Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Hynix ADR Listing Timing and Expected Rollout, Plus Likely Conversion Book Open Mechanics

Hynix Filed F 6: 25 Percent Headroom, Phased Rollout Expected

On the Timing of Hynix’s Underlying Stock Split

Hynix ADR: Mid July Listing, 15% Headroom, and 1:1 Conversion

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Equity Capital Markets

<ul>
<li>Street focus is sizing, with 2.5 percent primary ADR print in line. Full convertibility and true ADR float still unclear, with ~15 percent headroom assumed pending Form F-6.</li>
<li>Pricing likely July 9 flexing to July 16 backstop. Post funding mechanics via local share creation, KSD and SEC timing imply listing window July 22 to July 29.</li>
<li>Conversion ratio revised to 1 to 10, still clean simple structure, supportive of early stage arb flow and initial secondary liquidity formation.</li>
</ul>


Street focus is sizing, with 2.5 percent primary ADR print in line. Full convertibility and true ADR float still unclear, with ~15 percent headroom assumed pending Form F-6.
Pricing likely July 9 flexing to July 16 backstop. Post funding mechanics via local share creation, KSD and SEC timing imply listing window July 22 to July 29.
Conversion ratio revised to 1 to 10, still clean simple structure, supportive of early stage arb flow and initial secondary liquidity formation.


Hynix ADR Filing: Listing July 22 to 29, Headroom TBD, Conversion 1 to 10, Still Clean for Arb Flow

SK Hynix

Hynix ADR Filing: Listing July 22 to 29, Headroom TBD, Conversion 1 to 10, Still Clean for Arb Flow