I wondered why 111 traded up so strongly in September or whenever it was based on there being nothing definitive ... I have ended up with decent sized positions in VNET and HOLI but I'm not really feeling it. I think I was encouraged by what seem like multiple interested bidders that might force something to get done or underpin valuation but we never really know... Julie Zhu @ Reuters saying maybe Q4 for HOLI but she also said DouYu and Weibo would be taken private when they were double today's prices so I question motives behind most of the press coverage...

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I keep these Chinese mergers pretty small now at 2-3%. Especially the non-binding ones. And I think here it is both founder led + no regulatory barriers?

I think spread is too wide here, but I probably sell on no news and a 15-20% price increase.

They are actually nice trading sardines as well. Usually a bad idea to stubbornly hold them until you have received cash in account.

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