Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/ind-comm-bk-of-china-h" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (H) (1398 HK)</a>, <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a>, <a href="https://www.smartkarma.com/entities/shenzhou-intl-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10415:1" rel="noopener">Shenzhou Intl Group Holdings (2313 HK)</a> and <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-health-information-technology-ltd" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Technology (241 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> and <a href="https://www.smartkarma.com/entities/china-international-capital-corporation-ltd" target="_blank" data-smartkarma-citation="entities:1071:1" rel="noopener">China International Capital Corporation (3908 HK)</a>. Shorts increased in the Communication Services, Information Technology and Financials sectors, while decreasing in Health Care, Real Estate and Consumer Discretionary.</p></div><div><p>In Japan, stocks increased on <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a>, <a href="https://www.smartkarma.com/entities/nagoya-railroad-co-ltd" target="_blank" data-smartkarma-citation="entities:8652:1" rel="noopener">Nagoya Railroad (9048 JP)</a>, <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> and <a href="https://www.smartkarma.com/entities/kyushu-railway-company" target="_blank" data-smartkarma-citation="entities:23609:1" rel="noopener">Kyushu Railway Company (9142 JP)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/monex-group-inc" target="_blank" data-smartkarma-citation="entities:14211:1" rel="noopener">Monex Group Inc (8698 JP)</a>, <a href="https://www.smartkarma.com/entities/tokyo-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:15457:1" rel="noopener">Tokyo Electric Power Co (9501 JP)</a>, <a href="https://www.smartkarma.com/entities/sharp-corp" target="_blank" data-smartkarma-citation="entities:391:1" rel="noopener">Sharp Corp (6753 JP)</a>, <a href="https://www.smartkarma.com/entities/thk-co-ltd" target="_blank" data-smartkarma-citation="entities:19572:1" rel="noopener">Thk Co Ltd (6481 JP)</a> and <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a>. Shorts increased in almost all sectors led by Information Technology, Consumer Discretionary and Industrials.</p></div><div>
<p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics Co., (207940 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-display-co-ltd" target="_blank" data-smartkarma-citation="entities:7145:1" rel="noopener">LG Display (034220 KS)</a> and <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation (096770 KS)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/hmm-co-ltd" target="_blank" data-smartkarma-citation="entities:13494:1" rel="noopener">HMM Co., Ltd. (011200 KS)</a>, <a href="https://www.smartkarma.com/entities/korea-electric-power-corp" target="_blank" data-smartkarma-citation="entities:16:1" rel="noopener">Korea Electric Power (015760 KS)</a>, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> and <a href="https://www.smartkarma.com/entities/posco" target="_blank" data-smartkarma-citation="entities:208:1" rel="noopener">Posco (005490 KS)</a>.</p>
<p>In Taiwan, shorts increased on <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/innolux-corp" target="_blank" data-smartkarma-citation="entities:4509:1" rel="noopener">Innolux Corp (3481 TT)</a>, <a href="https://www.smartkarma.com/entities/wan-hai-lines-ltd" target="_blank" data-smartkarma-citation="entities:14262:1" rel="noopener">Wan Hai Lines (2615 TT)</a>, <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-cement" target="_blank" data-smartkarma-citation="entities:19736:1" rel="noopener">Taiwan Cement (1101 TT)</a> while shorts covered on <a href="https://www.smartkarma.com/entities/pegatron-corp" target="_blank" data-smartkarma-citation="entities:12852:1" rel="noopener">Pegatron Corp (4938 TT)</a>, <a href="https://www.smartkarma.com/entities/walsin-technology-corp" target="_blank" data-smartkarma-citation="entities:11084:1" rel="noopener">Walsin Technology (2492 TT)</a>, <a href="https://www.smartkarma.com/entities/foxconn-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:11950:1" rel="noopener">Foxconn Technology (2354 TT)</a>, <a href="https://www.smartkarma.com/entities/global-unichip-corp" target="_blank" data-smartkarma-citation="entities:10305:1" rel="noopener">Global Unichip (3443 TT)</a> and <a href="https://www.smartkarma.com/entities/zhen-ding-technology-holding-ltd" target="_blank" data-smartkarma-citation="entities:16830:1" rel="noopener">Zhen Ding Technology Holding (4958 TT)</a>. Short notional in Taiwan is rising fast and outpacing the rise in the market.</p>
</div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Tencent (700 HK), ICBC (H) (1398 HK), Sunny Optical (2382 HK), Shenzhou Intl Group Holdings (2313 HK) and AIA Group Ltd (1299 HK) while there was short covering on Alibaba Group (9988 HK), Ping An Insurance (H) (2318 HK), Alibaba Health Information Technology (241 HK), JD.com Inc. (9618 HK) and China International Capital Corporation (3908 HK). Shorts increased in the Communication Services, Information Technology and Financials sectors, while decreasing in Health Care, Real Estate and Consumer Discretionary.In Japan, stocks increased on Oriental Land (4661 JP), Canon Inc (7751 JP), Nagoya Railroad (9048 JP), Renesas Electronics (6723 JP) and Kyushu Railway Company (9142 JP) while there was short covering on Monex Group Inc (8698 JP), Tokyo Electric Power Co (9501 JP), Sharp Corp (6753 JP), Thk Co Ltd (6481 JP) and SBI Holdings (8473 JP). Shorts increased in almost all sectors led by Information Technology, Consumer Discretionary and Industrials.
In Korea, shorts increased on Hyundai Motor Co (005380 KS), Samsung Biologics Co., (207940 KS), LG Display (034220 KS) and SK Innovation (096770 KS) while shorts were covered on HMM Co., Ltd. (011200 KS), Korea Electric Power (015760 KS), Celltrion Inc (068270 KS) and Posco (005490 KS).
In Taiwan, shorts increased on TSMC (2330 TT), Innolux Corp (3481 TT), Wan Hai Lines (2615 TT), United Microelectronics Corp (2303 TT), Taiwan Cement (1101 TT) while shorts covered on Pegatron Corp (4938 TT), Walsin Technology (2492 TT), Foxconn Technology (2354 TT), Global Unichip (3443 TT) and Zhen Ding Technology Holding (4958 TT). Short notional in Taiwan is rising fast and outpacing the rise in the market.


