Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Leoch International Technology / Event-Driven

Leoch International Technology Limited is a lead-acid battery manufacturer, developer, and exporter. Their products are used in: telecommunications systems, uninterruptible power supplies (UPS), automotives, renewable energy storage systems, and other consumer and industrial products.

<ul>
<li>Back in February 2025, <a href="https://www.smartkarma.com/entities/leoch-international-technology-limited" target="_blank" data-smartkarma-citation="entities:7957:1" rel="noopener">Leoch International Technology (842 HK)</a> ("LIT"), a leading manufacturer of lead-acid batteries, announced the spin-off and separate listing of wholly-owned Leoch Energy on a US exchange.</li>
<li>LIT will distribute all shares held in-specie. There will be no concurrent global offering.</li>
<li>Leoch Energy, the international  arm of the group, accounted for 32% of LIT's revs in the 1H25, and 15% of profit.</li>
</ul>


Back in February 2025, Leoch International Technology (842 HK) ("LIT"), a leading manufacturer of lead-acid batteries, announced the spin-off and separate listing of wholly-owned Leoch Energy on a US exchange.
LIT will distribute all shares held in-specie. There will be no concurrent global offering.
Leoch Energy, the international  arm of the group, accounted for 32% of LIT's revs in the 1H25, and 15% of profit.


Leoch Int'l (842 HK)'s Spin-Off and Listing Of Leoch Energy

ANE (Cayman) Inc. operates as an integrated logistics company. The Company provides sorting, line-haul transportation, pickup and dispatch services, and other services. ANE (Cayman) offers services in China.

<ul>
<li>Back on the 28th October, <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman (9956 HK)</a>, a road freight transportation play, announced an Offer from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light. </li>
<li>
<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1217/2025121701246.pdf" target="_blank" rel="noopener">The Scheme Doc is now out</a>, with a Scheme Meeting on the 9th Jan 2026, and expected payment on the 16th Feb. The IFA (Anglo Chinese) says "fair &amp; reasonable".</li>
<li>Noticeably absent from this Doc is CDH, believed to be in control of ~18% of shares out.  Given precedents with similar fact patterns, this is probably one deal to avoid. </li>
</ul>


Back on the 28th October, ANE Cayman (9956 HK), a road freight transportation play, announced an Offer from Centurium Partners, a pre-IPO investor, Temasek, and Singapore-based asset manager True Light. 

The Scheme Doc is now out, with a Scheme Meeting on the 9th Jan 2026, and expected payment on the 16th Feb. The IFA (Anglo Chinese) says "fair &amp; reasonable".
Noticeably absent from this Doc is CDH, believed to be in control of ~18% of shares out.  Given precedents with similar fact patterns, this is probably one deal to avoid. 


ANE Cayman (9956 HK): Shareholder Vote On 9th Jan. No Mention Of CDH In Latest Doc

Apiam Animal Health Limited operates as a veterinary practice and products supplier. The Company practices across the pig, dairy, feedlot, sheep, equine, and companion animal sectors. Apiam Animal Health has headquarters in Australia.

<ul>
<li>Back on the 22nd October, PE outfit Adamantem Capital firmed its Offer for <a href="https://www.smartkarma.com/entities/apiam-animal-health-ltd" target="_blank" data-smartkarma-citation="entities:26109:1" rel="noopener">Apiam Animal Health (AHX AU)</a>, Australia's largest rural and regional veterinary group.</li>
<li>The A$0.87/share Offer Price was a 64.5% premium to last close. This included a permitted fully franked dividend up to A$0.10/share. Mix &amp; match options are afforded, including 100% scrip.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20251212/pdf/06t8y2p0w1dc35.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 3rd February, and expected implementation on the 23rd Feb 2026. The IE (Kroll) says "fair &amp; reasonable".</li>
</ul>


Back on the 22nd October, PE outfit Adamantem Capital firmed its Offer for Apiam Animal Health (AHX AU), Australia's largest rural and regional veterinary group.
The A$0.87/share Offer Price was a 64.5% premium to last close. This included a permitted fully franked dividend up to A$0.10/share. Mix &amp; match options are afforded, including 100% scrip.

The Scheme Booklet is now out, with a Scheme Meeting on the 3rd February, and expected implementation on the 23rd Feb 2026. The IE (Kroll) says "fair &amp; reasonable".


Apiam Animal Health (AHX AU): 3rd Feb Vote On Adamantem's A$0.87/Share Offer

Hang Seng Bank Limited and its subsidiaries provide banking and related financial services.

