Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

SK Hynix(000660 KS) Tactical Outlook Ahead of ADR Listing Announcement on Mar 25

Hynix ADR Listing’s Biggest Mystery: Math Behind US Institutional Inflows

Memory's TurboQuant Panic Misses Where Demand Actually Sits

Check on the Setup Suggesting Hynix Could Start ADR Moves Right After the AGM on the 25th

Breaking Down Hynix’s Latest Treasury Share Cancellation and ADR Filings, Step by Step

Take on Chey Tae-Won’s Remarks About the Hynix ADR Play

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Tomorrow’s AGM is crucial for legal and procedural legitimacy, as third-party ADR allocations require clear Articles approval to limit preemptive rights and shield the board under the revised Commercial Act.</li>
<li>With 2.1% of SO canceled and Square’s stake at 20.5%, issuing 2% new shares preserves the 20% threshold and maximizes capital inflows amid lower government CAPEX support.</li>
<li>Hynix’s remaining 3.1% treasury is mostly EB-collateralized, so securing an additional 3% for ADR will likely require staged buybacks, with treasury use and legal approval addressed in tomorrow’s Articles amendment.</li>
</ul>


Tomorrow’s AGM is crucial for legal and procedural legitimacy, as third-party ADR allocations require clear Articles approval to limit preemptive rights and shield the board under the revised Commercial Act.
With 2.1% of SO canceled and Square’s stake at 20.5%, issuing 2% new shares preserves the 20% threshold and maximizes capital inflows amid lower government CAPEX support.
Hynix’s remaining 3.1% treasury is mostly EB-collateralized, so securing an additional 3% for ADR will likely require staged buybacks, with treasury use and legal approval addressed in tomorrow’s Articles amendment.


Backstory on Hynix’s ADR Issuance Structure: Staged Buyback Still Needed for Additional 3%