Asia Shorts: Tencent, AIA, JD, CICC, Canon, Renesas, Monex, HMC, LGD, HMM, KEPCO, Innolux, Wan Hai

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.

Event-Driven

<p>SK IE Tech's 5-day daily average market cap (May 11~17) is <span data-sheets-value='{"1":3,"3":10338.15084}' data-sheets-userformat='{"2":14529,"3":{"1":2,"2":"₩#,##0.0B","3":1},"9":2,"10":1,"14":{"1":2,"2":3815996},"15":"\"Courier New\"","16":9}' data-sheets-formula="=average(R[-5]C[0]:R[-1]C[0])*Terms!R[12]C[-9]/1000000000"><strong>₩10,338.2B</strong>, placing it at the <strong>35th spot</strong> among KOSPI's largest market cap ordinary shares. The 50th spot (CJ Cheiljedang) has a 5-day daily average market cap of ₩6,870.7B, 33.54% below where SK IE Tech sits. </span></p><div>
<p>SK IE Tech finally bounces back today with a 4.5% gain as I'm writing this post. We still have 10 more trading sessions to confirm SK IE Tech's fast entry into KOSPI 200. The last review day falls on May 31. <strong>But it seems to me that it is a done deal as a 33.54% gap is a pretty comfortable cushion.</strong> </p>
<p>The KRX will likely announce SK IET's entry on <strong>June 1</strong>, right after the 15-trading day review period. The inclusion should then occur on <strong>June 11</strong>.</p>
<div class="content-highlight"><em><strong>KOSPI 200 fast entry rule for an IPO stock</strong>: A newly listed stock in the <strong>top 50 ordinary shares</strong> in the KOSPI market by market capitalization is subject to index inclusion. The market capitalization refers to the <strong>average daily market capitalization for 15 trading days</strong> from the listing day.</em></div>
<hr>
<h2>Non-float and free float</h2>
<p>As filed at the <a href="http://find.krx.co.kr/p/Fids0207/" target="_blank" rel="noopener">KRX FIND</a>, SK Innovation and Premier Superior (the early investor) have a combined 71.00%. Adding the ESOP-owned 3.96% raises the total non-float shares to <strong>73.96%</strong>.</p>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 218.182px;" data-sheets-value='{"1":2,"2":"Non-float"}'>Non-float</td>
<td style="text-align: right; width: 79.0909px;" data-sheets-value='{"1":2,"2":"Shares"}'>Shares</td>
<td style="text-align: right; width: 120px;" data-sheets-value='{"1":2,"2":"Shareholding %"}'>Shareholding %</td>
<td style="text-align: right; width: 108.182px;" data-sheets-value='{"1":2,"2":"Lockup period"}'>Lockup period</td>
<td style="text-align: right; width: 114.545px;">Last filed</td>
</tr>
<tr>
<td style="width: 218.182px;" data-sheets-value='{"1":2,"2":"SK Innovation"}'><strong>SK Innovation</strong></td>
<td style="text-align: right; width: 79.0909px;" data-sheets-value='{"1":3,"3":43633432}' data-sheets-numberformat='[null,2,"#,##0",1]'>43,633,432</td>
<td style="text-align: right; width: 120px;" data-sheets-value='{"1":3,"3":0.6119902618871055}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5"><strong>61.20%</strong></td>
<td style="text-align: right; width: 108.182px;" data-sheets-value='{"1":2,"2":"6 months"}'>6 months</td>
<td style="text-align: right; width: 114.545px;">2021. 5. 13</td>
</tr>
<tr>
<td style="width: 218.182px;" data-sheets-value='{"1":2,"2":"Premier Superior Ltd."}'><strong>Premier Superior Ltd.</strong></td>
<td style="text-align: right; width: 79.0909px;" data-sheets-value='{"1":3,"3":6274160}' data-sheets-numberformat='[null,2,"#,##0",1]'>6,274,160</td>
<td style="text-align: right; width: 120px;" data-sheets-value='{"1":3,"3":0.08799960593339534}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5"><strong>8.80%</strong></td>
<td style="text-align: right; width: 108.182px;" data-sheets-value='{"1":2,"2":"6 months"}'>6 months</td>
<td style="text-align: right; width: 114.545px;">2021. 5. 12</td>
</tr>
<tr>
<td style="width: 218.182px;" data-sheets-value='{"1":2,"2":"ESOP"}'><strong>ESOP</strong></td>
<td style="text-align: right; width: 79.0909px;" data-sheets-value='{"1":3,"3":2823956}' data-sheets-numberformat='[null,2,"#,##0",1]'>2,823,956</td>
<td style="text-align: right; width: 120px;" data-sheets-value='{"1":3,"3":0.03960801368999951}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5"><strong>3.96%</strong></td>
<td style="text-align: right; width: 108.182px;" data-sheets-value='{"1":2,"2":"1 year"}'>1 year</td>
<td style="text-align: right; width: 114.545px;">-</td>
</tr>
<tr>
<td style="width: 218.182px;" data-sheets-value='{"1":2,"2":"Total"}'><strong>Total</strong></td>
<td style="text-align: right; width: 79.0909px;" data-sheets-value='{"1":3,"3":52731548}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=sum(R[-3]C[0]:R[-1]C[0])"><strong>52,731,548</strong></td>
<td style="text-align: right; width: 120px;" data-sheets-value='{"1":3,"3":0.7395978815105004}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5"><strong>73.96%</strong></td>
<td style="text-align: right; width: 108.182px;" data-sheets-value='{"1":2,"2":"-"}'><strong>-</strong></td>
<td style="text-align: right; width: 114.545px;"><strong>-</strong></td>
</tr>
<tr>
<td colspan="4" style="width: 588.182px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td>
<td style="width: 114.545px;"></td>
</tr>
</tbody>
</table>
