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

TOPIX FFW Rebalance Post-Mortem - Finished Strong

Yahoo Japan: Something Is Better Than Nothing?

Zozo: What Are the Downside Risks Post-Tender Close?

The Era of Digital Zaibatsu*: Takeover of Zozo a Win for Softbank/Yahoo in Online Supremacy Battle

Quiddity Advisors

Event-Driven

18 months ago, <a href="https://www.smartkarma.com/entities/yahoo-inc" target="_blank" data-smartkarma-citation="entities:786:1" rel="noopener">Altaba Inc (AABA US)</a> announced it would start selling down its 2bn shares-plus of Yahoo Japan - as of two days ago renamed <a href="https://www.smartkarma.com/entities/z-holdings-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">Z Holdings (4689 JP)</a>. Partway through the summer of 2018 Altaba did a giant tender for its own shares in return for <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group Holding (BABA US)</a> ADS and cash, and then in July announced it would sell 613,888,888 shares of Yahoo Japan to <a href="https://www.smartkarma.com/entities/softbank-corp" target="_blank" data-smartkarma-citation="entities:27445:1" rel="noopener">Softbank Corp (9434 JP)</a> which was in the home stretch of preparing for its IPO. That sale was completed as <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> sold shares in Yahoo Japan back to the company in the form of a Tender Offer buyback by YJ. YJ cancelled shares.The effect was a buyback of shares by YJ and a transfer of ownership of YJ from Softbank Group to Softbank Corp, done in a manner to take advantage of the difference in treatment between onshore and offshore corporate sellers into an own-share tender offer by a Japanese company. Once the tender was done, on 10 September 2018 Altaba<a href="https://www.altaba.com/news-releases/news-release-details/altaba-announces-offering-shares-yahoo-japan-corporation" target="_blank" rel="noopener">announced</a> an offering of its Yahoo Japan shares, size depending on investor demand. They held 1.36353bn shares of Yahoo Japan at the time. By day end, YJ had determined they could sell the whole swath of shares and <a href="https://www.altaba.com/news-releases/news-release-details/altaba-announces-determination-number-shares-and-sale-price" target="_blank" rel="noopener">announced</a> a sale of their entire position at ¥354/share.This lifted the float dramatically - from about 1.2bn shares to close to 2.6bn shares. Softbank Corp later IPOed, and this past summer, Softbank Group moved control of Yahoo Japan to Softbank Corp through yet another Yahoo Japan tender buyback from Group and offering to Corp. <div class="content-highlight">
The final impact of that entire series of transactions from last year reaches its denouement this month. 
It is not small.
</div>More detail below.

18 months ago, Altaba Inc (AABA US) announced it would start selling down its 2bn shares-plus of Yahoo Japan - as of two days ago renamed Z Holdings (4689 JP). Partway through the summer of 2018 Altaba did a giant tender for its own shares in return for Alibaba Group Holding (BABA US) ADS and cash, and then in July announced it would sell 613,888,888 shares of Yahoo Japan to Softbank Corp (9434 JP) which was in the home stretch of preparing for its IPO. That sale was completed as Softbank Group (9984 JP) sold shares in Yahoo Japan back to the company in the form of a Tender Offer buyback by YJ. YJ cancelled shares.The effect was a buyback of shares by YJ and a transfer of ownership of YJ from Softbank Group to Softbank Corp, done in a manner to take advantage of the difference in treatment between onshore and offshore corporate sellers into an own-share tender offer by a Japanese company. Once the tender was done, on 10 September 2018 Altabaannounced an offering of its Yahoo Japan shares, size depending on investor demand. They held 1.36353bn shares of Yahoo Japan at the time. By day end, YJ had determined they could sell the whole swath of shares and announced a sale of their entire position at ¥354/share.This lifted the float dramatically - from about 1.2bn shares to close to 2.6bn shares. Softbank Corp later IPOed, and this past summer, Softbank Group moved control of Yahoo Japan to Softbank Corp through yet another Yahoo Japan tender buyback from Group and offering to Corp. 
The final impact of that entire series of transactions from last year reaches its denouement this month. 
It is not small.
More detail below.

NTT (Nippon Telegraph & Telephone) (9432 JP)

LY

The BIG BUY of Z