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Landscape has certainly changed in the last six months, so far we have:

- China opening its borders - first time in three years

- HFCAA accepted and approved by Chinese regulators

- Hutchmed major strategy change orientating towards being profitable sooner rather than later

- Hutchmed potentially putting themselves up for sale while seeking commercial partner/s

- Analyst community pivoted from 'uninvestable' to investable, China the place to be for 2023

China/US relations still frosty as ever but underlying money flow appears to be ignoring this, Biden halfway through his term which could see improved harmony (can't get any worse ?)

..just some thoughts reflecting on last year..

THG's broker will have nudged the board as 20% is past the threshold.

May issue as RNS along the lines of 'We are aware of...

Absolutely ONS, Legal & General have some of the strictest governance policies when it comes to investing, not shy about putting companies straight when the need arises.

"Globally, we opposed 42.4% of all pay-related proposals due to the companies not meeting our minimum standards for fair and appropriate long-term performance-based pay"

https://www.legalandgeneral.com/esg-workplace/governance/

The fact they have bought in with two funds suggests they are happy with management and how the company is run, passing ESG investing criteria is also another tall hurdle which many companies will not be able to achieve without considerable investment.

It would be good to see if THG can obtain the Green Economy Mark joining the growing list of companies, not many high st retailers on there currently.

https://www.londonstockexchange.com/raise-finance/equity/green-economy-mark/green-economy-mark-report-2022?tab=issuer-list

ESG attracted new capital last year while traditional equity funds had net outflows

"Bright spots were global environmental, social, and corporate governance equity funds, which added £6.35 billion"

https://www.cnbc.com/2023/01/06/sell-offs-hit-uk-equity-funds-hardest-in-2022-as-esg-gained.html

Where THG scores points is by owning much of the supply manufacturing and supply chain, two plastic (one is very profitable) recycling plants contribute enormously to their overall tally as does Plant a Tree ap.

Much of this is difficult to replicate for general retailers or indeed some of the competition. More and more ESG funds are being launched with investors switching over as environmental concerns dominate the future of our planet.

Encouraging to see THG's first ESG fund appear on the share register - Nov 30, 2022, L&G Future World ESG UK Index.

Also worthy of note is Sep 30, 2022, Legal & General Global Small Cap fund which again UK domiciled.

This is the first time to my knowledge UK funds (however small) have purchased stock, and could point to forward buying of UK funds in anticpation of a Premium listing.

Pictet-Nutrition popped up which is also very ESG focused (I think someone else highlighted Pictet the other day)

The first two being UK based have a 3% threshold before notification, still a long way to go but at least THG is on their radar.

Yep, agree Oke the IPO and subsequent fund raise were absolutely on the money, timing could not have been any better.

Its difficult to comment on spare capacity without knowing future pipeline activity.

The gap left by Softbank's departure is one that I hope management are working to fill, in terms of a suitable partner one that is similar in nature as announced by Ocado recently.

https://www.londonstockexchange.com/news-article/OCDO/partnership-between-ocado-and-lotte-shopping/15695891

Substitute the word 'Ocado' for 'Ingenuity' and see if the shoe fits, okay maybe not grocery but our equivalent product ranges.

It could underpin Ingenuity financially depending on what sort of deal was struck without diluting other valuable assets (Beauty, Nutrition).

This deal was welcomed by the market with shares doubling, its puts a value on their investment which is what Ingenuity currently lacks imo.

Just seen this, that's some drop

https://www.nasdaq.com/market-activity/commodities/dy

Its up to the board to decide on whether to disclose or not, if the offer is deemed genuine and the buyer has the financial resources it would have to be disclosed as soon as practicable.

THG last year had two offers and notified the market accordingly but books were not opened.

Oke, Nutrition and Beauty (along with all the other divisions) would not enjoy the success they do without being underpinned by Ingenuity, its a fundamental part of the business infrastructure.

