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>MBK is raising its tender offer for Young Poong Precision to ₩30,000 per share, matching Choi’s offer and extending the deadline to October 14. Filing expected tomorrow before market open.</li>
<li>MBK targets 6.84 million shares, surpassing Choi's 3.94 million cap. No hard floor, no cancellation risk, but MBK holds an edge in proration.</li>
<li>The buzz is whether MBK will raise its Korea Zinc bid beyond 900,000 KRW, as Choi prepped with a 950,000 KRW offer. A bid hike and extension seem likely.</li>
</ul>


MBK is raising its tender offer for Young Poong Precision to ₩30,000 per share, matching Choi’s offer and extending the deadline to October 14. Filing expected tomorrow before market open.
MBK targets 6.84 million shares, surpassing Choi's 3.94 million cap. No hard floor, no cancellation risk, but MBK holds an edge in proration.
The buzz is whether MBK will raise its Korea Zinc bid beyond 900,000 KRW, as Choi prepped with a 950,000 KRW offer. A bid hike and extension seem likely.


MBK Hikes Youngpoong Precision Tender Price to ₩30,000: Tender Deadline Extended to the 14th

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Korea Zinc plans to repurchase and cancel shares worth 2.663 trillion won. Korea Zinc's partner Bain Capital also plans to purchase around 430 billion won for a 2.5% stake. </li>
<li>Korea Zinc plans to buy back shares at 830,000 won per share, which is 11% higher than MBK's revised up tender offer price of 750,000 won.</li>
<li>Choi family/Bain Capital's efforts to conduct a massive share buyback and cancellation at higher prices than the market price goes against the globally accepted market practices.</li>
</ul>


Korea Zinc plans to repurchase and cancel shares worth 2.663 trillion won. Korea Zinc's partner Bain Capital also plans to purchase around 430 billion won for a 2.5% stake. 
Korea Zinc plans to buy back shares at 830,000 won per share, which is 11% higher than MBK's revised up tender offer price of 750,000 won.
Choi family/Bain Capital's efforts to conduct a massive share buyback and cancellation at higher prices than the market price goes against the globally accepted market practices.


Korea Zinc: Plans to Buy Back and Cancel Shares Worth 2.7 Trillion Won + Team Up with Bain Capital

<ul>
<li>Young Poong filed a criminal complaint against the board of directors of Korea Zinc (010130 KS) who voted in favor of the tender offer by buying back Korea Zinc's shares.</li>
<li>If Korea Zinc proceeds with the share buyback at higher price than the tender offer price by MBK, there are two main scenarios.  </li>
<li>Trading Action Point: If Uncertain, Watch the Price Action in the Next Several Days</li>
</ul>


Young Poong filed a criminal complaint against the board of directors of Korea Zinc (010130 KS) who voted in favor of the tender offer by buying back Korea Zinc's shares.
If Korea Zinc proceeds with the share buyback at higher price than the tender offer price by MBK, there are two main scenarios.  
Trading Action Point: If Uncertain, Watch the Price Action in the Next Several Days


Legal Chaos Amid Young Poong Filing a Criminal Complaint Against Korea Zinc's BOD and What's Next?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Never a dull moment for <strong><a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a></strong> (KZ).  After MBK/Young Poong’s injunction to block KZ’s buyback was denied, KZ, together with Bain Capital, tabled a punchy Offer.</li>
<li>KZ has launched a 3.21mn share buyback (15.5% of shares out) at ₩830,000/share. Bain will also buy 2.5%. KZ's buyback is to be funded by short-term loans and corporate bonds.</li>
<li>MBK/Young Poong have filed another injunction against this buyback. Its case has merit. And that legal overhang ostensibly accounts for KZ trading ~14% below the buyback terms. </li>
</ul>


Never a dull moment for Korea Zinc (010130 KS) (KZ).  After MBK/Young Poong’s injunction to block KZ’s buyback was denied, KZ, together with Bain Capital, tabled a punchy Offer.
KZ has launched a 3.21mn share buyback (15.5% of shares out) at ₩830,000/share. Bain will also buy 2.5%. KZ's buyback is to be funded by short-term loans and corporate bonds.
MBK/Young Poong have filed another injunction against this buyback. Its case has merit. And that legal overhang ostensibly accounts for KZ trading ~14% below the buyback terms. 


Korea Zinc (010130 KS)'s ₩830,000/Share Offer. Mmm ...

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 Sep 27th which has an aggregated short interest worth USD5.3bn.</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 Hmm (011200 KS), Samsung Electronics (005930 KS).</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 27th which has an aggregated short interest worth USD5.3bn.
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 Hmm (011200 KS), Samsung Electronics (005930 KS).


KRX Short Interest Weekly (Sep 27th): Hmm, Samsung Electronics

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.

Price Gauge
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Korea Zinc (010130 KS)

MBK Hikes Youngpoong Precision Tender Price to ₩30,000: Tender Deadline Extended to the 14th

MBK Partners just bumped up their tender offer price for Korea Zinc to 830K won. That’s a solid jump from the original 750K they were running with,...

Sanghyun Park

Korea Zinc: Plans to Buy Back and Cancel Shares Worth 2.7 Trillion Won + Team Up with Bain Capital

On 4 October, Korea Zinc announced that of the 2.7 trillion won of the buyback tender offer, 1.5 trillion won will be financed with internal funds....

Douglas Kim

Legal Chaos Amid Young Poong Filing a Criminal Complaint Against Korea Zinc's BOD and What's Next?

If Korea Zinc proceeds with the share buyback at higher price than the tender offer price by MBK, there are two main scenarios.

Douglas Kim

KRX Short Interest Weekly (Sep 27th): Hmm, Samsung Electronics

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hmm, Samsung Electronics.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MBK Hikes Youngpoong Precision Tender Price to ₩30,000: Tender Deadline Extended to the 14th

MBK Partners just bumped up their tender offer price for Korea Zinc to 830K won. That’s a solid jump from the original 750K they were running with,...

Sanghyun Park

Korea Zinc: Plans to Buy Back and Cancel Shares Worth 2.7 Trillion Won + Team Up with Bain Capital

On 4 October, Korea Zinc announced that of the 2.7 trillion won of the buyback tender offer, 1.5 trillion won will be financed with internal funds....

Douglas Kim

Legal Chaos Amid Young Poong Filing a Criminal Complaint Against Korea Zinc's BOD and What's Next?

If Korea Zinc proceeds with the share buyback at higher price than the tender offer price by MBK, there are two main scenarios.

Douglas Kim