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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 21st. The aggregated short interest was USD11.4bn.</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 Samyang Food, Kakao, NAVER, HD HYUNDAI HEAVY INDUSTRIES, SK Hynix.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 21st. The aggregated short interest was USD11.4bn.
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 Samyang Food, Kakao, NAVER, HD HYUNDAI HEAVY INDUSTRIES, SK Hynix.


KRX Short Interest Weekly (Nov 21st): Samyang Food, Kakao, NAVER, HD HYUNDAI HEAVY INDUSTRIES

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 25 November, the Democratic Party of Korea confirmed that the cancellation of treasury shares will be made into law by the end of 2025.</li>
<li>Companies that buyback their shares (as treasury shares) will be required to cancel them within one year of the buyback. </li>
<li><em><strong>There may be a LOOPHOLE if the company fails to cancel the treasury shares on time. Fine per director is only 50 million won and this may be too low. </strong></em></li>
</ul>


On 25 November, the Democratic Party of Korea confirmed that the cancellation of treasury shares will be made into law by the end of 2025.
Companies that buyback their shares (as treasury shares) will be required to cancel them within one year of the buyback. 
There may be a LOOPHOLE if the company fails to cancel the treasury shares on time. Fine per director is only 50 million won and this may be too low. 


Confirmation of Cancellation of Treasury Shares To Be Made Into Law by End of 2025 and a Loophole?

Event-Driven

<ul>
<li>On 13 October, Value Partners has come out in support of Samyang Holdings (000070 KS)'s equity spin-off plan but on the condition that the company must cancel its treasury shares.</li>
<li>Value Partners believes Samyang Holdings is currently severely undervalued, trading at a P/B of 0.34x. A shareholders meeting for Samyang Holdings is scheduled for 14 October. </li>
<li>We have a positive view of this equity spin-off. Our NAV valuation of Samyang Holdings suggests an implied price per share of 127,138 won (28.6% higher than current price).</li>
</ul>


On 13 October, Value Partners has come out in support of Samyang Holdings (000070 KS)'s equity spin-off plan but on the condition that the company must cancel its treasury shares.
Value Partners believes Samyang Holdings is currently severely undervalued, trading at a P/B of 0.34x. A shareholders meeting for Samyang Holdings is scheduled for 14 October. 
We have a positive view of this equity spin-off. Our NAV valuation of Samyang Holdings suggests an implied price per share of 127,138 won (28.6% higher than current price).


Value Partners: Supports Samyang Holdings' Equity Spin-Off Plan But Must Cancel Treasury Shares

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Oct 10th. The aggregated holding was USD759.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,535mln. 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 Samsung Electronics, SK Hynix, Samsung Elec (PREF), Hyundai Motor, KIA.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 10th. The aggregated holding was USD759.2bn.
We estimate that foreign flows to be inflows of USD2,535mln. 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 Samsung Electronics, SK Hynix, Samsung Elec (PREF), Hyundai Motor, KIA.


KRX Foreign Holding Weekly (Oct 10th): Samsung Electronics, SK Hynix, Samsung Elec (PREF)

Equity Bottom-Up

<ul>
<li>K-Pop Demon Hunters (KDH) started streaming on Netflix on 20 June 2025. KDH has become the most watched film on Netflix history, achieving 291.5 million views as of 11 September. </li>
<li>Nongshim has a collaboration with Netflix, releasing ramyun and snacks featuring characters from K-Pop Demon Hunters. The sale of these products (especially overseas) are likely to result in higher sales.</li>
<li>Nongshim has hit a big home run in this collaboration with Netflix and the K-Pop Demon Hunters film. Additional series related to KDH are highly likely. </li>
</ul>


K-Pop Demon Hunters (KDH) started streaming on Netflix on 20 June 2025. KDH has become the most watched film on Netflix history, achieving 291.5 million views as of 11 September. 
Nongshim has a collaboration with Netflix, releasing ramyun and snacks featuring characters from K-Pop Demon Hunters. The sale of these products (especially overseas) are likely to result in higher sales.
Nongshim has hit a big home run in this collaboration with Netflix and the K-Pop Demon Hunters film. Additional series related to KDH are highly likely. 


Nongshim's Thriving Collaboration with K-Pop Demon Hunters

South Korea

Samyang Foods Co., Ltd. manufactures instant and processed food products, such as noodles, snacks, cooking oil, and feed.  The Company also produces dairy goods including milk, cheese, and ice cream.

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Samyang Foods (003230 KS)

KRX Short Interest Weekly (Nov 21st): Samyang Food, Kakao, NAVER, HD HYUNDAI HEAVY INDUSTRIES

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samyang Food, Kakao, NAVER, HD HYUNDAI HEAVY...

Ke Yan, CFA, FRM

Confirmation of Cancellation of Treasury Shares To Be Made Into Law by End of 2025 and a Loophole?

There may be a LOOPHOLE if the company fails to cancel the treasury shares on time. Fine per director is only 50 million won and this may be too low.

Douglas Kim

Value Partners: Supports Samyang Holdings' Equity Spin-Off Plan But Must Cancel Treasury Shares

On 13 October, Value Partners has come out in support of Samyang Holdings (000070 KS)'s equity spin-off plan but on the condition that the company...

Douglas Kim

KRX Foreign Holding Weekly (Oct 10th): Samsung Electronics, SK Hynix, Samsung Elec (PREF)

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

Ke Yan, CFA, FRM

Nongshim's Thriving Collaboration with K-Pop Demon Hunters

Nongshim has hit a big home run in this collaboration with Netflix and the K-Pop Demon Hunters film, which has now become the most watched film in...

Douglas Kim

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