<p>So, the eventual free float rate should be <strong>26.04%</strong>, of which <strong>11.00%</strong> are voluntary lockups from 15 days to 6 months by the IPO institutional shareholders.</p>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Free float"}'>Free float</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Shares"}'>Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Shareholding %"}'>Shareholding %</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Lockup period"}'>Lockup period</td>
</tr>
<tr>
<td colspan="1" rowspan="4" data-sheets-value='{"1":2,"2":"IPO voluntary lockup"}'><div>IPO voluntary lockup</div></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3020988}' data-sheets-numberformat='[null,2,"#,##0",1]'>3,020,988</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0423715291815185}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">4.24%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"6 months"}'>6 months</td>
</tr>
<tr>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2087672}' data-sheets-numberformat='[null,2,"#,##0",1]'>2,087,672</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.02928110110647215}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">2.93%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"3 months"}'>3 months</td>
</tr>
<tr>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2700264}' data-sheets-numberformat='[null,2,"#,##0",1]'>2,700,264</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.037873144439436325}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">3.79%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"1 month"}'>1 month</td>
</tr>
<tr>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":35922}' data-sheets-numberformat='[null,2,"#,##0",1]'>35,922</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0005038318825690495}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">0.05%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"15 days"}'>15 days</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"IPO institutional"}'><strong>IPO institutional</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":4304198}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>4,304,198</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.06036947222565385}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5"><strong>6.04%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'><strong>-</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"IPO retail"}'><strong>IPO retail</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":6417000}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>6,417,000</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.09000303965384975}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5"><strong>9.00%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'><strong>-</strong></td>
</tr>
<tr><td colspan="4" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>
<p>But SK IE Tech's free float rate for the KOSPI 200 index should be 26.04% as the KRX considers institutional voluntary lockups as free float shares instead of non-float. The KRX then rounds it up to the nearest 1%. So, it will be <strong>27.00</strong>%.</p>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Free float schedule"}'>Free float schedule</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Shares"}'>Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Shareholding %"}'>Shareholding %</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Date"}'>Release date</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"6 months"}'><strong>6 months</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":18566044}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=R[1]C[0]+R[-9]C[0]"><strong>18,566,044</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2604021184894996}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5"><strong>26.04%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44511}' data-sheets-numberformat='{"1":5,"2":"m\". \"d","3":1}'><strong>11. 11</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"3 months"}'>3 months</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":15545056}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=R[1]C[0]+R[-9]C[0]">15,545,056</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2180305893079811}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">21.80%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44419}' data-sheets-numberformat='{"1":5,"2":"m\". \"d","3":1}'>8. 11</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1 month"}'>1 month</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":13457384}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=R[1]C[0]+R[-9]C[0]">13,457,384</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.18874948820150897}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">18.87%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44358}' data-sheets-numberformat='{"1":5,"2":"m\". \"d","3":1}'>6. 11</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"15 days"}'>15 days</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":10757120}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=R[1]C[0]+R[-9]C[0]">10,757,120</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.15087634376207265}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">15.09%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44342}' data-sheets-numberformat='{"1":5,"2":"m\". \"d","3":1}'>5. 26</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Immediate"}'>Immediate</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":10721198}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=sum(R[-9]C[0]:R[-8]C[0])">10,721,198</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1503725118795036}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[-1]/R1C5">15.04%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44327}' data-sheets-numberformat='{"1":5,"2":"m\". \"d","3":1}'>5. 11</td>
