Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Oct 27th which has an aggregated short interest worth USD11.9bn.</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 Biologic, Skc, Hotel Shilla Co, Ecopro, Posco Holdings I, Yuhan, Posco Dx.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Oct 27th which has an aggregated short interest worth USD11.9bn.
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 Biologic, Skc, Hotel Shilla Co, Ecopro, Posco Holdings I, Yuhan, Posco Dx.


KRX Short Interest Weekly (Oct 27th): Samsung Biologic, Skc, Hotel Shilla Co, Ecopro

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/l-f-co-ltd" target="_blank" data-smartkarma-citation="entities:14300:1" rel="noopener">L&amp;F Co Ltd (066970 KS)</a> has applied to the KRX for a transfer from the KOSDAQ market to the KOSPI market.</li>
<li>Based on history, the approval for the transfer and the listing change could take place some time in December.</li>
<li>
<a href="https://www.smartkarma.com/entities/l-f-co-ltd" target="_blank" data-smartkarma-citation="entities:14300:1" rel="noopener">L&amp;F (066970 KS)</a> will not be short-sell eligible for 6 months or longer. That means short covering prior to index deletion and a possible overshoot in the stock price.</li>
</ul>



L&amp;F Co Ltd (066970 KS) has applied to the KRX for a transfer from the KOSDAQ market to the KOSPI market.
Based on history, the approval for the transfer and the listing change could take place some time in December.

L&amp;F (066970 KS) will not be short-sell eligible for 6 months or longer. That means short covering prior to index deletion and a possible overshoot in the stock price.


L&F (066970 KS): Index Implications of KOSDAQ to KOSPI Transfer

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.

<ul>
<li>L&amp;F will likely be listed on the KOSPI in mid-December. The top reserved issue within the KOSDAQ 150 IT Sector will be added to the index via an ad-hoc change.</li>
<li>Selvas AI stands as the foremost candidate for the screened top reserved issue, with a mere two trading days remaining in the six-month screening period.</li>
<li>Given the relatively limited proactive position buildup due to more uncertainty regarding timing, the price impact leading up to the effective date might become even more significant.</li>
</ul>


L&amp;F will likely be listed on the KOSPI in mid-December. The top reserved issue within the KOSDAQ 150 IT Sector will be added to the index via an ad-hoc change.
Selvas AI stands as the foremost candidate for the screened top reserved issue, with a mere two trading days remaining in the six-month screening period.
Given the relatively limited proactive position buildup due to more uncertainty regarding timing, the price impact leading up to the effective date might become even more significant.


Passive Flow Trading Opportunities Emerge from L&F's Transition to KOSPI Listing

Index Rebalance

<ul>
<li>With the review period nearly complete, we see 15 potential changes for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the December rebalance.</li>
<li>There could be index changes even before the December rebalance if there are prolonged trading suspensions and stocks migrate from the KOSDAQ Market to the KOSPI Market.</li>
<li>The potential adds have sold off hard over the last six weeks, similar to the performance at the June rebalance.</li>
</ul>


With the review period nearly complete, we see 15 potential changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the December rebalance.
There could be index changes even before the December rebalance if there are prolonged trading suspensions and stocks migrate from the KOSDAQ Market to the KOSPI Market.
The potential adds have sold off hard over the last six weeks, similar to the performance at the June rebalance.


KOSDAQ150 Index Rebalance Preview: Big Sell Off Among Potential Inclusions as Momentum Fades

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Youngpoong Paper Mfg's shares declined sharply by 30% to 33,900 won today, trading only 190k shares (3% of ADTV). </li>
<li>There is high probability that this sell-off could be related to CFD related margin call. </li>
<li>Daiyang Metal, the largest shareholder of Youngpoong Paper Mfg, also dropped limit down today. The Korea Exchange has temporarily suspended trading of both Youngpoong Paper and Daiyang Metal. </li>
</ul>


Youngpoong Paper Mfg's shares declined sharply by 30% to 33,900 won today, trading only 190k shares (3% of ADTV). 
There is high probability that this sell-off could be related to CFD related margin call. 
Daiyang Metal, the largest shareholder of Youngpoong Paper Mfg, also dropped limit down today. The Korea Exchange has temporarily suspended trading of both Youngpoong Paper and Daiyang Metal. 


Youngpoong Paper Mfg: Concerns About CFD Related Selling - Another Margin Call?

South Korea

L&F Co., Ltd. develops and manufactures battery materials. The Company produces and sells cathode active materials, anode materials, electrolyte, separator, and other products. L&F markets its products throughout Korea.

Price Gauge
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L&F (066970 KS)

KRX Short Interest Weekly (Oct 27th): Samsung Biologic, Skc, Hotel Shilla Co, Ecopro

We analyzed KRX short interest report for the past week and highlight short interest changes in Samsung Biologic, Skc, Hotel Shilla Co, Ecopro,...

Ke Yan, CFA, FRM

L&F (066970 KS): Index Implications of KOSDAQ to KOSPI Transfer

LnF could move from the KOSDAQ to KOSPI market in Dec. That means deletion from the KOSDAQ150 in Dec and a potential inclusion in the KS200 in...

Brian Freitas

Passive Flow Trading Opportunities Emerge from L&F's Transition to KOSPI Listing

This post delves into passive flow trading opportunities arising from L&F's transition to KOSPI listing, slated for completion later this December.

Sanghyun Park

KOSDAQ150 Index Rebalance Preview: Big Sell Off Among Potential Inclusions as Momentum Fades

With momentum fading in Korea, the selloff has hit the potential adds to the KOSDAQ150 especially hard. There could be a few constituent changes...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

KRX Short Interest Weekly (Oct 27th): Samsung Biologic, Skc, Hotel Shilla Co, Ecopro

We analyzed KRX short interest report for the past week and highlight short interest changes in Samsung Biologic, Skc, Hotel Shilla Co, Ecopro,...

Ke Yan, CFA, FRM

L&F (066970 KS): Index Implications of KOSDAQ to KOSPI Transfer

LnF could move from the KOSDAQ to KOSPI market in Dec. That means deletion from the KOSDAQ150 in Dec and a potential inclusion in the KS200 in...

Brian Freitas

Passive Flow Trading Opportunities Emerge from L&F's Transition to KOSPI Listing

This post delves into passive flow trading opportunities arising from L&F's transition to KOSPI listing, slated for completion later this December.

Sanghyun Park

KOSDAQ150 Index Rebalance Preview: Big Sell Off Among Potential Inclusions as Momentum Fades

With momentum fading in Korea, the selloff has hit the potential adds to the KOSDAQ150 especially hard. There could be a few constituent changes...

Brian Freitas

Youngpoong Paper Mfg: Concerns About CFD Related Selling - Another Margin Call?

​Shares of Youngpoong Paper Mfg dropped 30% today, possibly due to CFD related margin call. Daiyang Metal, its largest shareholder, also saw a...

Douglas Kim

Shares of Youngpoong Paper Mfg dropped 30% today, possibly due to CFD related margin call. Daiyang Metal, its largest shareholder, also saw a...