Core Viewpoint - TryHard Holdings Limited has entered into a Memorandum of Cooperation with STAR PARTY HK LIMITED to develop the "Star Party" entertainment brand in Japan, marking a significant step in expanding its business operations in the region [1][2]. Group 1: Joint Venture Details - The parties plan to establish a joint venture company in Japan, named Star Party Japan Investment Co., Ltd., to operate and expand the "Star Party" brand [3]. - The registered capital of the joint venture is tentatively set at 90 million Japanese Yen, with STAR PARTY contributing RMB 7.5 million and TryHard also contributing RMB 7.5 million [4][5]. - STAR PARTY will hold 65% equity in the joint venture, while TryHard will hold 35% [4][5]. Group 2: Framework for Cooperation - The MoC establishes a framework for further negotiations on joint venture structure, governance, brand authorization, and profit-sharing mechanisms [7]. - The MoC is non-binding and subject to further negotiations, due diligence, and regulatory approvals [8]. Group 3: Strategic Intent - The joint venture aims to leverage the strengths of both parties in branding, management expertise, and resources to enhance the strategic positioning of the "Star Party" brand in Japan [9]. - The collaboration is expected to create unique entertainment experiences and foster meaningful engagement in the Japanese market [11]. Group 4: Company Background - TryHard Holdings Limited is a lifestyle entertainment company focused on innovative experiences, including event curation, consultancy, and restaurant operations [12]. - Star Party, established in 2011 in China, aims to create a social platform through music and has a presence in over 100 cities with plans for further expansion [14][16].

Core Viewpoint - TryHard Holdings Limited has entered into a Memorandum of Cooperation with STAR PARTY HK LIMITED to develop the "Star Party" entertainment brand in Japan, marking a significant step in their collaboration [1][2]. Group 1: Joint Venture Details - The parties plan to establish a joint venture named Star Party Japan Investment Co., Ltd. to operate and expand the "Star Party" brand in Japan [3]. - The registered capital of the joint venture is tentatively set at 90 million Japanese Yen, with STAR PARTY contributing RMB 7.5 million and TryHard also contributing RMB 7.5 million [4][5]. - STAR PARTY will hold 65% equity in the joint venture, while TryHard will hold 35% [4][5]. Group 2: Strategic Intent and Framework - The MoC establishes a framework for further negotiations on joint venture structure, governance, brand authorization, and profit-sharing mechanisms [7]. - The collaboration aims to leverage both parties' strengths in branding, management expertise, and resources to enhance the strategic positioning of the Star Party brand in Japan [8]. Group 3: Management Commentary - The CEO of TryHard expressed optimism about the partnership, emphasizing the potential for meaningful engagement in the Japanese market [10]. - A representative from STAR PARTY HK LIMITED highlighted Japan's strategic importance for long-term growth and the significance of the MoC in building localized engagement [10]. Group 4: About the Companies - TryHard Holdings Limited focuses on lifestyle entertainment, offering event curation, consultancy, venue sub-leasing, and restaurant operations [11]. - Star Party, established in 2011 in China, aims to create a diverse entertainment experience and has a presence in over 100 cities with plans for further expansion [13][15].

Group 1 - Saks Global has entered a 50-50 joint venture with Authentic Brands Group, which collects royalties from sales of various luxury brands, excluding U.S. and Canadian stores and global e-commerce [3][4] - In the event of bankruptcy, Authentic's preferred equity in Saks will be exchangeable for a 77% stake in the joint venture [4] - The joint venture involved transferring intellectual property related to Saks and other brands to subsidiaries that are not guarantors on the debtors' funded debt [5] Group 2 - Saks Global's agreement with Amazon requires the company to pay referral fees and potentially true-up payments totaling up to $900 million over eight years, which may need to be renegotiated due to the company's financial struggles [6] - The company reported a $550 million inventory shortfall, complicating its plans to rejuvenate the business and pay vendors [7] - Despite raising $600 million in new funding, Saks Global could only allocate $244 million for vendor payments, as the rest was needed for working capital amid significant EBITDA losses [8]

