Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/helixmith-co-ltd" target="_blank" data-smartkarma-citation="entities:7636:1" rel="noopener">Helixmith (084990 KS)</a> shares have been sliding since end of June due to delay in receiving the recommendation from the U.S. data monitoring committee for its phase 3 clinical trial.</li>
<li>On August 18, Helixmith received recommendation to continue phase 3 clinical trial of its lead candidate Engensis (VM202) for diabetic peripheral neuropathy, thereby removing the overhang.</li>
<li>Engensis has attracted high interest from investors, as it is targeting a large addressable patient population of nearly 8.5 million in the U.S. alone, with high unmet medical need.  </li>
</ul>



Helixmith (084990 KS) shares have been sliding since end of June due to delay in receiving the recommendation from the U.S. data monitoring committee for its phase 3 clinical trial.
On August 18, Helixmith received recommendation to continue phase 3 clinical trial of its lead candidate Engensis (VM202) for diabetic peripheral neuropathy, thereby removing the overhang.
Engensis has attracted high interest from investors, as it is targeting a large addressable patient population of nearly 8.5 million in the U.S. alone, with high unmet medical need.  


Helixmith (084990 KS): Overhang on Phase 3 Clinical Trial Uncertainty Got Removed

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Equity Capital Markets

<p>Helixmith made a surprising announcement about a rights offering worth ₩286bil.</p><p>It will offer 7.5M new shares at a capital increase rate of 28%, which gives a shareholding dilution of 22%.</p><p>100% will be going to the stockholders with a 20% oversubscription privilege.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="600">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Overview"}'>Overview</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Issuer"}'>Issuer</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Helixmith Co Ltd"}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>Helixmith Co Ltd</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"084990"}' data-sheets-formula='="084990"'>084990</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Target"}'>Target</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Pubic offering of forfeited shares after offering to stockholders"}'><p>A public offering of forfeited shares after offering to stockholders</p></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Transferability"}'>Transferability</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Renounceable"}'>Renounceable</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Volume"}'>Volume</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":7500000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[15]C[0]">7,500,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Bonus issue volume"}'>Bonus issue volume</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Preliminary price"}'>Preliminary price</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":38150}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩38,150</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Preliminary value"}'>Preliminary value</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":286125000000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[-3]C[0]*R[-1]C[0]">₩286,125,000,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Oversubscription privilege"}'>Oversubscription privilege</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>20.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Banker"}'>Banker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Eugene"}'>Eugene</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Underwriting type"}'>- Underwriting type</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Standby"}'>Standby</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'><em>Source: DART</em></td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="300">
<col width="600">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Allocation"}'>Allocation</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Common"}'>Common</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":26765714}'>26,765,714</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Pref (incl. RCPS &amp; CPS)"}'>Pref (incl. RCPS &amp; CPS)</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":0}'>0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total shares"}'>Total shares</td>
<td style="text-align: right;" data-sheets-formula="=R[-2]C[0]+R[-1]C[0]" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":26765714}'>26,765,714</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Treasury shares"}'>Treasury shares</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":29588}'>29,588</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total shares ex treasury shares"}'>Total shares ex treasury shares</td>
<td style="text-align: right;" data-sheets-formula="=R[-2]C[0]-R[-1]C[0]" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":26736126}'>26,736,126</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Offer volume"}'>Offer volume</td>
