Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023.</li>
<li>Of the 38 pair trades, 21 of them involved holdcos outperforming opcos YTD and 17 of them involved opcos outperforming holdcos in the same period.</li>
<li>We highlight 38 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023.
Of the 38 pair trades, 21 of them involved holdcos outperforming opcos YTD and 17 of them involved opcos outperforming holdcos in the same period.
We highlight 38 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2023

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Quantitative Analysis

<ul>
<li>Total short interest in Hong Kong is HK$435.1bn, marginally higher from end-December. Short notional has moved in line with the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hong Kong Hang Seng Index (HSI INDEX)</a>. </li>
<li>Total short notional of the KOSPI and KOSDAQ market has moved up since end-December and is in line with the move higher in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI2 INDEX</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index</a>.</li>
<li>Short notional in Taiwan is lower over the quarter even as the <a href="https://www.smartkarma.com/entities/taiwan-stock-exchange-weighted-index" target="_blank" data-smartkarma-citation="entities:26056:1" rel="noopener">TWSE INDEX</a> has moved higher over the period. There has been big short covering on some stocks.</li>
</ul>


Total short interest in Hong Kong is HK$435.1bn, marginally higher from end-December. Short notional has moved in line with the Hong Kong Hang Seng Index (HSI INDEX). 
Total short notional of the KOSPI and KOSDAQ market has moved up since end-December and is in line with the move higher in the KOSPI2 INDEX and KOSDAQ 150 Index.
Short notional in Taiwan is lower over the quarter even as the TWSE INDEX has moved higher over the period. There has been big short covering on some stocks.


Short Interest Movements (Q1 2023): HK, Korea, Taiwan, Australia

<ul>
<li>In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023.</li>
<li>Of the 33 pair trades, 2/3 of them involved holdcos outperforming opcos in the past year and 1/3 of them involved opcos outperforming holdcos in the same period.</li>
<li>We highlight 33 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023.
Of the 33 pair trades, 2/3 of them involved holdcos outperforming opcos in the past year and 1/3 of them involved opcos outperforming holdcos in the same period.
We highlight 33 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Spreads Opportunities in 1Q 2023

