Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>We discuss the next steps in the fight for the control of Korea Zinc, after the completion of the tender offer by the MBK Partners and Young Poong alliance. </li>
<li>After the tender offer, MBK and Young Poong's stake in Korea Zinc increased from 33.13% to 38.47%, coming close to more than half of the voting rights.</li>
<li>We continue to believe that at current stage, MBK/Young Poong alliance has the advantage in the fight for the control of Korea Zinc. </li>
</ul>


We discuss the next steps in the fight for the control of Korea Zinc, after the completion of the tender offer by the MBK Partners and Young Poong alliance. 
After the tender offer, MBK and Young Poong's stake in Korea Zinc increased from 33.13% to 38.47%, coming close to more than half of the voting rights.
We continue to believe that at current stage, MBK/Young Poong alliance has the advantage in the fight for the control of Korea Zinc. 


Scenario Analysis of Korea Zinc's Share Buyback, Cancellation, and Tender Offer + NPS's Five Options

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.

<ul>
<li>MBK officially disclosed that they scooped up 5.34% of the Korea Zinc (010130 KS) shares in the tender that wrapped up today.</li>
<li>MBK scored a partial win by securing more voting rights than Choi, with unexpected backing from foreign and local institutions, likely due to proration risk over legal issues.</li>
<li>Still, securing just 5.34% puts MBK in a tough position, requiring them to navigate minority shareholder votes while pushing hard on the legal front to block the buyback.</li>
</ul>


MBK officially disclosed that they scooped up 5.34% of the Korea Zinc (010130 KS) shares in the tender that wrapped up today.
MBK scored a partial win by securing more voting rights than Choi, with unexpected backing from foreign and local institutions, likely due to proration risk over legal issues.
Still, securing just 5.34% puts MBK in a tough position, requiring them to navigate minority shareholder votes while pushing hard on the legal front to block the buyback.


MBK's Korea Zinc & Young Poong Precision Tender Results Officially Out

<ul>
<li>MBK's strategy is clear: they believe they have the upper hand with the current price level and are optimistic about a favorable ruling on the second injunction.</li>
<li>All eyes are on Choi to raise the price by this Friday, the 11th, before the deadline, especially with the FSS's scrutiny looming.</li>
<li>If that happens, MBK will likely go all-in on the second injunction whose hearing is on the 18th. Choi raising the price this Friday won’t significantly boost Korea Zinc’s stock.</li>
</ul>


MBK's strategy is clear: they believe they have the upper hand with the current price level and are optimistic about a favorable ruling on the second injunction.
All eyes are on Choi to raise the price by this Friday, the 11th, before the deadline, especially with the FSS's scrutiny looming.
If that happens, MBK will likely go all-in on the second injunction whose hearing is on the 18th. Choi raising the price this Friday won’t significantly boost Korea Zinc’s stock.


MBK Rules Out Further Tender Price Hike for Korea Zinc, Game Plans Shift

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).</li>
<li>In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in December 2024.</li>
<li>We expect up to five ADDs and six DELs for the KOSPI 200 Index during this rebal event based on the latest available data. Small increase vs two weeks ago.</li>
</ul>


KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in December 2024.
We expect up to five ADDs and six DELs for the KOSPI 200 Index during this rebal event based on the latest available data. Small increase vs two weeks ago.


Quiddity Leaderboard KOSPI 200 Dec 24: Up to 5 ADDs & 6 DELs Possible

David Blennerhassett

Shin Kong Financial Holding / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin</a>'s bid clearly has governance/related party issues and a significant portion of the "non-Taishin" reps on the <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong</a> Board had issues. October 9th passage is not a done deal.</li>
<li>KKR's "bid" for <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASMPT (522 HK)</a> has all the hallmarks of the "approach" by PAG last year. Which came to nought. From a regulatory standpoint, it's unlikely to get up.</li>
<li>Never a dull moment for <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a>. The Choi family makes Offers for KZ and <a href="https://www.smartkarma.com/entities/young-poong-precision-corp" target="_blank" data-smartkarma-citation="entities:16188:1" rel="noopener">Young Poong Precision (036560 KS)</a> (YPP). Then MBK counters for both.</li>
</ul>



Taishin's bid clearly has governance/related party issues and a significant portion of the "non-Taishin" reps on the Shin Kong Board had issues. October 9th passage is not a done deal.
KKR's "bid" for ASMPT (522 HK) has all the hallmarks of the "approach" by PAG last year. Which came to nought. From a regulatory standpoint, it's unlikely to get up.
Never a dull moment for Korea Zinc (010130 KS). The Choi family makes Offers for KZ and Young Poong Precision (036560 KS) (YPP). Then MBK counters for both.


Last Week in Event SPACE: Shin Kong/Taishin, ASMPT, Korea Zinc/Young Poong Precision, Sigma Health

South Korea

Young Poong Corporation produces and markets non-ferrous metals, such as zinc ingots, sulfate, and cadmium.  The Company also generates income from leasing buildings.

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Young Poong (000670 KS)

MBK's Korea Zinc & Young Poong Precision Tender Results Officially Out

This post details the official results of MBK's tender offers for Korea Zinc and Young Poong Precision, which got released in regulatory filings...

Sanghyun Park

MBK Rules Out Further Tender Price Hike for Korea Zinc, Game Plans Shift

Some potential key moves on Korea Zinc’s buyback tender and Choi’s SPC play on the Young Poong Precision offer just dropped. This intel’s fresh off...

Sanghyun Park

Quiddity Leaderboard KOSPI 200 Dec 24: Up to 5 ADDs & 6 DELs Possible

We have added one each to the ADDs and DELs list for the December 2024 rebal of KOSPI200. I still like Dongwon Industries. That trade is up 4+% in...

Travis Lundy

Last Week in Event SPACE: Shin Kong/Taishin, ASMPT, Korea Zinc/Young Poong Precision, Sigma Health

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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Scenario Analysis of Korea Zinc's Share Buyback, Cancellation, and Tender Offer + NPS's Five Options

We discuss the next steps in the fight for the control of Korea Zinc, after the completion of the tender offer by the MBK Partners and Young Poong...

Douglas Kim

MBK's Korea Zinc & Young Poong Precision Tender Results Officially Out

This post details the official results of MBK's tender offers for Korea Zinc and Young Poong Precision, which got released in regulatory filings...

Sanghyun Park

MBK Rules Out Further Tender Price Hike for Korea Zinc, Game Plans Shift

Some potential key moves on Korea Zinc’s buyback tender and Choi’s SPC play on the Young Poong Precision offer just dropped. This intel’s fresh off...

Sanghyun Park

Quiddity Leaderboard KOSPI 200 Dec 24: Up to 5 ADDs & 6 DELs Possible

We have added one each to the ADDs and DELs list for the December 2024 rebal of KOSPI200. I still like Dongwon Industries. That trade is up 4+% in...

Travis Lundy

Last Week in Event SPACE: Shin Kong/Taishin, ASMPT, Korea Zinc/Young Poong Precision, Sigma Health

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett