Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

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Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>Watch next Monday’s premium and the share slice we can grab—these will drive hedge sizing with futures or other plays.</li>
<li>Premium sits in the late 10% range, above expectations; HMM’s float is tight, with 80%+ effectively locked by KDB, KOBC, NPS, and passive holders.</li>
<li>The tender pool is capped at ~15% of shares; with KDB taking 3–3.5%, about 4.5–5% remains available for the market.</li>
</ul>


Watch next Monday’s premium and the share slice we can grab—these will drive hedge sizing with futures or other plays.
Premium sits in the late 10% range, above expectations; HMM’s float is tight, with 80%+ effectively locked by KDB, KOBC, NPS, and passive holders.
The tender pool is capped at ~15% of shares; with KDB taking 3–3.5%, about 4.5–5% remains available for the market.


HMM KRW 2T Tender: Full Pro-Rata Risk Assessment

HMM Co., Ltd.

HMM KRW 2T Tender: Full Pro-Rata Risk Assessment