Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Why Hynix ADR Proceeds Could Be Used for Cancellations: Square’s EB-ADR Push

Hynix ADR Listing Timeline and Size: SK Leadership Pushing Really Aggressive Execution

Key Areas to Clarify on Hynix 2026 Buyback Sizing and How the Framework Actually Plays Out

Hynix ADR Listing’s Biggest Mystery: Math Behind US Institutional Inflows

Backstory on Hynix’s ADR Issuance Structure: Staged Buyback Still Needed for Additional 3%

Take on Chey Tae-Won’s Remarks About the Hynix ADR Play

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>Hynix’s ADR primary issuance maxes at 19.52M shares (2.745% of SO), a hard cap with no room for SK to push beyond.</li>
<li>Structurally, Square is set to underperform. Hynix’s only lever is an early buyback, sizing and valuation are being calibrated, with ADR issuance now approached more flexibly than a month ago.</li>
<li>Early buyback could drive Square Hynix dynamics. Local chatter on using ADR proceeds to retire shares looks like noise. Focus is on early buyback from listing to boost ADR volume.</li>
</ul>


Hynix’s ADR primary issuance maxes at 19.52M shares (2.745% of SO), a hard cap with no room for SK to push beyond.
Structurally, Square is set to underperform. Hynix’s only lever is an early buyback, sizing and valuation are being calibrated, with ADR issuance now approached more flexibly than a month ago.
Early buyback could drive Square Hynix dynamics. Local chatter on using ADR proceeds to retire shares looks like noise. Focus is on early buyback from listing to boost ADR volume.


Likely Setup for Hynix ADR and Square-Hynix Trade Dynamics

SK Hynix

Likely Setup for Hynix ADR and Square-Hynix Trade Dynamics