Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months.</li>
<li>All in all, this end of mandatory lock-up period monthly data continues to provide some alpha generating results.</li>
<li>In the past six months, they have tended to work better in periods when KOSPI declines rather than in periods when KOSPI rises. </li>
</ul>


In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months.
All in all, this end of mandatory lock-up period monthly data continues to provide some alpha generating results.
In the past six months, they have tended to work better in periods when KOSPI declines rather than in periods when KOSPI rises. 


Back Testing the End of Mandatory Lock-Up Periods Monthly Data in Korea

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-bm-co-ltd" target="_blank" data-smartkarma-citation="entities:27873:1" rel="noopener">Ecopro BM (247540 KS)</a>'s Board has approved the delisting of the stock from the KOSDAQ market and to list on the KOSPI market. The shareholder meeting is on 26 March. </li>
<li>Historically, the KRX has taken an average of 64 days from application to approve the listing to transfer from the KOSDAQ market to the KOSPI market.</li>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-bm-co-ltd" target="_blank" data-smartkarma-citation="entities:27873:1" rel="noopener">Ecopro BM (247540 KS)</a> will be deleted from the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a> on its last trading day and inclusion in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 Index</a> could take place in September.</li>
</ul>



Ecopro BM (247540 KS)'s Board has approved the delisting of the stock from the KOSDAQ market and to list on the KOSPI market. The shareholder meeting is on 26 March. 
Historically, the KRX has taken an average of 64 days from application to approve the listing to transfer from the KOSDAQ market to the KOSPI market.

Ecopro BM (247540 KS) will be deleted from the KOSDAQ 150 Index on its last trading day and inclusion in the KOSPI 200 Index could take place in September.


Ecopro BM (247540 KS): Index Impact of KOSDAQ to KOSPI Transfer

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>The schedule includes submitting the transfer listing application post-EGM on March 26th. KRX approval expected in 4-6 weeks due to Ecopro BM's financial soundness. KOSPI listing follows in 2-3 weeks.</li>
<li>As for KOSDAQ 150 ad-hoc change, it will be replaced with the top reserved issue. The anticipated timing for this ad-hoc change is around mid or late May.</li>
<li>Following Feb 7 disclosure, stock surged over 10% in 2 days. Precedents show rallies pre-shareholder meetings, but KOSPI listing brings corrections. Today's resolution could boost Ecopro BM short term.</li>
</ul>


The schedule includes submitting the transfer listing application post-EGM on March 26th. KRX approval expected in 4-6 weeks due to Ecopro BM's financial soundness. KOSPI listing follows in 2-3 weeks.
As for KOSDAQ 150 ad-hoc change, it will be replaced with the top reserved issue. The anticipated timing for this ad-hoc change is around mid or late May.
Following Feb 7 disclosure, stock surged over 10% in 2 days. Precedents show rallies pre-shareholder meetings, but KOSPI listing brings corrections. Today's resolution could boost Ecopro BM short term.


Ecopro BM KOSPI Transfer Listing Disclosure

Posco International Corporation / Event-Driven

<ul>
<li>We discuss the end of the mandatory lock-up periods for 41 stocks in Korea in January 2024, among which 4 are in KOSPI and 37 are in KOSDAQ.</li>
<li>These 41 stocks on average could be subject to further selling pressures in January and could underperform relative to the market.</li>
<li>Among these 41 stocks, top five market cap stocks include Posco International, Doosan Robotics, Rainbow Robotics, Qualitas Semiconductor, and PhilEnergy.</li>
</ul>


We discuss the end of the mandatory lock-up periods for 41 stocks in Korea in January 2024, among which 4 are in KOSPI and 37 are in KOSDAQ.
These 41 stocks on average could be subject to further selling pressures in January and could underperform relative to the market.
Among these 41 stocks, top five market cap stocks include Posco International, Doosan Robotics, Rainbow Robotics, Qualitas Semiconductor, and PhilEnergy.


End of Mandatory Lock-Up Periods for 41 Companies in Korea in January 2024

<ul>
<li>We discuss the end of the mandatory lock-up periods for 45 stocks in Korea in October 2023, among which 2 are in KOSPI and 43 are in KOSDAQ.</li>
<li>These 45 stocks on average could be subject to further selling pressures in October and could underperform relative to the market.</li>
<li>Among these 45 stocks, top five market cap stocks include Fadu, Ottogi Corporation, CanariaBio,  Top Material, and PhilEnergy.  </li>
</ul>


We discuss the end of the mandatory lock-up periods for 45 stocks in Korea in October 2023, among which 2 are in KOSPI and 43 are in KOSDAQ.
These 45 stocks on average could be subject to further selling pressures in October and could underperform relative to the market.
Among these 45 stocks, top five market cap stocks include Fadu, Ottogi Corporation, CanariaBio,  Top Material, and PhilEnergy.  


End of Mandatory Lock-Up Periods for 45 Companies in Korea in October 2023

South Korea

Philenergy Co., Ltd. operates battery manufacturing businesses. The Company produces secondary batteries, fuel cells, and other products. Philenergy conducts businesses in Asia.

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PhilEnergy (378340 KS)

Back Testing the End of Mandatory Lock-Up Periods Monthly Data in Korea

In this analysis, we provide a back testing analysis of the end of mandatory lock-up periods monthly data in Korea in the past six months....

Douglas Kim

Ecopro BM (247540 KS): Index Impact of KOSDAQ to KOSPI Transfer

Ecopro BM's Board has approved the KOSDAQ delisting and KOSPI listing. The shareholder meeting is on 26 March and KRX approval could come mid-May...

Brian Freitas

Ecopro BM KOSPI Transfer Listing Disclosure

This post delves into Ecopro BM's confirmation of its KOSPI transfer listing, officially announced today after the market's close.

Sanghyun Park

End of Mandatory Lock-Up Periods for 41 Companies in Korea in January 2024

We discuss the end of the mandatory lock-up periods for 41 stocks in Korea in January 2024, among which 4 are in KOSPI and 37 are in KOSDAQ.

Douglas Kim

End of Mandatory Lock-Up Periods for 45 Companies in Korea in October 2023

We discuss the end of the mandatory lock-up periods for 45 stocks in Korea in October 2023, among which 2 are in KOSPI and 43 are in KOSDAQ.

Douglas Kim

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