Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

HD Hyundai Robotics / Equity Capital Markets

<ul>
<li>HD Hyundai Robotics is getting ready to complete its IPO in Korea in 2026. HD Hyundai Robotics is expected to be one of the largest IPOs in Korea this year.</li>
<li>The market currently estimates the value of HD Hyundai Robotics to be about 6-7 trillion won, up from a recent private market valuation of 1.8 trillion won in October 2025.</li>
<li>If HD Hyundai Robotics is valued at 7 trillion won, an 80% stake held by HD Hyundai would be worth 5.6 trillion won (31% of HD Hyundai's market cap).</li>
</ul>


HD Hyundai Robotics is getting ready to complete its IPO in Korea in 2026. HD Hyundai Robotics is expected to be one of the largest IPOs in Korea this year.
The market currently estimates the value of HD Hyundai Robotics to be about 6-7 trillion won, up from a recent private market valuation of 1.8 trillion won in October 2025.
If HD Hyundai Robotics is valued at 7 trillion won, an 80% stake held by HD Hyundai would be worth 5.6 trillion won (31% of HD Hyundai's market cap).


Initial Thoughts on the HD Hyundai Robotics IPO

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>KKR is looking to raise around US$230m via selling some of its stake in <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>.</li>
<li>KKR came out of its IPO linked lockup in Nov'24 and launched deals in Feb and May'25, respectively. According to Bloomberg, KKR had a 10% stake prior to the selldown.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


KKR is looking to raise around US$230m via selling some of its stake in HD Hyundai Marine Solution (443060 KS).
KKR came out of its IPO linked lockup in Nov'24 and launched deals in Feb and May'25, respectively. According to Bloomberg, KKR had a 10% stake prior to the selldown.
In this note, we will talk about the placement and run the deal through our ECM framework.


HD Hyundai Marine Placement - Very Well Flagged with Last Deal Doing Well

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>The proposed bill fully closes the treasury-share loopholes, bans all exchangeable/pledge uses, blocks M&amp;A allocations, and imposes strict cancellation deadlines—1 year for new buys, 6 months for existing.</li>
<li>The amendment tightens disposal rules: no cancellation means pro-rata sales to existing shareholders only, shutting down selective deals and closing the wide-open disposal gap under current law.</li>
<li>The proposal is far tougher than expected, likely to become the final version, and should drive a near-term mandatory-cancel narrative and notable price action in governance-sensitive holding-co names.</li>
</ul>


The proposed bill fully closes the treasury-share loopholes, bans all exchangeable/pledge uses, blocks M&amp;A allocations, and imposes strict cancellation deadlines—1 year for new buys, 6 months for existing.
The amendment tightens disposal rules: no cancellation means pro-rata sales to existing shareholders only, shutting down selective deals and closing the wide-open disposal gap under current law.
The proposal is far tougher than expected, likely to become the final version, and should drive a near-term mandatory-cancel narrative and notable price action in governance-sensitive holding-co names.


Ruling Party Unveils Key Details of 3rd Commercial Act Amendment: Mandatory Treasury-Share Disposal

HD Korea Shipbuilding & Offshore Engineering / Event-Driven

HD Korea Shipbuilding & Offshore Engineering (009540 KS)

HD Korea Shipbuilding & Offshore Engineering

<ul>
<li>Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.</li>
<li>Trade setup: screen &gt;₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.</li>
<li>Screening &gt;₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.</li>
</ul>


Market sniffing policy push; low-float names flagged as junk risk with skewed control. Desks circling, Palliser hit early—LG Chem trade popped, timing spot on.
Trade setup: screen &gt;₩1tn caps with low float, parent stakes 60–80%. Policy push likely forces stake cuts, driving float higher and squeezing NAV discounts—LG Chem shows the play.
Screening &gt;₩1tn caps flags 11 names: parents hold 60–80%. All potential stake-sale plays to boost float, squeeze NAV discount.


Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps

<ul>
<li>PLUS High Dividend ETF (161510 KS) reshuffle is now a key flow catalyst: June saw GS E&amp;C and HD Hyundai out, Hyundai Motor in, with sharp one-day moves.</li>
<li>December review shaping up as 2-in/2-out: Seoul Guarantee (031210) and LG Corp (003550) in, Shinhan (055550) and KB (105560) out.</li>
<li>Passive flows: Shinhan/KB ~0.3–0.4x DTV, LG ~3x, Seoul Guarantee 5–6x. With AUM up 30% since June, upcoming adds face outsized passive impact.</li>
</ul>


PLUS High Dividend ETF (161510 KS) reshuffle is now a key flow catalyst: June saw GS E&amp;C and HD Hyundai out, Hyundai Motor in, with sharp one-day moves.
December review shaping up as 2-in/2-out: Seoul Guarantee (031210) and LG Corp (003550) in, Shinhan (055550) and KB (105560) out.
Passive flows: Shinhan/KB ~0.3–0.4x DTV, LG ~3x, Seoul Guarantee 5–6x. With AUM up 30% since June, upcoming adds face outsized passive impact.


Flagging a New Passive Flow Trading Opportunity Triggered by Korea’s Divvy Policy Momentum

South Korea

HD Hyundai Co.,Ltd. operates as a oil refining company. The Company provides crude oil refining, petroleum refinery, and other related products. HD Hyundai markets its products worldwide.

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HD Hyundai (267250 KS)

Initial Thoughts on the HD Hyundai Robotics IPO

HD Hyundai Robotics is getting ready to complete its IPO in Korea in 2026. HD Hyundai Robotics is expected to be one of the largest IPOs in Korea...

Douglas Kim

HD Hyundai Marine Placement - Very Well Flagged with Last Deal Doing Well

KKR is looking to raise around US$230m via selling some of its stake in HD Hyundai Marine Solutions. In this note, we will talk about the placement...

Akshat Shah

Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps

This post lays out a live watchlist for NAV discount traders as Korea’s policy narrative shifts to low‑float large caps.

Sanghyun Park

Flagging a New Passive Flow Trading Opportunity Triggered by Korea’s Divvy Policy Momentum

This post flags a new passive flow trade kicking in on Korea’s divvy policy momentum, with upcoming index reshuffles and strong dividend trends...

Sanghyun Park

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52-week Range

Market Cap (USDm)

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Initial Thoughts on the HD Hyundai Robotics IPO

HD Hyundai Robotics is getting ready to complete its IPO in Korea in 2026. HD Hyundai Robotics is expected to be one of the largest IPOs in Korea...

Douglas Kim

HD Hyundai Marine Placement - Very Well Flagged with Last Deal Doing Well

KKR is looking to raise around US$230m via selling some of its stake in HD Hyundai Marine Solutions. In this note, we will talk about the placement...

Akshat Shah

Ruling Party Unveils Key Details of 3rd Commercial Act Amendment: Mandatory Treasury-Share Disposal

This post covers the full structure of the Ruling Party’s full 3rd Commercial Act amendment draft, outlining mandatory treasury-share disposal.

Sanghyun Park

Korea’s Next Policy Play: NAV Discount Squeeze on Low‑Float Large Caps

This post lays out a live watchlist for NAV discount traders as Korea’s policy narrative shifts to low‑float large caps.

Sanghyun Park

Flagging a New Passive Flow Trading Opportunity Triggered by Korea’s Divvy Policy Momentum

This post flags a new passive flow trade kicking in on Korea’s divvy policy momentum, with upcoming index reshuffles and strong dividend trends...

Sanghyun Park