Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Equity Capital Markets

Hanwha Corporation / Equity Capital Markets

Hanwha Corporation imports and exports petrochemicals, machinery, automotives, electronics, and steel.  The Company also produces explosives for the defense and construction industries.  In addition, Hanwha manufactures automotive airbag inflators and telecommunication equipment, such as wireless phones and provides financial services through its subsidiaries.

<ul>
<li>Hanwha Corp’s chances of raising 1T KRW without a capital call are slim, likely channeling Hanwha Energy’s 1.3T KRW into Hanwha Corp intead of Hanwha Aero.</li>
<li>A shareholder-allotted rights issue from Hanwha Corp looks likely, and with short-selling resumption, it sets up a clean arbitrage play with low risk before the official announcement.</li>
<li>Timing is key—Hanwha’s using debt for now, but likely won’t delay long. Expect Hanwha Corp’s rights issue to follow Hanwha Aero’s, probably between June and July.</li>
</ul>


Hanwha Corp’s chances of raising 1T KRW without a capital call are slim, likely channeling Hanwha Energy’s 1.3T KRW into Hanwha Corp intead of Hanwha Aero.
A shareholder-allotted rights issue from Hanwha Corp looks likely, and with short-selling resumption, it sets up a clean arbitrage play with low risk before the official announcement.
Timing is key—Hanwha’s using debt for now, but likely won’t delay long. Expect Hanwha Corp’s rights issue to follow Hanwha Aero’s, probably between June and July.


The Hidden Play in Hanwha’s Noisy Stake Reshuffling: Hanwha Corp’s Rights Issue

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

Korea Zinc Co., Ltd. specializes in non-ferrous metal smelting industry.  The Company manufactures zinc ingots, electrolytic gold, silver, lead, sulfuric acid, and copper.  Korea Zinc provides its products to domestic and overseas markets.

<ul>
<li>On 7 March, the Seoul Central District Court ruled that it is reasonable for Korea Zinc to maintain the concentrated voting system, which should favor Chairman Choi and his allies.</li>
<li>On the other hand, the court also ruled that Korea Zinc was wrong to restrict Young Poong's voting rights which should be favorable to MBK/Young Poong alliance. </li>
<li>The fact that the court has allowed concentrated voting system would mean the M&amp;A of Korea Zinc will continue. </li>
</ul>


On 7 March, the Seoul Central District Court ruled that it is reasonable for Korea Zinc to maintain the concentrated voting system, which should favor Chairman Choi and his allies.
On the other hand, the court also ruled that Korea Zinc was wrong to restrict Young Poong's voting rights which should be favorable to MBK/Young Poong alliance. 
The fact that the court has allowed concentrated voting system would mean the M&amp;A of Korea Zinc will continue. 


M&A For Korea Zinc: Seoul Central District Court Makes Important Rulings

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The Indian rupee strengthens to a three-month high, erasing 2025 losses amid foreign inflows and RBI’s forex swap auction.</li>
<li>Groww in talks to raise $200 million at a $6.5 billion valuation ahead of its IPO filing.</li>
<li>India exempts import duties on 35 items for EV batteries and 28 for mobile phones to boost domestic production.</li>
</ul>


The Indian rupee strengthens to a three-month high, erasing 2025 losses amid foreign inflows and RBI’s forex swap auction.
Groww in talks to raise $200 million at a $6.5 billion valuation ahead of its IPO filing.
India exempts import duties on 35 items for EV batteries and 28 for mobile phones to boost domestic production.


#127 India Insight: Rupee Hits 3-Month High, Groww Eyes $6.5B Valuation, India Cuts Import Duties

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India’s electricity demand is witnessing a structural boom driven by rising temperatures, AC sales, urbanization, and smart tariff reforms, not just seasonal summer spikes.</li>
<li>Cooling demand alone could drive one-third of peak load by 2030, stressing grids, accelerating coal use, and challenging India’s clean energy transition.</li>
<li>The power story is no longer about generation alone, transmission, storage, smart meters, and efficient cooling are the real investment and policy frontiers to watch.</li>
</ul>


India’s electricity demand is witnessing a structural boom driven by rising temperatures, AC sales, urbanization, and smart tariff reforms, not just seasonal summer spikes.
Cooling demand alone could drive one-third of peak load by 2030, stressing grids, accelerating coal use, and challenging India’s clean energy transition.
The power story is no longer about generation alone, transmission, storage, smart meters, and efficient cooling are the real investment and policy frontiers to watch.


