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

DZT Research

DZT 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 Mar 27th. The aggregated short interest was USD14.6bn.</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 HDKSOE, HyundaiEng&amp;Const, Hanmi Semi, HYBE, ECOPROBM.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Mar 27th. The aggregated short interest was USD14.6bn.
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 HDKSOE, HyundaiEng&amp;Const, Hanmi Semi, HYBE, ECOPROBM.


KRX Short Interest Weekly (Mar 27th): HDKSOE, HyundaiEng&Const, Hanmi Semi, HYBE, ECOPROBM

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Once Hyundai Home Shopping is delisted after the stock swap with Hyundai G.F. Holdings, Hyundai Futurenet could be the next delisting candidate.</li>
<li>One of the key reasons why Hyundai Home Shopping is getting delisted is to avoid duplicate investments. The same reasoning would apply to Hyundai Futurenet. </li>
<li>Hyundai Futurenet's net cash + long term investments was 563.4 billion won at the end of 3Q 2025, which is 145% of its current market cap (389.6 billion won). </li>
</ul>


Once Hyundai Home Shopping is delisted after the stock swap with Hyundai G.F. Holdings, Hyundai Futurenet could be the next delisting candidate.
One of the key reasons why Hyundai Home Shopping is getting delisted is to avoid duplicate investments. The same reasoning would apply to Hyundai Futurenet. 
Hyundai Futurenet's net cash + long term investments was 563.4 billion won at the end of 3Q 2025, which is 145% of its current market cap (389.6 billion won). 


Hyundai Futurenet - The Next Delisting Candidate Post Hyundai Home Shopping?

<ul>
<li>In this insight, we review the major tender offers of Korean companies in 2024. The tender offers have mostly been profitable for the investors in these targeted companies.</li>
<li>What is also impressive is that even after the 1st day of trading (post tender offer announcement), there have been extra alpha for the following week and month.</li>
<li>The number of tender offers in Korea increased from 6 in 2020 to 12 in 2021, 7 in 2022, 18 in 2023, and 28 in 2024.</li>
</ul>


In this insight, we review the major tender offers of Korean companies in 2024. The tender offers have mostly been profitable for the investors in these targeted companies.
What is also impressive is that even after the 1st day of trading (post tender offer announcement), there have been extra alpha for the following week and month.
The number of tender offers in Korea increased from 6 in 2020 to 12 in 2021, 7 in 2022, 18 in 2023, and 28 in 2024.


A Review of Tender Offers in Korea in 2024

<ul>
<li>Hyundai G.F. Holdings announced that it is making a tender offer of a 15% stake its affiliate Ezwelfare (090850 KS) (Hyundai Ezwel Co).</li>
<li>The tender offer involves 3,561,954 shares of Hyundai Ezwel, at the tender offer price of 7,000 won per share (15.7% higher than the closing price on 9 November).</li>
<li>On Monday (11 November), Hyundai Ezwel's share price could reach about 1-3% below the tender offer price (about 6,800 won to 6,930 won) in the first few minutes of trading. </li>
</ul>


Hyundai G.F. Holdings announced that it is making a tender offer of a 15% stake its affiliate Ezwelfare (090850 KS) (Hyundai Ezwel Co).
The tender offer involves 3,561,954 shares of Hyundai Ezwel, at the tender offer price of 7,000 won per share (15.7% higher than the closing price on 9 November).
On Monday (11 November), Hyundai Ezwel's share price could reach about 1-3% below the tender offer price (about 6,800 won to 6,930 won) in the first few minutes of trading. 


Hyundai GF Holdings: A Tender Offer of 15% Stake in Hyundai Ezwel

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>It’s all about proration risk—65% is out there, but only 15% gets accepted. With just 20% of the theoretical max likely to be accepted, we could see a spread linger.</li>
<li>But the tender volume at ₩7,000 might be lighter than expected. 40% out of the 65% is with local retail, and 25% is mostly overseas funds that bought in 2021-2022.</li>
<li>At ₩7,000, most tenders will come from local retail buyers who net-grabbed 1.4M shares since Q4 of last year. This lowers proration risk, creating a potential mispricing and trade opportunity.</li>
</ul>


It’s all about proration risk—65% is out there, but only 15% gets accepted. With just 20% of the theoretical max likely to be accepted, we could see a spread linger.
But the tender volume at ₩7,000 might be lighter than expected. 40% out of the 65% is with local retail, and 25% is mostly overseas funds that bought in 2021-2022.
At ₩7,000, most tenders will come from local retail buyers who net-grabbed 1.4M shares since Q4 of last year. This lowers proration risk, creating a potential mispricing and trade opportunity.


Hyundai Ezwel Tender: Looking to Capitalize on Mispricing Driven by Inflated Proration Risk

South Korea

Hyundai Ezwel Co. develops software for selective welfare programs, benefit package programs, and government support businesses.

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Hyundai Ezwel (090850 KS)

KRX Short Interest Weekly (Mar 27th): HDKSOE, HyundaiEng&Const, Hanmi Semi, HYBE, ECOPROBM

We analyzed KRX short interest report for the past week and highlighted short interest changes in HDKSOE, HyundaiEng&Const, Hanmi Semi, HYBE,...

Ke Yan, CFA, FRM

Hyundai Futurenet - The Next Delisting Candidate Post Hyundai Home Shopping?

Once Hyundai Home Shopping is delisted after the stock swap with Hyundai G.F. Holdings, Hyundai Futurenet could be the next delisting candidate.

Douglas Kim

A Review of Tender Offers in Korea in 2024

In this insight, we review the major tender offers of Korean companies in 2024. The tender offers have mostly been profitable for the investors in...

Douglas Kim

Hyundai GF Holdings: A Tender Offer of 15% Stake in Hyundai Ezwel

Hyundai G.F. Holdings announced that it is making a tender offer of a 15% stake its affiliate Ezwelfare (090850 KS) (Hyundai Ezwel Co).

Douglas Kim

Hyundai Ezwel Tender: Looking to Capitalize on Mispricing Driven by Inflated Proration Risk

This post aims to capitalize on potential mispricing, likely fueled by inflated proration risk, in the Hyundai EZwell tender event.

Sanghyun Park

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52-week Range

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