Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Event-Driven

<p>We have a very unusual (but very interesting) rights offering in Korea. This time, Korea's oldest and largest wind power developer/operator called <a href="https://www.smartkarma.com/entities/18617" target="_blank" data-smartkarma-citation="entities:18617:1">Unison Co Ltd (018000 KS)</a> announced a ₩41.9bil rights offering late in the afternoon on Dec 14 (yesterday) after the market closed.</p><div class="content-highlight"><p><em><strong>Who is Unison?</strong></em></p><p><em>Unison, founded in 1984, is Korea’s oldest and largest wind power development/operation company. Unison has completed the development of Korea’s first large-scale commercial wind farm in Gangwon-province and Gyeongsangnam-province, and it has been operating them successfully.</em></p></div>

We have a very unusual (but very interesting) rights offering in Korea. This time, Korea's oldest and largest wind power developer/operator called Unison Co Ltd (018000 KS) announced a ₩41.9bil rights offering late in the afternoon on Dec 14 (yesterday) after the market closed.Who is Unison?Unison, founded in 1984, is Korea’s oldest and largest wind power development/operation company. Unison has completed the development of Korea’s first large-scale commercial wind farm in Gangwon-province and Gyeongsangnam-province, and it has been operating them successfully.

Unison Rights Offering Review - Very Unusual Event

Thematic (Sector/Industry)

