Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Wonik IPS Co., Ltd. manufactures and sells semiconductor processing equipments.  The Company's main businesses include Semiconductor, Display and Solar industries.

<ul>
<li>Fresh intel hit at lunch. Official rollout is penciled for the 11th or 12th, sourced straight from a key gov’t operator and pushed to Hankyung.</li>
<li>The package basically boils down to two levers: juiced tax perks for retail in Kosdaq venture funds and a structural bump-up in pension-fund allocation.</li>
<li>Street sees this as constructive: tax tweaks to pull retail, pension weight-ups to juice flows, and focus on 300bn+ Kosdaq names that beat Q3 consensus 10%+.</li>
</ul>


Fresh intel hit at lunch. Official rollout is penciled for the 11th or 12th, sourced straight from a key gov’t operator and pushed to Hankyung.
The package basically boils down to two levers: juiced tax perks for retail in Kosdaq venture funds and a structural bump-up in pension-fund allocation.
Street sees this as constructive: tax tweaks to pull retail, pension weight-ups to juice flows, and focus on 300bn+ Kosdaq names that beat Q3 consensus 10%+.


Fresh Intel: Kosdaq Stimulus Drop Date & Key Targets

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Soltec is a vertically integrated company in the solar PV sector well distributed globally. It has three business lines: industrial division (solar tracker manufacturer and other construction services), project development division (from greenfield to RTB or COD), and asset management division. It is a unique Industrial IPP, with differential capabilities in the industry.

<ul>
<li>Equity reset: Sponsor-led restructuring reduced debt, extended maturities to 2031 and transferred control to DVC Partners, materially lowering near-term insolvency risk but leaving execution risk high.</li>
<li>Trading: Resumption (December 19) likely volatile, with forced sellers meeting opportunistic buyers; early price action expected to reflect liquidity and positioning rather than fundamentals.</li>
<li>Valuation framework: At reopening levels, equity reflects distressed stabilisation; upside depends on margin discipline and avoiding further dilution, not on near-term growth.</li>
</ul>


Equity reset: Sponsor-led restructuring reduced debt, extended maturities to 2031 and transferred control to DVC Partners, materially lowering near-term insolvency risk but leaving execution risk high.
Trading: Resumption (December 19) likely volatile, with forced sellers meeting opportunistic buyers; early price action expected to reflect liquidity and positioning rather than fundamentals.
Valuation framework: At reopening levels, equity reflects distressed stabilisation; upside depends on margin discipline and avoiding further dilution, not on near-term growth.


Soltec: Sponsor-Led Recapitalisation, Equity Reset and Trading Resumption

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Leoch International Technology / Event-Driven

Leoch International Technology Limited is a lead-acid battery manufacturer, developer, and exporter. Their products are used in: telecommunications systems, uninterruptible power supplies (UPS), automotives, renewable energy storage systems, and other consumer and industrial products.

<ul>
<li>Back in February 2025, <strong><a href="https://www.smartkarma.com/entities/leoch-international-technology-limited" target="_blank" data-smartkarma-citation="entities:7957:1" rel="noopener">Leoch International Technology (842 HK)</a></strong> ("LIT"), a leading manufacturer of lead-acid batteries, announced the spin-off and separate listing of wholly-owned Leoch Energy on a US exchange.</li>
<li>LIT will distribute all shares held in-specie. There will be no concurrent global offering.</li>
<li>Leoch Energy, the international  arm of the group, accounted for 32% of LIT's revs in the 1H25, and 15% of profit.</li>
</ul>


Back in February 2025, Leoch International Technology (842 HK) ("LIT"), a leading manufacturer of lead-acid batteries, announced the spin-off and separate listing of wholly-owned Leoch Energy on a US exchange.
LIT will distribute all shares held in-specie. There will be no concurrent global offering.
Leoch Energy, the international  arm of the group, accounted for 32% of LIT's revs in the 1H25, and 15% of profit.


