Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Hanwha Aero Capital Raise: Latest Timeline, Pricing Details, and Key Trading Factors

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

Hanwha Aerospace: Best Ever Results in 3Q 2025

Hanwha Aerospace’s Monster Raise: Checking Key Angles

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

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Equity Capital Markets

Hanwha Aerospace / Equity Capital Markets

<ul>
<li>FSS has quietly greenlit Hanwha Aero’s raise — current pushback is just optics, with defense being too strategic for regulators to risk sending the wrong signal.</li>
<li>Hanwha Aero’s second updated filing should check the FSS box, and Hanwha Energy swapping cash for equity gives regulators cover to bless the deal without catching heat.</li>
<li>Base case is the raise goes through — trade the window between the amended filing and effective date, and shorts can still join the deal if they cover in time.</li>
</ul>


FSS has quietly greenlit Hanwha Aero’s raise — current pushback is just optics, with defense being too strategic for regulators to risk sending the wrong signal.
Hanwha Aero’s second updated filing should check the FSS box, and Hanwha Energy swapping cash for equity gives regulators cover to bless the deal without catching heat.
Base case is the raise goes through — trade the window between the amended filing and effective date, and shorts can still join the deal if they cover in time.


Hanwha Aero: Base Case Is the Raise Goes Through