<p>It was officially announced that a total of 13 stocks would be newly added to KOSDAQ 150 in the upcoming periodical reshuffle, whereas the same number of stocks will be excluded through this reshuffle. These changes will be in effect as of Dec 15.</p><div><table class="table table-striped"><tbody><tr><td style="width: 409.0625305175781px;">Stocks to be added in KOSDAQ150</td><td style="width: 323.9374694824219px;">Market cap (₩ bil)</td></tr><tr><td style="width: 409.0625305175781px;"><a href="https://www.smartkarma.com/entities/24064" target="_blank" data-smartkarma-citation="entities:24064:1">Jeil Holdings (003380 KS)</a></td><td style="width: 323.9374694824219px;">1,234.0</td></tr><tr><td style="width: 409.0625305175781px;"><a href="https://www.smartkarma.com/entities/10847" target="_blank" data-smartkarma-citation="entities:10847:1">Naturecell Co Ltd (007390 KS)</a></td><td style="width: 323.9374694824219px;">719.3</td></tr><tr><td style="width: 409.0625305175781px;"><a href="https://www.smartkarma.com/entities/3930" target="_blank" data-smartkarma-citation="entities:3930:1">SMCore.Inc (007820 KS)</a></td><td style="width: 323.9374694824219px;">313.0</td></tr><tr><td style="width: 409.0625305175781px;"><a href="https://www.smartkarma.com/entities/18617" target="_blank" data-smartkarma-citation="entities:18617:1">Unison Co Ltd (018000 KS)</a></td><td style="width: 323.9374694824219px;">350.1</td></tr><tr><td style="width: 409.0625305175781px;"><a href="https://www.smartkarma.com/entities/17777" target="_blank" data-smartkarma-citation="entities:17777:1">Psk Inc (031980 KS)</a></td><td style="width: 323.9374694824219px;">594.7</td></tr><tr><td style="width: 409.0625305175781px;"><a href="https://www.smartkarma.com/entities/20497" target="_blank" data-smartkarma-citation="entities:20497:1">Cowell Fashion Co Ltd (033290 KS)</a></td><td style="width: 323.9374694824219px;">503.2</td></tr><tr><td style="width: 409.0625305175781px;"><a href="https://www.smartkarma.com/entities/13183" target="_blank" data-smartkarma-citation="entities:13183:1">Meerecompany Incorporated (049950 KS)</a></td><td style="width: 323.9374694824219px;">660.4</td></tr><tr><td style="width: 409.0625305175781px;"><a href="https://www.smartkarma.com/entities/16790" target="_blank" data-smartkarma-citation="entities:16790:1">Moda-InnoChips (080420 KS)</a></td><td style="width: 323.9374694824219px;">458.4</td></tr><tr><td style="width: 409.0625305175781px;"><a href="https://www.smartkarma.com/entities/19029" target="_blank" data-smartkarma-citation="entities:19029:1">Ecopro Co Ltd (086520 KS)</a></td><td style="width: 323.9374694824219px;">828.4</td></tr><tr><td style="width: 409.0625305175781px;"><a href="https://www.smartkarma.com/entities/3933" target="_blank" data-smartkarma-citation="entities:3933:1">Bh Co Ltd (090460 KS)</a></td><td style="width: 323.9374694824219px;">859.9</td></tr><tr><td style="width: 409.0625305175781px;"><a href="https://www.smartkarma.com/entities/23641" target="_blank" data-smartkarma-citation="entities:23641:1">Celltrion Healthcare (091990 KS)</a></td><td style="width: 323.9374694824219px;">11,824.8</td></tr><tr><td style="width: 409.0625305175781px;"><a href="https://www.smartkarma.com/entities/24391" target="_blank" data-smartkarma-citation="entities:24391:1">Pearl Abyss Corp (263750 KS)</a></td><td style="width: 323.9374694824219px;">2,290.2</td></tr><tr><td style="width: 409.0625305175781px;"><a href="https://www.smartkarma.com/entities/24223" target="_blank" data-smartkarma-citation="entities:24223:1">Innox Advanced Materials Co.,Ltd. (272290 KS)</a></td><td style="width: 323.9374694824219px;">814.1</td></tr><tr><td colspan="2" style="width: 733px;"><em>Source: KRX</em></td></tr></tbody></table></div><p>This announcement was actually made late afternoon yesterday (Nov 23). This means the market had an ample to react to this announcement today even though many of these newly added stocks have been well anticipated by the market for a while. Everyone with the exception of <a href="https://www.smartkarma.com/entities/23641" target="_blank" data-smartkarma-citation="entities:23641:1">Celltrion