Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Samsung SDI Rights Trade Period & Short Ban: Quick Clarity

How NXT (ATS) Affects Event Pricing from a Microstructure Perspective

Revisiting Korea’s Local Rights Issue Arb Setup

Key Takeaways from the Updated Filing on Hanwha Aero’s Rights Offering

Samsung SDI Capital Raise: A Mega Deal Rarely Seen in the Local Market

Hanwha Aerospace’s Monster Raise: Checking Key Angles

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Equity Capital Markets

<ul>
<li>Not much juice at ex-rights — price move’s small, and shorting’s risky with recall risk and having to compensate the lender for lost rights.</li>
<li>Some locals chase rights instead, but it’s not really a go-to trade with all the cost/efficiency uncertainty.</li>
<li>First round price pre–ex-rights sets the floor for arb margins and anchors rights pricing once they start trading — key level to keep in the playbook.</li>
</ul>


Not much juice at ex-rights — price move’s small, and shorting’s risky with recall risk and having to compensate the lender for lost rights.
Some locals chase rights instead, but it’s not really a go-to trade with all the cost/efficiency uncertainty.
First round price pre–ex-rights sets the floor for arb margins and anchors rights pricing once they start trading — key level to keep in the playbook.


Clearing Up the Confusion: Ex-Rights Trading in Korean Rights Offerings