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 Nov 8th which has an aggregated short interest worth USD4.7bn.</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 KT&amp;G, HPSP, Hanwha Systems, Samsung HI.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 8th which has an aggregated short interest worth USD4.7bn.
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 KT&amp;G, HPSP, Hanwha Systems, Samsung HI.


KRX Short Interest Weekly (Nov 8th): KT&G, HPSP, Hanwha Systems, Samsung HI

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

Index Rebalance

<ul>
<li>There are 17 inclusions and 17 exclusions for the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> at the December rebalance to be implemented at the close on 14 December.</li>
<li>While most of the inclusions were expected, there are many differences on the deletes. Trading the strategy becomes tougher with the short sell ban in place.</li>
<li>The adds have started to outperform the deletes over the last month and there could be more movement over the next 3 weeks to implementation.</li>
</ul>


There are 17 inclusions and 17 exclusions for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the December rebalance to be implemented at the close on 14 December.
While most of the inclusions were expected, there are many differences on the deletes. Trading the strategy becomes tougher with the short sell ban in place.
The adds have started to outperform the deletes over the last month and there could be more movement over the next 3 weeks to implementation.


KOSDAQ150 Index Rebalance: 17 Changes a Side; Many Surprises

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>We discuss end of the mandatory lock-up periods for 54 stocks in Korea in November 2022, among which 2 are in KOSPI and 52 are in KOSDAQ.</li>
<li>These 54 stocks on average could be subject to further selling pressures in November and could underperform relative to the market. </li>
<li>Among these 54 stocks, the top 5 market cap stocks include Enchem, Sebit Chem, DearU, Sillajen, and Sampyo Cement. They could be exposed to greater selling pressures in November. </li>
</ul>


We discuss end of the mandatory lock-up periods for 54 stocks in Korea in November 2022, among which 2 are in KOSPI and 52 are in KOSDAQ.
These 54 stocks on average could be subject to further selling pressures in November and could underperform relative to the market. 
Among these 54 stocks, the top 5 market cap stocks include Enchem, Sebit Chem, DearU, Sillajen, and Sampyo Cement. They could be exposed to greater selling pressures in November. 


End of Mandatory Lock-Up Periods for 54 Companies in Korea in November 2022

<ul>
<li>Sampyo Cement which is currently included in KOSDAQ150 is likely to be removed from this index in the coming months as the company wants to move to KOSPI.</li>
<li>If Sampyo Cement is excluded from KOSDAQ150, we estimate there could be about 9 billion won worth of passive funds which could exit the stock. ADTV is 1.6 billion won.</li>
<li>Therefore, we believe Sampyo Cement's shares could face further weakness in the next several months. It will hold an EGM to vote on the move to KOSPI on 4 July.</li>
</ul>


Sampyo Cement which is currently included in KOSDAQ150 is likely to be removed from this index in the coming months as the company wants to move to KOSPI.
If Sampyo Cement is excluded from KOSDAQ150, we estimate there could be about 9 billion won worth of passive funds which could exit the stock. ADTV is 1.6 billion won.
Therefore, we believe Sampyo Cement's shares could face further weakness in the next several months. It will hold an EGM to vote on the move to KOSPI on 4 July.


Sampyo Cement: Likely Exit from KOSDAQ150 & Move to KOSPI

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.

Hyundai Construction Equipment / Event-Driven

Hyundai Construction Equipment (267270 KS)