Healthcare (091990 KS)</a> had a fantastic day today (Nov 24). In particular, <a href="https://www.smartkarma.com/entities/16790" target="_blank" data-smartkarma-citation="entities:16790:1">Moda-InnoChips (080420 KS)</a>, <a href="https://www.smartkarma.com/entities/10847" target="_blank" data-smartkarma-citation="entities:10847:1">Naturecell Co Ltd (007390 KS)</a>, <a href="https://www.smartkarma.com/entities/13183" target="_blank" data-smartkarma-citation="entities:13183:1">Meerecompany Incorporated (049950 KS)</a> and <a href="https://www.smartkarma.com/entities/3933" target="_blank" data-smartkarma-citation="entities:3933:1">Bh Co Ltd (090460 KS)</a> were the biggest winners today.</p><div><table class="table table-striped"><tbody><tr><td style="width: 407.51361083984375px;">Stocks to be added in KOSDAQ 150</td><td style="width: 325.48638916015625px;">Price Δ on Nov 24</td></tr><tr><td style="width: 407.51361083984375px;"><a href="https://www.smartkarma.com/entities/24064" target="_blank" data-smartkarma-citation="entities:24064:1">Jeil Holdings (003380 KS)</a></td><td style="width: 325.48638916015625px;">+4.80%</td></tr><tr><td style="width: 407.51361083984375px;"><em><strong><a href="https://www.smartkarma.com/entities/10847" target="_blank" data-smartkarma-citation="entities:10847:1">Naturecell Co Ltd (007390 KS)</a></strong></em></td><td style="width: 325.48638916015625px;"><em><strong>+11.20%</strong></em></td></tr><tr><td style="width: 407.51361083984375px;"><a href="https://www.smartkarma.com/entities/3930" target="_blank" data-smartkarma-citation="entities:3930:1">SMCore.Inc (007820 KS)</a></td><td style="width: 325.48638916015625px;">+2.96%</td></tr><tr><td style="width: 407.51361083984375px;"><a href="https://www.smartkarma.com/entities/18617" target="_blank" data-smartkarma-citation="entities:18617:1">Unison Co Ltd (018000 KS)</a></td><td style="width: 325.48638916015625px;">+3.55%</td></tr><tr><td style="width: 407.51361083984375px;"><a href="https://www.smartkarma.com/entities/17777" target="_blank" data-smartkarma-citation="entities:17777:1">Psk Inc (031980 KS)</a></td><td style="width: 325.48638916015625px;">+5.22%</td></tr><tr><td style="width: 407.51361083984375px;"><a href="https://www.smartkarma.com/entities/20497" target="_blank" data-smartkarma-citation="entities:20497:1">Cowell Fashion Co Ltd (033290 KS)</a></td><td style="width: 325.48638916015625px;">+3.17%</td></tr><tr><td style="width: 407.51361083984375px;"><em><strong><a href="https://www.smartkarma.com/entities/13183" target="_blank" data-smartkarma-citation="entities:13183:1">Meerecompany Incorporated (049950 KS)</a></strong></em></td><td style="width: 325.48638916015625px;"><em><strong>+10.09%</strong></em></td></tr><tr><td style="width: 407.51361083984375px;"><em><strong><a href="https://www.smartkarma.com/entities/16790" target="_blank" data-smartkarma-citation="entities:16790:1">Moda-InnoChips (080420 KS)</a></strong></em></td><td style="width: 325.48638916015625px;"><em><strong>+16.28%</strong></em></td></tr><tr><td style="width: 407.51361083984375px;"><a href="https://www.smartkarma.com/entities/19029" target="_blank" data-smartkarma-citation="entities:19029:1">Ecopro Co Ltd (086520 KS)</a></td><td style="width: 325.48638916015625px;">+3.16%</td></tr><tr><td style="width: 407.51361083984375px;"><em><strong><a href="https://www.smartkarma.com/entities/3933" target="_blank" data-smartkarma-citation="entities:3933:1">Bh Co Ltd (090460 KS)</a></strong></em></td><td style="width: 325.48638916015625px;"><em><strong>+8.70%</strong></em></td></tr><tr><td style="width: 407.51361083984375px;"><a href="https://www.smartkarma.com/entities/23641" target="_blank" data-smartkarma-citation="entities:23641:1">Celltrion Healthcare (091990 KS)</a></td><td style="width: 325.48638916015625px;">-4.76%</td></tr><tr><td style="width: 407.51361083984375px;"><a href="https://www.smartkarma.com/entities/24391" target="_blank" data-smartkarma-citation="entities:24391:1">Pearl Abyss Corp (263750 KS)</a></td><td style="width: 325.48638916015625px;">+6.63%</td></tr><tr><td style="width: 407.51361083984375px;"><a