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

Toyota Industries (6201) - TMC's Sale of TI Shares Is Innocuous, TI's Valuation Remains Uncompelling

Big Aisin (7259) Offering Sets Stage for First Toyota Group Full Unwind

Renesas Clean-Up Block Trade - Overhang Out of The Way And Time To Own Again

Renesas (6723 JP) ANOTHER Clean-Up Block Trade as Hitachi/NEC Exit

Renesas (6723) - YET ANOTHER Clean-Up Block Trade - This Time Mitsubishi Elec

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Quiddity Advisors

Equity Capital Markets

Renesas Electronics / Equity Capital Markets

<ul>
<li>Today post-close, <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> (via BofA) announced a selldown of 78,127,800 shares of <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>. This is the latest in a line of block exits.  </li>
<li>There was the 130mm offering in November last year by INCJ. There was 123mm shares in Jan 2024 by NEC and Hitachi. A month later, 50mm shares from Mitsubishi Electric.</li>
<li>In general, they have been absorbed, but one hasn't needed to buy in the market. Some have broken price. Here, the pricing range is aggressive.</li>
</ul>


Today post-close, Denso Corp (6902 JP) (via BofA) announced a selldown of 78,127,800 shares of Renesas Electronics (6723 JP). This is the latest in a line of block exits.  
There was the 130mm offering in November last year by INCJ. There was 123mm shares in Jan 2024 by NEC and Hitachi. A month later, 50mm shares from Mitsubishi Electric.
In general, they have been absorbed, but one hasn't needed to buy in the market. Some have broken price. Here, the pricing range is aggressive.


Renesas (6723) - Denso Selldown Starts; Fourth Large Renesas Block in 6mos (Two More To Come)