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.

Event-Driven

<ul>
<li>Hydro Lithium (formerly Korea Se Corp) is the top reserved issue in INDUSTRIALS and will get to replace NICE IS as a result of the KOSPI transfer listing.  </li>
<li>The most significant price movements occur when the index corporate action announcement is made. However, some investors hunt for this pattern, as observed in the case of Youlchon Chemical.</li>
<li>Hence, it's worth considering an earlier entry timing. To minimize uncertainty, it's vital to keep an eye on the preemptive price increase of Hydro Lithium before KRX's approval.</li>
</ul>


Hydro Lithium (formerly Korea Se Corp) is the top reserved issue in INDUSTRIALS and will get to replace NICE IS as a result of the KOSPI transfer listing.  
The most significant price movements occur when the index corporate action announcement is made. However, some investors hunt for this pattern, as observed in the case of Youlchon Chemical.
Hence, it's worth considering an earlier entry timing. To minimize uncertainty, it's vital to keep an eye on the preemptive price increase of Hydro Lithium before KRX's approval.


Early Preview of KOSDAQ 150 Ad-Hoc Change in July: Hydro Lithium Will Replace NICE IS

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>We discuss the end of the mandatory lock-up periods for 46 stocks in Korea in May 2023, among which 4 are in KOSPI and 42 are in KOSDAQ.</li>
<li>These 46 stocks on average could be subject to further selling pressures in May and could underperform relative to the market. </li>
<li>Among these 46 stocks, the top 6 market cap stocks include KG Mobility, Dongwon Industries, Hugel, Yunsung F&amp;C, Enchem, and Jeio. </li>
</ul>


We discuss the end of the mandatory lock-up periods for 46 stocks in Korea in May 2023, among which 4 are in KOSPI and 42 are in KOSDAQ.
These 46 stocks on average could be subject to further selling pressures in May and could underperform relative to the market. 
Among these 46 stocks, the top 6 market cap stocks include KG Mobility, Dongwon Industries, Hugel, Yunsung F&amp;C, Enchem, and Jeio. 


End of Mandatory Lock-Up Periods for 46 Companies in Korea in May 2023

<ul>
<li>We discuss end of the mandatory lock-up periods for 35 stocks in Korea in March 2023, among which 8 are in KOSPI and 27 are in KOSDAQ.</li>
<li>These 35 stocks on average could be subject to further selling pressures in March and could underperform relative to the market. </li>
<li>Among these 35 stocks, the top 5 market cap stocks include Nh Investment &amp; Securities, WCP, Bionote, Jeio, and Dreamtech. </li>
</ul>


We discuss end of the mandatory lock-up periods for 35 stocks in Korea in March 2023, among which 8 are in KOSPI and 27 are in KOSDAQ.
These 35 stocks on average could be subject to further selling pressures in March and could underperform relative to the market. 
Among these 35 stocks, the top 5 market cap stocks include Nh Investment &amp; Securities, WCP, Bionote, Jeio, and Dreamtech. 


End of Mandatory Lock-Up Periods for 35 Companies in Korea in March 2023

Equity Capital Markets

<ul>
<li>Jeio (418550 KS) announced its IPO price of 13,000 won, which was at the high end of the recently revised down IPO price range of 10,000 won to 13,000 won.</li>
<li>There were 1,174 institutional investors that participated in this IPO survey. The demand ratio was 352.6 to 1.</li>
<li>Our base case valuation of JEIO is target price of 12,575 won per share, which is 3.3% lower than the IPO price 13,000 won.</li>
</ul>


Jeio (418550 KS) announced its IPO price of 13,000 won, which was at the high end of the recently revised down IPO price range of 10,000 won to 13,000 won.
There were 1,174 institutional investors that participated in this IPO survey. The demand ratio was 352.6 to 1.
Our base case valuation of JEIO is target price of 12,575 won per share, which is 3.3% lower than the IPO price 13,000 won.


<ul>
<li>JEIO, a manufacturer of carbon nanotubes for rechargeable batteries, has lowered its IPO price range and offering amount in order to list on the KOSDAQ market.</li>
<li>The company lowered the IPO price range to 10,000 won to 13,000 won from 15,000 won to 18,000 won range previously.</li>
<li>Our base case valuation of JEIO is target price of 11,268 won per share, which is 2% lower than the mid-point of the IPO price range.</li>
</ul>


JEIO, a manufacturer of carbon nanotubes for rechargeable batteries, has lowered its IPO price range and offering amount in order to list on the KOSDAQ market.
The company lowered the IPO price range to 10,000 won to 13,000 won from 15,000 won to 18,000 won range previously.
Our base case valuation of JEIO is target price of 11,268 won per share, which is 2% lower than the mid-point of the IPO price range.


South Korea

Jeio Co., Ltd. manufactures and distributes materials inspection, measurement and analysis instruments. The Company produces secondary batteries carbon nanotube conductive materials, advanced nano materials, secondary battery materials, physicochemical equipment, reactors, and other related products. Jeio also offers plant engineering, fine chemicals, and petrochemicals products.

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Jeio (418550 KS)

Early Preview of KOSDAQ 150 Ad-Hoc Change in July: Hydro Lithium Will Replace NICE IS

This post examines the possible ad-hoc change for KOSDAQ 150 in July, necessitated by NICE Information Service's KOSPI transfer listing.

Sanghyun Park

End of Mandatory Lock-Up Periods for 46 Companies in Korea in May 2023

We discuss the end of the mandatory lock-up periods for 46 stocks in Korea in May 2023, among which 4 are in KOSPI and 42 are in KOSDAQ.

Douglas Kim

End of Mandatory Lock-Up Periods for 35 Companies in Korea in March 2023

We discuss end of the mandatory lock-up periods for 35 stocks in Korea in March 2023, among which 8 are in KOSPI and 27 are in KOSDAQ.

Douglas Kim

JEIO IPO: Book Building Results Analysis

Jeio (418550 KS) announced its IPO price of 13,000 won, which was at the high end of the recently revised down IPO price range of 10,000 won to...

Douglas Kim

JEIO Lowers IPO Price Range

JEIO, a manufacturer of carbon nanotubes for rechargeable batteries, has lowered its IPO price range by 33% at the low end.

Douglas Kim

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