Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Thematic (Sector/Industry)

<p>For now, CJ officially denied to sell CJ O Shopping (035760). Now, the question is why the talk of possible sale of CJ O Shopping came out in the first place. Despite CJ’s denial, it seems to be true that CJ management made some actions for possible sale of CJ O Shopping. Yes, whether CJ is really serious about selling CJ O Shopping remains uncertain at this moment. But what seems certain is that CJ management and Chairman Lee Jay-hyun appear to be quite determined to concentrate their resources…</p>

For now, CJ officially denied to sell CJ O Shopping (035760). Now, the question is why the talk of possible sale of CJ O Shopping came out in the first place. Despite CJ’s denial, it seems to be true that CJ management made some actions for possible sale of CJ O Shopping. Yes, whether CJ is really serious about selling CJ O Shopping remains uncertain at this moment. But what seems certain is that CJ management and Chairman Lee Jay-hyun appear to be quite determined to concentrate their resources…

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Six names stood out with simultaneous volume spikes and sharp pops last Friday; all Semis and Autos additions with big passive impact, while all others showed no tape action.</li>
<li>Results likely leaked early, prompting front-running on Semis and Autos adds—high passive impact names—causing Friday’s sharp volume and price spikes.</li>
<li>Early movers are mostly priced in; Thursday momentum plays still work, but Monday–Thursday morning requires caution. Focus on volume-driven flows before loading positions, long-short basket viable for other passive-impact names.</li>
</ul>


Six names stood out with simultaneous volume spikes and sharp pops last Friday; all Semis and Autos additions with big passive impact, while all others showed no tape action.
Results likely leaked early, prompting front-running on Semis and Autos adds—high passive impact names—causing Friday’s sharp volume and price spikes.
Early movers are mostly priced in; Thursday momentum plays still work, but Monday–Thursday morning requires caution. Focus on volume-driven flows before loading positions, long-short basket viable for other passive-impact names.


Regarding the Six KRX Sector Names that Ran Ahead of Friday’s Official Review Drop

Index Rebalance

<ul>
<li>KRX dropped its September sector rejig post-close: only Semis (₩0.96T), Autos (₩0.51T), and Healthcare (₩0.31T) matter. Lineup below.</li>
<li>AUM-Wise, Semis was key. September TMI reshuffle saw light additions, heavy deletions; otherwise, results largely matched earlier forecasts.</li>
<li>TMI reshuffle flew under the radar with little pre-positioning; ETF rebalances next Thursday could trigger notable price moves — consider long/short baskets on high-impact names.</li>
</ul>


KRX dropped its September sector rejig post-close: only Semis (₩0.96T), Autos (₩0.51T), and Healthcare (₩0.31T) matter. Lineup below.
AUM-Wise, Semis was key. September TMI reshuffle saw light additions, heavy deletions; otherwise, results largely matched earlier forecasts.
TMI reshuffle flew under the radar with little pre-positioning; ETF rebalances next Thursday could trigger notable price moves — consider long/short baskets on high-impact names.


KRX September Sector Index Review Finalized: Passive Impact Read

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 9th which has an aggregated short interest worth USD5.1bn.</li>
<li>We tabulate league table 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 Celltrion, Sk Hynix, Samsung Heavy Industries, L&amp;F, Posco.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 9th which has an aggregated short interest worth USD5.1bn.
We tabulate league table 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 Celltrion, Sk Hynix, Samsung Heavy Industries, L&amp;F, Posco.


KRX Short Interest Weekly (Aug 9th): Celltrion, Sk Hynix, Samsung Heavy Industries, L&F, Posco

<ul>
<li>The most noteworthy developments include Samsung Electronics being newly added to the Semicon sector, while SK Square has been removed.</li>
<li>We must be mindful of the potential concentration of shorting flow on SK Square as most names expected to experience negative flows do not fall under the KS200/KQ150 membership.</li>
<li>Our strategic approach can take three directions: 1. aim at only those receiving positive flows, 2. heavy shorting SK Square, and 3. long-short the four with the most flow size.</li>
</ul>


The most noteworthy developments include Samsung Electronics being newly added to the Semicon sector, while SK Square has been removed.
We must be mindful of the potential concentration of shorting flow on SK Square as most names expected to experience negative flows do not fall under the KS200/KQ150 membership.
Our strategic approach can take three directions: 1. aim at only those receiving positive flows, 2. heavy shorting SK Square, and 3. long-short the four with the most flow size.


KRX Sector Index Series Rebalancing: Heavy Shorting on SK Square Is Anticipated

South Korea

Nexen Tire Corporation manufactures, markets, and exports tires and inner tubes for automobiles, industrial and agricultural machinery, and construction equipment.

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Nexen Tire Corp (002350 KS)

CJ O Shopping (035760) For Sale? Why?

For now, CJ officially denied to sell CJ O Shopping (035760). Now, the question is why the talk of possible sale of CJ O Shopping came out in the...

Sanghyun Park

Regarding the Six KRX Sector Names that Ran Ahead of Friday’s Official Review Drop

This post examines the six sector index names that ran ahead of Friday’s official KRX sector review announcement, highlighting their pre-release...

Sanghyun Park

KRX September Sector Index Review Finalized: Passive Impact Read

This post covers the KRX September sector index review, providing a passive impact read on the names likely to see the biggest price moves.

Sanghyun Park

KRX Short Interest Weekly (Aug 9th): Celltrion, Sk Hynix, Samsung Heavy Industries, L&F, Posco

We analyzed KRX short interest report for the past week and highlighted short interest changes in Celltrion, Sk Hynix, Samsung Heavy Industries,...

Ke Yan, CFA, FRM

KRX Sector Index Series Rebalancing: Heavy Shorting on SK Square Is Anticipated

This post highlights KRX Sector Index Series rebalancing and explores three trading approaches, with a focus on SK Square, ahead of the September...

Sanghyun Park

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