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.

Event-Driven

<ul>
<li>Foreign traders face challenges in LG Display's rights offering. While LG Display provides updates through English disclosures, detailed schedule information exclusive to the Korean prospectus is missing.</li>
<li>To ensure access to all Korean disclosures, use the DART English service. DART imports English disclosures from KIND and provides English titles for Korean-only disclosures. Use translation tools like ChatGPT.</li>
<li>FSC enhances services to address practical issues. For lengthy documents, only English titles are available. FSC will provide English for subtitles, tables, and charts, using an automatic translation system.</li>
</ul>


Foreign traders face challenges in LG Display's rights offering. While LG Display provides updates through English disclosures, detailed schedule information exclusive to the Korean prospectus is missing.
To ensure access to all Korean disclosures, use the DART English service. DART imports English disclosures from KIND and provides English titles for Korean-only disclosures. Use translation tools like ChatGPT.
FSC enhances services to address practical issues. For lengthy documents, only English titles are available. FSC will provide English for subtitles, tables, and charts, using an automatic translation system.


Practical Issues with English Disclosure Sites in Korea (Feat. LG Display) & FSC's Latest Solutions

<ul>
<li>Unlike typical Korean stock rights arbitrage, LG Display's significant equity offering and active stock futures trading anticipate a spread opening, akin to the recent Hanwha Ocean scenario.</li>
<li>In contrast to Hanwha Ocean, the absence of major sellers, like KDB, sets this event apart. LG Electronics, the major shareholder with a 37.9% stake, intends to participate.</li>
<li>Despite differences from Hanwha Ocean, LG Display's high retail shareholder presence implies a substantial likelihood of stock rights overhang, even without players like KDB.</li>
</ul>


Unlike typical Korean stock rights arbitrage, LG Display's significant equity offering and active stock futures trading anticipate a spread opening, akin to the recent Hanwha Ocean scenario.
In contrast to Hanwha Ocean, the absence of major sellers, like KDB, sets this event apart. LG Electronics, the major shareholder with a 37.9% stake, intends to participate.
Despite differences from Hanwha Ocean, LG Display's high retail shareholder presence implies a substantial likelihood of stock rights overhang, even without players like KDB.


Arb Trading with Stock Rights in Korea: A Basic Guide Featuring LG Display Offering

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>LG Display announced today that it will conduct a rights offering capital raise worth 1.36 trillion won. </li>
<li>The rights offering capital raise involves 142 million shares, which represent 39.7% of its existing outstanding shares. </li>
<li>We believe this rights offering will have a negative impact on LG Display's share price as it will significantly dilute existing shareholders. </li>
</ul>


LG Display announced today that it will conduct a rights offering capital raise worth 1.36 trillion won. 
The rights offering capital raise involves 142 million shares, which represent 39.7% of its existing outstanding shares. 
We believe this rights offering will have a negative impact on LG Display's share price as it will significantly dilute existing shareholders. 


LG Display: Announces a Rights Offering Capital Raise of 1.36 Trillion Won

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul>
<li>China's smartphone market saw growth in 1Q 2024, with increased shipments of OLED panels indicating potential for LG.</li>
<li>Panasonic's battery unit received US subsidy but faces weak EV demand, potentially hurting sales.</li>
<li>Concerns rise as tech giants invest in AI infrastructure, with focus on consolidation, data privacy, and potential misuse of power.</li>
</ul>


China's smartphone market saw growth in 1Q 2024, with increased shipments of OLED panels indicating potential for LG.
Panasonic's battery unit received US subsidy but faces weak EV demand, potentially hurting sales.
Concerns rise as tech giants invest in AI infrastructure, with focus on consolidation, data privacy, and potential misuse of power.


Tech Supply Chain Tracker (11-May-2024): China smartphone market, Q1 2024

<ul><li>Samsung and LG are launching new gaming and AI-focused monitors to take advantage of the recovering market.</li><li>Tata Elxsi is collaborating with Arm on self-driving vehicle solutions, while Saudi fund considers cutting ties with China for US chips and AI.</li><li>Samsung and SK Hynix are competing in the HBM market, driven by demand for high-bandwidth memory solutions. Toyota plans to invest JPY2 trillion in supply chain, EV, and SDV, with Tata making progress in semiconductor manufacturing.</li></ul>

Samsung and LG are launching new gaming and AI-focused monitors to take advantage of the recovering market.Tata Elxsi is collaborating with Arm on self-driving vehicle solutions, while Saudi fund considers cutting ties with China for US chips and AI.Samsung and SK Hynix are competing in the HBM market, driven by demand for high-bandwidth memory solutions. Toyota plans to invest JPY2 trillion in supply chain, EV, and SDV, with Tata making progress in semiconductor manufacturing.

Tech Supply Chain Tracker (10-May-2024): Samsung and LG launch new gaming/ AI monitors in market recovery.

South Korea

LG Display Company Ltd. develops and manufactures digital display products. The Company's products include thin film transistor-liquid crystal displays (TFT-LCD) for notebook and desktop computer monitors, TVs, and mobile phones. LG Display provides its products to overseas and domestic markets.

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LG Display (ADR) (LPL US)

Practical Issues with English Disclosure Sites in Korea (Feat. LG Display) & FSC's Latest Solutions

This post delves into the practical challenges of using English disclosure sites in Korea, using LG Display as an example, and introduces the...

Sanghyun Park

Arb Trading with Stock Rights in Korea: A Basic Guide Featuring LG Display Offering

This post offers a basic guide to arbitrage trading using stock rights in Korean equity offerings, with LG Display's recent announcement as an...

Sanghyun Park

LG Display: Announces a Rights Offering Capital Raise of 1.36 Trillion Won

LG Display announced today that it will conduct a rights offering capital raise worth 1.36 trillion won. We believe this will have a negative...

Douglas Kim

Tech Supply Chain Tracker (11-May-2024): China smartphone market, Q1 2024

China's smartphone market grows in 1Q 2024, LG competes with Samsung in OLED panels, Panasonic's battery unit receives subsidy, tech giants invest...

Tech Supply Chain Tracker

Tech Supply Chain Tracker (10-May-2024): Samsung and LG launch new gaming/ AI monitors in market recovery.

Samsung, LG, Tata, Arm, Saudi fund, SK Hynix, and Toyota are all making strategic moves in gaming monitors, self-driving vehicles, semiconductor...

Tech Supply Chain Tracker

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