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

Fubon Financial Deal for Jih Sun Gets TFTC Signoff

Jih Sun Tender Offer Successful - Now the Squeezeout

2021 High Conviction Update - Shinsei Bank Float Squeeze to Mitigate Near-Term

Quiddity Advisors

Event-Driven

On 23 March, <a href="https://www.smartkarma.com/entities/fubon-financial-holding-co" target="_blank" data-smartkarma-citation="entities:11869:1" rel="noopener">Fubon Financial Holding Co (2881 TT)</a> reported that its Tender Offer for control of <a href="https://www.smartkarma.com/entities/jih-sun-financial-holdings" target="_blank" data-smartkarma-citation="entities:17971:1" rel="noopener">Jih Sun Financial (5820 TT)</a> was successful. 
This was, apparently, possibly a surprise, as local media suggested last week that <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a> had received an approach to buy their stake in <a href="https://www.smartkarma.com/entities/jih-sun-financial-holdings" target="_blank" data-smartkarma-citation="entities:17971:1" rel="noopener">Jih Sun Financial (5820 TT)</a> for NT$15/share - well above the NT$13/share that Fubon had bid.  A day before the close of the Tender Offer, internal directors at Jih Sun were apparently of the opinion Shinsei would not tender, however it appears the NT$13/share in hand was better than the $15/share which was still only indicative, so they sold. 
That leaves the squeezeout. 
As always, DETAILS MATTER.
If you intend to play the risk arb on the squeezeout of Jih Sun, beware the modalities and the timing.

On 23 March, Fubon Financial Holding Co (2881 TT) reported that its Tender Offer for control of Jih Sun Financial (5820 TT) was successful. 
This was, apparently, possibly a surprise, as local media suggested last week that Shinsei Bank (8303 JP) had received an approach to buy their stake in Jih Sun Financial (5820 TT) for NT$15/share - well above the NT$13/share that Fubon had bid.   A day before the close of the Tender Offer, internal directors at Jih Sun were apparently of the opinion Shinsei would not tender, however it appears the NT$13/share in hand was better than the $15/share which was still only indicative, so they sold. 
That leaves the squeezeout. 
As always, DETAILS MATTER.
If you intend to play the risk arb on the squeezeout of Jih Sun, beware the modalities and the timing.

The Squeezeout of the Remaining 46% of Jih Sun Financial