<td style="text-align: right;" data-sheets-formula="=R[1]C[0]+R[2]C[0]" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":7500000}'>7,500,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Common"}'>- Common</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":7500000}'>7,500,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Pref"}'>- Pref</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":0}'>0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Per share allocation"}'>Per-share allocation</td>
<td style="text-align: right;" data-sheets-formula="=R[15]C[0]/R[-4]C[0]" data-sheets-numberformat='{"1":2,"2":"#,##0.0000000","3":1}' data-sheets-value='{"1":3,"3":0.28051932430300486}'>0.2805193</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Capital increase"}'>Capital increase</td>
<td style="text-align: right;" data-sheets-formula="=R[-4]C[0]/R[-7]C[0]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":0.28020922587755365}'>28.02%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Dilution"}'>Dilution</td>
<td style="text-align: right;" data-sheets-formula="=R[-5]C[0]/(R[-8]C[0]+R[-5]C[0])" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":0.21887768047092204}'>21.89%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total shares after rights offer"}'>Total shares after rights offer</td>
<td style="text-align: right;" data-sheets-formula="=R[1]C[0]+R[2]C[0]" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":34265714}'>34,265,714</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Common"}'>- Common</td>
<td style="text-align: right;" data-sheets-formula="=R[-12]C[0]+R[-7]C[0]" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":34265714}'>34,265,714</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Pref"}'>- Pref</td>
<td style="text-align: right;" data-sheets-formula="=R[-12]C[0]" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":0}'>0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Bonus issue"}'>Bonus issue</td>
<td style="text-align: right;" data-sheets-formula="=R[1]C[0]+R[2]C[0]" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":0}'>0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Common"}'>- Common</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":0}'>0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Pref"}'>- Pref</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":0}'>0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Per share allocation"}'>Per-share allocation</td>
<td style="text-align: right;" data-sheets-formula="=R[-3]C[0]/(R[-6]C[0]-R[-14]C[0])" data-sheets-numberformat='{"1":2,"2":"#,##0.0000000","3":1}' data-sheets-value='{"1":3,"3":0}'>0.0000000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total shares after bonus issue"}'>Total shares after bonus issue</td>
<td style="text-align: right;" data-sheets-formula="=R[1]C[0]+R[2]C[0]" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":34265714}'>34,265,714</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Common"}'>- Common</td>
<td style="text-align: right;" data-sheets-formula="=R[-7]C[0]+R[-4]C[0]" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":34265714}'>34,265,714</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Pref"}'>- Pref</td>
<td style="text-align: right;" data-sheets-formula="=R[-7]C[0]+R[-4]C[0]" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":0}'>0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"ESOP allocation"}'>ESOP allocation</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":0}'>0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - %"}'>- %</td>
<td style="text-align: right;" data-sheets-formula="=R[-1]C[0]/R[-17]C[0]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":0}'>0.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stockholder allocation"}'>Stockholder allocation</td>
<td style="text-align: right;" data-sheets-formula="=R[-18]C[0]-R[-2]C[0]" data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-value='{"1":3,"3":7500000}'>7,500,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - %"}'>- %</td>
<td style="text-align: right;" data-sheets-formula="=R[-1]C[0]/R[-19]C[0]" data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-value='{"1":3,"3":1}'>100.00%</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'><em>Source: DART</em></td></tr>
</tbody>
</table><p>This offering proceeds a little quicker than usual. October 6 will be for the 1st round pricing, followed by the ex-rights on October 8.</p><p>You will be trading subscription rights on November 18~24, then will get to fix the price on November 30.</p><p>The subscription is December 3, followed by the payment on December 11. The shares will get listed on December 23.