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>The KRX defines the free float of a stock as the proportion of outstanding shares that is deemed available for purchase in the stock market.</p><p><strong>The KRX includes the following types of shares in free float for all its indices:</strong></p><ul>
<li>Stakes held by the major shareholder and the special affiliated persons</li>
<li>Stakes held by the government agencies, excluding the Korea NPS</li>
<li>Treasury shares</li>
<li>Stakes hed by the ESOP</li>
<li>Stakes under a lock-up agreement by court order</li>
</ul><p>A free float change cycle is every 6 months. That is, the KRX reflects free float changes in the bi-annual rebalancing.</p><p><strong>But if a change is less than ±5%pt, there will be no change. The KRX will continue to apply the previous free float rates.</strong></p><div class="content-highlight"><p><em>The KRX may reflect a free-float change before a bi-annual rebalancing if a change is substantially large. The KRX considers the following factors: company size, rebalancing size and subsequent market impact, and index tracking convenience.</em></p></div><hr><h2>Likely names with a ±5%pt free float change</h2><p>This rebalancing will likely feature a total of 9 constituents having a ±5%pt free float change: 6 names with a 5%pt or greater change and 3 names with a -5%pt or harsher change.</p><p>Doosan Fuel Cell tops the list with +18.74%pt, followed by CS Wind with +15.56%pt and HYBE with +14.66%pt. On the other hand, DL Holdings will likely lose -30.69%pt in its free-float rate. SK Discovery and Korean Air are also expected to suffer a reduction, -9.50%pt and -8.50%pt, respectively.</p><table class="table table-striped">
<colgroup>
<col width="200">
<col width="70">
<col width="70">
<col width="70">
<col width="70">
<col width="200">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Name"}'>Name</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":"Previous free float rate"}'>Current free float rate (est.)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Current free float rate"}'>New free float rate (est.)</td>
<td data-sheets-value='{"1":2,"2":"Free float change"}'>Free float change</td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"Note"}'>Note</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Korean Air Lines Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>Korean Air Lines Co Ltd</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"003490"}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>003490</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6079702177328681}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>60.80%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5229999999999999}' data-sheets-formula="=61.04%-(R[0]C[8]-R[0]C[7])">52.30%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.08497021773286817}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]"><strong>-8.50%p</strong></td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"New issue"}'>New issue</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SK Biopharmaceuticals Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>SK Biopharmaceuticals Co Ltd</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":326030}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>326030</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.22696431504105483}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>22.70%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.34}'>34.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1130356849589452}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]"><strong>11.30%p</strong></td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"The major shareholder selldown"}'>The major shareholder selldown</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Industrial Bank of Korea"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>Industrial Bank of Korea</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"024110"}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>024110</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.28784600849134395}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>28.78%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3614}'>36.14%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.07355399150865605}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]"><strong>7.36%p</strong></td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"New issue"}'>New issue</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Doosan Fuel Cell Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>Doosan Fuel Cell Co Ltd</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":336260}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>336260</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.4198990285604666}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>41.99%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6073}'>60.73%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.18740097143953333}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]"><strong>18.74%p</strong></td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"New issue &amp; the major shareholder selldown"}'>New issue &amp; the major shareholder selldown</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Cs Wind Corp"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>Cs Wind Corp</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":112610}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>112610</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.40763635199851167}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>40.76%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5632}'>56.32%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.15556364800148836}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]"><strong>15.56%p</strong></td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"New issue"}'>New issue</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hyundai Rotem Co"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>Hyundai Rotem Co</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"064350"}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>064350</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5505147484042126}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>55.05%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6589}'>65.89%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.10838525159578749}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]"><strong>10.84%p</strong></td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"CB conversion"}'>CB conversion</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"DL Holdings Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>DL Holdings Co Ltd</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"000210"}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>000210</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.8713222556320805}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>87.13%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5643999999999999}' data-sheets-formula="=76.88%-(R[0]C[8]-R[0]C[7])">56.44%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.30692225563208064}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]"><strong>-30.69%p</strong></td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"Tender offer"}'>Tender offer</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SK Discovery Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>SK Discovery Co Ltd</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"006120"}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>006120</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6193005803932952}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>61.93%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5243}'>52.43%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.09500058039329518}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]"><strong>-9.50%p</strong></td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"The major shareholder buying"}'>The major shareholder buying</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hybe Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>HYBE Co Ltd</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":352820}' data-sheets-formula='=if(len(R[0]C[7])=2, "0000"&amp;R[0]C[7], if(len(R[0]C[7])=3, "000"&amp;R[0]C[7], if(LEN(R[0]C[7])=4, "00"&amp;R[0]C[7], if(len(R[0]C[7])=5, "0"&amp;R[0]C[7], if(len(R[0]C[7])=6, R[0]C[7], 0)))))'>352820</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2683143580142878}' data-sheets-formula='=indirect("KODEX 200!G"&amp;R[0]C[7])'>26.83%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.4149}'>41.49%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.14658564198571217}' data-sheets-numberformat='{"1":3,"2":"0.00%p"}' data-sheets-formula="=R[0]C[-1]-R[0]C[-2]"><strong>14.66%p</strong></td>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"Lockup release"}'>Lockup release</td>
</tr>
<tr><td colspan="6" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>

