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

Korea Stock Exchange Kospi Index / Event-Driven

Korea Stock Exchange Kospi Index (KOSPI INDEX)

<ul>
<li>The Constitutional Court approved President Yoon’s impeachment. The PM steps in as interim president, with a new election expected by May 28, 2025, before June 3.</li>
<li>The Democratic Party is the frontrunner, and if they win, expect a "regime change trade" with policy shifts toward green energy, welfare, public stimulus, and SME-focused initiatives.</li>
<li>Big-Cap builders, nuclear stocks, and major financials may struggle if the new regime focuses on public housing, anti-nuclear policies, and pro-SME, labor-friendly initiatives.</li>
</ul>


The Constitutional Court approved President Yoon’s impeachment. The PM steps in as interim president, with a new election expected by May 28, 2025, before June 3.
The Democratic Party is the frontrunner, and if they win, expect a "regime change trade" with policy shifts toward green energy, welfare, public stimulus, and SME-focused initiatives.
Big-Cap builders, nuclear stocks, and major financials may struggle if the new regime focuses on public housing, anti-nuclear policies, and pro-SME, labor-friendly initiatives.


Yoon’s Impeachment Confirmed: Key Timeline & Regime Change Trade

<ul>
<li>MBK launches a tender offer to acquire 14.6% of Korea Zinc at ₩660,000 per share, a ₩2T deal with an 18.7% premium. Offer runs from September 13 to October 4.</li>
<li>On top of that, MBK’s also rolling out a tender offer for Young Poong Precision at ₩20,000 per share—a hefty 113% premium over yesterday’s close.</li>
<li>Spread action is possible if the Choi family counters, driving volatility. The market’s watching for a higher bid, which could create trading opportunities amid rising spread volatility.</li>
</ul>


MBK launches a tender offer to acquire 14.6% of Korea Zinc at ₩660,000 per share, a ₩2T deal with an 18.7% premium. Offer runs from September 13 to October 4.
On top of that, MBK’s also rolling out a tender offer for Young Poong Precision at ₩20,000 per share—a hefty 113% premium over yesterday’s close.
Spread action is possible if the Choi family counters, driving volatility. The market’s watching for a higher bid, which could create trading opportunities amid rising spread volatility.


MBK’s Dual Tenders for Korea Zinc and Youngpoong Precision: The Largest Deal Ever in Korea

Lotte Non Life Insurance Co / Event-Driven

<ul>
<li>There is a high likelihood of information leaking through the lead securities firm when the tender offer prospectus is provided to branches about three days before the disclosure.</li>
<li>With the FSS's stricter stance, tender offer candidates may act swiftly before new regulations, prompting attention to potential surges in tender offers.</li>
<li>Our approach is clear: identify short-term tender offer candidates, monitor trading volumes for spikes, and use the three-day pre-disclosure surge to time our positions effectively.</li>
</ul>


There is a high likelihood of information leaking through the lead securities firm when the tender offer prospectus is provided to branches about three days before the disclosure.
With the FSS's stricter stance, tender offer candidates may act swiftly before new regulations, prompting attention to potential surges in tender offers.
Our approach is clear: identify short-term tender offer candidates, monitor trading volumes for spikes, and use the three-day pre-disclosure surge to time our positions effectively.


Chronic Insider Trading in the Korean Tender Offer Market & Time Positions for Short-Term Targets

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>The 2024 AGM of Hanmi Science is over and the two Lim brothers have control of the company. Nonetheless, the fight for the control of Hanmi Science is not over.</li>
<li>There is an increasingly probable scenario where the KKR private equity firm gets involved, joining hands with the Lim brothers.</li>
<li>If mum and sister do not sell their shares (which seems to be the higher likely scenario), then KKR may issue a tender offer to the remaining minority shareholders.</li>
</ul>


The 2024 AGM of Hanmi Science is over and the two Lim brothers have control of the company. Nonetheless, the fight for the control of Hanmi Science is not over.
There is an increasingly probable scenario where the KKR private equity firm gets involved, joining hands with the Lim brothers.
If mum and sister do not sell their shares (which seems to be the higher likely scenario), then KKR may issue a tender offer to the remaining minority shareholders.


Hanmi Science: If Talks With Mum and Sister Break Down, Then KKR May Provide a Partial Tender Offer

<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

South Korea

Osstem Implant Co., Ltd. manufactures dental implant system. The Company also markets dental management software. Osstem Implant provides products for dental surgery and exports abroad.

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Osstem Implant (048260 KS)

Yoon’s Impeachment Confirmed: Key Timeline & Regime Change Trade

Yoon’s impeachment confirmed: What is the immediate impact on the local stock market, and which sectors are likely to move.

Sanghyun Park

MBK’s Dual Tenders for Korea Zinc and Youngpoong Precision: The Largest Deal Ever in Korea

This post details MBK Parnters' dual tender offers for Korea Zinc and Youngpoong Precision, which is the largest deal ever in Korea’s stock market...

Sanghyun Park

Chronic Insider Trading in the Korean Tender Offer Market & Time Positions for Short-Term Targets

This post examines the persistent issue of insider trading in the Korean tender offer market and discusses how we should time positions for short...

Sanghyun Park

Hanmi Science: If Talks With Mum and Sister Break Down, Then KKR May Provide a Partial Tender Offer

The fight for the control of Hanmi Science is not over. KKR may join hands with the two LIm brothers. There may be a partial tender offer for...

Douglas Kim

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

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