Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>This insight provides an updated progress on the tender offer and delisting of VIOL (335890 KS). The tender offer period lasts from 18 June to 7 July 2025.</li>
<li>Through this tender offer, VIG Partners plans to acquire full management rights of Viol and also take it private.</li>
<li>If the number of shares offered for the tender offer reaches the maximum target, SPC will secure a 98.84% stake in Viol.</li>
</ul>


This insight provides an updated progress on the tender offer and delisting of VIOL (335890 KS). The tender offer period lasts from 18 June to 7 July 2025.
Through this tender offer, VIG Partners plans to acquire full management rights of Viol and also take it private.
If the number of shares offered for the tender offer reaches the maximum target, SPC will secure a 98.84% stake in Viol.


An Updated Progress on the Tender Offer and Delisting of Viol By VIG Partners

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>Archimed aims to acquire 72% of Jeisys Medical's shares, totaling 55,724,838 shares. The tender offer runs from the 10th of this month to the 22nd of the following month.</li>
<li>If tendered shares fall short of the 18,013,879 minimum, Archimed refrains from purchases. If exceeded, Archimed buys all, eliminating allocation risk.</li>
<li>With over 70% substantial volume and a large portion held by local retail investors, surpassing the 26% threshold seems feasible.</li>
</ul>


Archimed aims to acquire 72% of Jeisys Medical's shares, totaling 55,724,838 shares. The tender offer runs from the 10th of this month to the 22nd of the following month.
If tendered shares fall short of the 18,013,879 minimum, Archimed refrains from purchases. If exceeded, Archimed buys all, eliminating allocation risk.
With over 70% substantial volume and a large portion held by local retail investors, surpassing the 26% threshold seems feasible.


Breakdown of Archimed's Massive Tender Offer for Jeisys Medical Shareholders

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

<ul>
<li>Hahn &amp; Co hold 79.9% of <a href="https://www.smartkarma.com/entities/ssangyong-cement-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:9345:1" rel="noopener">Ssangyong Cement Industrial (003410 KS)</a> and have made a tender offer to acquire the remaining 20.1% at KRW 7,000/share.</li>
<li>
<a href="https://www.smartkarma.com/entities/ssangyong-cement-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:9345:1" rel="noopener">Ssangyong Cement Industrial (003410 KS)</a> should be deleted from the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> once Hahn &amp; Co acquire 90% of the company.</li>
<li>
<a href="https://www.smartkarma.com/entities/aekyung-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:20295:1" rel="noopener">Aekyung Chemical (161000 KS)</a> is a potential addition to the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX)</a> but inclusion is dependent on Hahn &amp; Co reaching 90% of shares out.</li>
</ul>


Hahn &amp; Co hold 79.9% of Ssangyong Cement Industrial (003410 KS) and have made a tender offer to acquire the remaining 20.1% at KRW 7,000/share.

Ssangyong Cement Industrial (003410 KS) should be deleted from the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) once Hahn &amp; Co acquire 90% of the company.

Aekyung Chemical (161000 KS) is a potential addition to the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) but inclusion is dependent on Hahn &amp; Co reaching 90% of shares out.


KOSPI200 Index Adhoc Rebalance: Potential Replacements for SsangyongC&E

<ul>
<li>We review the major tender offers of Korean companies in 2023. Some of the major M&amp;A tender offers that have closed this year include Osstem Implant and SM Entertainment.</li>
<li>Among the 15 companies targeted for tender offers, there are 5 companies including Osstem Implant, SM Entertainment, Lutronic Corp where the purpose of the tender offers is for M&amp;A. </li>
<li>There were a total of 18 companies that submitted tender offer results announcements in 2023 (as of 11 December), up 157% YoY.</li>
</ul>


We review the major tender offers of Korean companies in 2023. Some of the major M&amp;A tender offers that have closed this year include Osstem Implant and SM Entertainment.
Among the 15 companies targeted for tender offers, there are 5 companies including Osstem Implant, SM Entertainment, Lutronic Corp where the purpose of the tender offers is for M&amp;A. 
There were a total of 18 companies that submitted tender offer results announcements in 2023 (as of 11 December), up 157% YoY.


A Review of Tender Offers of Korean Companies in 2023

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

South Korea

Lutronic Corporation is an innovator in advanced aesthetic, medical laser and related technology. The Company reinvests large portion of its revenue in R&D, developing breakthrough applications to explore future medical laser opportunities that include ophthalmology, neurosurgery, urology, and other surgical laser applications. Lutronic serves customers globally.

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Lutronic Corp (085370 KS)

An Updated Progress on the Tender Offer and Delisting of Viol By VIG Partners

This insight provides an updated progress on the tender offer and delisting of VIOL. Through this tender offer, VIG Partners plans to acquire full...

Douglas Kim

Breakdown of Archimed's Massive Tender Offer for Jeisys Medical Shareholders

This post delves into Archimed's substantial tender offer for Jeisys Medical shareholders, comprising over 70% of the ordinary shares.

Sanghyun Park

KOSPI200 Index Adhoc Rebalance: Potential Replacements for SsangyongC&E

HahnCo is looking to take SsangyongCE private. That will open up an index spot in the KOSPI200. AekyungChemical could be added to the index in...

Brian Freitas

A Review of Tender Offers of Korean Companies in 2023

We review the major tender offers of Korean companies in 2023. There were a total of 18 companies that submitted tender offer results announcements...

Douglas Kim

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

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