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

StubWorld: New Interest In GCL's New Energy

StubWorld: More Misery For PCCW As Index Re-Bal Weighs

StubWorld: JCNC In Unwind Territory As Astra's Bank Stake Stalls; Poor Stub Results Send Ayala Lower

Quiddity Advisors

Event-Driven

Gcl Poly Energy Holdings Limited / Event-Driven

Gcl Poly Energy Holdings Limited (3800 HK)

Back in early June, I discussed in <a href="https://skr.ma/Tqbk7" target="_blank" rel="noopener">StubWorld: New Interest In GCL's New Energy</a> that <a href="https://www.smartkarma.com/entities/gcl-poly-energy-holdings-limited" target="_blank" data-smartkarma-citation="entities:3708:1" rel="noopener">Gcl Poly Energy Holdings Limited (3800 HK)</a>, the 62.28% shareholder of <a href="https://www.smartkarma.com/entities/gcl-new-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19717:1" rel="noopener">Gcl New Energy Holdings (451 HK)</a>, had entered into a <a href="http://www3.hkexnews.hk/listedco/listconews/SEHK/2019/0604/LTN201906041646.pdf" target="_blank" rel="noopener">Cooperation Intent Agreement</a> with China Hua Neng Group (a subsidiary of SOE China Huaneng Group) to sell 51% of GNE, the completion of which would trigger an unconditional MGO for GNE.
Since then, there have been the standard regulatory monthly updates, the last issued on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2019/0805/ltn201908051032.pdf" target="_blank" rel="noopener">5 August</a>, which mentioned China Hua Neng Group had completed its preliminary due diligence on GNE and that negotiations were continuing.
The new development is the transfer of 20% of shares out, or 3.8bn shares, in GNE from HSBC to Get Nice Securities yesterday. This is part of GCL's stake. It's not the full 51% attached to the June agreement, but it is the single largest share movement in GNE since GCL's stake moved into CCASS in May 2015.
The stake in GNE is worth 52% of GCL's market cap and the implied stub is at an all-time low. But there are question marks on the earnings of the unlisted stub ops.

Back in early June, I discussed in StubWorld: New Interest In GCL's New Energy that Gcl Poly Energy Holdings Limited (3800 HK), the 62.28% shareholder of Gcl New Energy Holdings (451 HK), had entered into a Cooperation Intent Agreement with China Hua Neng Group (a subsidiary of SOE China Huaneng Group) to sell 51% of GNE, the completion of which would trigger an unconditional MGO for GNE.
Since then, there have been the standard regulatory monthly updates, the last issued on the 5 August, which mentioned China Hua Neng Group had completed its preliminary due diligence on GNE and that negotiations were continuing.
The new development is the transfer of 20% of shares out, or 3.8bn shares, in GNE from HSBC to Get Nice Securities yesterday. This is part of GCL's stake. It's not the full 51% attached to the June agreement, but it is the single largest share movement in GNE since GCL's stake moved into CCASS in May 2015.
The stake in GNE is worth 52% of GCL's market cap and the implied stub is at an all-time low. But there are question marks on the earnings of the unlisted stub ops. 

Shanghai Electric Group Company (2727 HK)

Gcl Poly Energy Holdings Limited

New Development In GCL’s New Energy