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

Renesas – Synergies Outperform and Some Potentially Bad News for Arm

Renesas (6723 JP) - On Top of Peer-Beating Growth, and Valuation... Watch for Buybacks

Renesas – Quick Update from Company Call

Renesas Equity Offering - Priced To Go With Index Demand Now and Later

Renesas – Secondary Is a Good Chance to Enter at a Discount

Quiddity Advisors

Equity Capital Markets

Renesas Electronics / Equity Capital Markets

<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> shares priced at ¥1174/share on the 9th - the first day of Pricing, meaning the issuance would be completed on the <a href="https://disclosure.edinet-fsa.go.jp/E01EW/download?uji.verb=W0EZA104CXP001003Action&amp;uji.bean=ee.bean.parent.EECommonSearchBean&amp;PID=W1E63011&amp;SESSIONKEY=1623555011053&amp;lgKbn=2&amp;pkbn=0&amp;skbn=1&amp;dskb=&amp;askb=&amp;dflg=0&amp;iflg=&amp;preId=1&amp;mul=6723&amp;oth=on&amp;cal=1&amp;era=R&amp;yer=&amp;mon=&amp;pfs=4&amp;row=100&amp;idx=0&amp;str=&amp;kbn=1&amp;flg=&amp;syoruiKanriNo=&amp;s=S100LHP9" target="_blank" rel="noopener">15th</a> and settlement one day later.Outwardly, the Offering appears to have been less well-placed than one would have expected or hoped. On the last day of the domestic investor subscription period, shares traded down to be pasted at the Stabilisation Price line in the last hour of trading on Friday.<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/212/826/original/Screenshot+2021-06-13+at+8.44.07+PM.png?1623588287" class="editor-image img-responsive" data-smartkarma-image-id="212826"></figure></section>This is well off the post-announcement lows and investors, traders, and even I expected that the Pricing Date would see a lower close as long-only funds sold through Broker A to buy through Broker B to increase their ownership but by less than advertised. Market micro-dynamics and investing biases are fascinating subjects of study. I received a number of comments Friday which tell me that given the market price, had the Pricing been 1% lower compared to where shares closed Thursday, peoples' outlook would be quite different. This is despite 151 million shares (40% of the maximum Offering size) having traded in the last 3 days. Taking a step back is worthwhile.

Renesas Electronics (6723 JP) shares priced at ¥1174/share on the 9th - the first day of Pricing, meaning the issuance would be completed on the 15th and settlement one day later.Outwardly, the Offering appears to have been less well-placed than one would have expected or hoped. On the last day of the domestic investor subscription period, shares traded down to be pasted at the Stabilisation Price line in the last hour of trading on Friday.This is well off the post-announcement lows and investors, traders, and even I expected that the Pricing Date would see a lower close as long-only funds sold through Broker A to buy through Broker B to increase their ownership but by less than advertised. Market micro-dynamics and investing biases are fascinating subjects of study. I received a number of comments Friday which tell me that given the market price, had the Pricing been 1% lower compared to where shares closed Thursday, peoples' outlook would be quite different. This is despite 151 million shares (40% of the maximum Offering size) having traded in the last 3 days. Taking a step back is worthwhile.

Renesas Electronics

Renesas - The Aftermath of the Offering