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

<ul>
<li>Key issue is Citi’s day one public pool sizing. No local intel on the daily cap yet, but expect a tightly controlled, gradual opening over the first 3-6 months.</li>
<li>Likely shifting from FCFS to pro rata allocation, with Citi aggregating daily demand, setting a cutoff, and allocating capacity within the daily cap.</li>
<li>Quota hunting could drive intraday distortions, with failed ADR allocations triggering late day unwinds and adding volatility to Hynix local shares after July 29.</li>
</ul>


Key issue is Citi’s day one public pool sizing. No local intel on the daily cap yet, but expect a tightly controlled, gradual opening over the first 3-6 months.
Likely shifting from FCFS to pro rata allocation, with Citi aggregating daily demand, setting a cutoff, and allocating capacity within the daily cap.
Quota hunting could drive intraday distortions, with failed ADR allocations triggering late day unwinds and adding volatility to Hynix local shares after July 29.


Hynix ADR Conversion Goes Live: Quota Hunting Dynamics to Watch

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea. </li>
<li>Total amount of overseas listed investments by Korean investors increased from $27 billion at the end of 2020 to $131.7 billion as of 22 April 2026.</li>
<li>RIA account is aiming to slow down this aggressive growth of overseas stock investments by Korean investors and rather try to repatriate these overseas investments into the Korean stock market. </li>
</ul>


Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea. 
Total amount of overseas listed investments by Korean investors increased from $27 billion at the end of 2020 to $131.7 billion as of 22 April 2026.
RIA account is aiming to slow down this aggressive growth of overseas stock investments by Korean investors and rather try to repatriate these overseas investments into the Korean stock market. 


Repatriation Investment Account (RIA) Surpasses 1 Trillion Won in One Month in Korea

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks. Hong Kong, Singapore are at parity.</li>
<li>Utilities, consumer services, consumer durables are prominent decliners. Industrials, health tech (pharmaceuticals), process industries and technology are above pre-war levels. The market seems concerned about fuel and industrial input shortage.</li>
<li>After this relative valuation churn, Korea, Indonesia and Philippines appear the cheapest on PE vs EPS growth and P/BV vs ROE. We remain overweight Korea, HK/China and Singapore.</li>
</ul>


Asian headline indices are almost at pre-war levels. However, Philippines, Indonesia, Thailand and Korea are significantly below and Taiwan significantly above the pre-war peaks. Hong Kong, Singapore are at parity.
Utilities, consumer services, consumer durables are prominent decliners. Industrials, health tech (pharmaceuticals), process industries and technology are above pre-war levels. The market seems concerned about fuel and industrial input shortage.
After this relative valuation churn, Korea, Indonesia and Philippines appear the cheapest on PE vs EPS growth and P/BV vs ROE. We remain overweight Korea, HK/China and Singapore.


Asian Equities: Headline Indices Back to Pre-War, but Not All Markets or Sectors Are

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Thematic (Sector/Industry)

<ul>
<li>Anthropic, OpenAI, xAI, Xiaomi and Stepfun all shipped model updates, with price cuts and open weights at the center of the week.</li>
<li>AI infrastructure financing stayed active across Akamai, Nscale, Firmus, Oracle-linked data centers, CoreWeave facilities and SoftBank debt.</li>
<li>Regulatory and security news focused on Pentagon supply-chain controls, OpenAI evaluation incidents and US review before UK model testing.</li>
</ul>


Anthropic, OpenAI, xAI, Xiaomi and Stepfun all shipped model updates, with price cuts and open weights at the center of the week.
AI infrastructure financing stayed active across Akamai, Nscale, Firmus, Oracle-linked data centers, CoreWeave facilities and SoftBank debt.
Regulatory and security news focused on Pentagon supply-chain controls, OpenAI evaluation incidents and US review before UK model testing.


This Week in AI (Sep 20-26): Opus 5.5 and GPT-6 Launch Cheaper; Data Center IPO Delays

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>KRX-Listed 2x daily leveraged ETFs on SK hynix have been hit by mean-reverting volatility, with the leverage index down sharply month-to-date.</li>
<li>
Assets under management have come under pressure in July, but large inflows have softened the impact of negative price performance.</li>
<li>
ETF inflows remain meaningful relative to underlying liquidity, but on sharp down days they can be more than offset by daily rebalancing sales.</li>
</ul>


KRX-Listed 2x daily leveraged ETFs on SK hynix have been hit by mean-reverting volatility, with the leverage index down sharply month-to-date.

Assets under management have come under pressure in July, but large inflows have softened the impact of negative price performance.

ETF inflows remain meaningful relative to underlying liquidity, but on sharp down days they can be more than offset by daily rebalancing sales.


SK Hynix (000660 KS): Investors Buy Leveraged ETFs Into Sharp Selloff

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

Hynix ADR Conversion Goes Live: Quota Hunting Dynamics to Watch

Still unconfirmed whether the 2.5 percent real headroom versus 25 percent macro is an internal leak, but the setup looks credible. Hynix appears to...