Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 23 December, Doosan Corp (000150 KS) announced that it plans to sell an 18.05% stake (11.7 million shares) in Doosan Robotics (454910 KS) for 948 billion won.</li>
<li>It appears that the main purpose of sale is to secure adequate capital for Doosan Corp to acquire SK Siltron which is up for sale.</li>
<li>SK Siltron's corporate value is estimated at around 5 trillion won, so the transaction size for the 70.6% stake up for sale is expected to 3-4 trillion won+.</li>
</ul>


On 23 December, Doosan Corp (000150 KS) announced that it plans to sell an 18.05% stake (11.7 million shares) in Doosan Robotics (454910 KS) for 948 billion won.
It appears that the main purpose of sale is to secure adequate capital for Doosan Corp to acquire SK Siltron which is up for sale.
SK Siltron's corporate value is estimated at around 5 trillion won, so the transaction size for the 70.6% stake up for sale is expected to 3-4 trillion won+.


Doosan Corp To Sell 18.05% Stake in Doosan Robotics for 948 Billion Won

Equity Capital Markets

<ul>
<li><strong>This is our 11th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma. </strong></li>
<li>This insight features 40 of the biggest potential IPOs in Korea in 2026.</li>
<li>Some of the largest potential IPOs in Korea in 2026 include CJ Olive Young, DN Solutions, Dunamu, Goodai Global, K Bank, Kurly, Musinsa, SK On, SK Ecoplant, and Sono International.</li>
</ul>


This is our 11th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma. 
This insight features 40 of the biggest potential IPOs in Korea in 2026.
Some of the largest potential IPOs in Korea in 2026 include CJ Olive Young, DN Solutions, Dunamu, Goodai Global, K Bank, Kurly, Musinsa, SK On, SK Ecoplant, and Sono International.


2026 ("Year of the Horse") Major IPOs Pipeline in Korea

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>The proposed bill fully closes the treasury-share loopholes, bans all exchangeable/pledge uses, blocks M&amp;A allocations, and imposes strict cancellation deadlines—1 year for new buys, 6 months for existing.</li>
<li>The amendment tightens disposal rules: no cancellation means pro-rata sales to existing shareholders only, shutting down selective deals and closing the wide-open disposal gap under current law.</li>
<li>The proposal is far tougher than expected, likely to become the final version, and should drive a near-term mandatory-cancel narrative and notable price action in governance-sensitive holding-co names.</li>
</ul>


The proposed bill fully closes the treasury-share loopholes, bans all exchangeable/pledge uses, blocks M&amp;A allocations, and imposes strict cancellation deadlines—1 year for new buys, 6 months for existing.
The amendment tightens disposal rules: no cancellation means pro-rata sales to existing shareholders only, shutting down selective deals and closing the wide-open disposal gap under current law.
The proposal is far tougher than expected, likely to become the final version, and should drive a near-term mandatory-cancel narrative and notable price action in governance-sensitive holding-co names.


Ruling Party Unveils Key Details of 3rd Commercial Act Amendment: Mandatory Treasury-Share Disposal

<ul>
<li>There is an end of a lock-up period for 55.3 million shares (33% of outstanding shares) for SK Innovation (096770 KS) starting 20 November 2025.</li>
<li>This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks.</li>
<li>SK Innovation is currently trading at relatively high valuation multiples. We remain Bearish on SK Innovation.</li>
</ul>


There is an end of a lock-up period for 55.3 million shares (33% of outstanding shares) for SK Innovation (096770 KS) starting 20 November 2025.
This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks.
SK Innovation is currently trading at relatively high valuation multiples. We remain Bearish on SK Innovation.


SK Innovation - End of Lockup Period For 33% of Outstanding Shares

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 Oct 24th. The aggregated holding was USD811.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD630mln. 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 SK Hynix, Hanwha Ocean, Doosan Enerbility, Samsung Electronics, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 24th. The aggregated holding was USD811.6bn.
We estimate that foreign flows to be outflows of USD630mln. 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 SK Hynix, Hanwha Ocean, Doosan Enerbility, Samsung Electronics, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Oct 24th): SK Hynix, Hanwha Ocean, Doosan Enerbility

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)

Doosan Corp To Sell 18.05% Stake in Doosan Robotics for 948 Billion Won

Doosan Corp (000150 KS) announced that it plans to sell an 18.05% stake (11.7 million shares) in Doosan Robotics (454910 KS) for 948 billion won.

Douglas Kim

2026 ("Year of the Horse") Major IPOs Pipeline in Korea

This is our 11th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma. This insight features 40 of the biggest potential IPOs...

Douglas Kim

SK Innovation - End of Lockup Period For 33% of Outstanding Shares

There is an end of a lock-up period for 55.3 million shares (33% of outstanding shares) for SK Innovation starting 20 November. This could...

Douglas Kim

KRX Foreign Holding Weekly (Oct 24th): SK Hynix, Hanwha Ocean, Doosan Enerbility

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Hanwha Ocean, Doosan Enerbility,...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Doosan Corp To Sell 18.05% Stake in Doosan Robotics for 948 Billion Won

Doosan Corp (000150 KS) announced that it plans to sell an 18.05% stake (11.7 million shares) in Doosan Robotics (454910 KS) for 948 billion won.

Douglas Kim

2026 ("Year of the Horse") Major IPOs Pipeline in Korea

This is our 11th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma. This insight features 40 of the biggest potential IPOs...

Douglas Kim

Ruling Party Unveils Key Details of 3rd Commercial Act Amendment: Mandatory Treasury-Share Disposal

This post covers the full structure of the Ruling Party’s full 3rd Commercial Act amendment draft, outlining mandatory treasury-share disposal.

Sanghyun Park

SK Innovation - End of Lockup Period For 33% of Outstanding Shares

There is an end of a lock-up period for 55.3 million shares (33% of outstanding shares) for SK Innovation starting 20 November. This could...

Douglas Kim

KRX Foreign Holding Weekly (Oct 24th): SK Hynix, Hanwha Ocean, Doosan Enerbility

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Hanwha Ocean, Doosan Enerbility,...

Ke Yan, CFA, FRM