href="https://www.smartkarma.com/entities/24223" target="_blank" data-smartkarma-citation="entities:24223:1">Innox Advanced Materials Co.,Ltd. (272290 KS)</a></td><td style="width: 325.48638916015625px;">+3.75%</td></tr><tr><td colspan="2" style="width: 733px;"><em>Source: KRX</em></td></tr></tbody></table></div><p>Unfortunately, these 13 stocks as shown in the following table will be excluded from KOSDAQ 150. All of them had a smaller market than those newly added stocks as a majority are at a ₩200-300bil range. </p><table class="table table-striped"><tbody><tr><td style="width: 408.94024658203125px;">Stocks to be excluded from KOSDAQ 150</td><td style="width: 325.05975341796875px;">Market cap (₩ bil)</td></tr><tr><td style="width: 408.94024658203125px;"><a href="https://www.smartkarma.com/entities/6420" target="_blank" data-smartkarma-citation="entities:6420:1">Maeil Dairy Industry (005990 KS)</a></td><td style="width: 325.05975341796875px;">242.1</td></tr><tr><td style="width: 408.94024658203125px;"><a href="https://www.smartkarma.com/entities/5363" target="_blank" data-smartkarma-citation="entities:5363:1">Hy Lok Corp (013030 KS)</a></td><td style="width: 325.05975341796875px;">353.9</td></tr><tr><td style="width: 408.94024658203125px;"><a href="https://www.smartkarma.com/entities/16913" target="_blank" data-smartkarma-citation="entities:16913:1">Agabang&amp;Company (013990 KS)</a></td><td style="width: 325.05975341796875px;">224.0</td></tr><tr><td style="width: 408.94024658203125px;"><a href="https://www.smartkarma.com/entities/1689" target="_blank" data-smartkarma-citation="entities:1689:1">APS Holdings Corporation (054620 KS)</a></td><td style="width: 325.05975341796875px;">108.6</td></tr><tr><td style="width: 408.94024658203125px;"><a href="https://www.smartkarma.com/entities/2863" target="_blank" data-smartkarma-citation="entities:2863:1">Daehan New Pharm Co Ltd (054670 KS)</a></td><td style="width: 325.05975341796875px;">237.6</td></tr><tr><td style="width: 408.94024658203125px;"><a href="https://www.smartkarma.com/entities/6127" target="_blank" data-smartkarma-citation="entities:6127:1">Kh Vatec Co Ltd (060720 KS)</a></td><td style="width: 325.05975341796875px;">255.0</td></tr><tr><td style="width: 408.94024658203125px;"><a href="https://www.smartkarma.com/entities/12524" target="_blank" data-smartkarma-citation="entities:12524:1">Gnco Co Ltd (065060 KS)</a></td><td style="width: 325.05975341796875px;">319.5</td></tr><tr><td style="width: 408.94024658203125px;"><a href="https://www.smartkarma.com/entities/2903" target="_blank" data-smartkarma-citation="entities:2903:1">Joycity Corp (067000 KS)</a></td><td style="width: 325.05975341796875px;">181.5</td></tr><tr><td style="width: 408.94024658203125px;"><a href="https://www.smartkarma.com/entities/20163" target="_blank" data-smartkarma-citation="entities:20163:1">Afreecatv Co Ltd (067160 KS)</a></td><td style="width: 325.05975341796875px;">219.2</td></tr><tr><td style="width: 408.94024658203125px;"><a href="https://www.smartkarma.com/entities/11027" target="_blank" data-smartkarma-citation="entities:11027:1">Coson Co Ltd (069110 KS)</a></td><td style="width: 325.05975341796875px;">239.2</td></tr><tr><td style="width: 408.94024658203125px;"><a href="https://www.smartkarma.com/entities/10891" target="_blank" data-smartkarma-citation="entities:10891:1">Nexturn Co Ltd (089140 KS)</a></td><td style="width: 325.05975341796875px;">204.9</td></tr><tr><td style="width: 408.94024658203125px;"><a href="https://www.smartkarma.com/entities/7043" target="_blank" data-smartkarma-citation="entities:7043:1">Next Entertainment World Co (160550 KS)</a></td><td style="width: 325.05975341796875px;">246.7</td></tr><tr><td style="width: 408.94024658203125px;"><a href="https://www.smartkarma.com/entities/8583" target="_blank" data-smartkarma-citation="entities:8583:1">Lion Chemtech Co Ltd (171120 KS)</a></td><td style="width: 325.05975341796875px;">232.3</td></tr><tr><td colspan="2" style="width: 734px;"><em>Source: KRX</em></td></tr></tbody></table><p>It is no surprise that all of these stocks didn't have a great time today. In particular, <a href="https://www.smartkarma.com/entities/12524" target="_blank" data-smartkarma-citation="entities:12524:1">Gnco Co Ltd (065060 KS)</a>, <a href="https://www.smartkarma.com/entities/8583" target="_blank" data-smartkarma-citation="entities:8583:1">Lion Chemtech Co Ltd (171120 KS)</a> and <a href="https://www.smartkarma.com/entities/5363" target="_blank" data-smartkarma-citation="entities:5363:1">Hy Lok Corp (013030 KS)</a> suffered bigger loss today.