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>Short selling returns March 31, after 85% of the KOSPI 200’s rebalancing. Stocks set for removal will be prime short targets.</li>
<li>Stocks removed have solid liquidity, tight passive impact gaps between them, and with short selling restarting March 31, we could see intensified volume in the short basket.</li>
<li>With rebalance ahead, price action may start early. Market exposure means aggressive moves could happen before the end of March, so consider building futures positions before short selling resumes.</li>
</ul>


Short selling returns March 31, after 85% of the KOSPI 200’s rebalancing. Stocks set for removal will be prime short targets.
Stocks removed have solid liquidity, tight passive impact gaps between them, and with short selling restarting March 31, we could see intensified volume in the short basket.
With rebalance ahead, price action may start early. Market exposure means aggressive moves could happen before the end of March, so consider building futures positions before short selling resumes.


Play the Timing Sweet Spot Between KOSPI 200 Rebal and Short Selling Coming Back into Play

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 take a look at the names leading the race to become ADDs and DELs during 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 take a look at the names leading the race to become ADDs and DELs during 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 Mar25] 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

<ul>
<li>KRX will replace Kumyang with the top backup from Materials—Miwon Specialty Chemical (268280 KS)—based on the last rebalancing.</li>
<li>Kumyang jumped 15% today, but it’s likely just speculative mania off the battery sector bounce—not a sign they dodged KRX’s penalty.</li>
<li>Kumyang still trades like a casino, and with this trade volume, its KOSPI 200 exit likely has minimal passive impact. The cleaner trade is on the inclusion name.</li>
</ul>


KRX will replace Kumyang with the top backup from Materials—Miwon Specialty Chemical (268280 KS)—based on the last rebalancing.
Kumyang jumped 15% today, but it’s likely just speculative mania off the battery sector bounce—not a sign they dodged KRX’s penalty.
Kumyang still trades like a casino, and with this trade volume, its KOSPI 200 exit likely has minimal passive impact. The cleaner trade is on the inclusion name.


Passive Flow Action Around Kumyang: Eyes on Miwon SC for the Play

<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 take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2025.</li>
<li>
<strong>We expect six ADDs and six DELs for the KOSPI 200 index during the June 2025 index rebal</strong> 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 take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2025.

We expect six ADDs and six DELs for the KOSPI 200 index during the June 2025 index rebal event based on the latest available data.


[Quiddity Index Feb25] KOSPI 200 Leaderboard Jun25: We See 6 Changes Possible

South Korea

Miwon Specialty Chemical Co., Ltd. produces and supplies basic raw materials for energy curing systems. The Company produces acrylate, methacrylate monomers, oligomers, photoinitiators, and other related chemicals. Miwon Specialty Chemical serves customers in South Korea.

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Miwon Specialty Chemical (268280 KS)

Play the Timing Sweet Spot Between KOSPI 200 Rebal and Short Selling Coming Back into Play

The KOSPI 200 June rebalance screening is almost done. The adds and deletes are mostly as expected from my Jan screen, with the same names likely...

Sanghyun Park

[Quiddity Index Mar25] KOSPI 200 Leaderboard Jun25: 6 ADDs and 6 DELETEs

The KOSPI Leaderboard for the June 2025 rebal. One ad hoc change took the top reserve name when one name became ineligible - changes our June setup...

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

Passive Flow Action Around Kumyang: Eyes on Miwon SC for the Play

This post takes a look at the passive flow action surrounding Kumyang, and with the current setup, Miwon SC is the key name to keep on our radar...

Sanghyun Park

[Quiddity Index Feb25] KOSPI 200 Leaderboard Jun25: We See 6 Changes Possible

We see 6 changes for the KOSPI 200 in June 2025. We still have a short while to go until these changes are cemented but, some have significant...

Travis Lundy

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