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.

Event-Driven

<ul>
<li>Major governance shake-up: &gt;KRW 2T companies face mandatory cumulative voting, giving minorities real board influence, while audit committee split votes expand from 1 to 2+, boosting independence.</li>
<li>Trade sweet spot is holdcos and brokers with high treasury stock and retail float. Bloated buybacks may drive cancellations, sparking quick momentum trades in messy-governance names.</li>
<li>Today, holdcos and brokers with 10%+ treasury stock and &gt;₩500bn market cap are leading pops, driving action and attracting fast-money flows.</li>
</ul>


Major governance shake-up: &gt;KRW 2T companies face mandatory cumulative voting, giving minorities real board influence, while audit committee split votes expand from 1 to 2+, boosting independence.
Trade sweet spot is holdcos and brokers with high treasury stock and retail float. Bloated buybacks may drive cancellations, sparking quick momentum trades in messy-governance names.
Today, holdcos and brokers with 10%+ treasury stock and &gt;₩500bn market cap are leading pops, driving action and attracting fast-money flows.


Surprise National Assembly Moves: 2nd Commercial Act Amendments & Yellow Envelope Law

<ul>
<li>The bill’s side notes clearly state that the mandatory cancellation rule applies retroactively to existing treasury shares without any exemptions.</li>
<li>If this passes the Assembly as-is, it’ll trigger a historic forced cancellation of treasury stock across ~1,660 companies—about three-quarters of the K-equities market.</li>
<li>Watch if this punchy bill clears committee and floor without cuts. Dems plan to fast-track it Sept 1, holding the majority to push it solo, aiming for year-end rollout.</li>
</ul>


The bill’s side notes clearly state that the mandatory cancellation rule applies retroactively to existing treasury shares without any exemptions.
If this passes the Assembly as-is, it’ll trigger a historic forced cancellation of treasury stock across ~1,660 companies—about three-quarters of the K-equities market.
Watch if this punchy bill clears committee and floor without cuts. Dems plan to fast-track it Sept 1, holding the majority to push it solo, aiming for year-end rollout.


Mandatory Cancellation of Existing Treasury Shares: A Historic Stock Market Event in the Making

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 Dec 5th. The aggregated short interest was USD11.8bn.</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 LCB, Alteogen, Hyundai Motor, Samsung F&amp;M Insurance, HanmiPharm.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Dec 5th. The aggregated short interest was USD11.8bn.
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 LCB, Alteogen, Hyundai Motor, Samsung F&amp;M Insurance, HanmiPharm.


KRX Short Interest Weekly (Dec 5th): LCB, Alteogen, Hyundai Motor, Samsung F&M Insurance, HanmiPharm

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Nov 28th. The aggregated short interest was USD11.5bn.</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 Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD HYUNDAI HEAVY INDUSTRIES.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Nov 28th. The aggregated short interest was USD11.5bn.
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 Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD HYUNDAI HEAVY INDUSTRIES.


KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

<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

South Korea

Shinyoung Securities Co., Ltd. offers brokerage, securities dealing, and underwriting services in Korea.  The Company also provides mutual funds, certificate of deposits (CDs), corporate finance, bonds, and online trading services to its clients.

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Shinyoung Securities Co Ltd (001725 KS)

Surprise National Assembly Moves: 2nd Commercial Act Amendments & Yellow Envelope Law

This post takes a closer look at today’s surprise National Assembly passes: 2nd Commercial Act amendments and the Yellow Envelope Law.

Sanghyun Park

Mandatory Cancellation of Existing Treasury Shares: A Historic Stock Market Event in the Making

This post shares the full original text of the Commercial Act amendment mandating mandatory treasury share cancellation—including retroactive...

Sanghyun Park

KRX Short Interest Weekly (Dec 5th): LCB, Alteogen, Hyundai Motor, Samsung F&M Insurance, HanmiPharm

We analyzed KRX short interest report for the past week and highlighted short interest changes in LCB, Alteogen, Hyundai Motor, Samsung F&M...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Nov 28th): Hanwha Ocean, SK Hynix, Kakaopay, NAVER

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanwha Ocean, SK Hynix, kakaopay, NAVER, HD...

Ke Yan, CFA, FRM

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

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