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="600">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Timetable"}'>Timetable</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"BOD meeting"}'>BOD meeting</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44091}'>September 17, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Preliminary pricing"}'>Preliminary pricing</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44110}'>October 6, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ex-rights date"}'>Ex-rights date</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44112}'>October 8, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date"}'>Record date</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44116}'>October 12, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Subscription rights trade beginning"}'>Subscription rights trade beginning</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44153}'>November 18, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Subscription rights trade ending"}'>Subscription rights trade ending</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44159}'>November 24, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Final pricing"}'>Final pricing</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44165}'>November 30, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stockholder subscription"}'>Stockholder subscription</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44168}'>December 3, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Public subscription"}'>Public subscription</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44173}'>December 8, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Payment"}'>Payment</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44176}'>December 11, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Listing"}'>Listing</td>
<td style="text-align: right;" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44188}'>December 23, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date for bonus shares"}'>The record date for bonus shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'>N/A</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Listing - bonus shares"}'>Listing - bonus shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"N/A"}'>N/A</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'><em>Source: DART</em></td></tr>
</tbody>
</table><p>The discount is 25%, which is steeper than the usual 20%, but hardly surprising, given the situation of the company.</p><p>Other than that, the pricing procedure is pretty much the same.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="600">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Pricing"}'>Pricing</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1st round"}'>1st round</td>
<td style="text-align: right;" data-sheets-formula='="RP × (1 - "&amp;(R[11]C[0]*100&amp;"%")&amp;") / [1 + ("&amp;(R[12]C[0]*100&amp;"%"&amp;" × "&amp;(R[11]C[0]*100&amp;"%"&amp;")]"))' data-sheets-value='{"1":2,"2":"RP × (1 - 25%) / [1 + (28.02% × 25%)]"}'>RP × (1 - 25%) / [1 + (28.02% × 25%)]</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference price (RP)"}'>- Reference price (RP)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Min [1D VWAP, Avg (Close, 1W VWAP, 1M VWAP)]"}'>Min [1D VWAP, Avg (Close, 1W VWAP, 1M VWAP)]</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'>- Reference date</td>
<td style="text-align: right;" data-sheets-formula="=Terms!R[41]C[0]" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44110}'>October 6, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ex-rights base price"}'>Ex-rights base price</td>
<td style="text-align: right;" data-sheets-formula='="[RP + (1st × "&amp;R[9]C[0]*100&amp;"%"&amp;")] / (1 + "&amp;R[9]C[0]*100&amp;"%"&amp;")"' data-sheets-value='{"1":2,"2":"[RP + (1st × 28.02%)] / (1 + 28.02%)"}'>[RP + (1st × 28.02%)] / (1 + 28.02%)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference price (RP)"}'>- Reference price (RP)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Previous close"}'>Previous close</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'>- Reference date</td>
<td style="text-align: right;" data-sheets-formula="=Terms!R[39]C[0]" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44112}'>October 8, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2nd round"}'>2nd round</td>
<td style="text-align: right;" data-sheets-formula='="RP × (1 - "&amp;(R[5]C[0]*100&amp;"%")&amp;")"' data-sheets-value='{"1":2,"2":"RP × (1 - 25%)"}'>RP × (1 - 25%)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference price (RP)"}'>- Reference price (RP)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Min [1D VWAP, Avg (Close, 1W VWAP)]"}'>Min [1D VWAP, Avg (Close, 1W VWAP)]</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'>- Reference date</td>
<td style="text-align: right;" data-sheets-formula="=Terms!R[40]C[0]" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44165}'>November 30, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Final"}'>Final</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Max [Min (1st, 2nd), 3D VWAP × 60%]"}'>Max [Min (1st, 2nd), 3D VWAP × 60%]</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'>- Reference date</td>
<td style="text-align: right;" data-sheets-formula="=Terms!R[38]C[0]" data-sheets-numberformat='{"1":5,"2":"mmmm\" \"d\", \"yyyy","3":1}' data-sheets-value='{"1":3,"3":44165}'>November 30, 2020</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount rate"}'>Discount rate</td>
<td style="text-align: right;" data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-value='{"1":3,"3":0.25}'>25.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Capital increase rate"}'>Capital increase rate</td>
<td style="text-align: right;" data-sheets-formula="=LEFT(Terms!R[11]C[0],6)*100/100" data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-value='{"1":3,"3":0.2802}'>28.02%</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'><em>Source: DART</em></td></tr>
</tbody>
</table>

