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7 Dec, 9 tweets, 2 min read
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More from @bauhiniacapital

baufinanciaphaster 👹 Profile picture
7 Dec
Just the headline is worth it, but there is soooo much more deliciousness here. ImageImageImageImage
He "went short with all his funds" (buying 50% OTM index puts).

(except, of course, the funds used to purchase $200k of face value of Evergrande bonds)

This is, of course, the same guy who can neither count nor mark to market. Image
And in case you haven't done the accounting...

AFTER global indices fall by 90% and he sells his put options (and earns gajillions)...

THEN he will buy gold, which of course, will not have gone up.

This gold owned by his company, which will issue a gold-backed stablecoin.
Read 5 tweets
baufinanciaphaster 👹 Profile picture
6 Dec
For months now, most commentators on Evergrande have been displaying bearishness, clearly not expecting Evergrande would be able to make its coupon payments, and also quite clear since early summer the authorities would not bail out Chairman Hui and the company.
4mos ago the 13.75% 23s were in the mid-30s after dropping 40+ points the month after HKY was on the dais for CCP100.

It has been illiquid and effectively insolvent for months. A waiting game. The only thing Evergrande could do was sell assets and it didn't try hard enough.
And many commentators - in the media and otherwise - saw this clearly and cleanly 15mos ago (and some years before).

There is always a "what if" but the mantra from the PBOC for a year-plus now has been "we will not reflate using real estate" and the policy firehose to reduce
Read 4 tweets
baufinanciaphaster 👹 Profile picture
3 Dec
Just a note on this "Guangdong Govt Work Group" which is apparently being dispatched to Evergrande... at Evergrande's request... 👀

Evergrande is, simply put, two companies.

The offshore parent with the USD bonds (or most of them) made a filing at 8pm HKT.
There is a technicality on a repayment of an already overdue but extended bond guarantee (for US$260mm) and $82+mm of coupons due 6 Nov, with 30d grace period now DEFINITELY due Monday.

That OFFSHORE parent has some $20bn or so of debt it has to pay. The assets which underlie that debt are holdings in listed subs, some unlisted cos, some debt extended to affiliates, cash borrowed from affiliates, and 60% of the ONSHORE parent which runs the property developer.
Read 20 tweets
baufinanciaphaster 👹 Profile picture
1 Dec
This is "big news" but not really that big.

It confirms the shutdown of the loophole which allowed Chinese business to list overseas without CSRC approval. It does not, for the moment, do anything to VIEs.

bloomberg.com/news/articles/…
It is important to remember that VIEs like BABA may have "opaque" ownership structure, but that is not necessarily a defining characteristic.

The earliest Chinese companies listed on the NYSE like Sina and China Mobile were themselves VIEs.
Further, VIEs have recently listed in HK and this summer saw the mainland's first listing of a VIE ownership company (after the concept was first 'explicitly' endorsed in 2018 with the advent of China Depositary Receipts).

The 2024 Problem looms large. HKEX is gonna be busy.
Read 5 tweets
baufinanciaphaster 👹 Profile picture
28 Nov
Did anyone notice Evergrande Auto did a Friday night drop?

The language is a little imprecise but they 'gave back' undeveloped land to the govt, in return for cash, which was partially "confiscated" by the govt (to pay for other land, etc).

www1.hkexnews.hk/listedco/listc…
The language in the Chinese media is not dissimilar to the language used in describing how the Guangzhou Govt "took back" the land under the Guangzhou Stadium last week. Possible that Evergrande/Hengda gets an influx of some cash (the original stadium land price was RMB 6.8bn).
I assume the stadium and team are owned by Hengda (onshore) so any monies refunded would only be available onshore.
cc @discountinvestr @jackycwong
Read 4 tweets
baufinanciaphaster 👹 Profile picture
27 Nov
If there were anyone out there who wanted to install/attach a tonearm onto a Technics SL1200 or SL1210 turntable... because for whatever odd reason they were shipped separately...

Be careful.

As consumer audio objects not meant to be dismantled, they require a little care.
Assuming the thing has been shipped to you correctly (and most pros are OK at this), and it needed to be broken down (which it usually does not, if packed correctly, but would ultimately be safer)...

then, the install is relatively straightforward.

Underneath the turntable
Remove the platter so it shows a "naked" frame with a hole where the tonearm goes.

Then flip it over, putting the tonearm hole at the upper left, and put stacks of books under the upper right, lower right, and mid-lower left, leaving the hole for the tonearm, and the space
Read 34 tweets

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