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

Guotai Junan (2611 HK)/Haitong (6837 HK)'s Merger: A Win For H-Shareholders

Guotai Junan (2611 HK) & Haitong (6837 HK) Merger Creates China's Major Player

Quiddity Advisors

Event-Driven

Haitong Securities Co Ltd (H) / Event-Driven

<ul>
<li>Back in March, the CSRC said it aimed to "form two to three investment banks and institutions with international competitiveness and market leadership by 2035".
</li>
<li>Last week's announced merger between China's leading state-backed brokerages, <a href="https://www.smartkarma.com/entities/guotai-junan-securities-co-ltd-5dfaf2c5-76d3-4f34-a77d-118787fd7091" target="_blank" data-smartkarma-citation="entities:23752:1" rel="noopener">Guotai Junan Securities (2611 HK)</a> and <a href="https://www.smartkarma.com/entities/haitong-securities-co-ltd-h" target="_blank" data-smartkarma-citation="entities:5665:1" rel="noopener">Haitong (6837 HK)</a>, is a move in that direction. Expect more scrip mergers to follow. </li>
<li>There have also been some media reports that the GJS/Haitong terms disadvantage holders of other Hong Kong broker stocks if potentially acquired in a merger. It's not quite that simple. </li>
</ul>


Back in March, the CSRC said it aimed to "form two to three investment banks and institutions with international competitiveness and market leadership by 2035".

Last week's announced merger between China's leading state-backed brokerages, Guotai Junan Securities (2611 HK) and Haitong (6837 HK), is a move in that direction. Expect more scrip mergers to follow. 
There have also been some media reports that the GJS/Haitong terms disadvantage holders of other Hong Kong broker stocks if potentially acquired in a merger. It's not quite that simple. 


China Traditional Chinese Medicine (570 HK)

China International Capital Corporation (3908 HK)

Orient Securities Intl Holdings (8001 HK)

Haitong Securities Co Ltd (H)

GJS/Haitong Merger Musings