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 will be 8 additions and 8 deletions 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 next rebalance to be implemented at the close on 12 December.</li>
<li>Most of the inclusions were forecast but there is a lot of variance among the list of deletions... index committee knows best!</li>
<li>
<a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> was ignored for yet another rebalance, while <a href="https://www.smartkarma.com/entities/snh-inc" target="_blank" data-smartkarma-citation="entities:12212:1" rel="noopener">Snh Inc (051980 KS)</a> has also not been included in the index.</li>
</ul>


There will be 8 additions and 8 deletions for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the next rebalance to be implemented at the close on 12 December.
Most of the inclusions were forecast but there is a lot of variance among the list of deletions... index committee knows best!

Fadu (440110 KS) was ignored for yet another rebalance, while Snh Inc (051980 KS) has also not been included in the index.


KOSDAQ150 Index Rebalance: 8 Changes a Side; Fadu Appears to Be a 4 Letter Word

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 22 March, SillaJen Inc (215600 KS) announced that it will conduct a rights offering worth about 129 billion won for R&amp;D and financials improvement.  </li>
<li>The rights offering size is 34.5 million shares, representing 34% of total outstanding shares. The expected rights offering price is 3,750 won which is 26% lower than current price. </li>
<li>We would not subscribe to this rights offering and we remain negative on the company.</li>
</ul>


On 22 March, SillaJen Inc (215600 KS) announced that it will conduct a rights offering worth about 129 billion won for R&amp;D and financials improvement.  
The rights offering size is 34.5 million shares, representing 34% of total outstanding shares. The expected rights offering price is 3,750 won which is 26% lower than current price. 
We would not subscribe to this rights offering and we remain negative on the company.


SillaJen Rights Offering Worth 34% of Outstanding Shares

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>KG Mobility belongs to the Consumer Discretionary sector, and if we consider its market cap on April 28th, it comfortably qualifies for inclusion in KOSPI 200 in the upcoming review.</li>
<li>Although the KOSPI 200 eligibility rules do not explicitly prohibit a stock based on such short trading periods, there is a chance that KRX might exercise its discretionary provision (6.1.2).</li>
<li>There is another significant event approaching us. As per current market cap levels, there is a high chance of KG Mobility being included in the KRX Auto Index in September.</li>
</ul>


KG Mobility belongs to the Consumer Discretionary sector, and if we consider its market cap on April 28th, it comfortably qualifies for inclusion in KOSPI 200 in the upcoming review.
Although the KOSPI 200 eligibility rules do not explicitly prohibit a stock based on such short trading periods, there is a chance that KRX might exercise its discretionary provision (6.1.2).
There is another significant event approaching us. As per current market cap levels, there is a high chance of KG Mobility being included in the KRX Auto Index in September.


Overlooked Aspects of KG Mobility's Passive Flow Trading Opportunities: KOSPI 200 & KRX Auto

Cross Asset Strategy

<ul>
<li>We discuss end of the mandatory lock-up periods for 52 stocks in Korea in February 2023, among which 3 are in KOSPI and 49 are in KOSDAQ.</li>
<li>These 52 stocks on average could be subject to further selling pressures in Febraury and could underperform relative to the market. </li>
<li>Among these 52 stocks, the top 5 market cap stocks include Rainbow Robotics, SillaJen, SOCAR, Sebitchem, and Yunsung F&amp;C.</li>
</ul>


We discuss end of the mandatory lock-up periods for 52 stocks in Korea in February 2023, among which 3 are in KOSPI and 49 are in KOSDAQ.
These 52 stocks on average could be subject to further selling pressures in Febraury and could underperform relative to the market. 
Among these 52 stocks, the top 5 market cap stocks include Rainbow Robotics, SillaJen, SOCAR, Sebitchem, and Yunsung F&amp;C.


End of Mandatory Lock-Up Periods for 52 Companies in Korea in February 2023

<ul>
<li>We discuss end of the mandatory lock-up periods for 57 stocks in Korea in January 2023, among which 5 are in KOSPI and 52 are in KOSDAQ.</li>
<li>These 57 stocks on average could be subject to further selling pressures in December and could underperform relative to the market. </li>
<li>Among these 57 stocks, the top 5 market cap stocks include Sungeel Hitech, HPSP, CJ CGV, Sillajen, and Eoflow. </li>
</ul>


We discuss end of the mandatory lock-up periods for 57 stocks in Korea in January 2023, among which 5 are in KOSPI and 52 are in KOSDAQ.
These 57 stocks on average could be subject to further selling pressures in December and could underperform relative to the market. 
Among these 57 stocks, the top 5 market cap stocks include Sungeel Hitech, HPSP, CJ CGV, Sillajen, and Eoflow. 


End of Mandatory Lock-Up Periods for 57 Companies in Korea in January 2023

South Korea

SillaJen, Inc. provides medical research and development services. The Company researches and develops treatment of cancer based on genetic recombination virus. SillaJen conducts its business in South Korea and the United States.

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SillaJen Inc (215600 KS)

KOSDAQ150 Index Rebalance: 8 Changes a Side; Fadu Appears to Be a 4 Letter Word

There are 8 changes for the KOSDAQ150 in Dec. Most of the adds are in line but there are of surprises too. Fadu has been ignored for yet another...

Brian Freitas

SillaJen Rights Offering Worth 34% of Outstanding Shares

On 22 March, SillaJen announced that it will conduct a rights offering worth about 129 billion. The rights offering size is 34.5 million shares,...

Douglas Kim

Overlooked Aspects of KG Mobility's Passive Flow Trading Opportunities: KOSPI 200 & KRX Auto

In this post, I will explore the overlooked passive flow trading opportunities offered by KG Mobility. Specifically, I will focus on trading...

Sanghyun Park

End of Mandatory Lock-Up Periods for 52 Companies in Korea in February 2023

We discuss end of the mandatory lock-up periods for 52 stocks in Korea in February 2023, among which 3 are in KOSPI and 49 are in KOSDAQ.

Douglas Kim

End of Mandatory Lock-Up Periods for 57 Companies in Korea in January 2023

We discuss end of the mandatory lock-up periods for 57 stocks in Korea in January 2023, among which 5 are in KOSPI and 52 are in KOSDAQ.

Douglas Kim

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