Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Clearing Confusion on Samsung C&T’s Forced Holding Co Conversion: Key Trade Angle in Biologics Split

Samsung Biologics: Creation of a Holding Company to Split CDMO and Biosimilar Businesses

Clarifying a Few Points of Confusion Surrounding the Samsung Biologics Spin-Off

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>Samsung Biologics is spinning off Samsung Bio Holdings, transferring full Samsung Bioepis shares; shareholders keep stakes in both, with an expected 70:30 split favoring Biologics.</li>
<li>Post-Split, major shareholders keep stakes; they’ll transfer Biologics shares to Bio Holdings, which becomes parent owning 74.34% Biologics and 100% Bioepis, meeting holding company rules.</li>
<li>Samsung C&amp;T’s restructuring carves out Biologics into a holdco, lowering valuation to avoid forced holding company conversion and enabling future Samsung Electronics share acquisition.</li>
</ul>


Samsung Biologics is spinning off Samsung Bio Holdings, transferring full Samsung Bioepis shares; shareholders keep stakes in both, with an expected 70:30 split favoring Biologics.
Post-Split, major shareholders keep stakes; they’ll transfer Biologics shares to Bio Holdings, which becomes parent owning 74.34% Biologics and 100% Bioepis, meeting holding company rules.
Samsung C&amp;T’s restructuring carves out Biologics into a holdco, lowering valuation to avoid forced holding company conversion and enabling future Samsung Electronics share acquisition.


Intel Summary on Samsung Biologics Split and Samsung C&T’s Acquisition of Samsung Electronics Shares