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

Quiddity Advisors

Event-Driven

Kingswood Enterprise Co., Ltd. / Event-Driven

Kingswood Enterprise Co., Ltd. (600255 CH)

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<p>Wuhu Chuheng Investment, the second-largest shareholder in <a href="https://www.smartkarma.com/entities/anhui-xinke-new-materials-co-ltd" target="_blank" data-smartkarma-citation="entities:18225:1" rel="noopener">Kingswood (600255 CH)</a> with 2.30% of shares out, is seeking to raise its stake to 15.00% via a <a href="http://www.sse.com.cn/disclosure/listedinfo/announcement/c/2020-06-03/600255_20200603_5.pdf" target="_blank" rel="noopener">partial Tender Offer</a>, in an RMB269.6mn (~US$38mn) transaction.</p>
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<p>The Tender Offer is RMB1.20/share, a ~13% premium to the undisturbed close. The minimum pro-ration is 13.05%. </p>
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<p>Sans a punchy premium, the low pro-ration appears unattractive.  However, recent partial Offers in China have shown remarkably high pro-rations. That's worth a second look.  And Kingswood is relatively liquid.</p>
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<p>More below the fold. Plus <em><strong>Ye Olde Arbe Griddes</strong></em>. </p>
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Wuhu Chuheng Investment, the second-largest shareholder in Kingswood (600255 CH) with 2.30% of shares out, is seeking to raise its stake to 15.00% via a partial Tender Offer, in an RMB269.6mn (~US$38mn) transaction.


The Tender Offer is RMB1.20/share, a ~13% premium to the undisturbed close. The minimum pro-ration is 13.05%. 


Sans a punchy premium, the low pro-ration appears unattractive.  However, recent partial Offers in China have shown remarkably high pro-rations. That's worth a second look.  And Kingswood is relatively liquid.


More below the fold. Plus Ye Olde Arbe Griddes. 


Shanghai Pudong Road & Bridge Construction Co. Ltd. (600284 CH)

Shanghai Pudong Road & Bridge Construction Co. Ltd.

Kingswood Enterprise (600255 CH): Partial Offer