Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

Jeju Bank is a regional commercial bank that provides banking, foreign exchange, trust account, and other related retail banking services.

<ul>
<li>On 18 April, it was reported that Douzone Bizon (012510 KS) will become the second largest shareholder of Jeju Bank (006220 KS).</li>
<li>Douzone Bizon invested 57 billion won for a 14.99% stake in Jeju Bank. Through this investment, Douzone will aim to enhance the digital business of Jeju Bank.</li>
<li>This deal is likely to positively impact Jeju Bank's shares as this capital raise is used to further invest in ERP based banking that could further boost its sales. </li>
</ul>


On 18 April, it was reported that Douzone Bizon (012510 KS) will become the second largest shareholder of Jeju Bank (006220 KS).
Douzone Bizon invested 57 billion won for a 14.99% stake in Jeju Bank. Through this investment, Douzone will aim to enhance the digital business of Jeju Bank.
This deal is likely to positively impact Jeju Bank's shares as this capital raise is used to further invest in ERP based banking that could further boost its sales. 


Jeju Bank: Douzone Bizon Becomes Second Largest Shareholder

Equity Capital Markets

Zoetop Business Co., Limited, doing business as SHEIN, operates as a fashion e-commerce platform. The Company focuses on women's wear, men's apparel, children's clothes, accessories, shoes, bags, and other fashion items. SHEIN serves clients worldwide.

<ul>
<li>In the past week, Reuters reported that Shein has received approval from the UK's Financial Conduct Authority (FCA) for its IPO in London.</li>
<li>In February 2025, Reuters reported Shein could cut its valuation in a potential listing to around $50 billion, which would be 24% lower than the previous private market funding round.</li>
<li>Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower than $50 billion. </li>
</ul>


In the past week, Reuters reported that Shein has received approval from the UK's Financial Conduct Authority (FCA) for its IPO in London.
In February 2025, Reuters reported Shein could cut its valuation in a potential listing to around $50 billion, which would be 24% lower than the previous private market funding round.
Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower than $50 billion. 


Shein: London Approves IPO but Tariffs and End Of "De Minimis" Exemption to Lower Valuation

Equity Bottom-Up

Paradise Co., Ltd. is a gaming company that operates casino facilities in South Korea and Kenya.  The Company offers games, such as roulette, black jack, baccarat, and big wheel.  Paradise, through its subsidiaries, operates retail and hotel business.

<ul>
<li>I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea with my family. </li>
<li>Overall, I was impressed with its modern, clean facilities, but despite its large size, there was a relative emptiness to the place that made it feel underutilized.</li>
<li>The management rights of Inspire Resort were transferred to Bain Capital from Mohegan Gaming &amp; Entertainment (MGE) in February 2025.</li>
</ul>


I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea with my family. 
Overall, I was impressed with its modern, clean facilities, but despite its large size, there was a relative emptiness to the place that made it feel underutilized.
The management rights of Inspire Resort were transferred to Bain Capital from Mohegan Gaming &amp; Entertainment (MGE) in February 2025.


A Visit to Inspire Integrated Resort in Incheon, South Korea

Hanwha Aerospace / Equity Capital Markets

Hanwha Aerospace Co., Ltd. operates as an aircraft parts manufacturing company. The Company produces and sells aircraft gas turbine engine products, aircraft compressors, low pressure turbines, and other products. Hanwha Aerospace markets its products worldwide.

<ul>
<li>On 8 April, Hanwha Aerospace (012450 KS) announced that it plans to lower its rights offering capital raise amount from 3.6 trillion won to 2.3 trillion won (US$1.6 billion).</li>
<li>The remaining 1.3 trillion won will be secured through a third-party allocation paid-in capital increase targeting three companies, including Hanwha Energy, Hanwha Impact Partners, and Hanwha Energy Singapore. </li>
<li>Hanwha Aerospace disclosed today that it expects sales of 30 trillion won (58% higher than consensus) and operating profit of 3 trillion won (20% higher than consensus) in 2025.</li>
</ul>


On 8 April, Hanwha Aerospace (012450 KS) announced that it plans to lower its rights offering capital raise amount from 3.6 trillion won to 2.3 trillion won (US$1.6 billion).
The remaining 1.3 trillion won will be secured through a third-party allocation paid-in capital increase targeting three companies, including Hanwha Energy, Hanwha Impact Partners, and Hanwha Energy Singapore. 
Hanwha Aerospace disclosed today that it expects sales of 30 trillion won (58% higher than consensus) and operating profit of 3 trillion won (20% higher than consensus) in 2025.


Hanwha Aerospace - Lowers Rights Offering Capital Raise Amount To 2.3 Trillion Won

Cross Asset Strategy

<ul>
<li>Paul Atkins, the new head of U.S. SEC could accelerate the delisting of Chinese stocks from the U.S. stock exchanges. </li>
<li>There are about 280 companies from mainland China that are listed in the U.S. with a combined market cap of about $880 billion.</li>
<li>There could be two major reasons to accelerate this delisting (require Chinese companies to abide by US GAAP accounting and fully delist Chinese companies with ties to Chinese military).</li>
</ul>


Paul Atkins, the new head of U.S. SEC could accelerate the delisting of Chinese stocks from the U.S. stock exchanges. 
There are about 280 companies from mainland China that are listed in the U.S. with a combined market cap of about $880 billion.
There could be two major reasons to accelerate this delisting (require Chinese companies to abide by US GAAP accounting and fully delist Chinese companies with ties to Chinese military).


Atkins to Accelerate the Delisting of Chinese Stocks From the US Stock Exchanges in 2025/2026?

Douglas Research Advisory
Korea/Asia, Events, IPOs

Jeju Bank: Douzone Bizon Becomes Second Largest Shareholder

On 18 April, it was reported that Douzone Bizon (012510 KS) will become the second largest shareholder of Jeju Bank (006220 KS).

Douglas Kim

Shein: London Approves IPO but Tariffs and End Of "De Minimis" Exemption to Lower Valuation

Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower...

Douglas Kim

A Visit to Inspire Integrated Resort in Incheon, South Korea

I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea. I was impressed with its modern facilities, but there was a relative...

Douglas Kim

Hanwha Aerospace - Lowers Rights Offering Capital Raise Amount To 2.3 Trillion Won

The FSS has requested a correction report once again on Hanwha Aerospace's paid in securities report. FSS has requested that Hanwha Aerospace ...

Douglas Kim

Atkins to Accelerate the Delisting of Chinese Stocks From the US Stock Exchanges in 2025/2026?

Paul Atkins, the new head of US SEC could accelerate delisting of Chinese stocks from the US stock exchanges. Chinese companies listed in the US...

Douglas Kim