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

<ul>
<li>Hahn &amp; Co, holding 21.63% of Hanon, won’t join the rights issue, raising the odds of a CJ CGV–style stock rights dump hitting the market.</li>
<li>Hanon’s rights float mirrors CJ CGV (~17% post-ESOP), with Hahn &amp; Co likely to sell, limited local demand, and potential follow-on selling pressure.</li>
<li>Hanon’s 50% rights at 15% discount offer smaller float than CJ CGV, but larger deal size and weak EV sentiment create a potential CJ CGV–style arb, with SSF tradability.</li>
</ul>


Hahn &amp; Co, holding 21.63% of Hanon, won’t join the rights issue, raising the odds of a CJ CGV–style stock rights dump hitting the market.
Hanon’s rights float mirrors CJ CGV (~17% post-ESOP), with Hahn &amp; Co likely to sell, limited local demand, and potential follow-on selling pressure.
Hanon’s 50% rights at 15% discount offer smaller float than CJ CGV, but larger deal size and weak EV sentiment create a potential CJ CGV–style arb, with SSF tradability.


Hanon Systems Rights Deal Suddenly Heating Up for CJ CGV–Style Arb as Hahn & Co Confirms Sitting Out