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>Hynix might have rushed ADR to price off Q1 within 135 day window, with weak Q1 LTA pricing already baked in and expected to pressure forward earnings.</li>
<li>Hynix’s aggressive ADR timeline compromised fungibility, leading some investors to view the move as a signal of management’s cautious outlook on forward memory pricing.</li>
<li>Hynix is more likely to go with incremental filings in batches. That gives them flexibility to manage supply and support the underlying tactically instead of committing to a risky buyback.</li>
</ul>


Hynix might have rushed ADR to price off Q1 within 135 day window, with weak Q1 LTA pricing already baked in and expected to pressure forward earnings.
Hynix’s aggressive ADR timeline compromised fungibility, leading some investors to view the move as a signal of management’s cautious outlook on forward memory pricing.
Hynix is more likely to go with incremental filings in batches. That gives them flexibility to manage supply and support the underlying tactically instead of committing to a risky buyback.


Investigation into Hynix ADR Fungibility Restoration and Key Open Questions

<ul>
<li>Local chatter says government is pushing early Hynix Samsung shareholder return amid KOSPI weakness. Buybacks would signal support at current levels, counter supply driven memory downside.</li>
<li>Hynix cited ADR quiet period as reason for limited disclosure, likely tied to Rule 174d window ending August 4. Market expects buyback post expiry, with positioning already tightening Square/Hynix spread.</li>
<li>Chatter sees Hynix disclosing buyback size and timing soon, likely phased with policy unchanged. Government pressure supports earlier rollout; stay long narrative and lean into Square Hynix pair.</li>
</ul>


Local chatter says government is pushing early Hynix Samsung shareholder return amid KOSPI weakness. Buybacks would signal support at current levels, counter supply driven memory downside.
Hynix cited ADR quiet period as reason for limited disclosure, likely tied to Rule 174d window ending August 4. Market expects buyback post expiry, with positioning already tightening Square/Hynix spread.
Chatter sees Hynix disclosing buyback size and timing soon, likely phased with policy unchanged. Government pressure supports earlier rollout; stay long narrative and lean into Square Hynix pair.


Square Spread Compression on Early August Hynix Buyback Narrative

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Zhongji InnoLight / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/zhongji-innolight" target="_blank" data-smartkarma-citation="entities:55331:1" rel="noopener">Zhongji InnoLight (3308 HK)</a> made a tepid debut in HK's largest IPO this year.</li>
<li>There weren't many placements over the past week, apart from <a href="https://www.smartkarma.com/entities/quanta-computer-inc" target="_blank" data-smartkarma-citation="entities:2754:1" rel="noopener">Quanta Computer (2382 TT)</a>'s GDRm  but we did look at a few upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Zhongji InnoLight (3308 HK) made a tepid debut in HK's largest IPO this year.
There weren't many placements over the past week, apart from Quanta Computer (2382 TT)'s GDRm  but we did look at a few upcoming lockup expiries.


Aequitas ECM Weekly (3 August 2026)-Innolight, Shein, Manipal, Juniper, Gcash, Quant, Montage, Han's

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> jumped +26.8% on Friday, July 31, 2026, primarily driven by a sharp broader market rebound and aggressive short-covering across South Korean chipmakers following a three-day selloff.</li>
<li>Many are trying to assess if Samsung Eelectronics is done with the sell-off/downtrend that started in June. The long-term bottom cannot be forecasted (we will only know in retrospective).</li>
<li>This short-term analysis aims at detecting trend patterns that statistically precede certain move sizes, and use that knowledge to identify price targets, to anticipate trend reversals.</li>
</ul>



Samsung Electronics (005930 KS) jumped +26.8% on Friday, July 31, 2026, primarily driven by a sharp broader market rebound and aggressive short-covering across South Korean chipmakers following a three-day selloff.
Many are trying to assess if Samsung Eelectronics is done with the sell-off/downtrend that started in June. The long-term bottom cannot be forecasted (we will only know in retrospective).
This short-term analysis aims at detecting trend patterns that statistically precede certain move sizes, and use that knowledge to identify price targets, to anticipate trend reversals.


Samsung Electronics (005930 KS) Tactical Outlook: Position for Next Leg Up

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

<ul>
<li>After a large downswing over June and July, we examine Q2 earnings to see where SK Hynix is headed from here, noting the movement is recently amplified by leveraged trades.</li>
<li>A large cash influx attributed to the sale of shares in Kioxia added a significant amount to the company's cash, while debt ratios continue to be strong.</li>
<li>SK Hynix DEC26 Options are possible for US investors now, and we propose looking at out of the money options to get on the right side of the movement. </li>
</ul>


After a large downswing over June and July, we examine Q2 earnings to see where SK Hynix is headed from here, noting the movement is recently amplified by leveraged trades.
A large cash influx attributed to the sale of shares in Kioxia added a significant amount to the company's cash, while debt ratios continue to be strong.
SK Hynix DEC26 Options are possible for US investors now, and we propose looking at out of the money options to get on the right side of the movement. 


The KOSPI Semiconductor Leverage Loop: Navigating SK Hynix Volatility and DEC26 ADR Options

South Korea

SK hynix Inc. provides products and services for the electronic components industries. The Company manufactures semiconductors such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (SKHY US)

Investigation into Hynix ADR Fungibility Restoration and Key Open Questions

Local flow points to weaker than expected HBM pricing outcomes between Samsung, Hynix and NVIDIA. Street had priced in roughly 2x YoY ASP uplift,...

Sanghyun Park

Square Spread Compression on Early August Hynix Buyback Narrative

This post examines SK Square spread compression driven by expectations around an early August Hynix buyback announcement.

Sanghyun Park

Aequitas ECM Weekly (3 August 2026)-Innolight, Shein, Manipal, Juniper, Gcash, Quant, Montage, Han's

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Samsung Electronics (005930 KS) Tactical Outlook: Position for Next Leg Up

Samsung Electronics (005930 KS) is at a key juncture: after a +26.8% rally on July 31, it could fall again towards 240k, then rally higher. Or it...

Nico Rosti

The KOSPI Semiconductor Leverage Loop: Navigating SK Hynix Volatility and DEC26 ADR Options

SK Hynix set highs in June before dropping off after the IPO. This insight examines the volatility picture for the stock and ADR, and proposes out...

Jay Cameron

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Investigation into Hynix ADR Fungibility Restoration and Key Open Questions

Local flow points to weaker than expected HBM pricing outcomes between Samsung, Hynix and NVIDIA. Street had priced in roughly 2x YoY ASP uplift,...

Sanghyun Park

Square Spread Compression on Early August Hynix Buyback Narrative

This post examines SK Square spread compression driven by expectations around an early August Hynix buyback announcement.

Sanghyun Park

Aequitas ECM Weekly (3 August 2026)-Innolight, Shein, Manipal, Juniper, Gcash, Quant, Montage, Han's

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Samsung Electronics (005930 KS) Tactical Outlook: Position for Next Leg Up

​Samsung Electronics (005930 KS) is at a key juncture: after a +26.8% rally on July 31, it could fall again towards 240k, then rally higher. Or it...

Nico Rosti

The KOSPI Semiconductor Leverage Loop: Navigating SK Hynix Volatility and DEC26 ADR Options

SK Hynix set highs in June before dropping off after the IPO. This insight examines the volatility picture for the stock and ADR, and proposes out...

Jay Cameron

Samsung Electronics (005930 KS) is at a key juncture: after a +26.8% rally on July 31, it could fall again towards 240k, then rally higher. Or it...