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 - Long-Only Fundamental Investors Can Take Advantage Too

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

WH Group Partial Buyback Offer Now Unconditional

WH Group Buyback Offer Announced - Strong Accretion Creates Accretion Risk

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

WH Group (288 HK): Today's Pig Is Tomorrow's Bacon?

Quiddity Advisors

Event-Driven

When <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> announced its intention to conduct a Partial Offer Buyback to buy back up to 13% of its shares outstanding, the shares popped, but not nearly as far as accretion would have dictated. The level of accretion and what it would mean for investors was discussed 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>.Then the shares fell. This was "not supposed to happen" but was actually utterly normal, as I discussed 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> It is important to recognise that partial tender trades are de-levered to the back-end. Early on one trades them slightly differently than later on.

When WH Group (288 HK) announced its intention to conduct a Partial Offer Buyback to buy back up to 13% of its shares outstanding, the shares popped, but not nearly as far as accretion would have dictated. The level of accretion and what it would mean for investors was discussed in WH Group Buyback Offer Announced - Strong Accretion Creates Accretion Risk.Then the shares fell. This was "not supposed to happen" but was actually utterly normal, as I discussed in WH Group Vs Peers - Too Many Piggies Going to Market? It is important to recognise that partial tender trades are de-levered to the back-end. Early on one trades them slightly differently than later on.

WH Group

WH Group - Trading Opportunities Abound