Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Miwon Specialty Chemical / Index Rebalance

<ul>
<li>The June 2025 index review results for the KOSPI Indices were announced after the close on Tuesday 27th May 2024.</li>
<li>There will be eight ADDs and eight DELs for KOSPI 200 during the June 2025 index rebal event. Some have high impact but round-trip flow is about US$175mm.</li>
<li>We <em>were</em> expecting six ADDs and six DELs. All of those turned out to be correct but there were some surprises (more ADDs and DELs than we expected). Explained below.</li>
</ul>


The June 2025 index review results for the KOSPI Indices were announced after the close on Tuesday 27th May 2024.
There will be eight ADDs and eight DELs for KOSPI 200 during the June 2025 index rebal event. Some have high impact but round-trip flow is about US$175mm.
We were expecting six ADDs and six DELs. All of those turned out to be correct but there were some surprises (more ADDs and DELs than we expected). Explained below.


KOSPI200 Jun25 Rebal: A Whopping 8 ADDs 8 DELETEs, At Least 1 Surprise - Some High ADV Changes

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>With the review period complete, there could be 7 changes for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> in June.</li>
<li>The impact on the potential inclusions ranges from 1.6-22 days of ADV while the impact on the potential deletions varies from 3.6-16.5 days of ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/han-kuk-carbon-co-ltd" target="_blank" data-smartkarma-citation="entities:17241:1" rel="noopener">Han Kuk Carbon (017960 KS)</a> appeared as a forecast add in the week starting 22 March and the stock is up 38% since then.</li>
</ul>


With the review period complete, there could be 7 changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) in June.
The impact on the potential inclusions ranges from 1.6-22 days of ADV while the impact on the potential deletions varies from 3.6-16.5 days of ADV.

Han Kuk Carbon (017960 KS) appeared as a forecast add in the week starting 22 March and the stock is up 38% since then.


KOSPI200 Index Rebalance Preview: 7 Changes a Side for June

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>Short selling returns March 31, after 85% of the KOSPI 200’s rebalancing. Stocks set for removal will be prime short targets.</li>
<li>Stocks removed have solid liquidity, tight passive impact gaps between them, and with short selling restarting March 31, we could see intensified volume in the short basket.</li>
<li>With rebalance ahead, price action may start early. Market exposure means aggressive moves could happen before the end of March, so consider building futures positions before short selling resumes.</li>
</ul>


Short selling returns March 31, after 85% of the KOSPI 200’s rebalancing. Stocks set for removal will be prime short targets.
Stocks removed have solid liquidity, tight passive impact gaps between them, and with short selling restarting March 31, we could see intensified volume in the short basket.
With rebalance ahead, price action may start early. Market exposure means aggressive moves could happen before the end of March, so consider building futures positions before short selling resumes.


Play the Timing Sweet Spot Between KOSPI 200 Rebal and Short Selling Coming Back into Play

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Dongwon Group's decision to merge Dongwon F&amp;B and Dongwon Industries into one company is a positive move.</li>
<li>Dongwon F&amp;B will be incorporated as a wholly-owned subsidiary of Dongwon Industries and will be delisted.</li>
<li>Post stock swap between Dongwon Industries and Dongwon F&amp;B, the surviving entity (Dongwon Industries) is a likely candidate for KOSPI 200 inclusion in 2H 2025/2026.</li>
</ul>


Dongwon Group's decision to merge Dongwon F&amp;B and Dongwon Industries into one company is a positive move.
Dongwon F&amp;B will be incorporated as a wholly-owned subsidiary of Dongwon Industries and will be delisted.
Post stock swap between Dongwon Industries and Dongwon F&amp;B, the surviving entity (Dongwon Industries) is a likely candidate for KOSPI 200 inclusion in 2H 2025/2026.


Dongwon F&B: Delisting and Incorporation as a Wholly Owned Subsidiary of Dongwon Industries

HD Hyundai Marine Solution  / Index Rebalance

<ul>
<li>Halfway through the review period, there could be 6 changes for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI200 (KOSPI2 INDEX)</a> in June. The <a href="https://www.smartkarma.com/entities/lg-cns-co-ltd" target="_blank" data-smartkarma-citation="entities:35945:1" rel="noopener">LG CNS (LGCNSZ KS)</a> listing could increase that number.</li>
<li>The impact on the potential inclusions ranges from 2.1-26 days of ADV while the impact on the potential deletions varies from 5-11 days of ADV.</li>
<li>The forecast adds have outperformed the forecast deletes over the last few months and the performance gap is near its widest point.</li>
</ul>


Halfway through the review period, there could be 6 changes for the Korea Stock Exchange KOSPI200 (KOSPI2 INDEX) in June. The LG CNS (LGCNSZ KS) listing could increase that number.
The impact on the potential inclusions ranges from 2.1-26 days of ADV while the impact on the potential deletions varies from 5-11 days of ADV.
The forecast adds have outperformed the forecast deletes over the last few months and the performance gap is near its widest point.


KOSPI200 Index Rebalance Preview: 6 Potential Changes in June; LG CNS Listing Could Increase That

South Korea

Dongwon Industries Co., Ltd. is a deep-sea fishing company.  The Company produces and distributes fish can goods and processed seafood products including tuna sashimi.

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Dongwon Industries (006040 KS)

KOSPI200 Jun25 Rebal: A Whopping 8 ADDs 8 DELETEs, At Least 1 Surprise - Some High ADV Changes

KOSPI announced its KOSPI 200 changes for the June 2025 rebalance today. 8 ADDs, 8 DELETEs. We expected 6, missed one because of a float difference...

Travis Lundy

KOSPI200 Index Rebalance Preview: 7 Changes a Side for June

There could be 7 changes for the KOSPI200 in June. Potential impact ranges from 1.6-22 days of ADV. HDC Holdings has jumped the most while Hankuk...

Brian Freitas

Play the Timing Sweet Spot Between KOSPI 200 Rebal and Short Selling Coming Back into Play

The KOSPI 200 June rebalance screening is almost done. The adds and deletes are mostly as expected from my Jan screen, with the same names likely...

Sanghyun Park

Dongwon F&B: Delisting and Incorporation as a Wholly Owned Subsidiary of Dongwon Industries

Dongwon Group announced a major reorganization plan on 14 April. Dongwon F&B (049770 KS) will be delisted and incorporated as a wholly owned...

Douglas Kim

KOSPI200 Index Rebalance Preview: 6 Potential Changes in June; LG CNS Listing Could Increase That

There could be 6 changes for the KOSPI200 in June. The LG CNS listing tomorrow could increase that number. The forecast adds have outperformed the...

Brian Freitas

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