<h2>New benchmarks for domestic equity</h2><p>The National Pension Service has disclosed the following reform plan about the direct and consignment management benchmarks for domestic stocks.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/220/338/original/1.png?1627188167" class="editor-image img-responsive" data-smartkarma-image-id="220338"></figure></section><ul>
<li><strong>As for the direct management, the National Pension Plan plans to internally develop and use a new index called NPS-KR250 by adding additional 50 KOSPI stocks to the KOSPI 200 constituents.</strong></li>
<li><strong>Regarding the consignment management, the KOSPI + KOSDAQ 100 stocks are currently used as benchmarks. This benchmark is reorganized into KOSPI + KOSDAQ 150, with 50 KOSDAQ stocks added.</strong></li>
</ul><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 248.688px;" data-sheets-value='{"1":2,"2":"Benchmark"}'>Benchmark</td>
<td style="width: 170.792px;" data-sheets-value='{"1":2,"2":"Previous"}'>Previous</td>
<td style="width: 326.521px;" data-sheets-value='{"1":2,"2":"New"}'>New</td>
</tr>
<tr>
<td style="width: 248.688px;" data-sheets-value='{"1":2,"2":"Internal (direct) management"}' data-sheets-formula="='KOSPI 200 Mirroring'!R[0]C[0]"><strong>Direct management</strong></td>
<td style="width: 170.792px;" data-sheets-value='{"1":2,"2":"KOSPI 200"}'>KOSPI 200</td>
<td style="width: 326.521px;" data-sheets-value='{"1":2,"2":"KOSPI 200 + KOSPI 50"}'><div><div><strong>NPS-KR250 = KOSPI 200 + additional 50 KOSPI stocks</strong></div></div></td>
</tr>
<tr>
<td style="width: 248.688px;" data-sheets-value='{"1":2,"2":"Global Equity"}'><strong>Consignment management</strong></td>
<td style="width: 170.792px;" data-sheets-value='{"1":2,"2":"KOSPI + KOSDAQ 100"}'>KOSPI + KOSDAQ 100</td>
<td style="width: 326.521px;" data-sheets-value='{"1":2,"2":"KOSPI + KOSDAQ 150"}'><div><div><strong>KOSPI + KOSDAQ 100 + additional 50 KOSDAQ stocks</strong></div></div></td>
</tr>
<tr><td colspan="3" rowspan="1" style="width: 746px;" data-sheets-value='{"1":2,"2":"Source: NPS"}'>Source: NPS</td></tr>
</tbody>
</table><h2>NPS size in the local stock market</h2><p>As of the end of April 2021, the National Pension Service has ₩883.6T in assets under management, of which ₩178T is invested in domestic stocks. Considering that the market capitalization of the KOSPI and KOSDAQ markets is currently around ₩2,800T, the national pension account for 6% of the Korean stock market.</p><table class="table table-striped">
<colgroup>
<col width="150">
<col width="80">
</colgroup>
<tbody>
<tr><td colspan="2" style="width: 364px;" data-sheets-value='{"1":2,"2":"Asset allocation status"}'>Asset allocation status as of the end-April, 2021</td></tr>
<tr>
<td style="width: 364px;" data-sheets-value='{"1":2,"2":"Domestic Equity"}'><strong>Domestic Equity</strong></td>
<td style="text-align: right; width: 382px;" data-sheets-value='{"1":3,"3":178014.6}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'><strong>₩178.1T</strong></td>
</tr>
<tr>
<td style="width: 364px;" data-sheets-value='{"1":2,"2":"Global Equity"}'>Global Equity</td>
<td style="text-align: right; width: 382px;" data-sheets-value='{"1":3,"3":222407.5}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩222.4T</td>
</tr>
<tr>
<td style="width: 364px;" data-sheets-value='{"1":2,"2":"Domestic fixed income"}'>Domestic fixed income</td>
<td style="text-align: right; width: 382px;" data-sheets-value='{"1":3,"3":340524.2}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩340.5T</td>
</tr>
<tr>
<td style="width: 364px;" data-sheets-value='{"1":2,"2":"Global fixed income"}'>Global fixed income</td>
<td style="text-align: right; width: 382px;" data-sheets-value='{"1":3,"3":48826.4}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩48.8T</td>
</tr>
<tr>
<td style="width: 364px;" data-sheets-value='{"1":2,"2":"Alternatives"}'>Alternatives</td>
<td style="text-align: right; width: 382px;" data-sheets-value='{"1":3,"3":92768.2}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩92.8T</td>
</tr>
<tr><td colspan="2" style="width: 364px;">Source: NPS</td></tr>
</tbody>
</table><p>The proportion of local equity is 20.17%, down slightly from the end of last year, but still far exceeding the target of 16.80% this year.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/220/339/original/image_74411821721627188510268.png?1627188511" class="editor-image img-responsive" data-smartkarma-image-id="220339"></figure><h2>Direct vs. consignment for local equity</h2><p>As of the end of April this year, 52.03% of the funds invested in domestic stocks are direct management, then divided into active (19.43%) and passive (32.60%). The proportion of consignment management is 47.97%, and all of it is operated as active.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Direct vs. consignment for local equity"}'>Direct vs. consignment for local equity</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"2019 yearend"}'>2019 yearend</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Weight"}'>Weight</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"2020 yearend"}'>2020 yearend</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Weight"}'>Weight</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"April-end, 2021"}'><strong>April-end, 2021</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Weight"}'><strong>Weight</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Direct management"}'>Direct management</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":71.61210000000001}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩71.6T</td>
