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 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

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/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

<p>It seems to be spin-off season in Korea.</p><p>Three <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (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 (KOSDQ150 INDEX)</a> constituents will be suspended from trading from 29 April - <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a>, <a href="https://www.smartkarma.com/entities/f-f-co-ltd" target="_blank" data-smartkarma-citation="entities:15983:1" rel="noopener">F&amp;F Co Ltd (007700 KS)</a> and <a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro Co Ltd (086520 KS)</a> due to a spin-off of its businesses.</p><p><a href="https://www.smartkarma.com/entities/f-f-co-ltd" target="_blank" data-smartkarma-citation="entities:15983:1" rel="noopener">F&amp;F Co Ltd (007700 KS)</a> will resume trading on 21 May, <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a> will resume trading on 27 May, and <a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro Co Ltd (086520 KS)</a> will resume trading on 28 May.</p><p><a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a> will remain 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">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> and its spinoff will be added to the index, <a href="https://www.smartkarma.com/entities/f-f-co-ltd" target="_blank" data-smartkarma-citation="entities:15983:1" rel="noopener">F&amp;F Co Ltd (007700 KS)</a> will remain 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">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> but the spinoff will not be added to the index, <a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro Co Ltd (086520 KS)</a> will continue to be a <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> constituent though its spinoff will not be included in the index.</p><p>In this Insight, we look at the index treatment, the impact of passive flow on the stocks, and the impact of the changes on the June rebalance of the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a>. </p>

It seems to be spin-off season in Korea.Three Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) and KOSDAQ 150 Index (KOSDQ150 INDEX) constituents will be suspended from trading from 29 April - LG Corp (003550 KS), F&amp;F Co Ltd (007700 KS) and Ecopro Co Ltd (086520 KS) due to a spin-off of its businesses.F&amp;F Co Ltd (007700 KS) will resume trading on 21 May, LG Corp (003550 KS) will resume trading on 27 May, and Ecopro Co Ltd (086520 KS) will resume trading on 28 May.LG Corp (003550 KS) will remain in the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) and its spinoff will be added to the index, F&amp;F Co Ltd (007700 KS) will remain in the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) but the spinoff will not be added to the index, Ecopro Co Ltd (086520 KS) will continue to be a KOSDAQ 150 Index (KOSDQ150 INDEX) constituent though its spinoff will not be included in the index.In this Insight, we look at the index treatment, the impact of passive flow on the stocks, and the impact of the changes on the June rebalance of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX). 

<p>The DL Holdings (000210) - DL E&amp;C (375500) tender begins today. This is an exchange offer, not a cash offer.</p><p>The tender price is ₩118,085 for DL E&amp;C at an issue price of ₩89,829 for DL Holdings (000210). The swap ratio is 1.31455. You get 1.31455 Holdings shares for each DL E&amp;C share that you tender.</p><p>For the tender, Holdings issues 11M new shares, which will get listed on June 3.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Overview"}'>Overview</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Type"}'>Type</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Exchange offer"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>Exchange offer</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Swap ratio"}'><strong>Swap ratio</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.314553206648187}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula="=R[10]C[0]/R[4]C[0]"><strong>1.31455</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tender originator"}'>Tender originator</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"DL Holdings Co Ltd"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>DL Holdings Co Ltd</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Ticker"}'>- Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"000210"}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula='="000210"'>000210</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Issue volume"}'>- Issue volume</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":11042246}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>11,042,246</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Issue price"}'><strong>- Issue price</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":89829}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'><strong>₩89,829</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Target company"}'>Target company</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"DL E&amp;C Ord Shs"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='=googlefinance(R[1]C[0], "name")'>DL E&amp;C Ord Shs</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Ticker"}'>- Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"375500"}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='="375500"'>375500</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Tender volume"}'>- Tender volume</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":8400000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>8,400,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of shares outstanding"}'>- % of shares outstanding</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.4339125825247493}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-1]C[0]/R[1]C[0]">43.39%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Shares outstanding"}'>- Shares outstanding</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":19358738}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula='=googlefinance(R[-3]C[0], "shares")'>19,358,738</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Tender price"}'><strong>- Tender price</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":118085}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'><strong>₩118,085</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Target value"}'>- Target value</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":991914000000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[-1]C[0]*R[-4]C[0]">₩991,914,000,000</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Timetable"}'>Timetable</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Announcement"}'>Announcement</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44274}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 19</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tender offer begins"}'><strong>Tender offer begins</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44307}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'><strong>2021. 4. 21</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tender offer ends"}'><strong>Tender offer ends</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44326}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'><strong>2021. 5. 10</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Payment"}'>Payment</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44328}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 5. 12</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Listing"}'>Listing</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44350}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 6. 3</td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Tender price fixation"}'>Tender price fixation</td></tr>
<tr>
<td data-sheets-value='{"1":3,"3":44246}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 2. 19</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":113500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩113,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44249}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 2. 22</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":111000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩111,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44250}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 2. 23</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":110500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩110,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44251}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 2. 24</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":104000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩104,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44252}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 2. 25</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":116500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩116,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44253}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 2. 26</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":111000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩111,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44257}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 2</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":109000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩109,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44258}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 3</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":111000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩111,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44259}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 4</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":111500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩111,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44260}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 5</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":109500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩109,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44263}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 8</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":107000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩107,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44264}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 9</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":112500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩112,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44265}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 10</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":112000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩112,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44266}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 11</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":115000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩115,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44267}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 12</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":118500}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩118,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44270}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 15</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":121000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩121,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44271}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 16</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":121000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩121,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44272}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 17</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":123000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩123,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44273}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 3. 18</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":120000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩120,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Close(A)"}'>Close(A)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":120000}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩120,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1W avg (B)"}'>1W avg (B)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":120700}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩120,700</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1M avg (C)"}'>1M avg (C)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":113553}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩113,553</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Arithmatic avg D=(A+B+C)/3"}'>Arithmatic avg D=(A+B+C)/3</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":118084.2}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'>₩118,084</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Tender price E=Min(A,D)"}'><strong>Tender price E=Min(A,D)</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":118085}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'><strong>₩118,085</strong></td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DRAT"}'>Source: DRAT</td></tr>
</tbody>
</table><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="text-align: left;" data-sheets-value='{"1":2,"2":"Issue price"}'>Issue price fixation</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Close"}'>Close</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Trading vol(B)"}'>Trading volume (B)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Trading val (A)"}'>Trading value (A)</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44300}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 4. 14</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":89600}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩89,600</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":484546}' data-sheets-numberformat='[null,2,"#,##0"]'>484,546</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":42999717200}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩42,999,717,200</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44301}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 4. 15</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":91200}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩91,200</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":293437}' data-sheets-numberformat='[null,2,"#,##0"]'>293,437</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":26480660600}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩26,480,660,600</td>
</tr>
<tr>
<td data-sheets-value='{"1":3,"3":44302}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>2021. 4. 16</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":92000}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩92,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":221902}' data-sheets-numberformat='[null,2,"#,##0"]'>221,902</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":20338222700}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩20,338,222,700</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total trading val (A)"}'>Total trading value (A)</td>
<td colspan="3" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":89818600500}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩89,818,600,500</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total trading vol (B)"}'>Total trading volume (B)</td>
<td colspan="3" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":999885}' data-sheets-numberformat='[null,2,"#,##0"]'>999,885</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"VWAP (A/B)"}'>VWAP (A/B)</td>
<td colspan="3" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":89828.93}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'>₩89,829</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount"}'>Discount</td>
<td colspan="3" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='[null,3,"0.00%",1]'>0.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Issue price"}'><strong>Issue price</strong></td>
<td colspan="3" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":89829}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]'><strong>₩89,829</strong></td>
</tr>
<tr><td colspan="4" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>

