
In today’s briefing:
- Telcoware & Shinsung Tongsang Tender Offers: Minority Shareholders Demand Higher Tender Offer Prices
- [Quiddity Index Jun25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet
- Three Key Angles when Hunting Div Arb Setups in the Korean Market
- KOSPI 200 Tactical Warning: OVERBOUGHT

Telcoware & Shinsung Tongsang Tender Offers: Minority Shareholders Demand Higher Tender Offer Prices
- Telcoware (078000 KS) and Shinsung Tongsang (005390 KS) are two recent tender offers in Korea where the minority shareholders are demanding higher tender offer prices.
- The actual subscription rate of the Telcoware tender offer was only 10.44%, far below the 25.24% targeted by the CEO Keum Han-Tae.
- The Shinsung Tongsang owner family may acquire an additional 7–10% stake via this tender offer, though it remains unclear if they can secure full 95% ownership at this stage.
[Quiddity Index Jun25] KOSPI 200 Leaderboard for Dec25 Rebal: 4 In/Out But Too Early to Bet
- KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
- In this insight, we take a look at the names leading the race to become ADDs and DELs during the next semiannual review in December 2025.
- We expect up to 4 ADDs and 4 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.
Three Key Angles when Hunting Div Arb Setups in the Korean Market
- Is the SSF base price automatically adjusted on ex-div day? No — Korea doesn’t mechanically adjust cash or futures base prices on ex-div, keeping dividend arb opportunities alive.
- Could front-month futures flip into contango near ex-div? It’s rare but possible, especially with KRX’s aggressive SSF reshuffles and KOSDAQ Global additions shaking up liquidity and basis volatility.
- Arb plays may arise from Korea’s new 27.5% div tax on payouts over 35%. Ex-div timing and payout uncertainty may create opportunities for dividend arb setups.
KOSPI 200 Tactical Warning: OVERBOUGHT
- The KOSPI 200 INDEX has been rising > 30% since its 303-low in early April 2025: a vertical rally after Lee Jae-myung’s won the Presidential Elections in South Korea.
- Our most extreme profit target set in our latest insight was 392. The KOSPI 200 reached 394 on June 16th. It is now ultra-overbought.
- Our short-term WEEKLY tactical view is the following: the index could go maybe a bit higher or it could pullback soon (more likely). Not bearish, will be a buy opportunity.