<td style="text-align: right;">55.15%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":93.37660000000001}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩93.4T</td>
<td style="text-align: right;">52.95%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":92.6208}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'><strong>₩92.6T</strong></td>
<td style="text-align: right;"><strong>52.03%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Active"}'>- Active</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":26.9769}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩27.0T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.20397795151753445}' data-sheets-formula="=R[0]C[-1]/R8C2">20.40%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":35.0249}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩35.0T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.19824502419133916}' data-sheets-formula="=R[0]C[-1]/R8C4">19.82%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":34.58823678}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'><strong>₩34.6T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1943}'><strong>19.43%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Passive"}'>- Passive</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44.6352}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩44.6T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3374960303658113}' data-sheets-formula="=R[0]C[-1]/R8C2">33.75%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":58.351699999999994}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩58.4T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3302774362840654}' data-sheets-formula="=R[0]C[-1]/R8C4">33.03%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":58.032759600000006}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'><strong>₩58.0T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.326}'><strong>32.60%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Consignment management"}'>Consignment management</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":60.6419}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩60.6T</td>
<td style="text-align: right;">45.85%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":83.2982}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩83.3T</td>
<td style="text-align: right;">47.15%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":85.3938}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'><strong>₩85.4T</strong></td>
<td style="text-align: right;"><strong>47.97%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Active"}'>- Active</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":60.6419}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩60.6T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.45852601811665433}' data-sheets-formula="=R[0]C[-1]/R8C2">45.85%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":83.2982}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩83.3T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.4714775395245955}' data-sheets-formula="=R[0]C[-1]/R8C4">47.15%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":85.3938}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'><strong>₩85.4T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.4797011031679424}' data-sheets-formula="=R[0]C[-1]/R8C6"><strong>47.97%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Passive"}'>- Passive</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩0.0T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-formula="=R[0]C[-1]/R8C2">0.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩0.0T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-formula="=R[0]C[-1]/R8C4">0.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'><strong>₩0.0T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-formula="=R[0]C[-1]/R8C6"><strong>0.00%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total domestic Equity"}'>Total domestic equity</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":132.254}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩132.3T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1}' data-sheets-formula="=sum(R[-5]C[0]:R[-1]C[0])">100.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":176.67479999999998}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'>₩176.7T</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1}' data-sheets-formula="=sum(R[-5]C[0]:R[-1]C[0])">100.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":178.0146}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0T","3":1}'><strong>₩178.0T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.0000011031679423}' data-sheets-formula="=sum(R[-5]C[0]:R[-1]C[0])"><strong>100.00%</strong></td>
</tr>
<tr><td colspan="7" rowspan="1" data-sheets-value='{"1":2,"2":"Source: NPS"}'>Source: NPS</td></tr>
</tbody>
</table><p>The passively operated funds (32.60% of the total funds allocated to the domestic equity) are about ₩58T, and the benchmark is KOSPI 200. But not all amounts mechanically track the KOSPI 200. NPS employs various enhanced passive strategies, such as dividends, active quant, and factor model-based, in addition to conventional passive operations. To this end, NPS has developed and used various indices on its own since two years ago.</p>