The DL Holdings (000210) - DL E&amp;C (375500) tender begins today. This is an exchange offer, not a cash offer.The tender price is ₩118,085 for DL E&amp;C at an issue price of ₩89,829 for DL Holdings (000210). The swap ratio is 1.31455. You get 1.31455 Holdings shares for each DL E&amp;C share that you tender.For the tender, Holdings issues 11M new shares, which will get listed on June 3.





Overview

Type
Exchange offer


Swap ratio
1.31455


Tender originator
DL Holdings Co Ltd


- Ticker
000210


- Issue volume
11,042,246


- Issue price
₩89,829


Target company
DL E&amp;C Ord Shs


- Ticker
375500


- Tender volume
8,400,000


- % of shares outstanding
43.39%


- Shares outstanding
19,358,738


- Tender price
₩118,085


- Target value
₩991,914,000,000

Source: DART







Timetable

Announcement
2021. 3. 19


Tender offer begins
2021. 4. 21


Tender offer ends
2021. 5. 10


Payment
2021. 5. 12


Listing
2021. 6. 3

Source: DART







Tender price fixation

2021. 2. 19
₩113,500


2021. 2. 22
₩111,000


2021. 2. 23
₩110,500


2021. 2. 24
₩104,000


2021. 2. 25
₩116,500


2021. 2. 26
₩111,000


2021. 3. 2
₩109,000


2021. 3. 3
₩111,000


2021. 3. 4
₩111,500


2021. 3. 5
₩109,500


2021. 3. 8
₩107,000


2021. 3. 9
₩112,500


2021. 3. 10
₩112,000


2021. 3. 11
₩115,000


2021. 3. 12
₩118,500


2021. 3. 15
₩121,000


2021. 3. 16
₩121,000


2021. 3. 17
₩123,000


2021. 3. 18
₩120,000


Close(A)
₩120,000


1W avg (B)
₩120,700


1M avg (C)
₩113,553


Arithmatic avg D=(A+B+C)/3
₩118,084


Tender price E=Min(A,D)
₩118,085

Source: DRAT










Issue price fixation
Close
Trading volume (B)
Trading value (A)


2021. 4. 14
₩89,600
484,546
₩42,999,717,200


2021. 4. 15
₩91,200
293,437
₩26,480,660,600


2021. 4. 16
₩92,000
221,902
₩20,338,222,700


Total trading value (A)
₩89,818,600,500


Total trading volume (B)
999,885


VWAP (A/B)
₩89,829


Discount
0.00%


Issue price
₩89,829

Source: DART



DL Holdings/E&C Tender & Shorting Lurking for What Will Likely Follow

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).

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

DL Holdings Co (000210 KS)

Korean Holdcos Vs Opcos Gap Spreads Opportunities in 1Q 2023

In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023. We highlight 33 pair trades that...

Douglas Kim

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

This post looks into KOSPI 200 constituents with a potential ±5%pt free float change in the upcoming rebalancing. It then examines the extent of...

Sanghyun Park

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

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

Korea Spin-Offs: Index Treatment

LG Corp, F&F and Ecopro will be suspended from trading on 29 April due to their spin offs. Passive funds will sell stock at the close on 28 April...

Brian Freitas

DL Holdings/E&C Tender & Shorting Lurking for What Will Likely Follow

This post details the tender event between DL Holdings and DL E&C. It then examines the next group-restructuring step and explains why short...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)