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>Last time, price action showed up a week early, suggesting market makers are getting ahead, likely due to learning effects.</li>
<li>This round's a letdown—no KOSDAQ names and fewer plays. Still, lower-volume KOSPI names showed solid price action correlation in the last reshuffle.</li>
<li>This round, focus on low-volume KOSPI names, enter 5 days before the listing, and exit just before it drops, using the learning curve from the last reshuffle.</li>
</ul>


Last time, price action showed up a week early, suggesting market makers are getting ahead, likely due to learning effects.
This round's a letdown—no KOSDAQ names and fewer plays. Still, lower-volume KOSPI names showed solid price action correlation in the last reshuffle.
This round, focus on low-volume KOSPI names, enter 5 days before the listing, and exit just before it drops, using the learning curve from the last reshuffle.


KRX H1 SSF Reshuffle: Play Setup from Last Round’s Learning Curve

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 29th. The aggregated short interest was USD10.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in LIG Nex1, Alteogen, SamsungF&amp;MIns, SK Hynix, SKC.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 29th. The aggregated short interest was USD10.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in LIG Nex1, Alteogen, SamsungF&amp;MIns, SK Hynix, SKC.


KRX Short Interest Weekly (Aug 29th): LIG Nex1, Alteogen, Samsung F&M Ins, SK Hynix, SKC

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Miwon Specialty Chemical / Index Rebalance

<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>In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual review in June 2025.</li>
<li>We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.</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).
In this insight, we have presented our final expectations for ADDs and DELs for the upcoming semiannual review in June 2025.
We expect six ADDs and six DELs for the KOSPI 200 index during this index rebal event based on the latest available data.


[Quiddity Index Apr25] KOSPI 200 Leaderboard Jun25: 6 ADDs and 6 DELETEs

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>
<a href="https://www.smartkarma.com/entities/kum-yang-co-ltd" target="_blank" data-smartkarma-citation="entities:10364:1" rel="noopener">Kum Yang (001570 KS)</a>'s designation as an Administrative Issue should result in the deletion of the stock 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> later this week.</li>
<li>
<a href="https://www.smartkarma.com/entities/taekwang-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6291:1" rel="noopener">Taekwang Industrial (003240 KS)</a> could be added to the index as an ad hoc replacement. The stock was in line to be added to the index at the June rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/miwon-specialty-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:44173:1" rel="noopener">Miwon Specialty Chemical (268280 KS)</a> ranked higher than <a href="https://www.smartkarma.com/entities/taekwang-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6291:1" rel="noopener">Taekwang Industrial (003240 KS)</a> at the December rebalance but appears to fail the liquidity screen.</li>
</ul>



Kum Yang (001570 KS)'s designation as an Administrative Issue should result in the deletion of the stock from the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) later this week.

Taekwang Industrial (003240 KS) could be added to the index as an ad hoc replacement. The stock was in line to be added to the index at the June rebalance.

Miwon Specialty Chemical (268280 KS) ranked higher than Taekwang Industrial (003240 KS) at the December rebalance but appears to fail the liquidity screen.


KOSPI200 Index Adhoc Rebalance: Kumyang (001570 KS)'s Designation Opens Up an Index Spot

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we review the major equity indices in Korea in 2024 including KOSPI 200 and Korea Value Up Index. </li>
<li>Some alpha generating performances continue in terms of adding stocks to be included in the KOSPI 200 and reducing stocks that could be excluded.</li>
<li>Korea Value Up Index has been heavily promoted by the Korean Exchange this year. Korea Exchange plans to make special changes to the Korea Value-Up Index constituents on 20 December. </li>
</ul>


In this insight, we review the major equity indices in Korea in 2024 including KOSPI 200 and Korea Value Up Index. 
Some alpha generating performances continue in terms of adding stocks to be included in the KOSPI 200 and reducing stocks that could be excluded.
Korea Value Up Index has been heavily promoted by the Korean Exchange this year. Korea Exchange plans to make special changes to the Korea Value-Up Index constituents on 20 December. 


A Review of Major Equity Indices in Korea in 2024

South Korea

Miwon Commercial Co., Ltd. manufactures sulfurs, sulfuric acids, and surfactants.  The Company also provides paint additives, photo and functional chemicals, plastic and rubber additives, polyurethane, PP foam sheets, and chemical goods.

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Miwon Commercial (002840 KS)

KRX H1 SSF Reshuffle: Play Setup from Last Round’s Learning Curve

This post dives into KRX's H1 SSF reshuffle this year, where we can explore a play setup that leverages the learning effects observed from the...

Sanghyun Park

KRX Short Interest Weekly (Aug 29th): LIG Nex1, Alteogen, Samsung F&M Ins, SK Hynix, SKC

We analyzed KRX short interest report for the past week and highlighted short interest changes in LIG Nex1, Alteogen, SamsungF&MIns, SK Hynix, SKC.

Ke Yan, CFA, FRM

[Quiddity Index Apr25] KOSPI 200 Leaderboard Jun25: 6 ADDs and 6 DELETEs

The Quiddity KOSPI 200 Index Rebalance final predictions are below. 6 ADDs and 6 DELETEs are expected. The last trade has done quite well. We...

Travis Lundy

KOSPI200 Index Adhoc Rebalance: Kumyang (001570 KS)'s Designation Opens Up an Index Spot

Kumyang has been designated as an Administrative Issue and should be deleted from the KOSPI200 later this week. That opens the door for Taekwang...

Brian Freitas

A Review of Major Equity Indices in Korea in 2024

We review the major equity indices in Korea in 2024 including KOSPI 200 and Korea Value Up Index. KRX plans to make special changes to the Korea...

Douglas Kim

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