Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a>, in tandem with Bain Capital, <a href="https://englishdart.fss.or.kr/dsbh001/main.do?rcpNo=20241028000007" target="_blank" rel="noopener">purchased 11.26% of KZ</a>, lifting Choi Yoon-beom's stake, together with friendly hands, to ~35.4%, compared to MBK Partners-Young Poong consortium's 38.47%. </li>
<li>Preceding my comments on KZ and <a href="https://www.smartkarma.com/entities/young-poong-precision-corp" target="_blank" data-smartkarma-citation="entities:16188:1" rel="noopener">Young Poong Precision (036560 KS)</a> are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Korea Zinc (010130 KS), in tandem with Bain Capital, purchased 11.26% of KZ, lifting Choi Yoon-beom's stake, together with friendly hands, to ~35.4%, compared to MBK Partners-Young Poong consortium's 38.47%. 
Preceding my comments on KZ and Young Poong Precision (036560 KS) are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Korea Zinc's Public Tender & Expected EGM

<ul>
<li>I tally 42 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deals discussed this week: <a href="https://www.smartkarma.com/entities/cemex-holdings-philippines" target="_blank" data-smartkarma-citation="entities:22700:1" rel="noopener">Cemex Holdings Philippines (CHP PM)</a> low-balled MTO.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/mphb-capital-bhd" target="_blank" data-smartkarma-citation="entities:8540:1" rel="noopener">MPHB Capital (MPHB MK)</a>, and <a href="https://www.smartkarma.com/entities/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna Mac Holdings (DMHL SP)</a>.</li>
</ul>


I tally 42 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deals discussed this week: Cemex Holdings Philippines (CHP PM) low-balled MTO.
Key updates took place on: Fuji Soft Inc (9749 JP), Shinko Electric Industries (6967 JP), CPMC Holdings (906 HK), MPHB Capital (MPHB MK), and Dyna Mac Holdings (DMHL SP).


(Mostly) Asia-Pac M&A: CEMEX, Fuji Soft, Shinko Electric, CPMC, MPHB Capital, Dyna Mac

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>Korea Zinc’s delayed final buyback results, but Yeouido rumors say the tender rate hit just over 10% of shares, half the target—meaning all tenders get accepted.</li>
<li>With 7-10% liquidity still in play, an open market buying race could heat up—keeping Korea Zinc’s stock elevated today, same as yesterday.</li>
<li>Will extra float lead to a fresh tender? Unlikely, given fiduciary risk. Choi might go solo, but MBK countered, squeezing him. Likely outcome: open market buildup, shareholder showdown.</li>
</ul>


Korea Zinc’s delayed final buyback results, but Yeouido rumors say the tender rate hit just over 10% of shares, half the target—meaning all tenders get accepted.
With 7-10% liquidity still in play, an open market buying race could heat up—keeping Korea Zinc’s stock elevated today, same as yesterday.
Will extra float lead to a fresh tender? Unlikely, given fiduciary risk. Choi might go solo, but MBK countered, squeezing him. Likely outcome: open market buildup, shareholder showdown.


Korea Zinc’s Buyback Likely Hit Half Target—Watch for Next Moves

<ul>
<li>After the tender, many positions aiming for price corrections through SSF could be outright plays, possibly squeezed to margin call points, prompting LPs to buy in the spot market.</li>
<li>With YPP's stock already near the margin call triggering level, we can't rule out Choi rushing in with cash to buy more shares.</li>
<li>It’s risky to treat today’s price action as an open market buy race for Korea Zinc and YPP and to react from an outright trading angle.</li>
</ul>


After the tender, many positions aiming for price corrections through SSF could be outright plays, possibly squeezed to margin call points, prompting LPs to buy in the spot market.
With YPP's stock already near the margin call triggering level, we can't rule out Choi rushing in with cash to buy more shares.
It’s risky to treat today’s price action as an open market buy race for Korea Zinc and YPP and to react from an outright trading angle.


A More Logical Take on Today’s Price Action for Korea Zinc and YPP

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>According to Korea Zinc, it plans to disclose the treasury shares tender offer results on 28 October.</li>
<li>We discuss the remaining free float after the tender offer and the probabilities of share price decline or even a share price squeeze post announcement of the tender offer results.</li>
<li>All in all, this M&amp;A fight for Korea Zinc remains tight with a slight advantage to MBK/Young Poong alliance.</li>
</ul>


According to Korea Zinc, it plans to disclose the treasury shares tender offer results on 28 October.
We discuss the remaining free float after the tender offer and the probabilities of share price decline or even a share price squeeze post announcement of the tender offer results.
All in all, this M&amp;A fight for Korea Zinc remains tight with a slight advantage to MBK/Young Poong alliance.


Korea Zinc: Remaining Free Float Post Tender and a Margin Call for Choi on Young Poong Precision?

South Korea

Young Poong Precision Corporation manufactures centrifugal pumps, valves, and anti-corrosion equipment.  The Company also manufactures mold products, and retails various machine parts and motors.

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Young Poong Precision (036560 KS)

StubWorld: Korea Zinc's Public Tender & Expected EGM

YPP is "cheap" on a implied stub angle; however YPP is no longer in play. KZ gained a staggering 46% after the close of Choi/Bain's tender offer. I...

David Blennerhassett

(Mostly) Asia-Pac M&A: CEMEX, Fuji Soft, Shinko Electric, CPMC, MPHB Capital, Dyna Mac

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Korea Zinc’s Buyback Likely Hit Half Target—Watch for Next Moves

Korea Zinc’s buyback tender rate likely hit just half the target. We could see some interesting moves ahead, and this post touches on that.

Sanghyun Park

A More Logical Take on Today’s Price Action for Korea Zinc and YPP

This post offers a more logical analysis of today’s price action for Korea Zinc and Young Poong Precision following the completion of the tenders.

Sanghyun Park

Korea Zinc: Remaining Free Float Post Tender and a Margin Call for Choi on Young Poong Precision?

We discuss the remaining free float after the tender offer and the probabilities of share price decline or even a share price squeeze post...

Douglas Kim

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