Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

On the Timing of Hynix’s Underlying Stock Split

Mapping Out the Moving Parts Around Hynix ADR Headroom

Story Behind Hynix 2Q Earnings Reset Leak

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

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

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>1.78bn ADS equals about 25 percent float. Syndicate set headroom far above 2.5 percent, fully rolling GDR into ADR with a more aggressive than expected structure.</li>
<li>Key is Citi book stance. Expected phased rollout: initial GDR to ADR conversion, then capped flow after one month, and full 25 percent open by 3 to 6 months.</li>
<li>Early 5 to 10 percent ADR premium looks embedded. Trade is to track widening then fade via ADR short versus KOSPI long as window expansion guidance emerges.</li>
</ul>


1.78bn ADS equals about 25 percent float. Syndicate set headroom far above 2.5 percent, fully rolling GDR into ADR with a more aggressive than expected structure.
Key is Citi book stance. Expected phased rollout: initial GDR to ADR conversion, then capped flow after one month, and full 25 percent open by 3 to 6 months.
Early 5 to 10 percent ADR premium looks embedded. Trade is to track widening then fade via ADR short versus KOSPI long as window expansion guidance emerges.


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

SK Hynix

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