'angle'

btw, has anyone noticed the divergence in FTSE v Dow/S & P, pundits have pointed out FTSE outperformed most other markets in 2022

https://www.reuters.com/world/uk/uks-ftse-100-slips-last-trading-session-2022-2022-12-30/#:~:text=Dec%2030%20(Reuters)%20%2D%20Britain's,inflation%20and%20concerns%20of%20recession.

Examples of 'shorts' that have surfaced by way of either crossing a threshold (Citadel) or through Rule 8 disclosures, tend to show a much larger long position.

It seems common practice, the fact we can only see one side of the trade on short tracker throws investors a curve ball, here is another very clear example of Blackrock on Dignity.

https://www.londonstockexchange.com/news-article/market-news/form-8-3-dignity-plc/15784561

Playing the spread with a long/short book is one way to build a position, the other angel is again bid/offer spread but scalping when volatility occurs.

These prop traders are playing their hand against each other, very risky and far better to take advantage of such prices with a more balanced and long term view imo.

Likely a swaps trade/s in which case there is an underlying long position of up to 5%, Citadel is a good example on Boo - at first glance they appear to be short according to Short tracker, but hey, wait a moment what's this ..

Crossed the 5% threshold long at the same time.

https://www.londonstockexchange.com/news-article/BOO/notification-of-major-holdings/15632170

In essence the short position is with themselves, this is why there is no movement or squeeze when positions are closed out.

That's handy then..

DUBAI, United Arab Emirates — Dubai on Wednesday announced a mammoth $8.7 trillion economic plan for the coming decade, aimed at turbocharging trade, foreign investment and its place on the map as a global hub.

https://www.cnbc.com/2023/01/04/dubai-announces-8point7-trillion-economic-plan-to-boost-trade-investment.html

Market seems to be of a similar opinion regarding to the recent strategic update, Hutchmed could indeed be up for sale?

Its hard to put a value on all of this accumulated knowledge and pipeline unless you are a potential acquirer, that said recent fund raisings price should provide a basic guide as to what may or may not be acceptable, 400 - 500p range?

This is obviously speculative in nature but not without merit, lots of pharma M & A activity currently post Covid (well almost post Covid).

Nice on AS, never know, it might go bit viral as shoppers realise they can reuse the containers for kids lunches, storage ect..

Professional setup complete with their own branded freezer, very cool (literally :) )

It looks like the deal extends to the Food Warehouse after all, apols if already posted.

"Along with being able to get the meals in-store and online with Iceland, you can also get them from Iceland’s sub-brand The Food Warehouse"

https://www.coachmag.co.uk/health/nutrition/myprotein-teams-up-with-iceland-to-launch-healthy-frozen-ready-meal-range

Nice one H, maybe pop in there (before buying the White Lightening lol) for a lookie, that's another 150 stores in top of Iceland's 800 if stocked, media article suggests 1,000

"The partnership will also see Myprotein and Iceland jointly develop a new product range, including fully prepared meals, pizzas, wraps, ingredients, desserts and ice cream."

https://www.business-live.co.uk/retail-consumer/thg-brand-myprotein-bags-landmark-25070528

I would be curious to see the reusable packaging which could prove popular, probably not a first but fairly unique all the same.

It may have been on a web cast as cannot find link but seem to remember it taking three years to put together, front end loaded with Customer acquisition costs (CAC's).

Its another string to their pipeline bow so to speak, good opportunity for another partner to step in and leverage this to greater affect than going it alone imo.

Anyone live or frequent one of these stores ?

https://www.thefoodwarehouse.com/about-us/

Got it 2phews, had to remind myself what the deal encompassed, Iceland is present in 65 countries around the globe including North America.

From results

· with Myprotein recently agreeing to enter the frozen category through a major licensing partnership with Iceland Foods initially through >1,000 stores in the UK, international franchises and online.

Freezing is a good option for many people means buying in semi bulk quantities is nit an issue, especially like the reusable packaging which you can use to pack your own meals afterwards, spot on.