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>Enchem (348370 KS) is in a bit tricky situation. Applying the KRX's review period calculation criterion to Enchem satisfies the minimum listing requirement.</li>
<li>So, we should consider Enchem's addition odds quite high. Enchem's inclusion will pave the way for Sungwoo Hitech (015750 KS) to leave the Index.</li>
<li>We have ten adds/deletes, and WYSIWYG Studios (299900 KS) leads the adds for the passive impact, whereas JNTC Co Ltd (204270 KS) will suffer the most relative to ADTV.</li>
</ul>


Enchem (348370 KS) is in a bit tricky situation. Applying the KRX's review period calculation criterion to Enchem satisfies the minimum listing requirement.
So, we should consider Enchem's addition odds quite high. Enchem's inclusion will pave the way for Sungwoo Hitech (015750 KS) to leave the Index.
We have ten adds/deletes, and WYSIWYG Studios (299900 KS) leads the adds for the passive impact, whereas JNTC Co Ltd (204270 KS) will suffer the most relative to ADTV.


KOSDAQ 150 Rebalancing: Complete List of Candidates, Including Enchem

<ul>
<li>In the KOSPI, Kakao Pay and SK IET deserve our attention. Their prices are 20-25% above the offering prices, and the release size is 10x ADTV. Both are short-selling available.</li>
<li>On the KOSDAQ, Enchem, Dear U, 4by4, and Poongwon Precision are worth paying attention to. They will face a sizable release with the share prices sitting above their offering prices.</li>
<li>However, none of these KOSDAQ names are available for short-selling. So, we should consider underweighting existing positions rather than building up new positions.</li>
</ul>


In the KOSPI, Kakao Pay and SK IET deserve our attention. Their prices are 20-25% above the offering prices, and the release size is 10x ADTV. Both are short-selling available.
On the KOSDAQ, Enchem, Dear U, 4by4, and Poongwon Precision are worth paying attention to. They will face a sizable release with the share prices sitting above their offering prices.
However, none of these KOSDAQ names are available for short-selling. So, we should consider underweighting existing positions rather than building up new positions.


KOSPI/KOSDAQ Lockup Releases: Kakao Pay, SKIET, Enchem, Dear U, 4by4, & Poongwon Precision

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this insight, we discuss end of the mandatory lock-up periods for 40 stocks in Korea in May 2022, among which 4 are in KOSPI and 36 are in KOSDAQ.</li>
<li>These 40 stocks on average could be subject to further selling pressures in May and could underperform relative to the market. </li>
<li>Among these 40 stocks, the following stocks such as Kakao Pay, Enchem, DearU, and 4by4 could face further selling pressures in the coming weeks.</li>
</ul>


In this insight, we discuss end of the mandatory lock-up periods for 40 stocks in Korea in May 2022, among which 4 are in KOSPI and 36 are in KOSDAQ.
These 40 stocks on average could be subject to further selling pressures in May and could underperform relative to the market. 
Among these 40 stocks, the following stocks such as Kakao Pay, Enchem, DearU, and 4by4 could face further selling pressures in the coming weeks.


End of Mandatory Lock-Up Periods for 40 Companies in Korea in May 2022

<ul>
<li>The KOSDAQ 150 rebalancing in June will have nine adds and deletes, respectively.</li>
<li>Additions: <a href="https://www.smartkarma.com/entities/vidente-co-ltd" target="_blank" data-smartkarma-citation="entities:10357:1" rel="noopener">Vidente (121800)</a>, <a href="https://www.smartkarma.com/entities/golfzon-co-ltd" target="_blank" data-smartkarma-citation="entities:35645:1" rel="noopener">GOLFZON (215000)</a>, <a href="https://www.smartkarma.com/entities/hana-micron-inc" target="_blank" data-smartkarma-citation="entities:1464:1" rel="noopener">Hana Micron (067310)</a>, <a href="https://www.smartkarma.com/entities/danal-co-ltd" target="_blank" data-smartkarma-citation="entities:19682:1" rel="noopener">Danal (064260)</a>, <a href="https://www.smartkarma.com/entities/intellian-technologies-inc" target="_blank" data-smartkarma-citation="entities:34895:1" rel="noopener">Intellian Technologies (189300)</a>, <a href="https://www.smartkarma.com/entities/advanced-nano-products-co-lt" target="_blank" data-smartkarma-citation="entities:20170:1" rel="noopener">Advanced Nano (121600)</a>, Neoimmunetech (950220), NKMax (182400), &amp; WYSIWYG (299900) 
</li>
<li>Deletions: <a href="https://www.smartkarma.com/entities/toptec-co-ltd" target="_blank" data-smartkarma-citation="entities:7332:1" rel="noopener">Toptec (108230)</a>, <a href="https://www.smartkarma.com/entities/danawa-co-ltd" target="_blank" data-smartkarma-citation="entities:7191:1" rel="noopener">Danawa (119860)</a>, <a href="https://www.smartkarma.com/entities/optoelectronics-solutions-co" target="_blank" data-smartkarma-citation="entities:2098:1" rel="noopener">Optoelectronics Solutions (138080)</a>, <a href="https://www.smartkarma.com/entities/unison-co-ltd-south-korea" target="_blank" data-smartkarma-citation="entities:18617:1" rel="noopener">Unison (018000)</a>, <a href="https://www.smartkarma.com/entities/daea-ti-co-ltd" target="_blank" data-smartkarma-citation="entities:1473:1" rel="noopener">Daea Ti (045390)</a>, <a href="https://www.smartkarma.com/entities/advanced-process-systems-corporation" target="_blank" data-smartkarma-citation="entities:24087:1" rel="noopener">AP Systems (265520)</a>, <a href="https://www.smartkarma.com/entities/seojin-system-co-ltd" target="_blank" data-smartkarma-citation="entities:24032:1" rel="noopener">Seojin System (178320)</a>, <a href="https://www.smartkarma.com/entities/wonik-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:6485:1" rel="noopener">Wonik Holdings (030530)</a>, &amp; <a href="https://www.smartkarma.com/entities/rsupport-co-ltd" target="_blank" data-smartkarma-citation="entities:14783:1" rel="noopener">Rsupport (131370)</a> </li>
</ul>


