In today’s briefing:
- Block Deal Sale of 82 Billion Won of SK Eternix by Hahn & Co
- An Updated Progress on the Tender Offer and Delisting of Viol By VIG Partners
- Key Trading Angles from Nextrade’s First Quarterly Reshuffle: Full List with Tickers (Excel)
- Block Deal Sale of 1.9% of Shinhan Financial by Affinity Equity Partners (BLSH: Buy Low Sell High)
- US Tightening the Screws on Sales of Semi Production Equipment to Foreign-Owned Fabs in China
Block Deal Sale of 82 Billion Won of SK Eternix by Hahn & Co
- On 25 June, Hahn & Co completed a block deal sale of about 9% stake in SK Eternix at 25,634 won (approximately 11% discount to the previous day’s closing price).
- Despite the expected sharp growth in the company’s sales and profits next year, its valuations have reached very high levels.
- Combined with the recent block deal sales at significant market discount, we believe this is likely to put a break on its share price in the next 3-6 months.
An Updated Progress on the Tender Offer and Delisting of Viol By VIG Partners
- This insight provides an updated progress on the tender offer and delisting of VIOL (335890 KS). The tender offer period lasts from 18 June to 7 July 2025.
- Through this tender offer, VIG Partners plans to acquire full management rights of Viol and also take it private.
- If the number of shares offered for the tender offer reaches the maximum target, SPC will secure a 98.84% stake in Viol.
Key Trading Angles from Nextrade’s First Quarterly Reshuffle: Full List with Tickers (Excel)
- NextTrade’s Q3 reshuffle: 105 adds, 112 cuts, net -7. Total tradable names drop to 791. Turnover was more aggressive than expected.
- Key NXT additions could see liquidity surge and short-term vol spike, especially with NXT still grabbing ~30% of turnover and no hard cap enforcement yet in place.
- LG CNS, GS P&L, and SAMG Ent. are catching strong local trader interest, with setups building fast around these newly added NXT plays.
Block Deal Sale of 1.9% of Shinhan Financial by Affinity Equity Partners (BLSH: Buy Low Sell High)
- After the market close on 25 June, Affinity Equity Partners sold all of its 1.94% stake (9.742 million shares) in Shinhan Financial (055550 KS) in a block deal sale.
- It was reported that the sale was made at around 59,475 won to 59,780 won, a 2.0-2.5% discount from the previous day’s closing price of 61,000 won.
- This block deal sale of 1.9% stake in Shinhan could be viewed negatively as Affinity has decided to sell the shares at current levels rather than waiting for further upside.
US Tightening the Screws on Sales of Semi Production Equipment to Foreign-Owned Fabs in China
- US tightening the screws on Foreign-owned Semi production in China: Samsung, SK Hynix, TSMC were exempted from import license. The risk of US removing Equipment license is known since 2022.
- What’s the point? Negotiating tool in the ongoing US-China discussions? Increase uncertainty? Or maybe US unhappy about further Korean investments in China?
- Samsung has 35% of DRAM production in China, SK Hynix 40% of DRAM and NAND, TSMC a negligible 3% of total revenues. Samsung has kept upgrading capacity in China.
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