In today’s briefing:
- A Tender Offer of Remaining Shares & Delisting of Tongyang Life Insurance by Woori Financial?
- KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs
- Alteogen: 2nd Largest Shareholder Raises Stake & Requests Switching Listing from KOSDAQ to KOSPI
- Tariff Risk Returns: Market Signals and Asia’s Volatility Momentum
A Tender Offer of Remaining Shares & Delisting of Tongyang Life Insurance by Woori Financial?
- It has been reported that Woori Financial Group is considering on acquiring all of the remaining shares (21.2%) of Tongyang Life Insurance and delist it, making it a 100% subsidiary.
- We believe that there is a high probability (70-80%+) that Woori Financial Group decides to acquire the remaining 21.2% stake in Tongyang Life Insurance held by minority shareholders.
- Between cash and stock, we think that Woori Financial is likely to use cash to complete this deal, although the exact amount of market premium remains uncertain.
KRX Virtually Locks In Parentco Payout Rules for Spin-Off IPOs
- KRX is set to spotlight Philenergy’s 2023 IPO as the model, pushing spin-off deals to reward parentco holders—like Philoptics’ move to hand out IPO shares.
- Philoptics doubled pre-Philenergy IPO on crazy momentum, then round-tripped post-listing. Setups like this hint at bigger parentco moves ahead in future spin-off IPO plays.
- SK Enmove IPO is scrapped; but SK Plasma (SK Discovery) still live; LS E-Link (LS Corp) also likely to be an early test case for the new parentco compensation framework.
Alteogen: 2nd Largest Shareholder Raises Stake & Requests Switching Listing from KOSDAQ to KOSPI
- On 7 July, it was reported that Hyung In-Woo (second largest shareholder of Alteogen) recently raised his ownership in the company by 0.22% stake (about 39 billion won) last month.
- Mr. Hyung has requested to Alteogen to switch the company’s listing from KOSDAQ to KOSPI to improve the company’s image and attract greater capital inflow from passive funds.
- Alteogen is currently trading at P/E of 37.7x in 2026 and 31.6x in 2027 which are reasonable, considering the company’s significant sales and profit growth in the next three years.
Tariff Risk Returns: Market Signals and Asia’s Volatility Momentum
- Context: The 90-day pause on US reciprocal tariffs expires on July 9, 2025. Japan, South Korea, Taiwan, and India, now face a return to steep US tariffs.
- Highlights: Markets reacted sharply to the original tariff announcement in April, with volatility peaking. While implied volatility eased in May, it has since climbed again, suggesting rising investor concern.
- Why Read: As markets face renewed risk of stress, this Insight helps investors understand which markets and sectors are most exposed, how volatility is evolving, and how best to position.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