</p><div><table class="table table-striped"><tbody><tr><td style="width: 413.13861083984375px;">Stocks to be excluded from KOSDAQ 150</td><td style="width: 319.86138916015625px;">Price Δ on Nov 24</td></tr><tr><td style="width: 413.13861083984375px;"><a href="https://www.smartkarma.com/entities/6420" target="_blank" data-smartkarma-citation="entities:6420:1">Maeil Dairy Industry (005990 KS)</a></td><td style="width: 319.86138916015625px;">-1.67%</td></tr><tr><td style="width: 413.13861083984375px;"><em><strong><a href="https://www.smartkarma.com/entities/5363" target="_blank" data-smartkarma-citation="entities:5363:1">Hy Lok Corp (013030 KS)</a></strong></em></td><td style="width: 319.86138916015625px;"><em><strong>-4.06%</strong></em></td></tr><tr><td style="width: 413.13861083984375px;"><a href="https://www.smartkarma.com/entities/16913" target="_blank" data-smartkarma-citation="entities:16913:1">Agabang&amp;Company (013990 KS)</a></td><td style="width: 319.86138916015625px;">-2.99%</td></tr><tr><td style="width: 413.13861083984375px;"><a href="https://www.smartkarma.com/entities/1689" target="_blank" data-smartkarma-citation="entities:1689:1">APS Holdings Corporation (054620 KS)</a></td><td style="width: 319.86138916015625px;">-0.66%</td></tr><tr><td style="width: 413.13861083984375px;"><a href="https://www.smartkarma.com/entities/2863" target="_blank" data-smartkarma-citation="entities:2863:1">Daehan New Pharm Co Ltd (054670 KS)</a></td><td style="width: 319.86138916015625px;">-0.90%</td></tr><tr><td style="width: 413.13861083984375px;"><a href="https://www.smartkarma.com/entities/6127" target="_blank" data-smartkarma-citation="entities:6127:1">Kh Vatec Co Ltd (060720 KS)</a></td><td style="width: 319.86138916015625px;">-3.04%</td></tr><tr><td style="width: 413.13861083984375px;"><em><strong><a href="https://www.smartkarma.com/entities/12524" target="_blank" data-smartkarma-citation="entities:12524:1">Gnco Co Ltd (065060 KS)</a></strong></em></td><td style="width: 319.86138916015625px;"><em><strong>-10.19%</strong></em></td></tr><tr><td style="width: 413.13861083984375px;"><a href="https://www.smartkarma.com/entities/2903" target="_blank" data-smartkarma-citation="entities:2903:1">Joycity Corp (067000 KS)</a></td><td style="width: 319.86138916015625px;">-1.91%</td></tr><tr><td style="width: 413.13861083984375px;"><a href="https://www.smartkarma.com/entities/20163" target="_blank" data-smartkarma-citation="entities:20163:1">Afreecatv Co Ltd (067160 KS)</a></td><td style="width: 319.86138916015625px;">-2.90%</td></tr><tr><td style="width: 413.13861083984375px;"><a href="https://www.smartkarma.com/entities/11027" target="_blank" data-smartkarma-citation="entities:11027:1">Coson Co Ltd (069110 KS)</a></td><td style="width: 319.86138916015625px;">-2.94%</td></tr><tr><td style="width: 413.13861083984375px;"><a href="https://www.smartkarma.com/entities/10891" target="_blank" data-smartkarma-citation="entities:10891:1">Nexturn Co Ltd (089140 KS)</a></td><td style="width: 319.86138916015625px;">-2.26%</td></tr><tr><td style="width: 413.13861083984375px;"><a href="https://www.smartkarma.com/entities/7043" target="_blank" data-smartkarma-citation="entities:7043:1">Next Entertainment World Co (160550 KS)</a></td><td style="width: 319.86138916015625px;">-1.85%</td></tr><tr><td style="width: 413.13861083984375px;"><em><strong><a href="https://www.smartkarma.com/entities/8583" target="_blank" data-smartkarma-citation="entities:8583:1">Lion Chemtech Co Ltd (171120 KS)</a></strong></em></td><td style="width: 319.86138916015625px;"><em><strong>-4.13%</strong></em></td></tr><tr><td colspan="2" style="width: 733px;"><em>Source: KRX</em></td></tr></tbody></table></div>

