China Ming Yang Wind Power Group = Done Deal
China Ming Yang Wind Power Group (Ticker: MY) closed today as expected. There were clear indications since early last week that this deal was going to close today. The company filed with their ADR sponsor for the termination of their ADR program on June 13th. My net gain from this arb play will be 1.58% (annualized gain of ~ 48% assuming the cash hits my account by 6/27). This position comprised of ~ 17% of my portfolio. Now, let’s see when Qihoo 360 (Ticker: QIHU) will close…
posted by Money Turtle @ 4:02 PM
12 comments
12 Comments:
qihu jumped today, few is left, how hard was qihu.. we could do bargains at 64 :(
there are rumors now, closing is near. But, how much near? can you find it in news later?
Qunar (Symbol: QUNR) Cayman Islands receives go-private offer for $30.34 (30.39-.05 ADR fee).
Current price $28.74. Do they also have regulatory risk?
On QIHU there are news stories in Chinese that can be translated in Chrome. Here is one of them: http://tech.163.com/16/0623/17/BQ8VHGU400097U7R.html. They claim it will close in 2 weeks. I wonder how reliable these reports are.
You can google 360私有化两周或收官 to find other stories.
Lots of chatter saying that QIHU is closing soon. The movement in price with good volume is encouraging. There are definitely news leaks with China plays. I do think it's possible that QIHU can close in 2 weeks.
I don't see any regulatory issues with QUNR.
Do you see any other issues with QUNR? When do you think it will close? Are you planning to get in?
It's going to take a awhile for QUNR to close. It's just a preliminary non binding proposal at this point. I don't mess with the China plays unless I see a definitive agreement in place. I would say QUNR will take at least 9 months to get this done.
Hi MT,
Would you happen to know how the ADR Fee is treated for tax purposes? Is it considered as a sale for$2.46 a share, or is it $2.51 per share and the ADR fee is treated separately as an investment expense subject to rules of deductability? It seems my broker computes the capital gains on the $2.51 and that does not seem right.
Thanks
Your broker should be using $2.46 as the sale price. Definitely have them fix it.
When do you think NSPH closes? Is it worth buying at $1.69?
Any other deals about to close with relative certainty?
NSPH tender expires on 6/29 and should see the cash hit your account the next day. You need to inform your broker that you want to tender your shares so you get the cash quickly otherwise it may take longer. It would be a nice annualized return if you can get some at $1.69.
On QIHU - http://finance.yahoo.com/news/qihoo-360-receives-further-going-100000235.html
"The buyer group has informed the Company that they are continuing to work diligently towards satisfying the remaining conditions precedent under the previously announced merger agreement and currently expect the merger to close before mid-August 2016."
Any opinion on iDreamSky Technology Limited (Symbol: DSKY)?
I have not followed DSKY...
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