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 Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>The main challenge is the construction of new production facilities in the US. The investment amount is estimated to be around ₩1T, achieving an annual production capacity of 100,000 tons.</li>
<li>The government's approval is the most significant factor to monitor. It will likely be granted between late June or early July, which is when we should start building positions.</li>
<li>Due to the local market's expectation of L&amp;F's upcoming fundraising event, some traders may start building their positions early on. It's important to consider this possibility and act preemptively.</li>
</ul>


The main challenge is the construction of new production facilities in the US. The investment amount is estimated to be around ₩1T, achieving an annual production capacity of 100,000 tons.
The government's approval is the most significant factor to monitor. It will likely be granted between late June or early July, which is when we should start building positions.
Due to the local market's expectation of L&amp;F's upcoming fundraising event, some traders may start building their positions early on. It's important to consider this possibility and act preemptively.


How Should We Time the L&F Shorting Event for Another Share Dilution Risk?

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>Korea banned all short selling in March 2020 and resumed short selling only on <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> index constituents in May 2021.</li>
<li>News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.</li>
<li>There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.</li>
</ul>


Korea banned all short selling in March 2020 and resumed short selling only on KOSPI 200 and KOSDAQ 150 index constituents in May 2021.
News reports indicate that there could be another short sell ban as soon as the coming week. Indications are that the ban could last 6 months.
There are many implications of a total short sell ban including futures backwardation, market manipulation, and no emerging to developed market promotion.


Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we make comparisons between EcoPro Materials (450080 KS) and HD Hyundai Marine Solution (443060 KS) post their IPOs</li>
<li>Ecopro Materials' share price is likely to face continued weakness, especially with the potential for a major block deal sale by BRV Capital and end of the lock up period.</li>
<li>We believe that HD Hyundai Marine Solution's share price has surged above its intrinsic value. More insiders are likely to start selling HD Hyundai Marine Solution in the coming months.</li>
</ul>


In this insight, we make comparisons between EcoPro Materials (450080 KS) and HD Hyundai Marine Solution (443060 KS) post their IPOs
Ecopro Materials' share price is likely to face continued weakness, especially with the potential for a major block deal sale by BRV Capital and end of the lock up period.
We believe that HD Hyundai Marine Solution's share price has surged above its intrinsic value. More insiders are likely to start selling HD Hyundai Marine Solution in the coming months.


A Comparison Between Ecopro Materials & HD Hyundai Marine Solution Post IPO

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).</li>
<li>The reference period for the June 2024 index rebal event ended recently. In this insight, we take a look at our final expected ADDs/DELs.</li>
<li><em>There has been one change to our list of expected ADDs presented in my last insight (<a href="https://www.smartkarma.com/insights/quiddity-leaderboard-kospi-200-jun-24-four-changes-likely" target="_blank" rel="noopener">link</a>).</em></li>
</ul>


KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
The reference period for the June 2024 index rebal event ended recently. In this insight, we take a look at our final expected ADDs/DELs.
There has been one change to our list of expected ADDs presented in my last insight (link).


Quiddity Leaderboard KOSPI 200 Jun 24: One Last-Minute Change to Rankings

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.

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L&F (066970 KS)

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

Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

Media reports indicate that there could be a temporary short sell ban in Korea. This could lead to futures backwardation, market manipulation and a...

Brian Freitas

A Comparison Between Ecopro Materials & HD Hyundai Marine Solution Post IPO

In this insight, we make comparisons between EcoPro Materials (450080 KS) and HD Hyundai Marine Solution (443060 KS) post their IPOs

Douglas Kim

Quiddity Leaderboard KOSPI 200 Jun 24: One Last-Minute Change to Rankings

The KOSPI 200 rebal reference period is now finished. There is one change to our expectations for the June 2024 index review based on a share...

Travis Lundy

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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

How Should We Time the L&F Shorting Event for Another Share Dilution Risk?

This post discusses how we should time the L&F shorting event resulting from another share dilution risk due to the belated expansion into the US.

Sanghyun Park

Korea Short Sell Ban: Background, Manipulation, Holdings, Flows, Short Interest, Implications

Media reports indicate that there could be a temporary short sell ban in Korea. This could lead to futures backwardation, market manipulation and a...

Brian Freitas

A Comparison Between Ecopro Materials & HD Hyundai Marine Solution Post IPO

In this insight, we make comparisons between EcoPro Materials (450080 KS) and HD Hyundai Marine Solution (443060 KS) post their IPOs

Douglas Kim

Quiddity Leaderboard KOSPI 200 Jun 24: One Last-Minute Change to Rankings

The KOSPI 200 rebal reference period is now finished. There is one change to our expectations for the June 2024 index review based on a share...

Travis Lundy