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.

Index Rebalance

<ul>
<li>FnGuide cited an exception clause after the June FICS reclassification, but the move triggered major passive distortion, with Jusung and Isu seeing ~500bn won inflows and extreme price spikes.</li>
<li>FnGuide confirmed the October rebalance remains on track and separate from the recent adjustment, so we should start preparing for potential pre positioning despite methodology concerns.</li>
<li>Based on today’s close, PSK replaces EO Technics, but the gap remains narrow. Given concentrated passive impact in lower ranked names, we should build PSK positioning once the spread widens.</li>
</ul>


FnGuide cited an exception clause after the June FICS reclassification, but the move triggered major passive distortion, with Jusung and Isu seeing ~500bn won inflows and extreme price spikes.
FnGuide confirmed the October rebalance remains on track and separate from the recent adjustment, so we should start preparing for potential pre positioning despite methodology concerns.
Based on today’s close, PSK replaces EO Technics, but the gap remains narrow. Given concentrated passive impact in lower ranked names, we should build PSK positioning once the spread widens.


FnGuide Index PM's Response on the July 1 Special Rebal of TIGER Semis Top 10, and October Rebal

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 foreign holdings of KRX stocks as of Jul 3rd. The aggregated holding was USD1,774.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD14,741mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 3rd. The aggregated holding was USD1,774.5bn.
We estimate that foreign flows to be outflows of USD14,741mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Jul 3rd): Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech

<ul>
<li>ISC rebalance flows last cycle look negligible versus what is coming. Square inclusion drives major weight compression, setting up large passive flows across all names ex Samsung and Hynix.</li>
<li>Turnover ripping higher but passive ticket still screens extreme versus DTV and shares out, so positioning should front run Square, Isu Petasys, and Jusung given high inclusion odds.</li>
<li>Into rebalance window, expect flows rotating into deletes and legacy names hit by Square driven weight compression. Not typical setup, positioning likely front runs schedule, treat as live flow event.</li>
</ul>


ISC rebalance flows last cycle look negligible versus what is coming. Square inclusion drives major weight compression, setting up large passive flows across all names ex Samsung and Hynix.
Turnover ripping higher but passive ticket still screens extreme versus DTV and shares out, so positioning should front run Square, Isu Petasys, and Jusung given high inclusion odds.
Into rebalance window, expect flows rotating into deletes and legacy names hit by Square driven weight compression. Not typical setup, positioning likely front runs schedule, treat as live flow event.


2026 H2 Local Largest Passive Flow Event TIGER Semis Top 10 Setup and Flow Breakdown

Equity Capital Markets

Wus Printed Circuit (Kunshan) Co,Ltd. / Equity Capital Markets

Wus Printed Circuit (Kunshan) Co,Ltd. (002463 CH)

<ul>
<li>WUS Printed Circuit is seeking an A+H listing. CICC and HSBC are the sponsors.</li>
<li>We look at the company's core segments: data communications and smart vehicles.</li>
<li>We discussed our preliminary thoughts on the company's fair value based on A-H premium.</li>
</ul>


WUS Printed Circuit is seeking an A+H listing. CICC and HSBC are the sponsors.
We look at the company's core segments: data communications and smart vehicles.
We discussed our preliminary thoughts on the company's fair value based on A-H premium.


WUS Printed Circuit (沪电股份) A+H Pre-IPO: Early Thoughts

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of May 29th. The aggregated holding was USD1,610.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,209mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, Mobis, Samsung Elec (PREF), Hyundai Motor.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 29th. The aggregated holding was USD1,610.8bn.
We estimate that foreign flows to be outflows of USD2,209mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, Mobis, Samsung Elec (PREF), Hyundai Motor.


KRX Foreign Holding Weekly (May 29th): Samsung Electronics, SK Hynix, Mobis, Samsung Elec (PREF)

South Korea

IsuPetasys Co., Ltd. manufactures printed circuit boards (PCBs) specializing in high multilayer PCBs.  The Company exports its products to Cisco Systems, Brocade Communications Systems, and Sun Microsystems in the United States.

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Isupetasys (007660 KS)

FnGuide Index PM's Response on the July 1 Special Rebal of TIGER Semis Top 10, and October Rebal

I share FnGuide Index PM’s response on the July 1 special rebalance of TIGER Semiconductor Top 10 and the upcoming October rebalance.

Sanghyun Park

KRX Foreign Holding Weekly (Jul 3rd): Samsung Electronics, SK Hynix, SKSQUARE, SamsungElecMech

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, SKSQUARE,...

Ke Yan, CFA, FRM

2026 H2 Local Largest Passive Flow Event TIGER Semis Top 10 Setup and Flow Breakdown

This post breaks down the setup and flow dynamics for the local market's largest passive flow event of 2H 2026: the TIGER Semiconductor Top 10...

Sanghyun Park

WUS Printed Circuit (沪电股份) A+H Pre-IPO: Early Thoughts

WUS Printed Circuit is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thought...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (May 29th): Samsung Electronics, SK Hynix, Mobis, Samsung Elec (PREF)

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, Mobis, Samsung...

Ke Yan, CFA, FRM

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