In today’s briefing:
- Surprise National Assembly Moves: 2nd Commercial Act Amendments & Yellow Envelope Law
- Near-Term Flows to Watch on Mandatory Treasury Share Cancellation in Korea
- SoftBank Sold 2.3 Trillion Won Worth of Coupang In 2025
Surprise National Assembly Moves: 2nd Commercial Act Amendments & Yellow Envelope Law
- Major governance shake-up: >KRW 2T companies face mandatory cumulative voting, giving minorities real board influence, while audit committee split votes expand from 1 to 2+, boosting independence.
- Trade sweet spot is holdcos and brokers with high treasury stock and retail float. Bloated buybacks may drive cancellations, sparking quick momentum trades in messy-governance names.
- Today, holdcos and brokers with 10%+ treasury stock and >₩500bn market cap are leading pops, driving action and attracting fast-money flows.
Near-Term Flows to Watch on Mandatory Treasury Share Cancellation in Korea
- Dems likely to push 3rd package in Q4; near-term flows chasing treasury stock cancellation theme, with locals screening >₩1tn mkt cap, >10% treasury shares of float.
- Little pushback on mandatory treasury cancellations; debate focused on timeline — grace period vs. immediate rollout — highlighting how much leeway government may grant differing governance structures.
- Too early for governance plays; near-term momentum flows likely in names with highest treasury stock relative to float, where cancellation is expected to hit flows hardest.
SoftBank Sold 2.3 Trillion Won Worth of Coupang In 2025
- It was reported today that SoftBank sold 2.3 trillion won ($1.7 billion) worth of Coupang (CPNG US) shares this year.
- The total number of Coupang shares sold in three rounds this year by SoftBank is 60 million, worth $1.66 billion (2.3 trillion won).
- We believe that this partial stake sale of SoftBank by Coupang is likely to have a moderately negative impact on Coupang.
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