Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a> traded wide to the scrip terms ahead of <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>'s EGM Vote. That was a buying opportunity. </li>
<li>A positive surprise as SAMR expediently signs off on the <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a> transaction. This could be wrapped up before Xmas.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> comfortably clears the 50% conditional threshold into <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>; however compulsory acquisition appears out of reach</li>
</ul>



ZEEKR (ZK US) traded wide to the scrip terms ahead of Geely Auto (175 HK)'s EGM Vote. That was a buying opportunity. 
A positive surprise as SAMR expediently signs off on the Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK) transaction. This could be wrapped up before Xmas.

China Mobile (941 HK) comfortably clears the 50% conditional threshold into HKBN Ltd (1310 HK); however compulsory acquisition appears out of reach


Last Week In Event SPACE: ZEEKR/Geely, Kangji Medical, HKBN, Lynas, Huaxin Cement, Nidec

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>The biggest potential M&amp;A event right now in Korea is the potential acquisition of HMM Co., Ltd. (011200 KS) by POSCO Holdings (005490 KS).</li>
<li>Overall, we believe there is a higher probability of POSCO backing out of this potential acquisition of HMM, rather than POSCO completing this M&amp;A deal.</li>
<li>Although POSCO claims that it spends about 3 trillion won annually on logistics, the actual synergies among these three businesses (steel, rechargeable battery, and logistics) remain murky.</li>
</ul>


The biggest potential M&amp;A event right now in Korea is the potential acquisition of HMM Co., Ltd. (011200 KS) by POSCO Holdings (005490 KS).
Overall, we believe there is a higher probability of POSCO backing out of this potential acquisition of HMM, rather than POSCO completing this M&amp;A deal.
Although POSCO claims that it spends about 3 trillion won annually on logistics, the actual synergies among these three businesses (steel, rechargeable battery, and logistics) remain murky.


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 foreign holdings of KRX stocks as of Aug 29th. The aggregated holding was USD643.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD356mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Hanwha Ocean, Samsung Electronics, Samsung H.I., HD HYUNDAI ELECTRIC.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 29th. The aggregated holding was USD643.5bn.
We estimate that foreign flows to be outflows of USD356mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Hanwha Ocean, Samsung Electronics, Samsung H.I., HD HYUNDAI ELECTRIC.


KRX Foreign Holding Weekly (Aug 29th): SK Hynix, Hanwha Ocean, Samsung Electronics, Samsung H.I.

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>On 18 Aug 2025, JSW and POSCO agreed to explore a 6mt steel JV in Odisha under a 50:50 structure.</li>
<li>JSW to reach 51.5mt by FY31 via Indian expansions; POSCO to hit 52mt by 2030 through green steel upgrades in Korea and overseas growth.</li>
<li>Strategic Positive: The JV blends JSW’s domestic scale with POSCO’s technology and global network, accelerating India’s steel hub ambitions.</li>
</ul>


On 18 Aug 2025, JSW and POSCO agreed to explore a 6mt steel JV in Odisha under a 50:50 structure.
JSW to reach 51.5mt by FY31 via Indian expansions; POSCO to hit 52mt by 2030 through green steel upgrades in Korea and overseas growth.
Strategic Positive: The JV blends JSW’s domestic scale with POSCO’s technology and global network, accelerating India’s steel hub ambitions.


JSW Steel & POSCO Sign HoA for 6mt JV in India

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jul 25th. The aggregated holding was USD646.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,752mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Hanwha Aerospace, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Celltrion.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jul 25th. The aggregated holding was USD646.8bn.
We estimate that foreign flows to be inflows of USD2,752mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Hanwha Aerospace, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Celltrion.


KRX Foreign Holding Weekly (Jul 25th): Hanwha Aerospace, Samsung Electronics, Hanwha Ocean

South Korea

POSCO Holdings Inc. manufactures and distributes steel products. The Company produces crude steel, hot rolled steel, cold rolled steel, stainless steel, steel plates, wire rods, galvanized steel, electrical steel, and other related products. POSCO Holdings markets its products worldwide.

Price Gauge
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POSCO Holdings (005490 KS)

Last Week In Event SPACE: ZEEKR/Geely, Kangji Medical, HKBN, Lynas, Huaxin Cement, Nidec

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

POSCO: Reviewing a Potential M&A of HMM

The biggest potential M&A event right now in Korea is the potential acquisition of HMM Co., Ltd. (011200 KS) by POSCO Holdings (005490 KS).

Douglas Kim

KRX Foreign Holding Weekly (Aug 29th): SK Hynix, Hanwha Ocean, Samsung Electronics, Samsung H.I.

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Hanwha Ocean, Samsung Electronics,...

Ke Yan, CFA, FRM

JSW Steel & POSCO Sign HoA for 6mt JV in India

JSW and POSCO to form 6mt steel JV in Odisha, combining domestic scale with global technology to boost India's steel industry.

Rahul Jain

KRX Foreign Holding Weekly (Jul 25th): Hanwha Aerospace, Samsung Electronics, Hanwha Ocean

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hanwha Aerospace, Samsung Electronics, Hanwha...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week In Event SPACE: ZEEKR/Geely, Kangji Medical, HKBN, Lynas, Huaxin Cement, Nidec

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

POSCO: Reviewing a Potential M&A of HMM

The biggest potential M&A event right now in Korea is the potential acquisition of HMM Co., Ltd. (011200 KS) by POSCO Holdings (005490 KS).

Douglas Kim

KRX Foreign Holding Weekly (Aug 29th): SK Hynix, Hanwha Ocean, Samsung Electronics, Samsung H.I.

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Hanwha Ocean, Samsung Electronics,...

Ke Yan, CFA, FRM

JSW Steel & POSCO Sign HoA for 6mt JV in India

​JSW and POSCO to form 6mt steel JV in Odisha, combining domestic scale with global technology to boost India's steel industry.

Rahul Jain

KRX Foreign Holding Weekly (Jul 25th): Hanwha Aerospace, Samsung Electronics, Hanwha Ocean

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hanwha Aerospace, Samsung Electronics, Hanwha...

Ke Yan, CFA, FRM

JSW and POSCO to form 6mt steel JV in Odisha, combining domestic scale with global technology to boost India's steel industry.