Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>ADR chatter is building for October, but there is still no solid Yeouido read. Political, regulatory and Square 20% constraints make an aggressive buyback plus ADR primary a tough call.</li>
<li>Base case remains a late execution for the special dividend and buyback, preserving flexibility around FCF volatility rather than committing to an aggressive schedule upfront.</li>
<li>We should assign low odds to Hynix front loading the buyback and executing aggressively within a tight window to facilitate a new ADR issuance.</li>
</ul>


ADR chatter is building for October, but there is still no solid Yeouido read. Political, regulatory and Square 20% constraints make an aggressive buyback plus ADR primary a tough call.
Base case remains a late execution for the special dividend and buyback, preserving flexibility around FCF volatility rather than committing to an aggressive schedule upfront.
We should assign low odds to Hynix front loading the buyback and executing aggressively within a tight window to facilitate a new ADR issuance.


Hynix New ADR Issuance After October Lockup Expiry: Low Probability for Now

SK Hynix

Hynix New ADR Issuance After October Lockup Expiry: Low Probability for Now