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 Back To Buying Back - One-Third To Go

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

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

Quiddity Advisors

Event-Driven

<ul>
<li>In August this year, Swire Pacific started a buyback programme for up to HK$4.0 billion worth of their shares (<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> | <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>).</li>
<li>The shares went up. And B briefly outperformed A, but since then, the B/A ratio has fallen and my impression was Swire may have been misinterpreting the buyback rules.</li>
<li>Swire had been buying both every day. But they've been Buying Bs but no As for the last ten days in a row. This begs a few questions.</li>
</ul>


In August this year, Swire Pacific started a buyback programme for up to HK$4.0 billion worth of their shares (Swire Pacific (A) (19 HK) | Swire Pacific (B) (87 HK)).
The shares went up. And B briefly outperformed A, but since then, the B/A ratio has fallen and my impression was Swire may have been misinterpreting the buyback rules.
Swire had been buying both every day. But they've been Buying Bs but no As for the last ten days in a row. This begs a few questions.


Swire Pacific (B)

Swire Now Buying Back B Shares Only