Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

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

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

Recent Narrative Shift on Hynix ADR Issuance: Focus on Tomorrow (Or Today)’s Re-Disclosure

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>Hynix is likely dropping treasury-stock ADRs; despite regulatory flexibility, burning shares now then reissuing for ADR would be counterintuitive.</li>
<li>The move isn’t just optics — Hynix is avoiding ~25% tax on treasury sales by favoring new-share issuance after a big stock run-up.</li>
<li>With treasury shares bought at KRW 80–90k, tax is real. ADR likely alive via new issuance, as local desks read and after-hours moves confirm.</li>
</ul>


Hynix is likely dropping treasury-stock ADRs; despite regulatory flexibility, burning shares now then reissuing for ADR would be counterintuitive.
The move isn’t just optics — Hynix is avoiding ~25% tax on treasury sales by favoring new-share issuance after a big stock run-up.
With treasury shares bought at KRW 80–90k, tax is real. ADR likely alive via new issuance, as local desks read and after-hours moves confirm.


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