Helixmith made a surprising announcement about a rights offering worth ₩286bil.It will offer 7.5M new shares at a capital increase rate of 28%, which gives a shareholding dilution of 22%.100% will be going to the stockholders with a 20% oversubscription privilege.





Overview

Issuer
Helixmith Co Ltd


Ticker
084990


Target
A public offering of forfeited shares after offering to stockholders


Transferability
Renounceable


Volume
7,500,000


Bonus issue volume
0


Preliminary price
₩38,150


Preliminary value
₩286,125,000,000


Oversubscription privilege
20.00%


Banker
Eugene


- Underwriting type
Standby

Source: DART







Allocation

Common
26,765,714


Pref (incl. RCPS &amp; CPS)
0


Total shares
26,765,714


Treasury shares
29,588


Total shares ex treasury shares
26,736,126


Offer volume
7,500,000


- Common
7,500,000


- Pref
0


Per-share allocation
0.2805193


Capital increase
28.02%


Dilution
21.89%


Total shares after rights offer
34,265,714


- Common
34,265,714


- Pref
0


Bonus issue
0


- Common
0


- Pref
0


Per-share allocation
0.0000000


Total shares after bonus issue
34,265,714


- Common
34,265,714


- Pref
0


ESOP allocation
0


- %
0.00%


Stockholder allocation
7,500,000


- %
100.00%

Source: DART

This offering proceeds a little quicker than usual. October 6 will be for the 1st round pricing, followed by the ex-rights on October 8.You will be trading subscription rights on November 18~24, then will get to fix the price on November 30.The subscription is December 3, followed by the payment on December 11. The shares will get listed on December 23.





Timetable

BOD meeting
September 17, 2020


Preliminary pricing
October 6, 2020


Ex-rights date
October 8, 2020


Record date
October 12, 2020


Subscription rights trade beginning
November 18, 2020


Subscription rights trade ending
November 24, 2020


Final pricing
November 30, 2020


Stockholder subscription
December 3, 2020


Public subscription
December 8, 2020


Payment
December 11, 2020


Listing
December 23, 2020


The record date for bonus shares
N/A


Listing - bonus shares
N/A

Source: DART

The discount is 25%, which is steeper than the usual 20%, but hardly surprising, given the situation of the company.Other than that, the pricing procedure is pretty much the same.





Pricing

1st round
RP × (1 - 25%) / [1 + (28.02% × 25%)]


- Reference price (RP)
Min [1D VWAP, Avg (Close, 1W VWAP, 1M VWAP)]


- Reference date
October 6, 2020


Ex-rights base price
[RP + (1st × 28.02%)] / (1 + 28.02%)


- Reference price (RP)
Previous close


- Reference date
October 8, 2020


2nd round
RP × (1 - 25%)


- Reference price (RP)
Min [1D VWAP, Avg (Close, 1W VWAP)]


- Reference date
November 30, 2020


Final
Max [Min (1st, 2nd), 3D VWAP × 60%]