India’s Power Surge: What Is Fueling the Demand Boom in 2025?

Kum Yang Co., Ltd. specializes in manufacturing blowing agents to foam rubber products and polymers.  The Company also produces other basic fine chemicals, such as sulphur products.

<ul>
<li>On 26 March, Korea Exchange provided a list of 38 companies in KOSPI and KOSDAQ that are subject to delisting this year.</li>
<li>These 38 companies have a combined market cap of 3.4 trillion won.</li>
<li>Many of these companies have received 'refusals of opinion' from auditors in the audit report. Some of them also face charges of embezzlement and breach of trust. </li>
</ul>


On 26 March, Korea Exchange provided a list of 38 companies in KOSPI and KOSDAQ that are subject to delisting this year.
These 38 companies have a combined market cap of 3.4 trillion won.
Many of these companies have received 'refusals of opinion' from auditors in the audit report. Some of them also face charges of embezzlement and breach of trust. 


Korea Exchange Highlights 38 Companies That Could Be Delisted in 2025

South Korea
Insights on South Korea

The Hidden Play in Hanwha’s Noisy Stake Reshuffling: Hanwha Corp’s Rights Issue

This post covers the play setup that hasn’t been fully highlighted in Hanwha’s noisy stake reshuffling: Hanwha Corp’s rights issue.

Sanghyun Park

M&A For Korea Zinc: Seoul Central District Court Makes Important Rulings

Today, the Seoul Central District Court dismissed the injunction application filed by Youngpoong and MBK against Korea Zinc, requesting “allowance...

Douglas Kim

#127 India Insight: Rupee Hits 3-Month High, Groww Eyes $6.5B Valuation, India Cuts Import Duties

Indian rupee strengthens, Groww eyes $200M funding, India exempts import duties on EV batteries and mobile phones to boost domestic production.

Sudarshan Bhandari

India’s Power Surge: What Is Fueling the Demand Boom in 2025?

India's electricity demand is rising due to various factors, including cooling needs, urbanization, and smart tariff reforms, posing challenges...

Nimish Maheshwari

Korea Exchange Highlights 38 Companies That Could Be Delisted in 2025

On 26 March, Korea Exchange provided a list of 38 companies in KOSPI and KOSDAQ that are subject to delisting this year. These 38 companies have a...

Douglas Kim

The Hidden Play in Hanwha’s Noisy Stake Reshuffling: Hanwha Corp’s Rights Issue

This post covers the play setup that hasn’t been fully highlighted in Hanwha’s noisy stake reshuffling: Hanwha Corp’s rights issue.

Sanghyun Park

M&A For Korea Zinc: Seoul Central District Court Makes Important Rulings

Today, the Seoul Central District Court dismissed the injunction application filed by Youngpoong and MBK against Korea Zinc, requesting “allowance...

Douglas Kim

#127 India Insight: Rupee Hits 3-Month High, Groww Eyes $6.5B Valuation, India Cuts Import Duties

​Indian rupee strengthens, Groww eyes $200M funding, India exempts import duties on EV batteries and mobile phones to boost domestic production.

Sudarshan Bhandari

India’s Power Surge: What Is Fueling the Demand Boom in 2025?

​India's electricity demand is rising due to various factors, including cooling needs, urbanization, and smart tariff reforms, posing challenges...

Nimish Maheshwari

Korea Exchange Highlights 38 Companies That Could Be Delisted in 2025

On 26 March, Korea Exchange provided a list of 38 companies in KOSPI and KOSDAQ that are subject to delisting this year. These 38 companies have a...

Douglas Kim

Indian rupee strengthens, Groww eyes $200M funding, India exempts import duties on EV batteries and mobile phones to boost domestic production.

India's electricity demand is rising due to various factors, including cooling needs, urbanization, and smart tariff reforms, posing challenges...