Core Viewpoint - Hudbay Minerals Inc. has successfully closed a strategic investment with Mitsubishi Corporation, acquiring a 30% joint venture interest in Copper World LLC, which owns the Copper World project in Arizona, marking a significant growth milestone for the company [1][2]. Group 1: Joint Venture Details - Mitsubishi Corporation has contributed approximately $420 million in cash to Copper World LLC and will provide an additional $180 million within 18 months to complete its initial investment [1][3]. - The joint venture will allow Mitsubishi to fund its pro-rata 30% share of future equity capital contributions required for the construction of Copper World [1][3]. Group 2: Project Impact and Financials - The partnership is expected to increase Hudbay's consolidated copper production by over 50%, enhancing the project's internal rate of return (IRR) to approximately 90% based on pre-feasibility study estimates [2][3]. - The $420 million from Mitsubishi will be allocated to fund the remaining definitive feasibility study (DFS) costs, pre-sanction costs, and initial project development costs for Copper World [3]. Group 3: Strategic Partnership and Future Plans - Mitsubishi is recognized as a premier strategic partner with a strong global mining presence, validating the long-term value of the Copper World project [3]. - The closing of the joint venture aligns with Hudbay's financial strategy, having achieved over $600 million in cash and cash equivalents and reduced its net debt to adjusted EBITDA ratio to 0.5x as of September 30, 2025 [3]. Group 4: Project Development Status - Feasibility activities for Copper World are progressing, with the DFS expected to be completed by mid-2026, and a project sanction decision anticipated in 2026 [3].

Core Insights - SL Green (SLG) has entered into a joint venture with Rockpoint, selling a 49% stake in 100 Park Avenue at a gross asset valuation of $425 million [1][8] Group 1: Joint Venture Details - The property involved is a 36-story office tower in Midtown Manhattan, spanning 905,000 square feet, located near Grand Central Terminal and featuring amenities such as a golf simulator and personal training studio [2] - The partnership with Rockpoint allows SL Green to reduce its equity exposure while maintaining operational control and enhancing balance sheet flexibility, enabling reinvestment in value-accretive investments [3][8] Group 2: Strategic Focus - SL Green has adopted an opportunistic investment policy to improve its portfolio quality, focusing on retaining premium and high-growth assets in Manhattan [4] - The collaboration with Rockpoint is expected to support leasing momentum and repositioning efforts, potentially increasing the valuation of the Midtown asset [5][8] Group 3: Market Performance - Over the past month, SL Green's shares have increased by 17.1%, contrasting with a 2.1% decline in the broader industry [5]

Core Viewpoint - KBC Securities and Van Lanschot Kempen Investment Banking are forming a 50/50 joint venture to create a leading equities broker in the Benelux region, focusing on real estate and life sciences sectors, enhancing research coverage and liquidity for clients [1][2][3]. Joint Venture Highlights - The joint venture will consolidate equities businesses, including equity research, sales, trading, and Equity Capital Markets (ECM) execution, serving as the exclusive distribution channel for ECM business for both firms [2]. - Both companies will maintain independent client coverage for ECM transactions and continue to offer corporate finance services, including M&A advice [2]. Client Benefits - Investors will gain access to approximately 230 stocks under research coverage, with a strong emphasis on the Benelux region and European real estate and life sciences companies [3]. - The combination of investor bases from both firms is expected to significantly enhance liquidity and investor coverage, providing a broader client offering [4]. Future Growth Potential - The joint venture aims to establish a scalable platform with opportunities for future expansion [5]. - The partnership is designed to enhance client value by offering a comprehensive range of investment banking services, creating a Benelux powerhouse for corporate and institutional clients [6][8]. Operational Details - The joint venture is expected to commence operations in Q4 2026, pending regulatory approval, and will operate under its own license with equal ownership [7]. - The transaction is anticipated to positively impact Van Lanschot Kempen's capital ratio by approximately 0.25 percentage points, while having no material effect on KBC Group's CET1 ratio [9]. Company Backgrounds - KBC Securities is Belgium's leading investment bank, providing a wide range of financial services, including corporate finance and equity capital markets, with a strong focus on sectors like technology and life sciences [11]. - Van Lanschot Kempen is an independent wealth manager with a long history, focusing on sustainable wealth creation through private banking, investment management, and investment banking [13].