The KRX defines the free float of a stock as the proportion of outstanding shares that is deemed available for purchase in the stock market.The KRX includes the following types of shares in free float for all its indices:
Stakes held by the major shareholder and the special affiliated persons
Stakes held by the government agencies, excluding the Korea NPS
Treasury shares
Stakes hed by the ESOP
Stakes under a lock-up agreement by court order
A free float change cycle is every 6 months. That is, the KRX reflects free float changes in the bi-annual rebalancing.But if a change is less than ±5%pt, there will be no change. The KRX will continue to apply the previous free float rates.The KRX may reflect a free-float change before a bi-annual rebalancing if a change is substantially large. The KRX considers the following factors: company size, rebalancing size and subsequent market impact, and index tracking convenience.Likely names with a ±5%pt free float changeThis rebalancing will likely feature a total of 9 constituents having a ±5%pt free float change: 6 names with a 5%pt or greater change and 3 names with a -5%pt or harsher change.Doosan Fuel Cell tops the list with +18.74%pt, followed by CS Wind with +15.56%pt and HYBE with +14.66%pt. On the other hand, DL Holdings will likely lose -30.69%pt in its free-float rate. SK Discovery and Korean Air are also expected to suffer a reduction, -9.50%pt and -8.50%pt, respectively.










Name
Ticker
Current free float rate (est.)
New free float rate (est.)
Free float change
Note


Korean Air Lines Co Ltd
003490
60.80%
52.30%
-8.50%p
New issue


SK Biopharmaceuticals Co Ltd
326030
22.70%
34.00%
11.30%p
The major shareholder selldown


Industrial Bank of Korea
024110
28.78%
36.14%
7.36%p
New issue


Doosan Fuel Cell Co Ltd
336260
41.99%
60.73%
18.74%p
New issue &amp; the major shareholder selldown


