Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Likely Setup for Hynix ADR and Square-Hynix Trade Dynamics

Why Hynix ADR Proceeds Could Be Used for Cancellations: Square’s EB-ADR Push

Hynix ADR Listing Timeline and Size: SK Leadership Pushing Really Aggressive Execution

Backstory on Hynix’s ADR Issuance Structure: Staged Buyback Still Needed for Additional 3%

Take on Chey Tae-Won’s Remarks About the Hynix ADR Play

Check on the Setup Suggesting Hynix Could Start ADR Moves Right After the AGM on the 25th

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>Local market voices are pushing Hynix for a 10–15% buyback to boost ADR float, aiming for ~10% SO weight, given ~KRW 150tn FCF this year.</li>
<li>Hynix could target a 3–5% ADR premium, but dividend limits and the 30% primary issuance cap leave little room to sustain premiums early post-listing.</li>
<li>Float expansion relies on buybacks, as primary issuance is minimal; post-listing ADR premium may drive conversions but could burn off fast, creating a tradable dynamic.</li>
</ul>


Local market voices are pushing Hynix for a 10–15% buyback to boost ADR float, aiming for ~10% SO weight, given ~KRW 150tn FCF this year.
Hynix could target a 3–5% ADR premium, but dividend limits and the 30% primary issuance cap leave little room to sustain premiums early post-listing.
Float expansion relies on buybacks, as primary issuance is minimal; post-listing ADR premium may drive conversions but could burn off fast, creating a tradable dynamic.


Hynix ADR Listing’s Biggest Mystery: Math Behind US Institutional Inflows

SK Hynix

Hynix ADR Listing’s Biggest Mystery: Math Behind US Institutional Inflows