Core Insights - POSCO Holdings Inc.'s POSCO Future M is focusing on lithium iron phosphate (LFP) cathode materials through a joint venture with CNGR and its Korean subsidiary, FINO, to construct an LFP cathode material plant [1][8] - The construction of the LFP cathode material plant at Pohang's Yeongil Bay General Industrial Complex is set to begin in 2026, with mass production expected to start in 2027 and an initial capacity of up to 50,000 tons annually [2][8] - The company aims to establish a comprehensive LFP cathode material business while enhancing collaboration with CNGR and FINO in production, technology, and marketing [3][8] Production Plans - POSCO Future M plans to convert parts of its existing high-nickel production lines at the Pohang plant to LFP production, allowing for earlier market entry with supplies expected in the second half of 2026 [4][8] Market Context - LFP batteries, while offering lower output than ternary batteries, are gaining popularity due to their cost-effectiveness and longer lifespan, particularly in energy storage systems (ESS) and entry-level electric vehicles [3]

Deal Structure & Regulatory Landscape - Oracle is the most likely candidate to lead the joint venture [1] - The deal's palatability to both the US and Chinese governments remains uncertain, pending Chinese regulatory approval [2] - The joint venture has the US government's blessing, suggesting a pre-approved proposal [3] Competitive Dynamics - Instagram Reels' run rate has surpassed $50 billion, indicating significant growth and competition with TikTok [5] - YouTube Shorts' engagement share is nearing that of TikTok [6] - TikTok's US revenue is estimated to be between $12 billion and $15 billion [6] - Instagram/Meta's revenue ramp-up is attributed to a better ad stack and personalization, enhanced by generative AI [8] Challenges & Future Prospects - TikTok faces challenges in algorithm and ad personalization, hindering revenue growth [8][9] - Rewriting the algorithm and attracting talent are crucial for the joint venture's success [10][11] - A public offering for the new joint venture is considered premature due to ongoing algorithm changes [9][10] - Silver Lake's involvement is viewed positively, suggesting a potentially good deal [4]

Core Viewpoint - Westhaven Gold Corp. and Dundee Corporation have entered into a definitive earn-in agreement allowing Dundee to acquire up to a 60% interest in Westhaven's gold projects in British Columbia, contingent upon funding CDN$85 million in project expenditures, including a firm commitment of CDN$30 million [1][3][5]. Financial Aspects - Dundee can earn a 60% interest by funding up to CDN$85 million in project expenditures [5][8]. - A firm commitment of CDN$30 million must be funded within three years of the effective date of the agreement [8][10]. - Dundee will also subscribe for 12,000,000 common shares of Westhaven at CDN$0.25 per share, generating gross proceeds of CDN$3 million for Westhaven [1][15]. Project Development Plans - The expected project expenditures for 2026 are projected at CDN$20 million, focusing on infill resource drilling, exploration drilling, and engineering studies for a pre-feasibility study [5][6]. - A 2026 drilling permit is in place, allowing for 650 drill pads to be completed until January 30, 2029 [5][6]. Strategic Importance - The agreement is seen as transformational for Westhaven, enhancing its potential to develop a multi-deposit gold mining camp in a region with strong infrastructure and a history of mining [3][4]. - Dundee's involvement is expected to provide financial strength and technical resources, complementing Westhaven's operational team [3][6]. Governance and Operational Structure - Westhaven will remain the operator until Dundee earns a 50% interest, after which Dundee may assume operatorship [9][11]. - The board of the newly incorporated subsidiary (JVCo) will initially consist of three nominees from Westhaven and two from Dundee, adjusting as Dundee's interest increases [11][12]. Regulatory and Approval Requirements - The effectiveness of the earn-in agreement is subject to approvals from the TSX Venture Exchange and Westhaven's shareholders, with a special meeting anticipated in early February 2026 [13][14].

Tik Tok's long- aaited US spin-off now official. We think the company signing a deal to create a new entity backed by a group of mostly American investors including Oracle. And for today's tech, Julia Borston has details and what it might mean for the social media landscape in this country.Morning, Julia. >> Good morning, Carl. Well, this is a key milestone uh for the deal for US Tik Tok's US operations to become a joint venture.And that deal is set to close on January 22nd. This new entity called Tik Tok U ...