Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

Korea Biotech & Healthcare: A Pair Trade Between Hanmi Science and Hanmi Pharm

A Pair Trade Between Hanmi Science and Hanmi Pharm

StubWorld: Hanmi Science's Implied Stub Nearing All-Time Lows

KOSPI Size Index Series: September Rebalancing Preview

A Long-Term M&A Battle Brewing Among the 3 Heirs of Hanmi Pharm Group?

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Clepsydra Capital

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

Event-Driven

<ul>
<li>This event provides three trading angles. 1. merger swap arbitrage, 2. passive flow trading, and 3. proxy battle-triggered momentum trading. But a proxy battle would be the only actionable one.</li>
<li>The market will likely see the dissolution of Hanmi Healthcare, owning a 6.43% stake in the holding company as a prelude to a full-fledged proxy battle.</li>
<li>Predicting the triggering timing is difficult, but we should note that the mother is 72 years old. How long she will remain in the current managerial position is highly doubtful.</li>
</ul>


This event provides three trading angles. 1. merger swap arbitrage, 2. passive flow trading, and 3. proxy battle-triggered momentum trading. But a proxy battle would be the only actionable one.
The market will likely see the dissolution of Hanmi Healthcare, owning a 6.43% stake in the holding company as a prelude to a full-fledged proxy battle.
Predicting the triggering timing is difficult, but we should note that the mother is 72 years old. How long she will remain in the current managerial position is highly doubtful.


Hanmi Science Merger: Proxy Battle-Triggered Momentum Trading