Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>There are increasing signs that Hankook Tire &amp; Technology's M&amp;A of Hanon Systems could be falling apart. </li>
<li>The deadline for signing the main M&amp;A contract to purchase a 25% stake in Hanon Systems has been postponed indefinitely.
</li>
<li>
New contingent liabilities at Hanon Systems have been uncovered during the 10 week due diligence process of Hanon Systems by Hankook T&amp;T.</li>
</ul>


There are increasing signs that Hankook Tire &amp; Technology's M&amp;A of Hanon Systems could be falling apart. 
The deadline for signing the main M&amp;A contract to purchase a 25% stake in Hanon Systems has been postponed indefinitely.


New contingent liabilities at Hanon Systems have been uncovered during the 10 week due diligence process of Hanon Systems by Hankook T&amp;T.


Hankook Tire & Technology: M&A of Hanon System Falling Apart?

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.

<ul>
<li>Today's news indicates Hankook Tire found contingent liabilities in Hanon Systems' finances, meeting conditions to break the May agreement and putting the deal on indefinite hold.</li>
<li>Hankook Tire plans to adjust the new share price first, then the existing share price, while Hahn &amp; Co, unable to delay its exit, will likely accept it.</li>
<li>With Hahn &amp; Co likely to accept Hankook Tire’s price adjustment request, consider a long-short setup: Hankook Tire may benefit from positive momentum, while Hanon Systems faces negative dilution.</li>
</ul>


Today's news indicates Hankook Tire found contingent liabilities in Hanon Systems' finances, meeting conditions to break the May agreement and putting the deal on indefinite hold.
Hankook Tire plans to adjust the new share price first, then the existing share price, while Hahn &amp; Co, unable to delay its exit, will likely accept it.
With Hahn &amp; Co likely to accept Hankook Tire’s price adjustment request, consider a long-short setup: Hankook Tire may benefit from positive momentum, while Hanon Systems faces negative dilution.


Latest Update on Hanon Systems Stake Sale: Consider Long Short Setup on Hankook Tire & Hanon

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of May 24th which has an aggregated holding worth USD533.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD443mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Sk Hynix, Hyundai Motor, Hd Hyundai Heavy, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of May 24th which has an aggregated holding worth USD533.9bn.
We estimate that foreign flows to be inflows of USD443mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Sk Hynix, Hyundai Motor, Hd Hyundai Heavy, Samsung Electronics.


KRX Foreign Holding Weekly (May 24th): Sk Hynix, Hyundai Motor, HHI, Samsung Electronics

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of May 17th which has an aggregated holding worth USD545.3bn.</li>
<li>We estimate that foreign flows to be inflows of USD720mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Sk Hynix (000660 KS),  Samsung Electronics (005930 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of May 17th which has an aggregated holding worth USD545.3bn.
We estimate that foreign flows to be inflows of USD720mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Sk Hynix (000660 KS),  Samsung Electronics (005930 KS).


KRX Foreign Holding Weekly (May 17th): Sk Hynix, Samsung Electronics

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of May 10th which has an aggregated holding worth USD540.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,299mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Samsung Electronics (005930 KS), Kb Financial (105560 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of May 10th which has an aggregated holding worth USD540.4bn.
We estimate that foreign flows to be inflows of USD1,299mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Samsung Electronics (005930 KS), Kb Financial (105560 KS).


KRX Foreign Holding Weekly (May 10th): Samsung Electronics, Kb Financial

South Korea

Hankook Tire & Technology Co. Ltd. develops and manufactures radial tires for passenger cars, light trucks, trucks, and buses.  The Company also produces batteries and aluminum alloy wheels and operates real estate business.

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Hankook Tire & Technology (161390 KS)

Hankook Tire & Technology: M&A of Hanon System Falling Apart?

There are increasing signs that Hankook Tire & Technology's M&A of Hanon Systems could be falling apart. New contingent liabilities at Hanon...

Douglas Kim

Latest Update on Hanon Systems Stake Sale: Consider Long Short Setup on Hankook Tire & Hanon

This post offers the latest update on the Hanon Systems share sale agreement between Hankook Tire and Hahn & Co and discusses trading setups to...

Sanghyun Park

KRX Foreign Holding Weekly (May 24th): Sk Hynix, Hyundai Motor, HHI, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Hyundai Motor, Hd Hyundai Heavy,...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (May 17th): Sk Hynix, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Samsung Electronics.

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (May 10th): Samsung Electronics, Kb Financial

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Kb Financial.

Ke Yan, CFA, FRM

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