Daily Brief South Korea: APlus Asset Advisor, Korea Stock Exchange Kospi Index, Celltrion and more

• Align Partners is launching a tender offer of 19.91% stake in APlus Asset Advisor. Tender offer price is 8,000 won per share, which is 35.6% higher than current price.
• The tender offer period is from 18 November to 7 December. The total value of the tender offer is 36 billion won involving 4.5 million shares.
• This tender offer has a sizeable premium and likely to positively impact its share price. 

• FSC’s rule gives same‑day vote ratios, offering quick sentiment read and partial visibility on appraisal risk—step one toward faster hard‑count disclosure down the line.
• Hard count of dissenting shares only surfaces in quarterly reports, post‑appraisal window—denominator risk stays live for corp‑action trades tied to appraisal rights.
• FSC rule applies from March ’26 AGMs/EGMs; half‑baked disclosure, but appraisal‑linked corp‑actions may see new post‑meeting trading patterns—stay prepped for the shift.

• Celltrion is strategically transitioning from a biosimilar powerhouse to a global innovative biopharmaceutical company, underscored by the recent US launch of Zymfentra™, a novel subcutaneous formulation of infliximab.
• The late 2023 merger with Celltrion Healthcare is a pivotal move to enhance operational efficiency, improve cost competitiveness by creating a fully integrated value chain, and increase transparency, which is expected to fund large-scale investments in its future pipeline.
• While facing intense competition in the biosimilar market, the company is pursuing a dual-track growth strategy, aiming to expand its biosimilar portfolio to 22 products by 2030 while targeting 40% of its revenue from a robust pipeline of new drugs, including antibody-drug conjugates (ADCs) and multi-specific antibodies.

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