Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Event-Driven

Celltrion finally gives us a three-way merger plan in a regulatory filing.Below is the link to the regulatory filing published at DART last Friday after the market closed.<a href="http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20200925800449" target="_blank" rel="noopener">http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20200925800449</a>The filing is brief and straightforward.<ul>
<li>First, there will be a new company named Celltrion Healthcare Holdings. Then, Seo Jung-jin, Founder, will invest his stake of Healthcare into this entity through in-kind investment.</li>
<li>Second, they will merge Celltrion Holdings and Celltrion Healthcare Holdings. The deadline for this merger is December 31, 2021.</li>
<li>Lastly, there will be another merger between Celltrion, Celltrion Healthcare, and Celltrion Pharm. * But the deadline is yet to be announced. Also, the merger mechanism is subject to change depending on the outcome of each company's board and shareholder meeting.
</li>
</ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/161/915/original/1.png?1601171221" class="editor-image img-responsive" data-smartkarma-image-id="161915"></figure><div class="content-caption">(Source: DART)</div>

Celltrion finally gives us a three-way merger plan in a regulatory filing.Below is the link to the regulatory filing published at DART last Friday after the market closed.http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20200925800449The filing is brief and straightforward.
First, there will be a new company named Celltrion Healthcare Holdings. Then, Seo Jung-jin, Founder, will invest his stake of Healthcare into this entity through in-kind investment.
Second, they will merge Celltrion Holdings and Celltrion Healthcare Holdings. The deadline for this merger is December 31, 2021.
Lastly, there will be another merger between Celltrion, Celltrion Healthcare, and Celltrion Pharm. * But the deadline is yet to be announced. Also, the merger mechanism is subject to change depending on the outcome of each company's board and shareholder meeting.

(Source: DART)

Celltrion Merger Announcement: Details, Questionable Aspects, & Trading Dynamics

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Last Week in Event SPACE: Vedanta, Evergrande Auto, Cocokara, Leyou, Mitsu Lease/Hitachi Cap

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<div class="content-highlight">
After the market close today, there was a major announcement in the healthcare sector in Korea. <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <a href="https://www.smartkarma.com/entities/celltrion-healthcare" target="_blank" data-smartkarma-citation="entities:23641:1" rel="noopener">Celltrion Healthcare (091990 KS)</a>, and <a href="https://www.smartkarma.com/entities/celltrion-pharm-inc" target="_blank" data-smartkarma-citation="entities:992:1" rel="noopener">Celltrion Pharm (068760 KS)</a> will be MERGED into one company. Plus, a NEWCO called Celltrion Healthcare Holdings is established.
Overall, we believe that this will be positive for the three Celltrion Group companies over a 6-12 months view. However, the overall impact is not likely to be overly significant since early this year, the Celltrion Group Chairman Seo Jung-Jin already hinted that there could be a merger among these three companies.
One of the main reasons why the Celltrion Group stocks have done well so far this year has been due to the expectation of the formal merger announcement. As a result, there could be some investors that may actually try to sell the three Celltrion Group related stocks on this news in the near-term. 
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After the market close today, there was a major announcement in the healthcare sector in Korea. Celltrion Inc (068270 KS), Celltrion Healthcare (091990 KS), and Celltrion Pharm (068760 KS) will be MERGED into one company. Plus, a NEWCO called Celltrion Healthcare Holdings is established.
Overall, we believe that this will be positive for the three Celltrion Group companies over a 6-12 months view. However, the overall impact is not likely to be overly significant since early this year, the Celltrion Group Chairman Seo Jung-Jin already hinted that there could be a merger among these three companies.
One of the main reasons why the Celltrion Group stocks have done well so far this year has been due to the expectation of the formal merger announcement. As a result, there could be some investors that may actually try to sell the three Celltrion Group related stocks on this news in the near-term. 


A Merger of Three Celltrion Group Companies + Formation of a Celltrion Healthcare Holdings

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

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We highlight 14 stocks in Asia that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

We highlight 14 stocks in Asia that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

The Korean government unveiled the specifics of the Korean version of the New Deal initiative.First, we will have a government-backed ₩20tril (US$17bil) fund, ₩3tril of which will come directly from the government (tax money) with an additional ₩4tril from state-run financial institutions. The remaining ₩13tril will come from the private sector and the public.Now, what's noteworthy is that we will see a set of new indices (designed by the KRX) specifically tracking the companies directly related to the New Deal Initiative.

The Korean government unveiled the specifics of the Korean version of the New Deal initiative.First, we will have a government-backed ₩20tril (US$17bil) fund, ₩3tril of which will come directly from the government (tax money) with an additional ₩4tril from state-run financial institutions. The remaining ₩13tril will come from the private sector and the public.Now, what's noteworthy is that we will see a set of new indices (designed by the KRX) specifically tracking the companies directly related to the New Deal Initiative.

Korea-New Deal Index: Constituents, Weights, & Market Reaction

South Korea

Celltrion Inc. produces and sells biosimilar products and also provides consignm ent processing service for other companies.  The Company's main product is Abata cept which is for arthritis treatment

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Celltrion Inc (068270 KS)

Celltrion Merger Announcement: Details, Questionable Aspects, & Trading Dynamics

Celltrion finally ga

Sanghyun Park

Last Week in Event SPACE: Vedanta, Evergrande Auto, Cocokara, Leyou, Mitsu Lease/Hitachi Cap

Last Week in Event SPACE ... Plus, other events, CCASS movements and Mood Spins. (This insight covers specific insights & comments...

David Blennerhassett

A Merger of Three Celltrion Group Companies + Formation of a Celltrion Healthcare Holdings

Overall, we believe that this will be positive for the three Celltrion Group companies over a 6-12 months view. However, the overall impact is not...

Douglas Kim

The Stocks to Own in Asia – Vol. 30

We highlight 14 stocks in Asia that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Asia markets...

A. Stotz Investment Research

Korea-New Deal Index: Constituents, Weights, & Market Reaction

The Korean government unveiled the specifics of the Korean version of the New Deal initiative.

Sanghyun Park

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