Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

In our previous report - 2016 Major IPOs Pipeline in Korea, we identified 19 companies that are seeking to complete IPOs in Korea in 2016. In this Part II of our report, we dug deeper and identified 17 more companies that planning to complete IPOs in Korea in 2016. We believe that IPOs of these 36 companies are likely to represent more than 90% of all capital raised through IPOs this year in the Korea Stock Markets.Of these 36 companies planning to complete IPOs, consumer discretionary sector…

In our previous report - 2016 Major IPOs Pipeline in Korea, we identified 19 companies that are seeking to complete IPOs in Korea in 2016. In this Part II of our report, we dug deeper and identified 17 more companies that planning to complete IPOs in Korea in 2016. We believe that IPOs of these 36 companies are likely to represent more than 90% of all capital raised through IPOs this year in the Korea Stock Markets.Of these 36 companies planning to complete IPOs, consumer discretionary sector…

2016 Major IPOs Pipeline in Korea - Part II

This year appears to be an exciting year for IPOs in Korea, barring a dramatic downturn in global equities markets like the one we experienced in 2008. In this report, we highlight some of the major IPOs that are in the pipeline for 2016. Recapping 2015, there were 128 companies in Korea that completed IPOs (including 19 new listings in KOSPI and 109 new listings in KOSDAQ markets). The IPO market in Korea is off to a solid start. JS Corporation (194370KS), a leading ODM (original design…

This year appears to be an exciting year for IPOs in Korea, barring a dramatic downturn in global equities markets like the one we experienced in 2008. In this report, we highlight some of the major IPOs that are in the pipeline for 2016. Recapping 2015, there were 128 companies in Korea that completed IPOs (including 19 new listings in KOSPI and 109 new listings in KOSDAQ markets). The IPO market in Korea is off to a solid start. JS Corporation (194370KS), a leading ODM (original design…

Douglas Research Advisory

Event-Driven

Shinsegae Information & Communication Co / Event-Driven

Shinsegae Information & Communication Co (035510 KS)

<ul>
<li>On 17 March, the Shinsegae Group announced that it is partnering with US based Reflection AI to build one of the largest AI data centers in Korea. </li>
<li>The total investment in this AI data center is expected to exceed 10 trillion won (US$6.7 billion).</li>
<li>This JV between the Shinsegae Group and Reflection AI is likely to have a major POSITIVE impact on Shinsegage I&amp;C. </li>
</ul>


On 17 March, the Shinsegae Group announced that it is partnering with US based Reflection AI to build one of the largest AI data centers in Korea. 
The total investment in this AI data center is expected to exceed 10 trillion won (US$6.7 billion).
This JV between the Shinsegae Group and Reflection AI is likely to have a major POSITIVE impact on Shinsegage I&amp;C. 


Korea Small Cap Gem #59: Shinsegae I&C [10 Trillion Won Investment in AI Data Center in Korea]

<ul>
<li>On 10 March, E Mart Inc (139480 KS) announced that it will conduct a stock swap with Shinsegae Food (031440 KS) at a ratio of 1:0.5031313 to delist the company. </li>
<li>The stock swap ratio applied a 3.0% premium to Shinsegae Food's base market price to protect minority shareholders.</li>
<li>This stock swap is the final step in E-Mart's incorporation of Shinsegae Food as a wholly owned subsidiary. The shareholder confirmation date is 25 March.</li>
</ul>


On 10 March, E Mart Inc (139480 KS) announced that it will conduct a stock swap with Shinsegae Food (031440 KS) at a ratio of 1:0.5031313 to delist the company. 
The stock swap ratio applied a 3.0% premium to Shinsegae Food's base market price to protect minority shareholders.
This stock swap is the final step in E-Mart's incorporation of Shinsegae Food as a wholly owned subsidiary. The shareholder confirmation date is 25 March.


E-Mart: A Stock Swap with Shinsegae Food for a Final Delisting

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman (9956 HK)</a>'s Scheme Doc is out, absent any reference to CDH (holding an estimated 18%). Given precedents with similar fact patterns, this is probably one deal to avoid.</li>
<li>
<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>'s Offer Price is more than expected; but the fact that Dalton , who really wanted to sell, but isn't selling, suggests the price should be higher.</li>
<li>8th January vote on <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC (5 HK)</a>'s Offer for <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a>.  Safe deal. This is effectively a term deposit hybrid.</li>
</ul>



ANE Cayman (9956 HK)'s Scheme Doc is out, absent any reference to CDH (holding an estimated 18%). Given precedents with similar fact patterns, this is probably one deal to avoid.

Hogy Medical (3593 JP)'s Offer Price is more than expected; but the fact that Dalton , who really wanted to sell, but isn't selling, suggests the price should be higher.
8th January vote on HSBC (5 HK)'s Offer for Hang Seng Bank (11 HK).  Safe deal. This is effectively a term deposit hybrid.


Last Week In Event SPACE: ANE Cayman. Hogy Medical, Hang Seng, Zhejiang Sanhua Intelligent

South Korea

E-MART Inc. operates E-Mart discount stores. The Company retails food, clothing, household goods, electronics, and other items through several branch stores.

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E Mart Inc (139480 KS)

2016 Major IPOs Pipeline in Korea - Part II

In our previous report - 2016 Major IPOs Pipeline in Korea, we identified 19 companies that are seeking to complete IPOs in Korea in 2016. In this...

Douglas Kim

2016 Major IPOs Pipeline in Korea

This year appears to be an exciting year for IPOs in Korea, barring a dramatic downturn in global equities markets like the one we experienced in...

Douglas Kim

Korea Small Cap Gem #59: Shinsegae I&C [10 Trillion Won Investment in AI Data Center in Korea]

On 17 March, the Shinsegae Group announced that it is partnering with US based Reflection AI to build one of the largest AI data centers in Korea.

Douglas Kim

E-Mart: A Stock Swap with Shinsegae Food for a Final Delisting

On 10 March, E Mart Inc (139480 KS) announced that it will conduct a stock swap with Shinsegae Food (031440 KS) at a ratio of 1:0.5031313 to delist...

Douglas Kim

Last Week In Event SPACE: ANE Cayman. Hogy Medical, Hang Seng, Zhejiang Sanhua Intelligent

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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