Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>We are introducing a new regular series called<em><strong> "Korea: Short Selling Data Analysis."</strong></em> We will try to provide this insight on a quarterly basis.</li>
<li>Net short balance ratio for top 20 stocks in KOSPI averaged about 1.7% three months ago, much lower than current levels (3%).</li>
<li>The average short interest ratio of these top 20 stocks in KOSPI with the highest short balance ratio was 2.6x as of 10 July 2025. </li>
</ul>


We are introducing a new regular series called "Korea: Short Selling Data Analysis." We will try to provide this insight on a quarterly basis.
Net short balance ratio for top 20 stocks in KOSPI averaged about 1.7% three months ago, much lower than current levels (3%).
The average short interest ratio of these top 20 stocks in KOSPI with the highest short balance ratio was 2.6x as of 10 July 2025. 


Korea: Short Selling Data Analysis: 3Q 2025

<ul>
<li>In this insight, we discuss potential short squeeze opportunities in the Korean stock market, using short interest and days to cover as main screening tools.</li>
<li>In KOSPI, the top three stocks with highest combination of short interest and days to cover include Doosan Fuel Cell, Posco Future M, and Hotel Shilla.</li>
<li>In this insight, we provided 80 companies (40 companies in KOSPI and KOSDAQ, respectively) that have high combination of short interest and days to cover ratios. </li>
</ul>


In this insight, we discuss potential short squeeze opportunities in the Korean stock market, using short interest and days to cover as main screening tools.
In KOSPI, the top three stocks with highest combination of short interest and days to cover include Doosan Fuel Cell, Posco Future M, and Hotel Shilla.
In this insight, we provided 80 companies (40 companies in KOSPI and KOSDAQ, respectively) that have high combination of short interest and days to cover ratios. 


Top 80 Companies in Korea by Short Interest and Days to Cover (Potential Short Squeeze Candidates)

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Kissei Pharmaceutical initiates additional Phase III clinical trial for Rovatirelin (KPS-0373) for the treatment of spinocerebellar degeneration. Shanghai Junshi Biosciences received 11th indication approval for toripalimab in China.</li>
<li>AstraZeneca Entered into exclusive licensing agreement worth $1.35B with Alteogen to use latter’s hyaluronidase protein, ALT-B4, to develop subcutaneous versions of its “several oncology assets.”</li>
<li>Celltrion Has unveiled “Value-up Program,” whereby the company is targeting 30% revenue CAGR by 2027 to reach KRW5T revenue and 7% ROE. HLB faced another rejection from FDA for rivoceranib.</li>
</ul>


Kissei Pharmaceutical initiates additional Phase III clinical trial for Rovatirelin (KPS-0373) for the treatment of spinocerebellar degeneration. Shanghai Junshi Biosciences received 11th indication approval for toripalimab in China.
AstraZeneca Entered into exclusive licensing agreement worth $1.35B with Alteogen to use latter’s hyaluronidase protein, ALT-B4, to develop subcutaneous versions of its “several oncology assets.”
Celltrion Has unveiled “Value-up Program,” whereby the company is targeting 30% revenue CAGR by 2027 to reach KRW5T revenue and 7% ROE. HLB faced another rejection from FDA for rivoceranib.


APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

<ul>
<li>Celltrion received FDA approval for Omlyclo, the first and only biosimilar designated as interchangeable with Xolair. Ono Pharmaceutical in-licensed drug candidate for polycythemia vera from Ionis Pharmaceuticals.</li>
<li>Sun Pharmaceutical will acquire Checkpoint Therapeutics for an upfront cash payment of $4.10 per share. Syngene is acquiring Emergent’s biologics facility in Baltimore for $36.5M.</li>
<li>Zydus Lifesciences is acquiring 85.6% stake in in Amplitude Surgical for €257M. Sichuan Kelun received China approval for sacituzumab tirumotecan for certain types of non-small cell lung cancer.</li>
</ul>


Celltrion received FDA approval for Omlyclo, the first and only biosimilar designated as interchangeable with Xolair. Ono Pharmaceutical in-licensed drug candidate for polycythemia vera from Ionis Pharmaceuticals.
Sun Pharmaceutical will acquire Checkpoint Therapeutics for an upfront cash payment of $4.10 per share. Syngene is acquiring Emergent’s biologics facility in Baltimore for $36.5M.
Zydus Lifesciences is acquiring 85.6% stake in in Amplitude Surgical for €257M. Sichuan Kelun received China approval for sacituzumab tirumotecan for certain types of non-small cell lung cancer.


APAC Healthcare Weekly (Mar 16)- Celltrion, Ono Pharma, Sun Pharma, Syngene, Zydus, Sichuan Kelun

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Sep 4th. The aggregated short interest was USD18.6bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung SDI, LG Display, Alteogen, OCI, SK Hynix.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 4th. The aggregated short interest was USD18.6bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Samsung SDI, LG Display, Alteogen, OCI, SK Hynix.


KRX Short Interest Weekly (Sep 4th): Samsung SDI, LG Display, Alteogen, OCI, SK Hynix

South Korea

HLB Inc. operates cord blood banking and clinical demonstration service. The Company also produces industrial valves, and iron manufacturing machines.  The Company's subsidiaries are engaged in a wide range of businesses including manufacturing of electric field instruments, lifeboats and agent services.

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HLB Inc (028300 KS)

Korea: Short Selling Data Analysis: 3Q 2025

We are introducing a new regular series called "Korea: Short Selling Data Analysis." We will try to provide this insight on a quarterly basis.

Douglas Kim

Top 80 Companies in Korea by Short Interest and Days to Cover (Potential Short Squeeze Candidates)

In this insight, we discuss potential short squeeze opportunities in the Korean stock market, using short interest and days to cover as main...

Douglas Kim

APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

Kissei Pharma initiates additional P3 trial. Junshi Biosciences' drug got indication expansion. AstraZeneca partners with Alteogen. Celltrion aims...

Tina Banerjee

APAC Healthcare Weekly (Mar 16)- Celltrion, Ono Pharma, Sun Pharma, Syngene, Zydus, Sichuan Kelun

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

KRX Short Interest Weekly (Sep 4th): Samsung SDI, LG Display, Alteogen, OCI, SK Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung SDI, LG Display, Alteogen, OCI, SK Hynix.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Korea: Short Selling Data Analysis: 3Q 2025

We are introducing a new regular series called "Korea: Short Selling Data Analysis." We will try to provide this insight on a quarterly basis.

Douglas Kim

Top 80 Companies in Korea by Short Interest and Days to Cover (Potential Short Squeeze Candidates)

In this insight, we discuss potential short squeeze opportunities in the Korean stock market, using short interest and days to cover as main...

Douglas Kim

APAC Healthcare Weekly (Mar 23)- Kissei, Alteogen, Junshi Biosciences, Celltrion, Lunit, HLB

​Kissei Pharma initiates additional P3 trial. Junshi Biosciences' drug got indication expansion. AstraZeneca partners with Alteogen. Celltrion aims...

Tina Banerjee

APAC Healthcare Weekly (Mar 16)- Celltrion, Ono Pharma, Sun Pharma, Syngene, Zydus, Sichuan Kelun

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

KRX Short Interest Weekly (Sep 4th): Samsung SDI, LG Display, Alteogen, OCI, SK Hynix

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung SDI, LG Display, Alteogen, OCI, SK Hynix.

Ke Yan, CFA, FRM

Kissei Pharma initiates additional P3 trial. Junshi Biosciences' drug got indication expansion. AstraZeneca partners with Alteogen. Celltrion aims...