In Feb 2020, I have added to AddCN (0.7%) @ 230 and 6% (Yixin) @ 1.69.

In addition, I have also opened a short position to BITA (-7%). I shorted BITA because of the unique characteristic where BITA’s downside in a case of deal failure is likely to be higher than Yixin. While the Yixin upside (20%) is substantially higher than BITA (~6%). So this creates an attractive situation where I can create a long/short value ratio of 10:3 (Yixin / BITA) to almost fully hedge out the downside risk of a deal failure

Sold ~20% of GAW position at GBP 61.3 because I have another opportunity in the game sector that I would like to deploy capital. Given the current market environment, I think the option value of keeping some cash is very high. So I sold some GAW to make room for the new idea while keeping a healthy cash level.

On another side note, Bill Gates published an article on Coronavirus (Link here) where he advised government around the world to assume that “Covid-19 has started behaving a lot like the once-in-a-century pathogen we’ve been worried about”.  And then he went to outline measures to combat the virus and highlighted the importance of pre-emptive measures in the emerging markets. Bill is just an amazing human being.

I am put to shame as I have been preoccupied with the opportunity to profit from the market dislocations created by this virus and have not so far thought about how I can help with the pandemic. And frankly, there is probably little I can do anyway. Nonetheless, I am very grateful to people like Bill who are fighting the virus tirelessly. Without them, there would be no recovery and nothing to profit from. So for that, I am very grateful.

With that gratefulness in mind, I will resume my work to find the best opportunities to make money from!