Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Mapping Out the Moving Parts Around Hynix ADR Headroom

Story Behind Hynix 2Q Earnings Reset Leak

Newly Surfaced Risk to Hynix ADR Premium Trade

Hynix Filed F 6: 25 Percent Headroom, Phased Rollout Expected

Hynix ADR Listing Timing and Expected Rollout, Plus Likely Conversion Book Open Mechanics

Hynix ADR Filing: Listing July 22 to 29, Headroom TBD, Conversion 1 to 10, Still Clean for Arb Flow

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Equity Capital Markets

<ul>
<li>Market consensus is EGM around November to approve split and authorized share increase, timed with post listing 25 percent headroom activation, with split completion likely in early December.</li>
<li>Post ADR listing, stock split expectations and potential parity change could compress ADR shorts and hedges, increasing squeeze risk and making timing a key post listing setup variable.</li>
<li>Stock split toward 1 to 1 parity could drive quant inflows, faster trading versus peers, and higher microstructure noise with sharper tails, key for post ADR listing positioning.</li>
</ul>


Market consensus is EGM around November to approve split and authorized share increase, timed with post listing 25 percent headroom activation, with split completion likely in early December.
Post ADR listing, stock split expectations and potential parity change could compress ADR shorts and hedges, increasing squeeze risk and making timing a key post listing setup variable.
Stock split toward 1 to 1 parity could drive quant inflows, faster trading versus peers, and higher microstructure noise with sharper tails, key for post ADR listing positioning.


On the Timing of Hynix’s Underlying Stock Split

SK Hynix

On the Timing of Hynix’s Underlying Stock Split