<ul>
<li>Back on the 9th October, <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a> announced an Offer from controlling parent, <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a>, by way of a Scheme.</li>
<li>HSBC offered HK$155/share, a 30.3% premium to last close. The price was final. A third interim dividend was bolted on. Optically - and fundamentally - the price was bang on.</li>
<li>
The <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/1215/2025121500037.pdf" target="_blank" rel="noopener">Scheme Doc</a> is now out, with the Court Meeting on the 8th January 2026.  Payment around 4th Feb. The IFA, in a bare-bones report, concluded "fair &amp; reasonable". </li>
</ul>


Back on the 9th October, Hang Seng Bank (11 HK) announced an Offer from controlling parent, HSBC Holdings (5 HK), by way of a Scheme.
HSBC offered HK$155/share, a 30.3% premium to last close. The price was final. A third interim dividend was bolted on. Optically - and fundamentally - the price was bang on.

The Scheme Doc is now out, with the Court Meeting on the 8th January 2026.  Payment around 4th Feb. The IFA, in a bare-bones report, concluded "fair &amp; reasonable". 


Hang Seng (11 HK): 8th Jan Vote On HSBC's Offer. Clean Deal.

National Storage REIT is a Real Estate Investment Trust.  The Trust owns self storage facilities in Brisbane, Sunshine Coast and Gold Coast in Queensland, Sydney Western Suburbs in New South Wales, Melbourne and Geelong in Victoria, Adelaide in South Australia, Perth in Western Australia and Hobart in Tasmania.

<ul>
<li>Brookfield and GIC took a peek behind the curtains and firmed terms for <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>. Clean deal.</li>
<li>
<a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul Inc (4384 JP)</a> will get done at some price, though not necessarily at ¥1,710/share. You'd want to own Raksul at ¥1,710/share.</li>
<li>Further inquiries suggest CDH likely controls ~18% of <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>. This should not be up for debate. </li>
</ul>


Brookfield and GIC took a peek behind the curtains and firmed terms for National Storage REIT (NSR AU). Clean deal.

Raksul Inc (4384 JP) will get done at some price, though not necessarily at ¥1,710/share. You'd want to own Raksul at ¥1,710/share.
Further inquiries suggest CDH likely controls ~18% of ANE Cayman Inc (9956 HK). This should not be up for debate. 


Last Week In Event SPACE: National Storage, Raksul, ANE Cayman, Strategy, Broadmedia, Austal

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.

David Blennerhassett
Pan-Asia Catalysts/Events
• Quiddity Advisors

Leoch Int'l (842 HK)'s Spin-Off and Listing Of Leoch Energy

Despite the size of Leoch Energy, relative to LIT, I'd expect the sum of the parts to be greater than the whole. If small, illiquid events are your...

David Blennerhassett

ANE Cayman (9956 HK): Shareholder Vote On 9th Jan. No Mention Of CDH In Latest Doc

Surprising absence of CDH in this latest Doc. Given the ongoing ambiguity as to who owns/controls what, I'm inclined to sit this one out - for now....

David Blennerhassett

Hang Seng (11 HK): 8th Jan Vote On HSBC's Offer. Clean Deal.

Safe deal. Effectively this is a term deposit hybrid. If not in, this is one to pick up on a (unlikely) wobble.Otherwise, look elsewhere.

David Blennerhassett

Last Week In Event SPACE: National Storage, Raksul, ANE Cayman, Strategy, Broadmedia, Austal

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Leoch Int'l (842 HK)'s Spin-Off and Listing Of Leoch Energy

Despite the size of Leoch Energy, relative to LIT, I'd expect the sum of the parts to be greater than the whole. If small, illiquid events are your...

David Blennerhassett

ANE Cayman (9956 HK): Shareholder Vote On 9th Jan. No Mention Of CDH In Latest Doc

Surprising absence of CDH in this latest Doc. Given the ongoing ambiguity as to who owns/controls what, I'm inclined to sit this one out - for now....

David Blennerhassett

Apiam Animal Health (AHX AU): 3rd Feb Vote On Adamantem's A$0.87/Share Offer

Clean deal. Trading at terms. Unless in - and/or can take advantage of the franking credits - I would be looking elsewhere.

David Blennerhassett

Hang Seng (11 HK): 8th Jan Vote On HSBC's Offer. Clean Deal.

Safe deal. Effectively this is a term deposit hybrid. If not in, this is one to pick up on a (unlikely) wobble.Otherwise, look elsewhere.

David Blennerhassett

Last Week In Event SPACE: National Storage, Raksul, ANE Cayman, Strategy, Broadmedia, Austal

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett