Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

HD HCE–Infracore Merger: Deal Mechanics & Trade Playbook

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

HD Hyundai Heavy Industries  / Event-Driven

<ul>
<li>NAV sets the floor under the proposed bill. That’d cut the swap ratio from 1:0.162 to 1:0.128 — meaning Infracore holders get fewer CE shares than under market pricing.</li>
<li>Unlike the Doosan deal, this one’s unlikely to get walked back. With wide spreads and HD setting a 10% SO cap, the dislocation looks tradable despite appraisal right overhang.</li>
<li>Top holders/NPS hold ~50%, local instos 20%, foreigners 15% and retail the rest. Sentiment’s cautious but not hostile; appraisal risk looks manageable, making this spread a potential convergence play.</li>
</ul>


NAV sets the floor under the proposed bill. That’d cut the swap ratio from 1:0.162 to 1:0.128 — meaning Infracore holders get fewer CE shares than under market pricing.
Unlike the Doosan deal, this one’s unlikely to get walked back. With wide spreads and HD setting a 10% SO cap, the dislocation looks tradable despite appraisal right overhang.
Top holders/NPS hold ~50%, local instos 20%, foreigners 15% and retail the rest. Sentiment’s cautious but not hostile; appraisal risk looks manageable, making this spread a potential convergence play.


Hyundai Construction Equipment (267270 KS)

HD Merger: Overblown Policy Risk Creates a Convergence Play Opportunity