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.

Equity Capital Markets

<ul>
<li>With this new rule, the FSS is flagging shaky rights offerings early, signaling a likely correction request—and often, the first step toward the deal getting axed.</li>
<li>Spot the red flags early and use the window before the FSS drops the hammer to position for a reversal play.</li>
<li>The FSS’s early notice makes a reversal likely as traders bet on the deal getting nuked after the initial disclosure drop.</li>
</ul>


With this new rule, the FSS is flagging shaky rights offerings early, signaling a likely correction request—and often, the first step toward the deal getting axed.
Spot the red flags early and use the window before the FSS drops the hammer to position for a reversal play.
The FSS’s early notice makes a reversal likely as traders bet on the deal getting nuked after the initial disclosure drop.


Korea FSS Shakes Up Rights Offerings – Special Review Rule Now Live

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 21 January, there was an important legal court decision to disallow the appointment of directors using the cumulative voting system at the Korea Zinc's EGM on 23 January.</li>
<li>This legal decision is likely to favor MBK/Young Poong alliance in the control of Korea Zinc. The market increasingly favors the likelihood of MBK/Young Poong alliance winning this proxy battle.</li>
<li>Therefore, the chance of a further M&amp;A battle has been reduced which is likely to further decline in the share price of Korea Zinc. </li>
</ul>


On 21 January, there was an important legal court decision to disallow the appointment of directors using the cumulative voting system at the Korea Zinc's EGM on 23 January.
This legal decision is likely to favor MBK/Young Poong alliance in the control of Korea Zinc. The market increasingly favors the likelihood of MBK/Young Poong alliance winning this proxy battle.
Therefore, the chance of a further M&amp;A battle has been reduced which is likely to further decline in the share price of Korea Zinc. 


Korea Zinc: An Important Legal Decision to Disallow Appointment of Directors Using Cumulative Voting

<ul>
<li>NPS’s stake has dropped, and most minority shareholders are passive. NPS might oppose cumulative voting, so Choi’s chances of getting 67% support at the EGM on the 23rd are slim.</li>
<li>The showdown is between MBK’s 14 picks and Choi’s 7. Without cumulative voting, even with NPS’s shares, Choi’s chances of beating MBK are slim.</li>
<li>If you’re short on Korea Zinc, holding seems fine. Backwardation in Jan-Feb futures isn’t steep, so a new position before the EGM could also be worth a shot.</li>
</ul>


NPS’s stake has dropped, and most minority shareholders are passive. NPS might oppose cumulative voting, so Choi’s chances of getting 67% support at the EGM on the 23rd are slim.
The showdown is between MBK’s 14 picks and Choi’s 7. Without cumulative voting, even with NPS’s shares, Choi’s chances of beating MBK are slim.
If you’re short on Korea Zinc, holding seems fine. Backwardation in Jan-Feb futures isn’t steep, so a new position before the EGM could also be worth a shot.


NPS Stake in Korea Zinc Revealed: EGM Vote Locked, Short Play in Focus

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>'s analysts' call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again.</li>
<li>Those who bought into <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology (1833 HK)</a>'s punchy dividend, whether in cash or scrip, the trade has panned out well. </li>
<li>KKR extends its Offer for <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>. Separately, Bain said it had destroyed confidential data, as requested, but it's unclear how and when that data was destroyed.</li>
</ul>



Seven &amp; I Holdings (3382 JP)'s analysts' call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again.
Those who bought into Ping An Healthcare and Technology (1833 HK)'s punchy dividend, whether in cash or scrip, the trade has panned out well. 
KKR extends its Offer for Fuji Soft Inc (9749 JP). Separately, Bain said it had destroyed confidential data, as requested, but it's unclear how and when that data was destroyed.


Last Week in Event SPACE: Seven & I, PA Gooddoctor, Fuji Soft, WH Group

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 Jan 3rd which has an aggregated short interest worth USD3.5bn.</li>
<li>We tabulate league table 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 Biologics (207940 KS).</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jan 3rd which has an aggregated short interest worth USD3.5bn.
We tabulate league table 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 Biologics (207940 KS).


KRX Short Interest Weekly (Jan 3rd): Samsung Biologics

South Korea

Korea Zinc Co., Ltd. specializes in non-ferrous metal smelting industry.  The Company manufactures zinc ingots, electrolytic gold, silver, lead, sulfuric acid, and copper.  Korea Zinc provides its products to domestic and overseas markets.

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Korea Zinc (010130 KS)

Korea FSS Shakes Up Rights Offerings – Special Review Rule Now Live

Korea FSS introduces a new procedural rule with immediate effect, offering a fresh trading angle: special review for rights offerings.

Sanghyun Park

Korea Zinc: An Important Legal Decision to Disallow Appointment of Directors Using Cumulative Voting

On 21 January, there was an important legal court decision to disallow the appointment of directors using the cumulative voting system at the Korea...

Douglas Kim

NPS Stake in Korea Zinc Revealed: EGM Vote Locked, Short Play in Focus

NPS backed cumulative voting and the director cap at Korea Zinc’s EGM. This is a win for Choi, and the pop today likely came from the news leaking...

Sanghyun Park

Last Week in Event SPACE: Seven & I, PA Gooddoctor, Fuji Soft, WH Group

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

KRX Short Interest Weekly (Jan 3rd): Samsung Biologics

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Biologics(207940 KS).

Ke Yan, CFA, FRM

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