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

WH Group Offer Doc Out - This Little Piggy Went To Market

WH Group Partial Buyback Offer Now Unconditional

WH Group - Stock Plummets as Ousted Son Drags Pigs Into The Mud

WH Group Buyback Offer Announced - Strong Accretion Creates Accretion Risk

WH Group Vs Peers - Too Many Piggies Going to Market?

Quiddity Advisors

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a> is currently in the pre-event stage of a proposed Buyback Tender Offer as discussed 6 June in <a href="https://www.smartkarma.com/insights/wh-group-buyback-offer-announced-strong-accretion-creates-accretion-risk" target="_blank" data-smartkarma-citation="insights:52613" rel="noopener">WH Group Buyback Offer Announced - Strong Accretion Creates Accretion Risk</a>.Two weeks later on 20 June, I wrote about the <a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a> arb bullishly in <a href="https://www.smartkarma.com/insights/wh-group-vs-peers-too-many-piggies-going-to-market" target="_blank" data-smartkarma-citation="insights:53217" rel="noopener">WH Group Vs Peers - Too Many Piggies Going to Market?</a>, noting that live hog prices had fallen sharply and if live hog prices rebounded as futures indicated they might, you'd want to be prepared to think about getting in as the HK-listed and CH-listed peer group rebounded. The Peer Baskets hit their lows on the 21st of January, and the CH/HK-listed Peer Basket of 7 names rebounded 8.7% in the next five days. During that period, WH Group's price hit an intraday price implying 90% shareholder participation in the tender. That was relatively cheap. A little less than a week ago, I wrote <a href="https://www.smartkarma.com/insights/wh-group-trading-opportunities-abound" target="_blank" data-smartkarma-citation="insights:54016" rel="noopener">WH Group - Trading Opportunities Abound</a> when WH Group hit a price implying 50% participation in the proposed Buyback Tender. That was too expensive.Four trading days later and we are at 80% implied participation against a Global Basket and high 70% implied participation rate against the HK-CH-listed Comp Basket. There is a way to think about Partial Offers. This one has the added quirk of being a buyback which affects the back end. <div class="content-highlight">
Both short-term and long-term investors should take special care to understand the options available to them. Those options are worth money.
 To both arbitrageurs and long-term investors. 
</div>

WH Group (288 HK) is currently in the pre-event stage of a proposed Buyback Tender Offer as discussed 6 June in WH Group Buyback Offer Announced - Strong Accretion Creates Accretion Risk.Two weeks later on 20 June, I wrote about the WH Group (288 HK) arb bullishly in WH Group Vs Peers - Too Many Piggies Going to Market?, noting that live hog prices had fallen sharply and if live hog prices rebounded as futures indicated they might, you'd want to be prepared to think about getting in as the HK-listed and CH-listed peer group rebounded. The Peer Baskets hit their lows on the 21st of January, and the CH/HK-listed Peer Basket of 7 names rebounded 8.7% in the next five days. During that period, WH Group's price hit an intraday price implying 90% shareholder participation in the tender. That was relatively cheap. A little less than a week ago, I wrote WH Group - Trading Opportunities Abound when WH Group hit a price implying 50% participation in the proposed Buyback Tender. That was too expensive.Four trading days later and we are at 80% implied participation against a Global Basket and high 70% implied participation rate against the HK-CH-listed Comp Basket. There is a way to think about Partial Offers. This one has the added quirk of being a buyback which affects the back end. 
Both short-term and long-term investors should take special care to understand the options available to them. Those options are worth money.
 To both arbitrageurs and long-term investors. 


WH Group - Long-Only Fundamental Investors Can Take Advantage Too