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

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/hulic-co-ltd" target="_blank" data-smartkarma-citation="entities:388:1" rel="noopener">Hulic Co Ltd (3003 JP)</a> announced a large secondary offering where about a quarter of the crossholdings will sell down holdings. Some exit entirely. Some partially. </li>
<li>After this selldown, there is a fair bit more to go later, but more of that will be corporate. It's a BIG offering: 55d of ADV and 55% of MRWF. </li>
<li>It is "only" about $800mm and retail gets 80% of it. The high div yield will be a selling point but there is a lot of debt.</li>
</ul>


Today, Hulic Co Ltd (3003 JP) announced a large secondary offering where about a quarter of the crossholdings will sell down holdings. Some exit entirely. Some partially. 
After this selldown, there is a fair bit more to go later, but more of that will be corporate. It's a BIG offering: 55d of ADV and 55% of MRWF. 
It is "only" about $800mm and retail gets 80% of it. The high div yield will be a selling point but there is a lot of debt.


HULIC (3003 JP) - Crossholders Show Up with a BIG (Relative) Secondary Offering