</tr>
<tr><td colspan="4" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>
<h2>Passive inflow estimation</h2>
<p>The 5-day daily average float-adjusted market cap arrives at <strong><span data-sheets-value='{"1":3,"3":2791.3140000000003}' data-sheets-userformat='{"2":15041,"3":{"1":2,"2":"₩#,##0.0B"},"9":2,"10":1,"12":0,"14":{"1":2,"2":3815996},"15":"\"Courier New\"","16":9}' data-sheets-formula="=R[-2]C[0]*R[-1]C[0]">₩2,791.3B with a free float rate of 27.00%, giving an estimated weight of 0.22% in the KOSPI 200. </span></strong><span data-sheets-value='{"1":3,"3":2791.3140000000003}' data-sheets-userformat='{"2":15041,"3":{"1":2,"2":"₩#,##0.0B"},"9":2,"10":1,"12":0,"14":{"1":2,"2":3815996},"15":"\"Courier New\"","16":9}' data-sheets-formula="=R[-2]C[0]*R[-1]C[0]">We realistically estimate total passive funds mirroring KOSPI 200 at ₩80T, 0.22% of which spits out ₩178.7B flowing into SK IE Tech.</span></p>
<p><span data-sheets-value='{"1":3,"3":2791.3140000000003}' data-sheets-userformat='{"2":15041,"3":{"1":2,"2":"₩#,##0.0B"},"9":2,"10":1,"12":0,"14":{"1":2,"2":3815996},"15":"\"Courier New\"","16":9}' data-sheets-formula="=R[-2]C[0]*R[-1]C[0]">How many shares? ₩178.7B at the 5-day VWAP (volume-weighted average price) translates into <strong>1,117,477 shares</strong>, representing <strong>10.42%</strong> of the immediate free float shares. The current daily trade volume (TV) hovers around 1M shares. So, it is equivalent to one full-day TV.</span></p>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"KOSPI 200 estimated passive inflow"}' data-sheets-numberformat='[null,2,"#,##0.0"]'>Passive inflow estimation for SK IE Tech</td></tr>
<tr>
<td style="width: 485.455px;" data-sheets-value='{"1":2,"2":"5-day daily average market cap"}'>5-day daily average market cap</td>
<td style="text-align: right; width: 217.273px;" data-sheets-value='{"1":3,"3":10338.2}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}'>₩10,338.2B</td>
</tr>
<tr>
<td style="width: 485.455px;" data-sheets-value='{"1":2,"2":"Index free float"}'>Index free float</td>
<td style="text-align: right; width: 217.273px;" data-sheets-value='{"1":3,"3":0.2604}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>27.00%</td>
</tr>
<tr>
<td style="width: 485.455px;" data-sheets-value='{"1":2,"2":"5-day daily average float-adj market cap"}'><strong>5-day daily average float-adj market cap</strong></td>
<td style="text-align: right; width: 217.273px;" data-sheets-value='{"1":3,"3":2692.06728}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}' data-sheets-formula="=R[-2]C[0]*R[-1]C[0]"><strong><span data-sheets-value='{"1":3,"3":2791.3140000000003}' data-sheets-userformat='{"2":15041,"3":{"1":2,"2":"₩#,##0.0B"},"9":2,"10":1,"12":0,"14":{"1":2,"2":3815996},"15":"\"Courier New\"","16":9}' data-sheets-formula="=R[-2]C[0]*R[-1]C[0]">₩2,791.3B</span></strong></td>
</tr>
<tr>
<td style="width: 485.455px;" data-sheets-value='{"1":2,"2":"Weight in KOSPI 200"}'><strong>Estimated weight in KOSPI 200</strong></td>
<td style="text-align: right; width: 217.273px;" data-sheets-value='{"1":3,"3":0.0022}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'><strong>0.22%</strong></td>
</tr>
<tr>
<td style="width: 485.455px;" data-sheets-value='{"1":2,"2":"Estimated passive inflow"}'><strong>Estimated passive inflow</strong></td>
<td style="text-align: right; width: 217.273px;" data-sheets-value='{"1":3,"3":178.7}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}'><strong>₩178.7B</strong></td>
</tr>
<tr>
<td style="width: 485.455px;" data-sheets-value='{"1":2,"2":"Passive inflow: amount of shares at the 5-day volume-weighted average price"}'>Passive inflow: the number of shares at the 5-day volume-weighted average price</td>
<td style="text-align: right; width: 217.273px;" data-sheets-value='{"1":3,"3":1117476.9164515114}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=R[-1]C[0]*1000000000/R[-1]C[1]">1,117,477 shares</td>
</tr>
<tr>
<td style="width: 485.455px;" data-sheets-value='{"1":2,"2":" - % of the immediate float (26.04%)"}'><strong>- % of the immediate free float shares (15.04%)</strong></td>
<td style="text-align: right; width: 217.273px;" data-sheets-value='{"1":3,"3":0.10388253700353918}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-1]C[0]/R[-11]C[0]"><strong>10.42%</strong></td>
</tr>
<tr><td colspan="2" rowspan="1" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>
<p></p>
</div>

