Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

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

On the Timing of Hynix’s Underlying Stock Split

Mapping Out the Moving Parts Around Hynix ADR Headroom

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

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

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Equity Capital Markets

<ul>
<li>Assuming NASDAQ listing on July 10, pay in hits July 14, triggering issuance; KSD registration follows, with KOSPI listing July 29, marking first ADR to local conversion window.</li>
<li>Street view is wide Form F-6 over registration, but Citi may keep conversion shut post July 14 to defend ADR scarcity premium despite volatility risk.</li>
<li>Watch ADR premium and ADTV; expect ~1% gradual tranche releases. If premium holds 5-10% post July 14, Citi likely steps in, signaling arb into local or GDR versus ADR spreads.</li>
</ul>


Assuming NASDAQ listing on July 10, pay in hits July 14, triggering issuance; KSD registration follows, with KOSPI listing July 29, marking first ADR to local conversion window.
Street view is wide Form F-6 over registration, but Citi may keep conversion shut post July 14 to defend ADR scarcity premium despite volatility risk.
Watch ADR premium and ADTV; expect ~1% gradual tranche releases. If premium holds 5-10% post July 14, Citi likely steps in, signaling arb into local or GDR versus ADR spreads.


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

SK Hynix

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