The KOSDAQ 150 rebalancing in June will have nine adds and deletes, respectively.
Additions: Vidente (121800), GOLFZON (215000), Hana Micron (067310), Danal (064260), Intellian Technologies (189300), Advanced Nano (121600), Neoimmunetech (950220), NKMax (182400), &amp; WYSIWYG (299900) 

Deletions: Toptec (108230), Danawa (119860), Optoelectronics Solutions (138080), Unison (018000), Daea Ti (045390), AP Systems (265520), Seojin System (178320), Wonik Holdings (030530), &amp; Rsupport (131370) 


KOSDAQ 150 Rebalancing: Changes & Passive Impacts

Mirae Asset TIGER Secondary Cell ETF / Event-Driven

Mirae Asset TIGER Secondary Cell ETF (305540 KS)

<ul>
<li>In general, the projection hit rate for the top market cap constituents was sufficiently high. And the correlation between their stock price direction and passive flow was also high.</li>
<li>However, the projection hit rate for the constituents with a small market cap was relatively low.</li>
<li>If we traded the proposed tradable names with an equal-weighted Long/Short basket, we would have achieved a return of 1.76%. Even excluding Hanjin Kal, we would have achieved 1.31%.</li>
</ul>


In general, the projection hit rate for the top market cap constituents was sufficiently high. And the correlation between their stock price direction and passive flow was also high.
However, the projection hit rate for the constituents with a small market cap was relatively low.
If we traded the proposed tradable names with an equal-weighted Long/Short basket, we would have achieved a return of 1.76%. Even excluding Hanjin Kal, we would have achieved 1.31%.


Recap on WISE Theme Indexes (TIGER ETFs) Rebalancing Trading on April 14

South Korea

Dear U Co Ltd develops and produces application software. The Company provides mobile karaoke services, artist-only fan community platform and other services. Dear U offers services worldwide.

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DearU (376300 KS)

KOSDAQ 150 Rebalancing: Complete List of Candidates, Including Enchem

This post has a complete list of ten adds and deletes, including Enchem and Sungwoo Hitech, in the upcoming KOSDAQ rebalancing in June.

Sanghyun Park

KOSPI/KOSDAQ Lockup Releases: Kakao Pay, SKIET, Enchem, Dear U, 4by4, & Poongwon Precision

This post compiles all the KOSPI/KOSDAQ lockup releases in May based on the data released by the KSD. Kakao Pay, SKIET, Enchem, Dear U, 4by4, &...

Sanghyun Park

End of Mandatory Lock-Up Periods for 40 Companies in Korea in May 2022

In this insight, we discuss end of the mandatory lock-up periods for 40 stocks in Korea in May 2022. These stocks could be subject to further...

Douglas Kim

KOSDAQ 150 Rebalancing: Changes & Passive Impacts

This post offers the changes (9 additions and deletions, respectively) and their passive impacts (x ADTV) in the KOSDAQ 150 rebalancing in June.

Sanghyun Park

Recap on WISE Theme Indexes (TIGER ETFs) Rebalancing Trading on April 14

This post is a recap of our flow trading on the WISE Theme Indexes (TIGER ETFs) rebalancing, which was carried out on April 14.

Sanghyun Park

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