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 Selldown Was NOT Done - Shareholder Structure Looks Different Now

Be Careful of Expectations on Sawada (8699)

Sawada Gets Some Good News - Expect a Selldown

Sawada Holdings - Change of Paradigm Means Opportunity

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

Quiddity Advisors

Event-Driven

The approval from the Mongolian Central Bank conveyed via Khan Bank to <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> on the 19th of April and <a href="http://www.sawada-holdings.co.jp/wp/wp-content/uploads/2021/04/shdpress20210420-2.pdf" target="_blank" rel="noopener">announced</a> on 20 April allowed for one or more Qualifying Shareholder(s) to sell via market routes, and gave permission to that/those one or more Qualifying Shareholder(s) to sell. This was discussed in <a href="https://www.smartkarma.com/insights/sawada-gets-some-good-news-expect-a-selldown" target="_blank" data-smartkarma-citation="insights:50551" rel="noopener">Sawada Gets Some Good News - Expect a Selldown</a>.The shares had closed at a one-month high on the 20th, traded slightly down in low volume on the 21st, then on the 22nd, traded down quite hard in high volume. It is possible this was because of people who had submitted shares for the Tender Offer closing on the 21st prior to the Tender Offer being extended. After the close on the 22nd, the company <a href="http://www.sawada-holdings.co.jp/wp/wp-content/uploads/2021/04/shdpress20210422.pdf" target="_blank" rel="noopener">announced</a> a treatment of deferred tax liability due to the potential de-consolidation of Khan Bank which indicated a fall in book value to come, and the shares traded lower on the 23rd.The shares traded up sharply today on no news, but after t <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/202/689/original/Screenshot+2021-04-26+at+3.17.11+PM.png?1619421454" class="editor-image img-responsive" data-smartkarma-image-id="202689"></figure></section>The shares traded up sharply today on no news, but after the close, there was data which indicated the Selldown may be over.

The approval from the Mongolian Central Bank conveyed via Khan Bank to Sawada Holdings (8699 JP) on the 19th of April and announced on 20 April allowed for one or more Qualifying Shareholder(s) to sell via market routes, and gave permission to that/those one or more Qualifying Shareholder(s) to sell. This was discussed in Sawada Gets Some Good News - Expect a Selldown.The shares had closed at a one-month high on the 20th, traded slightly down in low volume on the 21st, then on the 22nd, traded down quite hard in high volume. It is possible this was because of people who had submitted shares for the Tender Offer closing on the 21st prior to the Tender Offer being extended. After the close on the 22nd, the company announced a treatment of deferred tax liability due to the potential de-consolidation of Khan Bank which indicated a fall in book value to come, and the shares traded lower on the 23rd.The shares traded up sharply today on no news, but after t The shares traded up sharply today on no news, but after the close, there was data which indicated the Selldown may be over. 

Sawada Selldown May Be Done - Now On To Earnings

HS Holdings

Sawada Selldown May Be Done - Now On To Earnings