SK IE Tech's 5-day daily average market cap (May 11~17) is ₩10,338.2B, placing it at the 35th spot among KOSPI's largest market cap ordinary shares. The 50th spot (CJ Cheiljedang) has a 5-day daily average market cap of ₩6,870.7B, 33.54% below where SK IE Tech sits. 
SK IE Tech finally bounces back today with a 4.5% gain as I'm writing this post. We still have 10 more trading sessions to confirm SK IE Tech's fast entry into KOSPI 200. The last review day falls on May 31. But it seems to me that it is a done deal as a 33.54% gap is a pretty comfortable cushion. 
The KRX will likely announce SK IET's entry on June 1, right after the 15-trading day review period. The inclusion should then occur on June 11.
KOSPI 200 fast entry rule for an IPO stock: A newly listed stock in the top 50 ordinary shares in the KOSPI market by market capitalization is subject to index inclusion. The market capitalization refers to the average daily market capitalization for 15 trading days from the listing day.

Non-float and free float
As filed at the KRX FIND, SK Innovation and Premier Superior (the early investor) have a combined 71.00%. Adding the ESOP-owned 3.96% raises the total non-float shares to 73.96%.









Non-float
Shares
Shareholding %
Lockup period
Last filed


SK Innovation
43,633,432
61.20%
6 months
2021. 5. 13


Premier Superior Ltd.
6,274,160
8.80%
6 months
2021. 5. 12


ESOP
2,823,956
3.96%
1 year
-


Total
52,731,548
73.96%
-
-


Source: DART




So, the eventual free float rate should be 26.04%, of which 11.00% are voluntary lockups from 15 days to 6 months by the IPO institutional shareholders.









Free float
Shares
Shareholding %
Lockup period


IPO voluntary lockup
3,020,988
4.24%
6 months


2,087,672
2.93%
3 months


2,700,264
3.79%
1 month


35,922
0.05%
15 days


IPO institutional
4,304,198
6.04%
-


IPO retail
6,417,000
9.00%
-

Source: DART


But SK IE Tech's free float rate for the KOSPI 200 index should be 26.04% as the KRX considers institutional voluntary lockups as free float shares instead of non-float. The KRX then rounds it up to the nearest 1%. So, it will be 27.00%.