- Reference date
November 30, 2020


Discount rate
25.00%


Capital increase rate
28.02%

Source: DART



Helixmith Rights Offer: Terms & Trading Dynamics

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a>, <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing (981 HK)</a> and <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan Dianping (3690 HK)</a>, while there was short covering on <a href="https://www.smartkarma.com/entities/shenzhou-intl-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10415:1" rel="noopener">Shenzhou Intl Group Holdings (2313 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/kingdee-international-sftwr" target="_blank" data-smartkarma-citation="entities:37:1" rel="noopener">Kingdee International Software (268 HK)</a> and <a href="https://www.smartkarma.com/entities/galaxy-entertainment-group-limited" target="_blank" data-smartkarma-citation="entities:806:1" rel="noopener">Galaxy Entertainment Group (27 HK)</a>. Shorts increased in all sectors led by Communication Services, Health Care, Financials, Consumer Staples and Consumer Discretionary.</p></div><div><p>Japan saw an increase in shorts on <a href="https://www.smartkarma.com/entities/kao-corp" target="_blank" data-smartkarma-citation="entities:12933:1" rel="noopener">Kao Corp (4452 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a>, <a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a> and <a href="https://www.smartkarma.com/entities/kyowa-hakko-kirin-co-ltd" target="_blank" data-smartkarma-citation="entities:18055:1" rel="noopener">Kyowa Hakko Kirin (4151 JP)</a> and a reduction in shorts on <a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a>, <a href="https://www.smartkarma.com/entities/sumitomo-corp" target="_blank" data-smartkarma-citation="entities:5380:1" rel="noopener">Sumitomo Corp (8053 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> and <a href="https://www.smartkarma.com/entities/tokyo-gas-co-ltd" target="_blank" data-smartkarma-citation="entities:2332:1" rel="noopener">Tokyo Gas (9531 JP)</a>. Sectorally, shorts increased on Communication Services, Consumer Staples, Consumer Discretionary and Health Care and were covered in Industrials and Utilities.</p></div><div><p>Short Interest in Korea decreased in almost all sectors led by Technology Hardware, Materials and Capital Goods. Stocks that saw the most short covering were <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/helixmith-co-ltd" target="_blank" data-smartkarma-citation="entities:7636:1" rel="noopener">Helixmith (084990 KS)</a>, <a href="https://www.smartkarma.com/entities/kmw-co-ltd" target="_blank" data-smartkarma-citation="entities:2834:1" rel="noopener">KMW Co Ltd (032500 KS)</a> and <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> while shorts increased on <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics Co., (207940 KS)</a> and <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a>.</p></div><div><p>Short Interest in Taiwan increased in almost all sectors led by Technology Hardware, Semiconductors, Capital Goods and Banks. Stocks that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/genius-electronic-optical-co-ltd" target="_blank" data-smartkarma-citation="entities:9632:1" rel="noopener">Genius Electronic Optical (3406 TT)</a>, <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a>, <a href="https://www.smartkarma.com/entities/mega-financial-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:3463:1" rel="noopener">Mega Financial Holding Co., (2886 TT)</a> and <a href="https://www.smartkarma.com/entities/alchip-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20219:1" rel="noopener">Alchip Technologies (3661 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a>, <a href="https://www.smartkarma.com/entities/realtek-semiconductor-corp" target="_blank" data-smartkarma-citation="entities:7326:1" rel="noopener">Realtek Semiconductor (2379 TT)</a>, <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a> and <a href="https://www.smartkarma.com/entities/nanya-technology-corp" target="_blank" data-smartkarma-citation="entities:3269:1" rel="noopener">Nanya Technology (2408 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Tencent Holdings (700 HK), Ping An Healthcare and Technology Company Limited (1833 HK), Semiconductor Manufacturing (981 HK) and Meituan Dianping (3690 HK), while there was short covering on Shenzhou Intl Group Holdings (2313 HK), Xiaomi Corp (1810 HK), Kingdee International Software (268 HK) and Galaxy Entertainment Group (27 HK). Shorts increased in all sectors led by Communication Services, Health Care, Financials, Consumer Staples and Consumer Discretionary.Japan saw an increase in shorts on Kao Corp (4452 JP), Canon Inc (7751 JP), Trend Micro Inc (4704 JP) and Kyowa Hakko Kirin (4151 JP) and a reduction in shorts on Mitsubishi Electric (6503 JP), Sumitomo Corp (8053 JP), Toshiba Corp (6502 JP) and Tokyo Gas (9531 JP). Sectorally, shorts increased on Communication Services, Consumer Staples, Consumer Discretionary and Health Care and were covered in Industrials and Utilities.Short Interest in Korea decreased in almost all sectors led by Technology Hardware, Materials and Capital Goods. Stocks that saw the most short covering were Samsung Electronics (005930 KS), Helixmith (084990 KS), KMW Co Ltd (032500 KS) and LG Chem Ltd (051910 KS) while shorts increased on Samsung Biologics Co., (207940 KS) and Alteogen Inc (196170 KS).Short Interest in Taiwan increased in almost all sectors led by Technology Hardware, Semiconductors, Capital Goods and Banks. Stocks that saw the highest increase in shorts were Genius Electronic Optical (3406 TT), Largan Precision (3008 TT), Mega Financial Holding Co., (2886 TT) and Alchip Technologies (3661 TT) while shorts were covered on Yageo Corporation (2327 TT), Realtek Semiconductor (2379 TT), Novatek Microelectronics Corp (3034 TT) and Nanya Technology (2408 TT). 