Leoch Int'l (842 HK)'s Spin-Off and Listing Of Leoch Energy

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Jinke Smart Services Group Co., Ltd. provides property management services.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>’s revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.</li>
<li>The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).</li>
<li>Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic. </li>
</ul>



Jinke Smart Services (9666 HK)’s revised composite document relating to Boyu’s enhanced offer of HK$8.69 will be despatched on 9 December. The delisting EGM is on 24 December.
The enhanced offer is conditional on the shareholders’ approval of the delisting resolution (low risk) and the 90% minimum acceptance condition from disinterested shareholders (high risk).
Acceptances have not budged since 18 November, which explains Boyu’s introduction of two acceptance options on 4 December. The 90% minimum acceptance condition remains problematic. 


Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

Aedas Homes S.A.U. operates as a real estate developer. The Company designs homes and residential projects, as well as provides development of plots of land. Aedas Homes serves property sector in Spain.

<ul>
<li>Neinor has secured 79.2% of AEDAS, triggering a mandatory OPA at a €24.00 minimum, with CNMV approval now the only remaining step.</li>
<li>With the stock at €23.85, downside is tightly capped by the €24.00 floor, while upside depends on any CNMV-mandated “equitable price” uplift.</li>
<li>The situation is no longer binary: execution risk is minimal, and the trade now offers low-risk carry with limited but asymmetric regulatory optionality.</li>
</ul>


Neinor has secured 79.2% of AEDAS, triggering a mandatory OPA at a €24.00 minimum, with CNMV approval now the only remaining step.
With the stock at €23.85, downside is tightly capped by the €24.00 floor, while upside depends on any CNMV-mandated “equitable price” uplift.
The situation is no longer binary: execution risk is minimal, and the trade now offers low-risk carry with limited but asymmetric regulatory optionality.


Neinor-Aedas Homes: Mandatory OPA Triggered — Low-Risk Carry With CNMV Optionality

Event-Driven
Event-Driven Insights

Fresh Intel: Kosdaq Stimulus Drop Date & Key Targets

Korea FSC rolled out its KOSDAQ support plan today. Key read-through: fund evaluation tweaks to pull in institutional flows, effectively lifting...

Sanghyun Park

Leoch Int'l (842 HK)'s Spin-Off and Listing Of Leoch Energy

Despite the size of Leoch Energy, relative to LIT, I'd expect the sum of the parts to be greater than the whole. If small, illiquid events are your...

David Blennerhassett

Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

Boyu has announced additional irrevocables (51.0m or 8.55% of out shares) to accept the revised offer (option A). Total irrevocables are 108m or...

Arun George

Neinor-Aedas Homes: Mandatory OPA Triggered — Low-Risk Carry With CNMV Optionality

Neinor’s 79.2% stake triggers a mandatory €24 OPA for AEDAS. Shares trade near the floor: downside capped, execution risk low, with upside optional...

Jesus Rodriguez Aguilar

Fresh Intel: Kosdaq Stimulus Drop Date & Key Targets

Korea FSC rolled out its KOSDAQ support plan today. Key read-through: fund evaluation tweaks to pull in institutional flows, effectively lifting...

Sanghyun Park

Soltec: Sponsor-Led Recapitalisation, Equity Reset and Trading Resumption

Soltec relists after a sponsor-backed recapitalisation. Near-term survival risk reduced, but equity remains a difficult execution story and trading...

Jesus Rodriguez Aguilar

Leoch Int'l (842 HK)'s Spin-Off and Listing Of Leoch Energy

Despite the size of Leoch Energy, relative to LIT, I'd expect the sum of the parts to be greater than the whole. If small, illiquid events are your...

David Blennerhassett

Jinke Smart Services (9666 HK): Delisting EGM on 24 December as Acceptances Remain Unchanged

Boyu has announced additional irrevocables (51.0m or 8.55% of out shares) to accept the revised offer (option A). Total irrevocables are 108m or...

Arun George

Neinor-Aedas Homes: Mandatory OPA Triggered — Low-Risk Carry With CNMV Optionality

Neinor’s 79.2% stake triggers a mandatory €24 OPA for AEDAS. Shares trade near the floor: downside capped, execution risk low, with upside optional...

Jesus Rodriguez Aguilar