatory Commission (CBIRC) gave its approval.On Wednesday 3 June, <a href="https://www.smartkarma.com/entities/china-pacific-insurance-group" target="_blank" data-smartkarma-citation="entities:6177:1" rel="noopener">China Pacific Insurance (Group) Co., (2601 HK)</a> released an <a href="https://www.cpic.com.cn/upload/resources/file/2020/06/02/52428.pdf" target="_blank" rel="noopener">announcement</a> that it had received permission from the China Securities Regulatory Commission (CSRC) to issue up to but not more than 125,734,000 GDRs which corresponds to a newly issued number of A-Shares of <a href="https://www.smartkarma.com/entities/china-pacific-insurance-group-co-ltd-c3977224-9bf8-4947-95bc-bd1fdec7f8e6" target="_blank" data-smartkarma-citation="entities:14184:1" rel="noopener">China Pacific Insurance (Group) Co., (601601 CH)</a> of not more than 628,670,000. That comes to an underlying value of US$2.5bn or so, though one might expect a decent discount at issue. The company also <a href="https://www.cpic.com.cn/upload/resources/file/2020/06/02/52429.pdf" target="_blank" rel="noopener">announced</a> a cornerstone agreement with Swiss Re agreeing to buy a number of shares which would not exceed 1.5% of the resulting post-offering outstanding number of shares. Required remaining approvals are the FCA and the London Stock Exchange. A quick look at the process of the only other GDR to make it this far follows below.

In September 2019, as the Huatai Securities Co Ltd (A) (601688 CH) GDR was nearing the end of its 'standalone' period as the first GDR to be issued on the LSE as part of London-Shanghai Connect, media reported that China Pacific Insurance (Group) Co., (601601 CH) or CPIC would look to become a GDR issuer as the Board had reportedly given its green light. There were suggestions, however, that the Chinese government had suspended use of the GDR scheme, until May 8, when the China Banking and Insurance Regulatory Commission (CBIRC) gave its approval.On Wednesday 3 June, China Pacific Insurance (Group) Co., (2601 HK) released an announcement that it had received permission from the China Securities Regulatory Commission (CSRC) to issue up to but not more than 125,734,000 GDRs which corresponds to a newly issued number of A-Shares of China Pacific Insurance (Group) Co., (601601 CH) of not more than 628,670,000. That comes to an underlying value of US$2.5bn or so, though one might expect a decent discount at issue. The company also announced a cornerstone agreement with Swiss Re agreeing to buy a number of shares which would not exceed 1.5% of the resulting post-offering outstanding number of shares. Required remaining approvals are the FCA and the London Stock Exchange. A quick look at the process of the only other GDR to make it this far follows below.

China Pacific Insurance (Group) Co., (601601 CH)

CPIC (601601 SH / 2601 HK) - GDR Issuance Incoming!