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

Bank of East Asia: Strategic Review to Set AT1 Value; Forewarned Is Forearmed

Bank of East Asia: Buy the Inefficient Capital Securities

BOC (Hong Kong) Holdings – Negative Operating Jaws

Quiddity Advisors

Event-Driven

Just two months before Elliott Management and <a href="https://www.smartkarma.com/entities/bank-of-east-asia-ltd" target="_blank" data-smartkarma-citation="entities:341:1" rel="noopener">Bank Of East Asia (23 HK)</a> head back to court to arbitrate on BEA's purported overarching relationship with two of the company's key shareholders, Japan’s <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" data-smartkarma-citation="entities:217:1" rel="noopener">Sumitomo Mitsui Financial (8316 JP)</a> and Spain’s <a href="https://www.smartkarma.com/entities/caixabank-sa" target="_blank" data-smartkarma-citation="entities:21255:1" rel="noopener">CaixaBank SA (CABK SM)</a>, the two warring parties have opted for a timeout to allow for a <a href="https://www.smartkarma.com/compose/insight/37197/%20%09Please%20use%20the%20sharing%20tools%20found%20via%20the%20share%20button%20at%20the%20top%20or%20side%20of%20articles.%20Copying%20articles%20to%20share%20with%20others%20is%20a%20breach%20of%20FT.com%20T&amp;Cs%20and%20Copyright%20Policy.%20Email%20licensing@ft.com%20to%20buy%20additional%20rights.%20Subscribers%20may%20share%20up%20to%2010%20or%2020%20articles%20per%20month%20using%20the%20gift%20article%20service.%20More%20information%20can%20be%20found%20at%20https:/www.ft.com/tour.%20%09https:/www.ft.com/content/6e709c20-5dca-11ea-b0ab-339c2307bcd4%20%20%09BEA%20is%20one%20of%20the%20largest%20foreign%20banks%20in%20mainland%20China%20and%20has%20an%20expansive%20branch%20network%20in%20the%20country.%20However,%20in%20recent%20years%20it%20has%20experienced%20credit%20quality%20problems%20connected%20to%20the%20mainland%20business" target="_blank" rel="noopener">strategic review</a> of the family-run bank.
This ongoing saga stems back not just to when Elliott acquired a substantial position in BEA in <a href="https://di.hkex.com.hk/filing/di/NSForm2.aspx?fn=276486&amp;sa2=np&amp;scpid=2288806&amp;sa1=pl&amp;scsd=03%2f10%2f2012&amp;sced=03%2f10%2f2017&amp;pn=Elliott&amp;src=MAIN&amp;lang=EN&amp;" target="_blank" rel="noopener">August 2015</a>, but to May 2013 when it acquired a stake in <a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener">Guoco Group Ltd (53 HK)</a> - a 14% shareholder in BEA - leading to the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2013/0530/ltn20130530701.pdf" target="_blank" rel="noopener">failure</a> of the privatisation of Guoco by the Quek family.
What does this strategic review entail? The announcement is light on detail. BEA's China ops are no doubt a focus, but all options are up for negotiation.

Just two months before Elliott Management and Bank Of East Asia (23 HK) head back to court to arbitrate on BEA's purported overarching relationship with two of the company's key shareholders, Japan’s Sumitomo Mitsui Financial (8316 JP) and Spain’s CaixaBank SA (CABK SM), the two warring parties have opted for a timeout to allow for a strategic review of the family-run bank.
This ongoing saga stems back not just to when Elliott acquired a substantial position in BEA in August 2015, but to May 2013 when it acquired a stake in Guoco Group Ltd (53 HK) - a 14% shareholder in BEA - leading to the failure of the privatisation of Guoco by the Quek family.
What does this strategic review entail? The announcement is light on detail. BEA's China ops are no doubt a focus, but all options are up for negotiation.

Sumitomo Mitsui Financial Group (8316 JP)

Bank of East Asia

Elliott & BEA: "Fiefdom" On Pause