Free float schedule
Shares
Shareholding %
Release date


6 months
18,566,044
26.04%
11. 11


3 months
15,545,056
21.80%
8. 11


1 month
13,457,384
18.87%
6. 11


15 days
10,757,120
15.09%
5. 26


Immediate
10,721,198
15.04%
5. 11

Source: DART


Passive inflow estimation
The 5-day daily average float-adjusted market cap arrives at ₩2,791.3B with a free float rate of 27.00%, giving an estimated weight of 0.22% in the KOSPI 200. We realistically estimate total passive funds mirroring KOSPI 200 at ₩80T, 0.22% of which spits out ₩178.7B flowing into SK IE Tech.
How many shares? ₩178.7B at the 5-day VWAP (volume-weighted average price) translates into 1,117,477 shares, representing 10.42% of the immediate free float shares. The current daily trade volume (TV) hovers around 1M shares. So, it is equivalent to one full-day TV.






Passive inflow estimation for SK IE Tech

5-day daily average market cap
₩10,338.2B


Index free float
27.00%


5-day daily average float-adj market cap
₩2,791.3B


Estimated weight in KOSPI 200
0.22%


Estimated passive inflow
₩178.7B


Passive inflow: the number of shares at the 5-day volume-weighted average price
1,117,477 shares


- % of the immediate free float shares (15.04%)
10.42%

Source: KRX





SK IE Tech KOSPI 200 Fast Entry: Estimated Passive Inflow & Ongoing Local Passive Buying

Equity Capital Markets

SK IE Technology   / Equity Capital Markets

<p>Tomorrow is SK IE Tech's market debut day.</p><p>The offering price of ₩105,000 gives a market cap of ₩7.48T. It is pretty much the same as the 50th largest market cap ordinary share: Hyundai Glovis having a market cap of ₩74.81T as of today.</p><p>The local market expects a "Double Crown" (a base price set at a +200% premium to the offering price and a further +30% premium to the base price for the closing price) for SK IE Tech on the IPO day. A likely 19.46T market cap will greet us right in the first trading session. Yes, it is comfortably above the threshold to make KOPSI 200 through a fast entry.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Implied market cap"}'>Market cap</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Offering price"}'>Offering price</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"IPO day base price at a 200% premium to the offering price"}'>IPO day base price at a 200% premium to the offering price</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"IPO day close price at a 30% premium to the base price"}'>IPO day close price at a 30% premium to the base price</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Offering price"}'>Offering price</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"₩105,000"}'>₩105,000</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"₩210,000"}'>₩210,000</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"₩273,000"}'>₩273,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Implied market cap"}'><strong>Market cap</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"₩7.48T"}'><strong>₩7.48T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"₩14.97T"}'><strong>₩14.97T</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"₩19.46T"}'><strong>₩19.46T</strong></td>
</tr>
<tr><td colspan="4" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><p>Here is the condition for KOSPI 200 fast entry of a new listing:</p><ul>
<li>A newly listed stock in the top 50 common shares in the KOSPI market by market capitalization is subject to index inclusion. The company can be selected before rebalancing considering sectoral balance and liquidity. The market capitalization refers to the average daily market capitalization for 15 trading days from the listing day.</li>
<li>When selected for index inclusion, the newly listed stock replaces a company with the smallest market capitalization at the most recent rebalancing.</li>
</ul>

Tomorrow is SK IE Tech's market debut day.The offering price of ₩105,000 gives a market cap of ₩7.48T. It is pretty much the same as the 50th largest market cap ordinary share: Hyundai Glovis having a market cap of ₩74.81T as of today.The local market expects a "Double Crown" (a base price set at a +200% premium to the offering price and a further +30% premium to the base price for the closing price) for SK IE Tech on the IPO day. A likely 19.46T market cap will greet us right in the first trading session. Yes, it is comfortably above the threshold to make KOPSI 200 through a fast entry.








Market cap
Offering price
IPO day base price at a 200% premium to the offering price
IPO day close price at a 30% premium to the base price


Offering price
₩105,000
₩210,000
₩273,000


Market cap
₩7.48T
₩14.97T
₩19.46T

Source: KRX

Here is the condition for KOSPI 200 fast entry of a new listing:
A newly listed stock in the top 50 common shares in the KOSPI market by market capitalization is subject to index inclusion. The company can be selected before rebalancing considering sectoral balance and liquidity. The market capitalization refers to the average daily market capitalization for 15 trading days from the listing day.
When selected for index inclusion, the newly listed stock replaces a company with the smallest market capitalization at the most recent rebalancing.


