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.

Equity Capital Markets

<ul>
<li>1.78bn ADS equals about 25 percent float. Syndicate set headroom far above 2.5 percent, fully rolling GDR into ADR with a more aggressive than expected structure.</li>
<li>Key is Citi book stance. Expected phased rollout: initial GDR to ADR conversion, then capped flow after one month, and full 25 percent open by 3 to 6 months.</li>
<li>Early 5 to 10 percent ADR premium looks embedded. Trade is to track widening then fade via ADR short versus KOSPI long as window expansion guidance emerges.</li>
</ul>


1.78bn ADS equals about 25 percent float. Syndicate set headroom far above 2.5 percent, fully rolling GDR into ADR with a more aggressive than expected structure.
Key is Citi book stance. Expected phased rollout: initial GDR to ADR conversion, then capped flow after one month, and full 25 percent open by 3 to 6 months.
Early 5 to 10 percent ADR premium looks embedded. Trade is to track widening then fade via ADR short versus KOSPI long as window expansion guidance emerges.


Hynix Filed F 6: 25 Percent Headroom, Phased Rollout Expected

<ul>
<li>Assuming NASDAQ listing on July 10, pay in hits July 14, triggering issuance; KSD registration follows, with KOSPI listing July 29, marking first ADR to local conversion window.</li>
<li>Street view is wide Form F-6 over registration, but Citi may keep conversion shut post July 14 to defend ADR scarcity premium despite volatility risk.</li>
<li>Watch ADR premium and ADTV; expect ~1% gradual tranche releases. If premium holds 5-10% post July 14, Citi likely steps in, signaling arb into local or GDR versus ADR spreads.</li>
</ul>


Assuming NASDAQ listing on July 10, pay in hits July 14, triggering issuance; KSD registration follows, with KOSPI listing July 29, marking first ADR to local conversion window.
Street view is wide Form F-6 over registration, but Citi may keep conversion shut post July 14 to defend ADR scarcity premium despite volatility risk.
Watch ADR premium and ADTV; expect ~1% gradual tranche releases. If premium holds 5-10% post July 14, Citi likely steps in, signaling arb into local or GDR versus ADR spreads.


Hynix ADR Listing Timing and Expected Rollout, Plus Likely Conversion Book Open Mechanics

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and AI-related stocks.</li><li>The sell-off proved particularly severe in semiconductors, which fell 20% after gaining 88% over the preceding three months.</li><li>Despite the correction, hedge fund manager James Sanders remains constructive on the fundamental outlook and continues to see strong long-term potential in AI infrastructure.</li></ul>

Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and AI-related stocks.The sell-off proved particularly severe in semiconductors, which fell 20% after gaining 88% over the preceding three months.Despite the correction, hedge fund manager James Sanders remains constructive on the fundamental outlook and continues to see strong long-term potential in AI infrastructure.

Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses

Equity Long-Short

Mo Aziz

Cross Asset Strategy

<ul>
<li>Korea Economic Daily reports Solidigm — SK Hynix's AI-storage arm — pursuing a KRW5-10T pre-IPO raise at ~US$35bn; SK Hynix's Form 6-K denies a decision but commits to 4 Sep.</li>
<li>SK Hynix's US$738bn market cap assigns near-zero value to Solidigm — a QLC eSSD franchise tripling revenue QoQ — creating a base-case +3-4% stub re-rating catalyst.</li>
<li>Reiterate BULLISH; Fair Value KRW3,500,000 (KRX)/US$236 (ADR), based on our DRAM/HBM earnings model; Solidigm pre-IPO crystallisation is additive optionality — 4 Sep the trigger.</li>
</ul>


Korea Economic Daily reports Solidigm — SK Hynix's AI-storage arm — pursuing a KRW5-10T pre-IPO raise at ~US$35bn; SK Hynix's Form 6-K denies a decision but commits to 4 Sep.
SK Hynix's US$738bn market cap assigns near-zero value to Solidigm — a QLC eSSD franchise tripling revenue QoQ — creating a base-case +3-4% stub re-rating catalyst.
Reiterate BULLISH; Fair Value KRW3,500,000 (KRX)/US$236 (ADR), based on our DRAM/HBM earnings model; Solidigm pre-IPO crystallisation is additive optionality — 4 Sep the trigger.


