Global Healthcare Analyst

Tina Banerjee

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (326030 KS)</a> (SKBP) has announced that <a href="https://www.smartkarma.com/entities/sk-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:393:1" rel="noopener">SK Inc (034730 KS)</a> plans to offload ~11M shares of SKBP on March 30, 2026 at a price of KRW114,500 per share.</li>
<li>Although SK Inc is reducing its stake ~14% in SKBP, it will remain the majority shareholder, thereby retaining the control and management rights in the company.</li>
<li>SK Inc’s stake sale should not impact future growth prospect of SKBP, as the company has multiple growth drivers. FDA-approved epilepsy drug Xcopri is the main and near-term growth engine.</li>
</ul>



SK Biopharmaceuticals (326030 KS) (SKBP) has announced that SK Inc (034730 KS) plans to offload ~11M shares of SKBP on March 30, 2026 at a price of KRW114,500 per share.
Although SK Inc is reducing its stake ~14% in SKBP, it will remain the majority shareholder, thereby retaining the control and management rights in the company.
SK Inc’s stake sale should not impact future growth prospect of SKBP, as the company has multiple growth drivers. FDA-approved epilepsy drug Xcopri is the main and near-term growth engine.


SK Biopharmaceuticals (326030 KS): Parent’s Stake Sale Does Not Tarnish Future Growth Prospect

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>SKC Co announced a rights offering capital raise of 1 trillion won (US$700 million) to invest in new businesses (such as glass substrates) and improve its balance sheet.</li>
<li>SK Inc, the controlling shareholder of SKC with a 40.6% stake, agreed to participate in this rights offering with an oversubscription (120% of allocated shares).</li>
<li>Number of shares for the rights offering is 11.73 million shares. Expected dilution ratio is 23.6%. Expected rights offering price is 85,300 won which is 24% lower than current price.</li>
</ul>


SKC Co announced a rights offering capital raise of 1 trillion won (US$700 million) to invest in new businesses (such as glass substrates) and improve its balance sheet.
SK Inc, the controlling shareholder of SKC with a 40.6% stake, agreed to participate in this rights offering with an oversubscription (120% of allocated shares).
Number of shares for the rights offering is 11.73 million shares. Expected dilution ratio is 23.6%. Expected rights offering price is 85,300 won which is 24% lower than current price.


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.

<ul>
<li>Political flow hit today: Rep. Lee So-young says after the 3rd Commercial Act amendment clears, the next leg is a revamp of the inheritance/gift tax regime.</li>
<li>Tape-Wise, this looks like a core 1H narrative. Pro-equity law tweaks will get turbocharged, and with the president prioritizing this revamp, the market won’t ignore this.</li>
<li>Samsung C&amp;T and Hyundai Motor are off the table, but LG Corp, LOTTE, and SK Inc still show sizable value gaps, making them prime targets for this narrative.</li>
</ul>


Political flow hit today: Rep. Lee So-young says after the 3rd Commercial Act amendment clears, the next leg is a revamp of the inheritance/gift tax regime.
Tape-Wise, this looks like a core 1H narrative. Pro-equity law tweaks will get turbocharged, and with the president prioritizing this revamp, the market won’t ignore this.
Samsung C&amp;T and Hyundai Motor are off the table, but LG Corp, LOTTE, and SK Inc still show sizable value gaps, making them prime targets for this narrative.


Inheritance Tax Revamp Sparks Local Tape Action: LG, Lotte, SK Still Showing Big Value Gaps

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 foreign holdings of KRX stocks as of Jan 9th. The aggregated holding was USD971.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD2,776mln. 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, Celltrion, Doosan Enerbility, HANWHA AEROSPACE.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jan 9th. The aggregated holding was USD971.1bn.
We estimate that foreign flows to be inflows of USD2,776mln. 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, Celltrion, Doosan Enerbility, HANWHA AEROSPACE.


KRX Foreign Holding Weekly (Jan 9th): Samsung Electronics, SK Hynix, Celltrion, Doosan Enerbility

<ul>
<li>We analysed the earning revision of component stocks of MS-Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on SK Hynix, Samsung SDI, SK, Hyundai Motor, SKSQUARE, Samsung Electronics.</li>
</ul>


We analysed the earning revision of component stocks of MS-Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on SK Hynix, Samsung SDI, SK, Hyundai Motor, SKSQUARE, Samsung Electronics.


MS-Korea Index Earning Revision (Dec): SK Hynix, Samsung SDI, SK, Hyundai Motor, SKSQUARE

South Korea

SK Holdings Co., Ltd. is a holdings company that is engaged in various industries including energy, chemicals, information technology, semiconductors, marketing, and services businesses in South Korea and internationally.

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SK Inc (034730 KS)

SK Biopharmaceuticals (326030 KS): Parent’s Stake Sale Does Not Tarnish Future Growth Prospect

SK Inc plans to offload shares of SK Biopharmaceuticals, but will remain majority shareholder. SKBP has multiple growth drivers, with FDA-approved...

Tina Banerjee

SKC: Rights Offering of 1 Trillion Won

We believe that the market is likely to view the 1 trillion won rights offering of SKC negatively mainly due to 23.6% share dilution and worsening...

Douglas Kim

Inheritance Tax Revamp Sparks Local Tape Action: LG, Lotte, SK Still Showing Big Value Gaps

This post flags the inheritance tax revamp, which is driving local tape action today, with LG, Lotte, and SK still showing sizable value gaps.

Sanghyun Park

KRX Foreign Holding Weekly (Jan 9th): Samsung Electronics, SK Hynix, Celltrion, Doosan Enerbility

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

Ke Yan, CFA, FRM

MS-Korea Index Earning Revision (Dec): SK Hynix, Samsung SDI, SK, Hyundai Motor, SKSQUARE

We analyzed MS-Korea's consensus for Dec 2025 and highlighted changes of EPS in SK Hynix, Samsung SDI, SK, Hyundai Motor, SKSQUARE, Samsung...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SK Biopharmaceuticals (326030 KS): Parent’s Stake Sale Does Not Tarnish Future Growth Prospect

​SK Inc plans to offload shares of SK Biopharmaceuticals, but will remain majority shareholder. SKBP has multiple growth drivers, with FDA-approved...

Tina Banerjee

SKC: Rights Offering of 1 Trillion Won

We believe that the market is likely to view the 1 trillion won rights offering of SKC negatively mainly due to 23.6% share dilution and worsening...

Douglas Kim

Inheritance Tax Revamp Sparks Local Tape Action: LG, Lotte, SK Still Showing Big Value Gaps

This post flags the inheritance tax revamp, which is driving local tape action today, with LG, Lotte, and SK still showing sizable value gaps.

Sanghyun Park

KRX Foreign Holding Weekly (Jan 9th): Samsung Electronics, SK Hynix, Celltrion, Doosan Enerbility

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

Ke Yan, CFA, FRM

MS-Korea Index Earning Revision (Dec): SK Hynix, Samsung SDI, SK, Hyundai Motor, SKSQUARE

We analyzed MS-Korea's consensus for Dec 2025 and highlighted changes of EPS in SK Hynix, Samsung SDI, SK, Hyundai Motor, SKSQUARE, Samsung...

Ke Yan, CFA, FRM

SK Inc plans to offload shares of SK Biopharmaceuticals, but will remain majority shareholder. SKBP has multiple growth drivers, with FDA-approved...