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

Sawada Gets Some Good News - Expect a Selldown

Sawada Selldown May Be Done - Now On To Earnings

Sawada Selldown Was NOT Done - Shareholder Structure Looks Different Now

Sawada Holdings - Change of Paradigm Means Opportunity

Sawada Holdings (8699) Partial Tender. Delayed Again. 13th Time a Charm?

Quiddity Advisors

Event-Driven

This morning, <a href="https://www.smartkarma.com/entities/sawada-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7311:1" rel="noopener">Sawada Holdings (8699 JP)</a> made an <a href="http://www.sawada-holdings.co.jp/wp/wp-content/uploads/2021/03/shdpress20210308.pdf" target="_blank" rel="noopener">announcement</a> (Japanese only) that its main operating entity, its 60%-held Mongolian Bank operating subsidiary Kahn Bank LLC had received a notice from the Mongolian Central Bank. The notice had three main points, that... <ol>
<li>the voting rights and dividend rights of "qualifying shareholders who became so without pre-approval from the Mongolian Central Bank might be suspended if shares sold by 30 June 2021 (with some technical detail in this portion).</li>
<li>That changes in the number of shares held, and the fact that they are held, by qualifying and/or eligible shareholders must be pre-approved by the Mongolian Central Bank. </li>
<li>That Sawada Holdings must identify the natural person behind its own shareholdings by 30 June 2021. </li>
</ol>The amendments to the Mongolian Banking Law discussed in <a href="https://www.smartkarma.com/insights/sawada-holdings-change-of-paradigm-means-opportunity" target="_blank" data-smartkarma-citation="insights:47739" rel="noopener">Sawada Holdings - Change of Paradigm Means Opportunity</a> a month ago are one thing. This appears to possibly put further constraints on how Sawada Holdings might deal with the situation going forward. The shares fell immediately on the news, but there is considerable detail which still needs to be sorted out.

This morning, Sawada Holdings (8699 JP) made an announcement (Japanese only) that its main operating entity, its 60%-held Mongolian Bank operating subsidiary Kahn Bank LLC had received a notice from the Mongolian Central Bank. The notice had three main points, that... 
the voting rights and dividend rights of "qualifying shareholders who became so without pre-approval from the Mongolian Central Bank might be suspended if shares sold by 30 June 2021 (with some technical detail in this portion).
That changes in the number of shares held, and the fact that they are held, by qualifying and/or eligible shareholders must be pre-approved by the Mongolian Central Bank. 
That Sawada Holdings must identify the natural person behind its own shareholdings by 30 June 2021. 
The amendments to the Mongolian Banking Law discussed in Sawada Holdings - Change of Paradigm Means Opportunity a month ago are one thing. This appears to possibly put further constraints on how Sawada Holdings might deal with the situation going forward. The shares fell immediately on the news, but there is considerable detail which still needs to be sorted out. 

Sawada (8699 JP) Stuck Between Mongolian Central Bank Idealism and Reality

HS Holdings

Sawada (8699 JP) Stuck Between Mongolian Central Bank Idealism and Reality