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.

Equity Bottom-Up

<ul>
<li>Samsung confirmed PRA sign-off for 1c HBM4, shipped samples to NVIDIA, went full redesign on base die, and is in talks with vendors like Hanmi for hybrid bonding gear.</li>
<li>From a trading POV: Samsung pivoting to Hanmi signals "speed over pride"—a clear tell they're serious about ramping HBM4 fast, even if it means breaking from vertical integration.</li>
<li>For the move to stick, yields and customer wins matter — but Hanmi’s stepping up, and this could give Samsung’s HBM4 story a real leg up if it plays out.</li>
</ul>


Samsung confirmed PRA sign-off for 1c HBM4, shipped samples to NVIDIA, went full redesign on base die, and is in talks with vendors like Hanmi for hybrid bonding gear.
From a trading POV: Samsung pivoting to Hanmi signals "speed over pride"—a clear tell they're serious about ramping HBM4 fast, even if it means breaking from vertical integration.
For the move to stick, yields and customer wins matter — but Hanmi’s stepping up, and this could give Samsung’s HBM4 story a real leg up if it plays out.


Samsung Earnings Call Signals Samsung-Hanmi HBM4 Talks: Catalyst Brewing for Both Stocks

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Ownership in Alibaba has rebounded to 76.4% of EM funds, nearing its 2020 peak and making it the second most widely held stock among GEM funds, behind only TSMC.</li>
<li>The past six months have seen strong momentum, with 29 new fund positions marking a 7.7% rise in participation— the third highest among all EM stocks.</li>
<li>Alibaba attracts broad cross-style interest, with Value funds leading on allocation size, but Growth and GARP strategies among the top holders, reflecting high and diverse conviction.</li>
</ul>


Ownership in Alibaba has rebounded to 76.4% of EM funds, nearing its 2020 peak and making it the second most widely held stock among GEM funds, behind only TSMC.
The past six months have seen strong momentum, with 29 new fund positions marking a 7.7% rise in participation— the third highest among all EM stocks.
Alibaba attracts broad cross-style interest, with Value funds leading on allocation size, but Growth and GARP strategies among the top holders, reflecting high and diverse conviction.


Alibaba: Sentiment Rebounds Among GEM Funds

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

GigaDevice Semiconductor  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigadevice-semiconductor-inc" target="_blank" data-smartkarma-citation="entities:27253:1" rel="noopener">GigaDevice Semiconductor (603986 CH)</a> (GD), an IC design house, aims to raise around US$1bn in its H-share listing.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing.
GD is a leading specialty memory chip and MCU company in mainland China.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

Cross Asset Strategy

<ul>
<li>South Korea rebounds from a record low, with fund allocations rising from 8.6% to 10.4%—bringing net positioning close to equal weight for the first time in 17 years.</li>
<li>Tech and Financials lead the revival, with SK Hynix surging in both price and ownership. Other names like NAVER and Hyundai Rotem show growing traction.</li>
<li>Selectivity is back. While some stocks still lag, the shift toward Korea’s global leaders is helping EM investors rebuild exposure after years of structural underweight.</li>
</ul>


South Korea rebounds from a record low, with fund allocations rising from 8.6% to 10.4%—bringing net positioning close to equal weight for the first time in 17 years.
Tech and Financials lead the revival, with SK Hynix surging in both price and ownership. Other names like NAVER and Hyundai Rotem show growing traction.
Selectivity is back. While some stocks still lag, the shift toward Korea’s global leaders is helping EM investors rebuild exposure after years of structural underweight.


South Korea: Rebounding as Underweight Narrows

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jul 25th. The aggregated short interest was USD9.7bn.</li>
<li>We tabulate league tables 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 LG Chem, Shinhan Group, Hanwha Ocean, Samsung Electronics, SCD.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jul 25th. The aggregated short interest was USD9.7bn.
We tabulate league tables 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 LG Chem, Shinhan Group, Hanwha Ocean, Samsung Electronics, SCD.


KRX Short Interest Weekly (Jul 25th): LG Chem, Shinhan Group, Hanwha Ocean, Samsung Electronics, SCD

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

Samsung Earnings Call Signals Samsung-Hanmi HBM4 Talks: Catalyst Brewing for Both Stocks

This post covers Samsung’s earnings call confirming Samsung-Hanmi HBM4 talks — a strong catalyst brewing for both stocks.

Sanghyun Park

Alibaba: Sentiment Rebounds Among GEM Funds

Alibaba is back in favour with GEM funds, now the 2nd most widely held stock. Broad style participation and rising conviction point to a renewed...

Steven Holden

GigaDevice A/H Listing -Strong Long Term Record but Exposed to the Memory Cycle

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing. In this note, we look at the...

Sumeet Singh

South Korea: Rebounding as Underweight Narrows

South Korea is back on the radar. Fund allocations have rebounded to 10.4%, with net positioning near equal weight for the first time in 17...

Steven Holden

KRX Short Interest Weekly (Jul 25th): LG Chem, Shinhan Group, Hanwha Ocean, Samsung Electronics, SCD

We analyzed KRX short interest report for the past week and highlighted short interest changes in LG Chem, Shinhan Group, Hanwha Ocean, Samsung...

Ke Yan, CFA, FRM

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