New benchmarks for domestic equityThe National Pension Service has disclosed the following reform plan about the direct and consignment management benchmarks for domestic stocks.
As for the direct management, the National Pension Plan plans to internally develop and use a new index called NPS-KR250 by adding additional 50 KOSPI stocks to the KOSPI 200 constituents.
Regarding the consignment management, the KOSPI + KOSDAQ 100 stocks are currently used as benchmarks. This benchmark is reorganized into KOSPI + KOSDAQ 150, with 50 KOSDAQ stocks added.








Benchmark
Previous
New


Direct management
KOSPI 200
NPS-KR250 = KOSPI 200 + additional 50 KOSPI stocks


Consignment management
KOSPI + KOSDAQ 100
KOSPI + KOSDAQ 100 + additional 50 KOSDAQ stocks

Source: NPS

NPS size in the local stock marketAs of the end of April 2021, the National Pension Service has ₩883.6T in assets under management, of which ₩178T is invested in domestic stocks. Considering that the market capitalization of the KOSPI and KOSDAQ markets is currently around ₩2,800T, the national pension account for 6% of the Korean stock market.





Asset allocation status as of the end-April, 2021

Domestic Equity
₩178.1T


Global Equity
₩222.4T


Domestic fixed income
₩340.5T


Global fixed income
₩48.8T


Alternatives
₩92.8T

Source: NPS

The proportion of local equity is 20.17%, down slightly from the end of last year, but still far exceeding the target of 16.80% this year.Direct vs. consignment for local equityAs of the end of April this year, 52.03% of the funds invested in domestic stocks are direct management, then divided into active (19.43%) and passive (32.60%). The proportion of consignment management is 47.97%, and all of it is operated as active.











Direct vs. consignment for local equity
2019 yearend
Weight
2020 yearend
Weight
April-end, 2021
Weight


Direct management
₩71.6T
55.15%
₩93.4T
52.95%
₩92.6T
52.03%


- Active
₩27.0T
20.40%
₩35.0T
19.82%
₩34.6T
19.43%


- Passive
₩44.6T
33.75%
₩58.4T
33.03%
₩58.0T
32.60%


Consignment management
₩60.6T
45.85%
₩83.3T
47.15%
₩85.4T
47.97%


- Active
₩60.6T
45.85%
₩83.3T
47.15%
₩85.4T
47.97%


- Passive
₩0.0T
0.00%
₩0.0T
0.00%
₩0.0T
0.00%


Total domestic equity
₩132.3T
100.00%
₩176.7T
100.00%
₩178.0T
100.00%

Source: NPS

The passively operated funds (32.60% of the total funds allocated to the domestic equity) are about ₩58T, and the benchmark is KOSPI 200. But not all amounts mechanically track the KOSPI 200. NPS employs various enhanced passive strategies, such as dividends, active quant, and factor model-based, in addition to conventional passive operations. To this end, NPS has developed and used various indices on its own since two years ago.

NPS New Benchmarks for Local Stocks: NPS-KR250 (Direct) & KOSPI+KOSDAQ 150 (Consignment)

South Korea

SAMPYO Cement Co., Ltd. manufactures and distributes cement products. The Company produces slag cement, low heat cement, and other related products. SAMPYO Cement markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SAMPYO Cement (038500 KS)

KRX Short Interest Weekly (Nov 8th): KT&G, HPSP, Hanwha Systems, Samsung HI

We analyzed KRX short interest report for the past week and highlighted short interest changes in KT&G, HPSP, Hanwha Systems, Samsung HI.

Ke Yan, CFA, FRM

KOSDAQ150 Index Rebalance: 17 Changes a Side; Many Surprises

There are 17 changes a side for the KOSDAQ150 in Dec. Most of the inclusions were on expected lines, but there are many difference among the...

Brian Freitas

End of Mandatory Lock-Up Periods for 54 Companies in Korea in November 2022

We discuss end of the mandatory lock-up periods for 54 stocks in Korea in November 2022, among which 2 are in KOSPI and 52 are in KOSDAQ.

Douglas Kim

Sampyo Cement: Likely Exit from KOSDAQ150 & Move to KOSPI

Sampyo Cement which is currently included in KOSDAQ150 is likely to be removed from this index in the coming months as the company wants to move to...

Douglas Kim

NPS New Benchmarks for Local Stocks: NPS-KR250 (Direct) & KOSPI+KOSDAQ 150 (Consignment)

The NPS has disclosed the reform plan about the direct and consignment management benchmarks for domestic stocks. This post details the new...

Sanghyun Park

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