Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Latest Read on Hynix Shareholder Return and Solidigm Since Last Friday’s Filings

Hynix ADR Conversion Pool Opening: The Only Realistic Path Forward

KSD Confirms Hynix ADR 2.5% Hard Cap, Only Hynix Can Expand It. Outlook on the Actual Playbook

On Headlines that Hynix Will Fully Block ADR Conversion

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>Hynix might have rushed ADR to price off Q1 within 135 day window, with weak Q1 LTA pricing already baked in and expected to pressure forward earnings.</li>
<li>Hynix’s aggressive ADR timeline compromised fungibility, leading some investors to view the move as a signal of management’s cautious outlook on forward memory pricing.</li>
<li>Hynix is more likely to go with incremental filings in batches. That gives them flexibility to manage supply and support the underlying tactically instead of committing to a risky buyback.</li>
</ul>


Hynix might have rushed ADR to price off Q1 within 135 day window, with weak Q1 LTA pricing already baked in and expected to pressure forward earnings.
Hynix’s aggressive ADR timeline compromised fungibility, leading some investors to view the move as a signal of management’s cautious outlook on forward memory pricing.
Hynix is more likely to go with incremental filings in batches. That gives them flexibility to manage supply and support the underlying tactically instead of committing to a risky buyback.


Investigation into Hynix ADR Fungibility Restoration and Key Open Questions

SK Hynix

Investigation into Hynix ADR Fungibility Restoration and Key Open Questions