Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Current Samsung Biologics Split Dynamics with Alpha Potential Both Ways

Clarifying a Few Points of Confusion Surrounding the Samsung Biologics Spin-Off

Clearing Confusion on Samsung C&T’s Forced Holding Co Conversion: Key Trade Angle in Biologics Split

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>KRX’s prelim review forced Biologics into tough commitments: no share swaps or carve-out IPOs for three years, effectively blocking any Samsung C&amp;T stake sell-down and overlapping-listing risks.</li>
<li>FSS appears satisfied with Biologics’ aggressive commitments, but may push for more—most likely a lock-up from Samsung C&amp;T preventing share sales in both parent and spinco for a set period.</li>
<li>Trading setup remains short Samsung C&amp;T; recent Life bill chatter is noise. Samsung governance reform is low-priority, and Biologics’ aggressive spinco lock-ups reinforce C&amp;T as the near-term underperformer.</li>
</ul>


KRX’s prelim review forced Biologics into tough commitments: no share swaps or carve-out IPOs for three years, effectively blocking any Samsung C&amp;T stake sell-down and overlapping-listing risks.
FSS appears satisfied with Biologics’ aggressive commitments, but may push for more—most likely a lock-up from Samsung C&amp;T preventing share sales in both parent and spinco for a set period.
Trading setup remains short Samsung C&amp;T; recent Life bill chatter is noise. Samsung governance reform is low-priority, and Biologics’ aggressive spinco lock-ups reinforce C&amp;T as the near-term underperformer.


Biologics Spinco Filing: Posts Far More Aggressive Post-Listing Share Swap Lock-Up Than Expected