SK IE Tech KOSPI 200 Fast Entry Month Issue: June or September?

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<p>This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.  </p><p><strong><em>Companies mentioned this week:</em></strong></p><p><a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/posco" target="_blank" data-smartkarma-citation="entities:208:1" rel="noopener">Posco (005490 KS)</a>, <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>, <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom Hong Kong (762 HK)</a>, <a href="https://www.smartkarma.com/entities/china-telecom-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:1015:1" rel="noopener">China Telecom Corp Ltd (H) (728 HK)</a></p>

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.  Companies mentioned this week:TSMC (2330 TT), Tencent (700 HK), Posco (005490 KS), China Mobile (941 HK), China Unicom Hong Kong (762 HK), China Telecom Corp Ltd (H) (728 HK)

Global Emerging Markets Weekly: 7 May 2021

<p>Korea has a total of 121 preferred shares.</p><div class="content-highlight"><p><strong>You can find all the preferred share names in Korea with the disparity to the ordinary shares and the sigma on a 20-day moving average in the attached file.</strong></p></div><hr><p>6 prefs in total have a market cap of more than ₩1T. The largest one is Samsung Electronics 1P featuring a market cap of ₩61.6T.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Pref"}'>Top 10 largest market cap prefs in Korea</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Market cap (₩B)"}'>Market cap (₩B)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung Electronics Co Ltd Preference Shares Non Voting"}'><strong>Samsung Electronics Co Ltd Preference Shares Non Voting</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005935"}'><strong>005935</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":61551.92516}' data-sheets-numberformat='[null,2,"#,##0.0"]'><strong>61,551.9</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Motor S2 Pref Shs"}'><strong>Hyundai Motor S2 Pref Shs</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005387"}'><strong>005387</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":4049.885061}' data-sheets-numberformat='[null,2,"#,##0.0"]'><strong>4,049.9</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Chem Ltd Preference Shares"}'><strong>LG Chem Ltd Preference Shares</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"051915"}'><strong>051915</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3344.628}' data-sheets-numberformat='[null,2,"#,##0.0"]'><strong>3,344.6</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Motor S1 Pref Shs"}'><strong>Hyundai Motor S1 Pref Shs</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005385"}'><strong>005385</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2752.305405}' data-sheets-numberformat='[null,2,"#,##0.0"]'><strong>2,752.3</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Household &amp; Healthcare Ltd Preference Shares"}'><strong>LG Household &amp; Healthcare Ltd Preference Shares</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"051905"}'><strong>051905</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1553.77578}' data-sheets-numberformat='[null,2,"#,##0.0"]'><strong>1,553.8</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Electronics Inc. Preference Shares"}'><strong>LG Electronics Inc. Preference Shares</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"066575"}'><strong>066575</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1254.577416}' data-sheets-numberformat='[null,2,"#,##0.0"]'><strong>1,254.6</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Amorepacific Corp Preference Shares"}'>Amorepacific Corp Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"090435"}'>090435</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":978.710841}' data-sheets-numberformat='[null,2,"#,##0.0"]'>978.7</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Samsung SDI Co Ltd Preferred Shares"}'>Samsung SDI Co Ltd Preferred Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"006405"}'>006405</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":711.065292}' data-sheets-numberformat='[null,2,"#,##0.0"]'>711.1</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Mirae Asset Securities 2PB"}'>Mirae Asset Securities 2PB</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"00680K"}'>00680K</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":697.9}' data-sheets-numberformat='[null,2,"#,##0.0"]'>697.9</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Korea Investment Holdings Co., Ltd. Preference Shares"}'>Korea Investment Holdings Co., Ltd. Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"071055"}'>071055</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":521.384339}' data-sheets-numberformat='[null,2,"#,##0.0"]'>521.4</td>
</tr>
<tr><td colspan="3">Source: KRX</td></tr>
</tbody>
</table><p>These are the top 10 preferred shares having the widest disparity to the ordinary shares. Solus Advanced Materials 1P tops the list with a 66.87% disparity. 4 prefs in total are above a 60% disparity to their respective ordinary share. A total of 19 prefs have a +50% disparity to the ordinary shares.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Pref"}'>Top 10 prefs having the widest disparity to ordinary share in Korea</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Disparity to ordinary share"}'>Disparity to ordinary share</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Solus Advanced Materials 1P"}'><strong>Solus Advanced Materials 1P</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"33637K"}'><strong>33637K</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.668693009118541}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>66.87%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Amorepacific Corp Preference Shares"}'><strong>Amorepacific Corp Preference Shares</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"090435"}'><strong>090435</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6653429602888087}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>66.53%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"AmoreG 1P Pref Shs"}'><strong>AmoreG 1P Pref Shs</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"002795"}'><strong>002795</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6418918918918919}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>64.19%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Doosan Fuel Cell 1P"}'><strong>Doosan Fuel Cell 1P</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"33626K"}'><strong>33626K</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6262626262626263}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>62.63%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Nexen Tire Corp Preference Shares"}'>Nexen Tire Corp Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"002355"}'>002355</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5765124555160143}' data-sheets-numberformat='[null,3,"0.00%",1]'>57.65%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"BYC Co., Ltd Preference Shares"}'>BYC Co., Ltd Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"001465"}'>001465</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5660621761658031}' data-sheets-numberformat='[null,3,"0.00%",1]'>56.61%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Doosan Fuel Cell 2PB"}'>Doosan Fuel Cell 2PB</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"33626L"}'>33626L</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5391414141414141}' data-sheets-numberformat='[null,3,"0.00%",1]'>53.91%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Motor S3 Pref Shs"}'>Hyundai Motor S3 Pref Shs</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005389"}'>005389</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5357142857142857}' data-sheets-numberformat='[null,3,"0.00%",1]'>53.57%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Household &amp; Healthcare Ltd Preference Shares"}'>LG Household &amp; Healthcare Ltd Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"051905"}'>051905</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5289624443029918}' data-sheets-numberformat='[null,3,"0.00%",1]'>52.90%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"LG Chem Ltd Preference Shares"}'>LG Chem Ltd Preference Shares</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"051915"}'>051915</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5266594124047879}' data-sheets-numberformat='[null,3,"0.00%",1]'>52.67%</td>
</tr>
<tr><td colspan="3">Source: KRX</td></tr>
</tbody>
</table>

