Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

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

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

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>SK Group leadership remains keen on a Hynix ADR, viewing SEC compliance as manageable versus rising AI-era funding needs, framing ADR as a strategic balance sheet lever.</li>
<li>Hynix will use treasury shares, not new stock, for ADR. SK sees 4–5% treasury deployment as needed to pull passive flows, with cash (~₩35T) enough to fund the staged buyback.</li>
<li>The buyback announcement is likely right after the AGM, with capital reserve cut prepping it, creating a near-term setup for Hynix to outperform Square.</li>
</ul>


SK Group leadership remains keen on a Hynix ADR, viewing SEC compliance as manageable versus rising AI-era funding needs, framing ADR as a strategic balance sheet lever.
Hynix will use treasury shares, not new stock, for ADR. SK sees 4–5% treasury deployment as needed to pull passive flows, with cash (~₩35T) enough to fund the staged buyback.
The buyback announcement is likely right after the AGM, with capital reserve cut prepping it, creating a near-term setup for Hynix to outperform Square.


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