Asia Short Interest Weekly: Tencent, SMIC, Meituan, Galaxy, Kao, Sumitomo, Alteogen, Genius, Largan

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" rel="noopener" data-smartkarma-citation="entities:516:1">HSBC Holdings (5 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" rel="noopener" data-smartkarma-citation="entities:26970:1">Meituan Dianping (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" rel="noopener" data-smartkarma-citation="entities:28434:1">Alibaba Group (9988 HK)</a> while there was big short covering on <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing" target="_blank" rel="noopener" data-smartkarma-citation="entities:14231:1">Semiconductor Manufacturing (981 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:26:1">Tencent Holdings (700 HK)</a> and <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" rel="noopener" data-smartkarma-citation="entities:13363:1">Sunny Optical (2382 HK)</a>. <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:12880:1"></a>Shorts rose substantially on Financials.</p></div><div><p>Japan saw an increase in shorts on <a href="https://www.smartkarma.com/entities/softbank-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:27445:1">Softbank Corp (9434 JP)</a>, <a href="https://www.smartkarma.com/entities/daito-trust-construct-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:10503:1">Daito Trust Construct (1878 JP)</a> and <a href="https://www.smartkarma.com/entities/japan-retail-fund-investment" target="_blank" rel="noopener" data-smartkarma-citation="entities:735:1">Japan Retail Fund Investment (8953 JP)</a>.</p></div><div><p>Shorts in Korea dropped led by Technology Hardware, Capital Goods and Automobile stocks.</p></div><div><p>Shorts rose in Taiwan led by Semiconductors, Technology Hardware, Banks, Materials and Consumer Durables.</p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on HSBC Holdings (5 HK), Meituan Dianping (3690 HK) and Alibaba Group (9988 HK) while there was big short covering on Semiconductor Manufacturing (981 HK), Tencent Holdings (700 HK) and Sunny Optical (2382 HK). Shorts rose substantially on Financials.Japan saw an increase in shorts on Softbank Corp (9434 JP), Daito Trust Construct (1878 JP) and Japan Retail Fund Investment (8953 JP).Shorts in Korea dropped led by Technology Hardware, Capital Goods and Automobile stocks.Shorts rose in Taiwan led by Semiconductors, Technology Hardware, Banks, Materials and Consumer Durables.

Asia Short Interest Weekly - HSBC, Meituan, Alibaba, Softbank, JRFI, Samsung, LG H&H, Yageo, TSMC

<p>The Asia Short Interest weekly that looks at moves in market wide short interest and highlights moves in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:26:1">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" rel="noopener" data-smartkarma-citation="entities:28434:1">Alibaba Group (9988 HK)</a> and <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" rel="noopener" data-smartkarma-citation="entities:516:1">HSBC Holdings (5 HK)</a> while there was big short covering on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:12880:1">Ping An Insurance (H) (2318 HK)</a> and <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:24409:1">Xiaomi Corp (1810 HK)</a>. Shorts rose substantially on Consumer Discretionary Names.</p><p>Japan too saw a big increase in shorts on Consumer Discretionary names led by <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:13517:1">Oriental Land (4661 JP)</a>, <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:751:1">Fast Retailing (9983 JP)</a> and <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:31:1">Rakuten Inc (4755 JP)</a>.</p><p>Shorts in Korea dropped (the short sell ban helps!) led by Pharma and Technology Hardware stocks.</p><p>Shorts rose in Taiwan led by Semiconductors, Materials, Consumer Durables and Banks.</p>

The Asia Short Interest weekly that looks at moves in market wide short interest and highlights moves in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Tencent Holdings (700 HK), Alibaba Group (9988 HK) and HSBC Holdings (5 HK) while there was big short covering on Ping An Insurance (H) (2318 HK) and Xiaomi Corp (1810 HK). Shorts rose substantially on Consumer Discretionary Names.Japan too saw a big increase in shorts on Consumer Discretionary names led by Oriental Land (4661 JP), Fast Retailing (9983 JP) and Rakuten Inc (4755 JP).Shorts in Korea dropped (the short sell ban helps!) led by Pharma and Technology Hardware stocks.Shorts rose in Taiwan led by Semiconductors, Materials, Consumer Durables and Banks.

Asia Short Interest Weekly - Consumer Discretionary Shorts Increase in HK & Japan

South Korea

Helixmith Co., Ltd operates as a biotechnology company. The Company develops innovative biopharmaceuticals, novel biologics, herbal therapeutics, and other related products. Helixmith markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Helixmith (084990 KS)