Korea has a total of 121 preferred shares.You can find all the preferred share names in Korea with the disparity to the ordinary shares and the sigma on a 20-day moving average in the attached file.6 prefs in total have a market cap of more than ₩1T. The largest one is Samsung Electronics 1P featuring a market cap of ₩61.6T.







Top 10 largest market cap prefs in Korea
Ticker
Market cap (₩B)


Samsung Electronics Co Ltd Preference Shares Non Voting
005935
61,551.9


Hyundai Motor S2 Pref Shs
005387
4,049.9


LG Chem Ltd Preference Shares
051915
3,344.6


Hyundai Motor S1 Pref Shs
005385
2,752.3


LG Household &amp; Healthcare Ltd Preference Shares
051905
1,553.8


LG Electronics Inc. Preference Shares
066575
1,254.6


Amorepacific Corp Preference Shares
090435
978.7


Samsung SDI Co Ltd Preferred Shares
006405
711.1


Mirae Asset Securities 2PB
00680K
697.9


Korea Investment Holdings Co., Ltd. Preference Shares
071055
521.4

Source: KRX

These are the top 10 preferred shares having the widest disparity to the ordinary shares. Solus Advanced Materials 1P tops the list with a 66.87% disparity. 4 prefs in total are above a 60% disparity to their respective ordinary share. A total of 19 prefs have a +50% disparity to the ordinary shares.







Top 10 prefs having the widest disparity to ordinary share in Korea
Ticker
Disparity to ordinary share


Solus Advanced Materials 1P
33637K
66.87%


Amorepacific Corp Preference Shares
090435
66.53%


AmoreG 1P Pref Shs
002795
64.19%


Doosan Fuel Cell 1P
33626K
62.63%


Nexen Tire Corp Preference Shares
002355
57.65%


BYC Co., Ltd Preference Shares
001465
56.61%


Doosan Fuel Cell 2PB
33626L
53.91%


Hyundai Motor S3 Pref Shs
005389
53.57%


LG Household &amp; Healthcare Ltd Preference Shares
051905
52.90%


LG Chem Ltd Preference Shares
051915
52.67%

Source: KRX



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SK Innovation Co., Ltd. refines, markets, and distributes oil.  The Company produces a variety of petroleum products, such as gasoline, kerosene, liquefied petroleumgas (LPG), and diesel oil.  SK Energy also manufactures petrochemical p roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene.

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