Cs Wind Corp
112610
40.76%
56.32%
15.56%p
New issue


Hyundai Rotem Co
064350
55.05%
65.89%
10.84%p
CB conversion


DL Holdings Co Ltd
000210
87.13%
56.44%
-30.69%p
Tender offer


SK Discovery Co Ltd
006120
61.93%
52.43%
-9.50%p
The major shareholder buying


HYBE Co Ltd
352820
26.83%
41.49%
14.66%p
Lockup release

Source: KRX



KOSPI 200 Rebalancing: Constituents with a ±5%pt Free Float Change

<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/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/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/bilibili-inc-83a27302-cd7d-4e6a-a1de-bcf93eb022c3" target="_blank" data-smartkarma-citation="entities:32215:1" rel="noopener">Bilibili Inc (9626 HK)</a> and <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a> while there was short covering on <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/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a>, <a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a>, <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a> and <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a>. Shorts increased in the Communication Services, Consumer Discretionary, Information Technology, Consumer Staples and Materials sectors, and decreased in the Financials sector.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 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/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a>, <a href="https://www.smartkarma.com/entities/keihan-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:6120:1" rel="noopener">Keihan Holdings Co., Ltd. (9045 JP)</a> and <a href="https://www.smartkarma.com/entities/jfe-holdings-inc" target="_blank" data-smartkarma-citation="entities:210:1" rel="noopener">JFE Holdings (5411 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/lasertec-corp" target="_blank" data-smartkarma-citation="entities:4126:1" rel="noopener">Lasertec Corp (6920 JP)</a>, <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/daito-trust-construct-co-ltd" target="_blank" data-smartkarma-citation="entities:10503:1" rel="noopener">Daito Trust Construct (1878 JP)</a> and <a href="https://www.smartkarma.com/entities/ai-inside-inc" target="_blank" data-smartkarma-citation="entities:33241:1" rel="noopener">AI Inside (4488 JP)</a>. Shorts increased in the Consumer Staples and Consumer Discretionary sectors, and decreased in the Information Technology sector.</p></div><div><p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 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>, <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/shinpoong-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7296:1" rel="noopener">Shinpoong Pharmaceutical (019170 KS)</a>. The largest percentage increase in shorts was seen on <a href="https://www.smartkarma.com/entities/kcc-corp" target="_blank" data-smartkarma-citation="entities:11109:1" rel="noopener">Kcc Corp (002380 KS)</a>, <a href="https://www.smartkarma.com/entities/shinpoong-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7296:1" rel="noopener">Shinpoong Pharmaceutical (019170 KS)</a>, <a href="https://www.smartkarma.com/entities/daelim-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:18095:1" rel="noopener">DL Co Ltd (000210 KS)</a> and <a href="https://www.smartkarma.com/entities/dongkuk-steel-mill-co-ltd" target="_blank" data-smartkarma-citation="entities:7293:1" rel="noopener">Dongkuk Steel Mill (001230 KS)</a>.</p></div><div><p>In Taiwan, shorts increased on <a href="https://www.smartkarma.com/entities/china-steel-corp" target="_blank" data-smartkarma-citation="entities:962:1" rel="noopener">China Steel (2002 TT)</a>, <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a>, <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/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">AU Optronics (2409 TT)</a> and <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> while shorts covered on <a href="https://www.smartkarma.com/entities/cathay-financial-holding-co" target="_blank" data-smartkarma-citation="entities:17677:1" rel="noopener">Cathay Financial Holding Co (2882 TT)</a>, <a href="https://www.smartkarma.com/entities/mega-financial-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:3463:1" rel="noopener">Mega Financial Holding Co., Ltd (2886 TT)</a>, <a href="https://www.smartkarma.com/entities/china-airlines-ltd" target="_blank" data-smartkarma-citation="entities:4591:1" rel="noopener">China Airlines (2610 TT)</a>, <a href="https://www.smartkarma.com/entities/pegatron-corp" target="_blank" data-smartkarma-citation="entities:12852:1" rel="noopener">Pegatron Corp (4938 TT)</a> and <a href="https://www.smartkarma.com/entities/silergy-corp" target="_blank" data-smartkarma-citation="entities:13998:1" rel="noopener">Silergy Corp (6415 TT)</a>.</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 Sunny Optical (2382 HK), China Merchants Bank H (3968 HK), Kuaishou Technology (1024 HK), Bilibili Inc (9626 HK) and China Mengniu Dairy Co (2319 HK) while there was short covering on Ping An Insurance (H) (2318 HK), Citic Securities (H) (6030 HK), Wuxi Biologics (2269 HK), HSBC Holdings (5 HK) and Haier Smart Home Co Ltd (6690 HK). Shorts increased in the Communication Services, Consumer Discretionary, Information Technology, Consumer Staples and Materials sectors, and decreased in the Financials sector.In Japan, stocks that saw the most shorts were Seven &amp; I Holdings (3382 JP), Sharp Corp (6753 JP), CyberAgent Inc (4751 JP), Keihan Holdings Co., Ltd. (9045 JP) and JFE Holdings (5411 JP) while shorts decreased on Lasertec Corp (6920 JP), BASE Inc (4477 JP), Toshiba Corp (6502 JP), Daito Trust Construct (1878 JP) and AI Inside (4488 JP). Shorts increased in the Consumer Staples and Consumer Discretionary sectors, and decreased in the Information Technology sector.In Korea, shorts increased on Samsung Electronics (005930 KS), Celltrion Inc (068270 KS), LG Display (034220 KS) and Shinpoong Pharmaceutical (019170 KS). The largest percentage increase in shorts was seen on Kcc Corp (002380 KS), Shinpoong Pharmaceutical (019170 KS), DL Co Ltd (000210 KS) and Dongkuk Steel Mill (001230 KS).In Taiwan, shorts increased on China Steel (2002 TT), Novatek Microelectronics Corp (3034 TT), TSMC (2330 TT), AU Optronics (2409 TT) and United Microelectronics Corp (2303 TT) while shorts covered on Cathay Financial Holding Co (2882 TT), Mega Financial Holding Co., Ltd (2886 TT), China Airlines (2610 TT), Pegatron Corp (4938 TT) and Silergy Corp (6415 TT).

Asia Shorts: Sunny Optic, CMB, Ping An, 7&I, Keihan, Celltrion, Shinpoong, KCC, China Steel, Novatek

South Korea

DL Holdings Co., Ltd. provides civil engineering, architectural, and plant construction services. The Company constructs bridges, highways, tunnels, harbors, and governmental buildings. DL also manufactures petrochemical products , including polyester, benzene, butane, and methyl tertiary butyl ether (MTBE).

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DL Holdings Co (000210 KS)

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