Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

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

SK Hynix Tactical Outlook: Imminent Small Rally, And Then?

Hynix ADR Conversion Pool Opening: The Only Realistic Path Forward

Hynix ADR Conversion Goes Live: Quota Hunting Dynamics to Watch

Newly Surfaced Risk to Hynix ADR Premium Trade

Story Behind Hynix 2Q Earnings Reset Leak

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<ul>
<li>Seoul Economic Daily flagged senior sourced messaging. Points to Hynix running TSMC style setup, capping usable pool near 2.5 percent and scaling ADR only via secondary issuance.</li>
<li>Worst case for arb. Strong incentive to capture ADR premium as funding. Hard to directly link to recent drawdown, though buyback plus secondary timing could support it.</li>
<li>Market still anchors 2Q reset on utilization shifts under US regulatory pressure, so coordinated ADR setup is a stretch. Base case is downside from arb shutdown, watching for TSMC-style execution.</li>
</ul>


Seoul Economic Daily flagged senior sourced messaging. Points to Hynix running TSMC style setup, capping usable pool near 2.5 percent and scaling ADR only via secondary issuance.
Worst case for arb. Strong incentive to capture ADR premium as funding. Hard to directly link to recent drawdown, though buyback plus secondary timing could support it.
Market still anchors 2Q reset on utilization shifts under US regulatory pressure, so coordinated ADR setup is a stretch. Base case is downside from arb shutdown, watching for TSMC-style execution.


On Headlines that Hynix Will Fully Block ADR Conversion