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 10th. The aggregated holding was USD1,679.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,459mln. 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 SK Hynix, Samsung Electronics, SamsungElecMech, LG Innotek, KB Financial.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 10th. The aggregated holding was USD1,679.3bn.
We estimate that foreign flows to be outflows of USD3,459mln. 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 SK Hynix, Samsung Electronics, SamsungElecMech, LG Innotek, KB Financial.


KRX Foreign Holding Weekly (Jul 10th): SK Hynix, Samsung Electronics, SamsungElecMech, LG Innotek

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

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jul 3rd. The aggregated short interest was USD17.0bn.</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 SK Hynix, SKSQUARE, LS ELECTRIC, DB HiTek, JEL.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jul 3rd. The aggregated short interest was USD17.0bn.
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 SK Hynix, SKSQUARE, LS ELECTRIC, DB HiTek, JEL.


KRX Short Interest Weekly (Jul 3rd): SK Hynix, SKSQUARE, LS ELECTRIC, DB HiTek, JEL

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jun 26th. The aggregated short interest was USD15.7bn.</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 HyundaiAutoever, JEL, Hyundai Motor, MIRAE ASSET SEC, HD HYUNDAI HEAVY INDUSTRIES.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jun 26th. The aggregated short interest was USD15.7bn.
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 HyundaiAutoever, JEL, Hyundai Motor, MIRAE ASSET SEC, HD HYUNDAI HEAVY INDUSTRIES.


KRX Short Interest Weekly (Jun 26th): HyundaiAutoever, JEL, Hyundai Motor, MIRAE ASSET SEC

<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

South Korea

Jusung Engineering Co., Ltd. manufactures semiconductor, flat panel display, and solar cell production equipment.  The Company produces space divided CVD-ALD thin film machines for semiconductor manufacture; equipment for producing liquid crystal display panels; and equipment for manufacturing crystalline silicon and thin film silicon tandem solar cells.

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Jusung Engineering (036930 KS)

KRX Foreign Holding Weekly (Jul 10th): SK Hynix, Samsung Electronics, SamsungElecMech, LG Innotek

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

Ke Yan, CFA, FRM

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 Short Interest Weekly (Jul 3rd): SK Hynix, SKSQUARE, LS ELECTRIC, DB HiTek, JEL

We analyzed KRX short interest report for the past week and highlighted short interest changes in SK Hynix, SKSQUARE, LS ELECTRIC, DB HiTek, JEL.

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Jun 26th): HyundaiAutoever, JEL, Hyundai Motor, MIRAE ASSET SEC

We analyzed KRX short interest report for the past week and highlighted short interest changes in HyundaiAutoever, JEL, Hyundai Motor, MIRAE ASSET...

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

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