The Solidigm Stub: SK Hynix's US$35bn AI-Storage Asset Priced at Zero

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Samsung and SK hynix are projecting $263 billion in combined net cash by year-end, intensifying pressure to move beyond 50% free-cash-flow payout targets.</li>
<li>Customer deposits and price floors underwrite new capacity, significantly improving demand visibility and weakening the traditional cycle-risk argument for holding massive excess cash.</li>
<li>While LTAs de-risk memory, capital demands remain high. Samsung’s foundry requires heavy investment, and both firms face potential supply-chain contingencies at their Chinese fabs.</li>
</ul>


Samsung and SK hynix are projecting $263 billion in combined net cash by year-end, intensifying pressure to move beyond 50% free-cash-flow payout targets.
Customer deposits and price floors underwrite new capacity, significantly improving demand visibility and weakening the traditional cycle-risk argument for holding massive excess cash.
While LTAs de-risk memory, capital demands remain high. Samsung’s foundry requires heavy investment, and both firms face potential supply-chain contingencies at their Chinese fabs.


[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

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)

Hynix Filed F 6: 25 Percent Headroom, Phased Rollout Expected

This post provides an overview of the SK Hynix F 6 filing, including a 25 percent headroom and an expected phased rollout.

Sanghyun Park

Hynix ADR Listing Timing and Expected Rollout, Plus Likely Conversion Book Open Mechanics

This post looks into Hynix ADR listing timing and rollout, plus expected conversion book open dynamics and execution setup.

Sanghyun Park

Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses

Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and...

Hedge Fund Alpha

The Solidigm Stub: SK Hynix's US$35bn AI-Storage Asset Priced at Zero

SK Hynix's AI-storage arm Solidigm seeks KRW5-10T pre-IPO raise, potential catalyst for +3-4% re-rating. Fair value KRW3,500,000/US$236, bullish...

Mo Aziz

[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

As AI changes memory contracting via LTAs, the traditional cyclical excuse for hoarding cash is weakening among investors, especially as Samsung...

Mint Finance

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Hynix Filed F 6: 25 Percent Headroom, Phased Rollout Expected

This post provides an overview of the SK Hynix F 6 filing, including a 25 percent headroom and an expected phased rollout.

Sanghyun Park

Hynix ADR Listing Timing and Expected Rollout, Plus Likely Conversion Book Open Mechanics

This post looks into Hynix ADR listing timing and rollout, plus expected conversion book open dynamics and execution setup.

Sanghyun Park

Green Ash Horizon Fund Falls 10% in July as AI and Semiconductor Momentum Reverses

Green Ash Horizon Fund fell 10.02% in July, sharply underperforming the MSCI World’s 0.51% gain as a broad momentum unwind hit technology and...

Hedge Fund Alpha

The Solidigm Stub: SK Hynix's US$35bn AI-Storage Asset Priced at Zero

​SK Hynix's AI-storage arm Solidigm seeks KRW5-10T pre-IPO raise, potential catalyst for +3-4% re-rating. Fair value KRW3,500,000/US$236, bullish...

Mo Aziz

[Memory Q2: Part 2] The Contract-Backed Cycle and the Cash Mountain

As AI changes memory contracting via LTAs, the traditional cyclical excuse for hoarding cash is weakening among investors, especially as Samsung...

Mint Finance

SK Hynix's AI-storage arm Solidigm seeks KRW5-10T pre-IPO raise, potential catalyst for +3-4% re-rating. Fair value KRW3,500,000/US$236, bullish...