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>If the three non-IT names exit IT, passive flows hit hard: SK Square/LG Electronics ~0.4× DTV out, LG Corp ~0.8× DTV out, new IT entrants ~0.2–0.25× DTV in.</li>
<li>If KRX surprises next Tuesday, kicking three names from IT, expect immediate tape reaction—market memory exists, but the scenario isn’t priced, unlike 2023 Kakaopay, so instant price impact is likely.</li>
<li>If this happens, June 11 turns into a chunky basket-flow day: SK Square (~15% weight) out, next-tier caps see ~0.15–0.2× DTV inflow, except ultra-liquid names like Hanmi Semi.</li>
</ul>


If the three non-IT names exit IT, passive flows hit hard: SK Square/LG Electronics ~0.4× DTV out, LG Corp ~0.8× DTV out, new IT entrants ~0.2–0.25× DTV in.
If KRX surprises next Tuesday, kicking three names from IT, expect immediate tape reaction—market memory exists, but the scenario isn’t priced, unlike 2023 Kakaopay, so instant price impact is likely.
If this happens, June 11 turns into a chunky basket-flow day: SK Square (~15% weight) out, next-tier caps see ~0.15–0.2× DTV inflow, except ultra-liquid names like Hanmi Semi.


Unexpected ETF-Driven Flow Event Lights up the KOSPI 200 IT Sleeve

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Contemporary Amperex Technology (CATL) / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">CATL (3750 HK)</a> raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research.
In this note, we will talk about the lockup dynamics and possible placement.


CATL IPO Lockup - US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Nov 7th. The aggregated holding was USD818.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,227mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Nov 7th. The aggregated holding was USD818.4bn.
We estimate that foreign flows to be outflows of USD3,227mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE.


KRX Foreign Holding Weekly (Nov 7th): SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Oct 31st. The aggregated holding was USD862.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD77mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 31st. The aggregated holding was USD862.4bn.
We estimate that foreign flows to be inflows of USD77mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Oct 31st): SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Oct 24th. The aggregated holding was USD811.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD630mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Hanwha Ocean, Doosan Enerbility, Samsung Electronics, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 24th. The aggregated holding was USD811.6bn.
We estimate that foreign flows to be outflows of USD630mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Hanwha Ocean, Doosan Enerbility, Samsung Electronics, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Oct 24th): SK Hynix, Hanwha Ocean, Doosan Enerbility

South Korea

LG Electronics Inc. manufactures and markets digital display equipment and home appliances. The Company produces and markets flat panel televisions, A/V products, washing machines, air conditioners and refrigerators as well as telecommunications equipment such as smart phones and tablets.

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LG Electronics (066570 KS)

Unexpected ETF-Driven Flow Event Lights up the KOSPI 200 IT Sleeve

This post looks at the KOSPI 200 IT sector getting hit by a surprise passive-flow swing and what it could mean for upcoming rebalance trades.

Sanghyun Park

CATL IPO Lockup - US$5.3bn Lockup Release, with H-Shares at Significant Premium to A-Shares

CATL (3750 HK) raised around US$5.2bn in its H-share listing in May 2025. The lockup on its cornerstone investors is set to expire soon.

Sumeet Singh

KRX Foreign Holding Weekly (Nov 7th): SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean, SKSQUARE

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Doosan Enerbility, NAVER, Hanwha Ocean,...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Oct 31st): SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Hanwha Ocean,...

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Oct 24th): SK Hynix, Hanwha Ocean, Doosan Enerbility

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Hanwha Ocean, Doosan Enerbility,...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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