Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>In this insight, we discuss the <strong>end of the mandatory lock-up periods</strong> for <strong>44 stocks</strong> in Korea in <strong>February 2022. </strong>
</li>
<li>Among these 44 stocks, 8 stocks are in KOSPI and 36 stocks are in KOSDAQ.</li>
<li>These 44 stocks could be subject to further selling pressures in February and could on average underperform relative to the market. </li>
</ul>


In this insight, we discuss the end of the mandatory lock-up periods for 44 stocks in Korea in February 2022. 

Among these 44 stocks, 8 stocks are in KOSPI and 36 stocks are in KOSDAQ.
These 44 stocks could be subject to further selling pressures in February and could on average underperform relative to the market. 


End of Mandatory Lock-Up Periods for 44 Stocks in Korea in February 2022

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>The effective date for rebalancing KOSPI 200 and KOSDAQ 150 is this Friday. This is the first trading day that short selling is permitted on new stocks in these indexes.</li>
<li>From the 25th to today, immediately after the inclusion of these indexes was announced, the loan share balance of almost all stocks increased significantly.</li>
<li>Those stocks with substantial outperformance in price and relatively abundant liquidity have a high level of loan balance.</li>
</ul>


The effective date for rebalancing KOSPI 200 and KOSDAQ 150 is this Friday. This is the first trading day that short selling is permitted on new stocks in these indexes.
From the 25th to today, immediately after the inclusion of these indexes was announced, the loan share balance of almost all stocks increased significantly.
Those stocks with substantial outperformance in price and relatively abundant liquidity have a high level of loan balance.


Short Position Approach on the Index Entrants on December 10 in Korea

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>There are 15 inclusions and 15 exclusions for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the next rebalance to be implemented at the close on 9 December.</li>
<li>The inclusions were expected but there are a few surprises among the deletions as the Information Technology sector was spared at the expense of the Health Care sector.</li>
<li>Over the last couple of months, the inclusions have given up their early gains versus the deletions. With the announcement made, the inclusions could outperform over the next few weeks.</li>
</ul>


There are 15 inclusions and 15 exclusions for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the next rebalance to be implemented at the close on 9 December.
The inclusions were expected but there are a few surprises among the deletions as the Information Technology sector was spared at the expense of the Health Care sector.
Over the last couple of months, the inclusions have given up their early gains versus the deletions. With the announcement made, the inclusions could outperform over the next few weeks.


KOSDAQ150 Index Rebalance: Pullback Done; Buy Adds & Sell Deletes

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hk-inno-n-corp" target="_blank" data-smartkarma-citation="entities:33522:1" rel="noopener">HK inno.N (INNO KS)</a>'s new digestive disease drug K-CAB is the only drug of its class available in Korean market and has superior efficacy than the current standard of care. </li>
<li>K-CAB has already become the no. 1 drug in Korean digestive treatment market. HK inno plans to further strengthen its position by expanding global presence and increasing indication approvals.</li>
<li>From this year, HK inno has started distributing Merck’s seven vaccines, including its largest selling HPV vaccine 'Gardasil' in Korea. The company also has a rich pipeline of innovative drugs.</li>
</ul>



HK inno.N (INNO KS)'s new digestive disease drug K-CAB is the only drug of its class available in Korean market and has superior efficacy than the current standard of care. 
K-CAB has already become the no. 1 drug in Korean digestive treatment market. HK inno plans to further strengthen its position by expanding global presence and increasing indication approvals.
From this year, HK inno has started distributing Merck’s seven vaccines, including its largest selling HPV vaccine 'Gardasil' in Korea. The company also has a rich pipeline of innovative drugs.


HK Inno.N (INNO KS): On a Solid Growth Path with Blockbuster New Drug K-CAB

<p>The KOSDAQ 150 has no Fast Entry rule for IPO stocks.</p><p>However, it has the rule to include the stocks not meeting the minimum listing period of 6 months at a regular bi-annual rebalancing if the following condition is satisfied.</p><div class="content-highlight"><p><strong>A stock is in the top 50 ordinary stocks on KOSDAQ by full market capitalization.</strong></p></div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/240/350/original/Screen+Shot+2021-11-08+at+4.43.27+AM.png?1636364839" class="editor-image img-responsive" data-smartkarma-image-id="240350"></figure></section><div class="content-caption">(Source: KOSDAQ 150 Methodology)</div><p>So what is the calculation period? It is simple. The KRX uses the average daily market capitalization for 15 trading days from the screening base date. The screening base date for this December regular rebalancing is October 31.</p><div class="content-highlight"><p><strong>So the 15 trading day review period is from October 8 to October 29.</strong></p></div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/240/352/original/Screen+Shot+2021-11-08+at+4.43.54+AM.png?1636364975" class="editor-image img-responsive" data-smartkarma-image-id="240352"></figure></section><div class="content-caption">(Source: KOSDAQ 150 Methodology)</div>

The KOSDAQ 150 has no Fast Entry rule for IPO stocks.However, it has the rule to include the stocks not meeting the minimum listing period of 6 months at a regular bi-annual rebalancing if the following condition is satisfied.A stock is in the top 50 ordinary stocks on KOSDAQ by full market capitalization.(Source: KOSDAQ 150 Methodology)So what is the calculation period? It is simple. The KRX uses the average daily market capitalization for 15 trading days from the screening base date. The screening base date for this December regular rebalancing is October 31.So the 15 trading day review period is from October 8 to October 29.(Source: KOSDAQ 150 Methodology)

KOSDAQ 150 Exceptional Addition of Large-Scale Stocks: Ecopro HN & HK Inno.N

South Korea

HK inno.N Corp. develops and manufactures pharmaceuticals products. The Company develops and sells immune anticancer drugs, blood disease drugs, kidney disease drugs, and other products. HK inno.N conducts businesses across worldwide.

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

HK inno.N (195940 KS)

End of Mandatory Lock-Up Periods for 44 Stocks in Korea in February 2022

In this insight, we discuss the end of the mandatory lock-up periods for 44 stocks in Korea in February 2022. These 44 stocks could be subject to...

Douglas Kim

Short Position Approach on the Index Entrants on December 10 in Korea

The effective date for rebalancing KOSPI 200 and KOSDAQ 150 is this Friday, meaning that this is the first trading day that short selling is...

Sanghyun Park

KOSDAQ150 Index Rebalance: Pullback Done; Buy Adds & Sell Deletes

There are 15 changes for the KOSDAQ150 index in December. The impact on the deletions is larger than that on the inclusions. A long adds/short...

Brian Freitas

HK Inno.N (INNO KS): On a Solid Growth Path with Blockbuster New Drug K-CAB

K-CAB has already become the no. 1 drug in Korean digestive treatment market. Thus far, K-CAB has marketing partnerships with 24 countries.

Tina Banerjee

KOSDAQ 150 Exceptional Addition of Large-Scale Stocks: Ecopro HN & HK Inno.N

This post examines the possibilities of Ecopro HN and HK inno.N's inclusion in the KOSDAQ 150 through the special entry rule in the upcoming...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)