Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

The NEW Week that Was in ASEAN@Smartkarma - Syariah Banking, XL Axiata, and Telkom's Tower Spinoff

Wilmar International Placement - Can't Pinpoint the Reason for ADM Selling

Wilmar: China Listing at ~20x Might Prove Too Optimistic.

Quiddity Advisors

Equity Bottom-Up

Major agribusiness outfit <a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> <a href="https://links.sgx.com/FileOpen/Wilmar_announcement_on_proposed_China_IPO_dd_12Jul2019%20.ashx?App=Announcement&amp;FileID=570225" target="_blank" rel="noopener">announced</a> on the 12 July 2019 that the China Securities Regulatory Commission (CSRC) had accepted Yihai Kerry Arawana Holdings (YKA) application for its proposed listing on the Shenzhen Stock Exchange (ChiNext Board).
YKA is one of the largest agribusiness and food processing companies in China. Its business activities span the processing and sales of kitchen food, feed ingredients, and oleochemicals in China. YKA is currently 99.99% held by Wilmar.
Should the listing take place, Wilmar envisages that there will be an IPO of new YKA shares of approximately 10.0% of the total pro-forma share capital of YKA on a post-money basis (immediately after the proposed IPO, Wilmar is anticipated to hold 89.99% of YKA).
After various updates, including a financial update on the <a href="https://links.sgx.com/FileOpen/Wilmar_announcement_on_update_on_China_listing_2020.08.10.ashx?App=Announcement&amp;FileID=626919" target="_blank" rel="noopener">10 August</a>, Wilmar <a href="https://links.sgx.com/FileOpen/Wilmar_announcement_on_update_on_China_listing_16Sep2020.ashx?App=Announcement&amp;FileID=631841" target="_blank" rel="noopener">announced</a> yesterday it had received final registration approval from the CSRC. It is expected that the listing will take place by mid-October 2020, subject to market conditions.
Strategic investors, including mainly State-owned funds, sovereign wealth funds, and insurance companies, have been identified to subscribe for ~30% of the IPO Shares.
The key questions now are: where will YKA trade; and where should the non-YKA ops trade?
As always, more below the fold.

Major agribusiness outfit Wilmar International (WIL SP) announced on the 12 July 2019 that the China Securities Regulatory Commission (CSRC) had accepted Yihai Kerry Arawana Holdings (YKA) application for its proposed listing on the Shenzhen Stock Exchange (ChiNext Board).
YKA is one of the largest agribusiness and food processing companies in China. Its business activities span the processing and sales of kitchen food, feed ingredients, and oleochemicals in China. YKA is currently 99.99% held by Wilmar.
Should the listing take place, Wilmar envisages that there will be an IPO of new YKA shares of approximately 10.0% of the total pro-forma share capital of YKA on a post-money basis (immediately after the proposed IPO, Wilmar is anticipated to hold 89.99% of YKA).
After various updates, including a financial update on the 10 August, Wilmar announced yesterday it had received final registration approval from the CSRC. It is expected that the listing will take place by mid-October 2020, subject to market conditions.
Strategic investors, including mainly State-owned funds, sovereign wealth funds, and insurance companies, have been identified to subscribe for ~30% of the IPO Shares.
The key questions now are: where will YKA trade; and where should the non-YKA ops trade?
As always, more below the fold.

Wilmar International

Wilmar: China Ops IPO One Step Closer