Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Equity Capital Markets

HD Hyundai Heavy Industries  / Equity Capital Markets

<ul>
<li>HD KSOE plans a second EB similar to earlier this year: a zero-coupon, 2% HD Hyundai Heavy stake with 13–15% premium, aiming to raise around ₩850 billion.</li>
<li>With Korea’s Commercial Act revision expected by July 4, EB deals risk director liability; HD KSOE aims to raise cash now before stricter rules limit easy board-approved EB issuance.</li>
<li>Targeting a short in HD Hyundai Heavy triggered by HD KSOE’s board approval before July 4; consider hedging with a long position in HD KSOE due to ongoing sector catalysts.</li>
</ul>


HD KSOE plans a second EB similar to earlier this year: a zero-coupon, 2% HD Hyundai Heavy stake with 13–15% premium, aiming to raise around ₩850 billion.
With Korea’s Commercial Act revision expected by July 4, EB deals risk director liability; HD KSOE aims to raise cash now before stricter rules limit easy board-approved EB issuance.
Targeting a short in HD Hyundai Heavy triggered by HD KSOE’s board approval before July 4; consider hedging with a long position in HD KSOE due to ongoing sector catalysts.


HD Korea Shipbuilding & Offshore Engineering (009540 KS)

HD Korea Shipbuilding & Offshore Engineering

EB Event Trade Setup: HD KSOE Lining up a New Deal with HD Hyundai Heavy as the Underlying