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>Hynix is pushing an accelerated ADR timeline targeting June to July, compressing SEC review and roadshow to pull listing timing forward as much as possible.</li>
<li>SK leadership pushing larger SK Hynix ADR, open to SK Square's Hynix stake dilution below 20 percent, likely via secondary ADRs with EB structuring in play.</li>
<li>Early disclosure on SK Hynix issuance and SK Square monetization keeps overhang, as larger ADR and EB flows may drive volatility and short pressure on Hynix.</li>
</ul>


Hynix is pushing an accelerated ADR timeline targeting June to July, compressing SEC review and roadshow to pull listing timing forward as much as possible.
SK leadership pushing larger SK Hynix ADR, open to SK Square's Hynix stake dilution below 20 percent, likely via secondary ADRs with EB structuring in play.
Early disclosure on SK Hynix issuance and SK Square monetization keeps overhang, as larger ADR and EB flows may drive volatility and short pressure on Hynix.


Hynix ADR Listing Timeline and Size: SK Leadership Pushing Really Aggressive Execution

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 Apr 10th. The aggregated holding was USD1,239.1bn.</li>
<li>We estimate that foreign flows to be inflows of USD4,094mln. 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, KorZinc, SamsungElecMech, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 10th. The aggregated holding was USD1,239.1bn.
We estimate that foreign flows to be inflows of USD4,094mln. 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, KorZinc, SamsungElecMech, Doosan Enerbility.


KRX Foreign Holding Weekly (Apr 10th): Samsung Electronics, SK Hynix, KorZinc, SamsungElecMech

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 3rd. The aggregated holding was USD1,098.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD7,419mln. 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, HD HYUNDAI HEAVY INDUSTRIES, Hyundai Motor, KB Financial.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 3rd. The aggregated holding was USD1,098.3bn.
We estimate that foreign flows to be outflows of USD7,419mln. 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, HD HYUNDAI HEAVY INDUSTRIES, Hyundai Motor, KB Financial.


KRX Foreign Holding Weekly (Apr 3rd): Samsung Electronics, SK Hynix, HD HYUNDAI HEAVY INDUSTRIES

Event-Driven

<ul>
<li>Street chatter says part of Square’s Hynix stake may convert via EB-ADR early, triggering local buybacks and front loading US passive inflows post-ADR listing.</li>
<li>EB-ADR setup likely decouples Hynix and Square short term. Hynix flow spikes, Square monetizes stake, holding company discount may reprice, but outperformance depends on capital deployment.</li>
<li>Watch local Hynix shares for delta-driven volatility from EB-ADR flows. Heavy shorting and post-listing pops could create sharp swings, making this a key trading opportunity.</li>
</ul>


Street chatter says part of Square’s Hynix stake may convert via EB-ADR early, triggering local buybacks and front loading US passive inflows post-ADR listing.
EB-ADR setup likely decouples Hynix and Square short term. Hynix flow spikes, Square monetizes stake, holding company discount may reprice, but outperformance depends on capital deployment.
Watch local Hynix shares for delta-driven volatility from EB-ADR flows. Heavy shorting and post-listing pops could create sharp swings, making this a key trading opportunity.


Why Hynix ADR Proceeds Could Be Used for Cancellations: Square’s EB-ADR Push

<ul>
<li>Hynix’s ADR primary issuance maxes at 19.52M shares (2.745% of SO), a hard cap with no room for SK to push beyond.</li>
<li>Structurally, Square is set to underperform. Hynix’s only lever is an early buyback, sizing and valuation are being calibrated, with ADR issuance now approached more flexibly than a month ago.</li>
<li>Early buyback could drive Square Hynix dynamics. Local chatter on using ADR proceeds to retire shares looks like noise. Focus is on early buyback from listing to boost ADR volume.</li>
</ul>


Hynix’s ADR primary issuance maxes at 19.52M shares (2.745% of SO), a hard cap with no room for SK to push beyond.
Structurally, Square is set to underperform. Hynix’s only lever is an early buyback, sizing and valuation are being calibrated, with ADR issuance now approached more flexibly than a month ago.
Early buyback could drive Square Hynix dynamics. Local chatter on using ADR proceeds to retire shares looks like noise. Focus is on early buyback from listing to boost ADR volume.


Likely Setup for Hynix ADR and Square-Hynix Trade Dynamics

South Korea

SK Square Co., Ltd. operates as an investment company. The Company invests in semiconductors, information and communications technologies, and other industries. SK Square conducts businesses in South Korea.

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SK Square (402340 KS)

Hynix ADR Listing Timeline and Size: SK Leadership Pushing Really Aggressive Execution

This post looks into the SK Hynix ADR listing timeline and size, with SK leadership driving a really aggressive execution push.

Sanghyun Park

KRX Foreign Holding Weekly (Apr 10th): Samsung Electronics, SK Hynix, KorZinc, SamsungElecMech

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

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (Apr 3rd): Samsung Electronics, SK Hynix, HD HYUNDAI HEAVY INDUSTRIES

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

Ke Yan, CFA, FRM

Why Hynix ADR Proceeds Could Be Used for Cancellations: Square’s EB-ADR Push

This post explains why the local street keeps talking about using Hynix ADR proceeds for cancellations: SK Square is pushing its Hynix stake...

Sanghyun Park

Likely Setup for Hynix ADR and Square-Hynix Trade Dynamics

This post breaks down the likely setup for the Hynix ADR and dives into the resulting Square Hynix trade dynamics and positioning implications

Sanghyun Park

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