Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Samsung SDI Rights Trade Period & Short Ban: Quick Clarity

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

Hanwha Aero: Base Case Is the Raise Goes Through

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>Next day’s base price uses the 3:30pm close—NXT's after-hours moves don’t count. That small gap can impact rights offerings, as seen in Samsung SDI’s pricing delta on April 8.</li>
<li>NXT after-hours volumes count toward VWAP. So in uptrends, they can impact pricing—possibly with Samsung SDI’s final reference price on May 16.</li>
<li>No shorting allowed after 3:30pm on NXT, leading to inefficiencies—while not yet fit for latency arb, it’s ripe for tactical day–night spread plays and re-entry timing.</li>
</ul>


Next day’s base price uses the 3:30pm close—NXT's after-hours moves don’t count. That small gap can impact rights offerings, as seen in Samsung SDI’s pricing delta on April 8.
NXT after-hours volumes count toward VWAP. So in uptrends, they can impact pricing—possibly with Samsung SDI’s final reference price on May 16.
No shorting allowed after 3:30pm on NXT, leading to inefficiencies—while not yet fit for latency arb, it’s ripe for tactical day–night spread plays and re-entry timing.


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