It was officially announced that a total of 13 stocks would be newly added to KOSDAQ 150 in the upcoming periodical reshuffle, whereas the same number of stocks will be excluded through this reshuffle. These changes will be in effect as of Dec 15.Stocks to be added in KOSDAQ150Market cap (₩ bil)Jeil Holdings (003380 KS)1,234.0Naturecell Co Ltd (007390 KS)719.3SMCore.Inc (007820 KS)313.0Unison Co Ltd (018000 KS)350.1Psk Inc (031980 KS)594.7Cowell Fashion Co Ltd (033290 KS)503.2Meerecompany Incorporated (049950 KS)660.4Moda-InnoChips (080420 KS)458.4Ecopro Co Ltd (086520 KS)828.4Bh Co Ltd (090460 KS)859.9Celltrion Healthcare (091990 KS)11,824.8Pearl Abyss Corp (263750 KS)2,290.2Innox Advanced Materials Co.,Ltd. (272290 KS)814.1Source: KRXThis announcement was actually made late afternoon yesterday (Nov 23). This means the market had an ample to react to this announcement today even though many of these newly added stocks have been well anticipated by the market for a while. Everyone with the exception of Celltrion Healthcare (091990 KS) had a fantastic day today (Nov 24). In particular, Moda-InnoChips (080420 KS), Naturecell Co Ltd (007390 KS), Meerecompany Incorporated (049950 KS) and Bh Co Ltd (090460 KS) were the biggest winners today.Stocks to be added in KOSDAQ 150Price Δ on Nov 24Jeil Holdings (003380 KS)+4.80%Naturecell Co Ltd (007390 KS)+11.20%SMCore.Inc (007820 KS)+2.96%Unison Co Ltd (018000 KS)+3.55%Psk Inc (031980 KS)+5.22%Cowell Fashion Co Ltd (033290 KS)+3.17%Meerecompany Incorporated (049950 KS)+10.09%Moda-InnoChips (080420 KS)+16.28%Ecopro Co Ltd (086520 KS)+3.16%Bh Co Ltd (090460 KS)+8.70%Celltrion Healthcare (091990 KS)-4.76%Pearl Abyss Corp (263750 KS)+6.63%Innox Advanced Materials Co.,Ltd. (272290 KS)+3.75%Source: KRXUnfortunately, these 13 stocks as shown in the following table will be excluded from KOSDAQ 150. All of them had a smaller market than those newly added stocks as a majority are at a ₩200-300bil range. Stocks to be excluded from KOSDAQ 150Market cap (₩ bil)Maeil Dairy Industry (005990 KS)242.1Hy Lok Corp (013030 KS)353.9Agabang&amp;Company (013990 KS)224.0APS Holdings Corporation (054620 KS)108.6Daehan New Pharm Co Ltd (054670 KS)237.6Kh Vatec Co Ltd (060720 KS)255.0Gnco Co Ltd (065060 KS)319.5Joycity Corp (067000 KS)181.5Afreecatv Co Ltd (067160 KS)219.2Coson Co Ltd (069110 KS)239.2Nexturn Co Ltd (089140 KS)204.9Next Entertainment World Co (160550 KS)246.7Lion Chemtech Co Ltd (171120 KS)232.3Source: KRXIt is no surprise that all of these stocks didn't have a great time today. In particular, Gnco Co Ltd (065060 KS), Lion Chemtech Co Ltd (171120 KS) and Hy Lok Corp (013030 KS) suffered bigger loss today.Stocks to be excluded from KOSDAQ 150Price Δ on Nov 24Maeil Dairy Industry (005990 KS)-1.67%Hy Lok Corp (013030 KS)-4.06%Agabang&amp;Company (013990 KS)-2.99%APS Holdings Corporation (054620 KS)-0.66%Daehan New Pharm Co Ltd (054670 KS)-0.90%Kh Vatec Co Ltd (060720 KS)-3.04%Gnco Co Ltd (065060 KS)-10.19%Joycity Corp (067000 KS)-1.91%Afreecatv Co Ltd (067160 KS)-2.90%Coson Co Ltd (069110 KS)-2.94%Nexturn Co Ltd (089140 KS)-2.26%Next Entertainment World Co (160550 KS)-1.85%Lion Chemtech Co Ltd (171120 KS)-4.13%Source: KRX

Summary of KOSDAQ 150 December Reshuffle & Rebalancing

South Korea

Lion Chemtech Co., Ltd. manufactures plastics and paint additives for industrial applications.  The Company also produces synthetic and natural waxes with wide variety of grades. Lion Chemtech offers its products to the industrial industry in the United States, Europe and China.

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Lion Chemtech (171120 KS)

Unison Rights Offering Review - Very Unusual Event

We have a very unusual (but very interesting) rights offering in Korea. This time, Korea's oldest and largest wind power developer/operator...

Sanghyun Park

Summary of KOSDAQ 150 December Reshuffle & Rebalancing

It was officially announced that a total of 13 stocks would be newly added to KOSDAQ 150 in the upcoming periodical reshuffle, whereas the same...

Sanghyun Park

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52-week Range

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