Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

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>Local chatter says government is pushing early Hynix Samsung shareholder return amid KOSPI weakness. Buybacks would signal support at current levels, counter supply driven memory downside.</li>
<li>Hynix cited ADR quiet period as reason for limited disclosure, likely tied to Rule 174d window ending August 4. Market expects buyback post expiry, with positioning already tightening Square/Hynix spread.</li>
<li>Chatter sees Hynix disclosing buyback size and timing soon, likely phased with policy unchanged. Government pressure supports earlier rollout; stay long narrative and lean into Square Hynix pair.</li>
</ul>


Local chatter says government is pushing early Hynix Samsung shareholder return amid KOSPI weakness. Buybacks would signal support at current levels, counter supply driven memory downside.
Hynix cited ADR quiet period as reason for limited disclosure, likely tied to Rule 174d window ending August 4. Market expects buyback post expiry, with positioning already tightening Square/Hynix spread.
Chatter sees Hynix disclosing buyback size and timing soon, likely phased with policy unchanged. Government pressure supports earlier rollout; stay long narrative and lean into Square Hynix pair.


Square Spread Compression on Early August Hynix Buyback Narrative

SK Square

Square Spread Compression on Early August Hynix Buyback Narrative