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

StubWorld: Swire Pac/Prop & Cathay FY22 Results

Swire A/B (19 HK / 87 HK) Buyback Programme - It's REALLY BIG

Swire Buyback Update - It's On, and Regulatorily Constrained

Swire B Vs A - Surprising on Regs, Surprising on Risk; Short-Tm Displacement Now in 99th Percentile

Swire A Vs Swire B - Regulatory Nuances REALLY Matter

Quiddity Advisors

Event-Driven

<ul>
<li>Swire Pacific has been buying back <a href="https://www.smartkarma.com/entities/swire-pacific-ltd" target="_blank" data-smartkarma-citation="entities:23726:1" rel="noopener">Swire Pacific (B) (87 HK)</a> and <a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> shares since August. They are now 58+% done with their HK$4bn buyback program. </li>
<li>The buyback so far has been 50% B shares and 50% A shares. This still seems odd to me but they are doing what they are doing.</li>
<li>B/A ratio is near a 19-year low. The last time it dipped to 6% under its 3mo average, it bounced back in 4 weeks. Now 5% cheap to average.</li>
</ul>


Swire Pacific has been buying back Swire Pacific (B) (87 HK) and Swire Pacific (A) (19 HK) shares since August. They are now 58+% done with their HK$4bn buyback program. 
The buyback so far has been 50% B shares and 50% A shares. This still seems odd to me but they are doing what they are doing.
B/A ratio is near a 19-year low. The last time it dipped to 6% under its 3mo average, it bounced back in 4 weeks. Now 5% cheap to average.


Swire B Vs A - It Bounced Before, It Can Bounce Again - A 19 Year Low On the Ratio In Sight