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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Equity Capital Markets

HD Hyundai Infracore / Equity Capital Markets

<h2>Overview</h2><p>This is again an offering to the stockholders with forfeited shares going to a public offering. A total of 115 million new shares are issued, and the tentative issuance price is set at ₩6,950. So, the total issuance size is ₩0.8T.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Overview"}'>Overview</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Target"}'>Target</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"A public offering of forfeited shares after offering to stockholders"}'>A public offering of forfeited shares after offering to stockholders</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Transferability"}'>Transferability</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Renounceable"}'>Renounceable</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Volume"}'><strong>Offering volume</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":115107913}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>115,107,913</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Preliminary price"}'><strong>Preliminary price</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":6950}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}'><strong>₩6,950</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Preliminary value"}'><strong>Preliminary value</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":799999995350}' data-sheets-numberformat='{"1":2,"2":"[$₩-412]#,##0","3":1}' data-sheets-formula="=R[-3]C[0]*R[-1]C[0]"><strong>₩799,999,995,350</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Oversubscription privilege"}'>Oversubscription privilege</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>20.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Banker"}'>Banker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"KB, NH, KIS, Mirae Asset, Hana, Samsung, DB, Daishin, &amp; Hi"}'>KB, NH, KIS, Mirae Asset, Hana, Samsung, DB, Daishin, &amp; Hi</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Underwriting type"}'>- Underwriting type</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Standby"}'>Standby</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><div class="content-highlight"><p>The tentative issuance price of ₩6,950 was calculated based on this formula: Average [1M VWAP, 1W VWAP, 1D Close], as of September 9, 2021.</p></div><h2>Allocation</h2><p>Currently, the number of issued common stock is 79.5 million. So the capital increase rate is a whopping 144.75%, and the dilution per share is 59.14%. Since 20% is allocated to the ESOP, the allocation ratio to stockholders is <strong>1.1589273</strong>.</p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Allocation"}'>Allocation</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Offer volume"}'><strong>Offering volume</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":115107913}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[1]C[0]+R[2]C[0]"><strong>115,107,913</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Capital increase"}'>Capital increase</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.447498858082393}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-4]C[0]/R[-7]C[0]">144.75%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Dilution"}'>Dilution</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5914196255096533}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-5]C[0]/(R[-8]C[0]+R[-5]C[0])">59.14%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total shares after rights offer"}'>Total shares after rights offer</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":194629850}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[1]C[0]+R[2]C[0]">194,629,850</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"ESOP allocation"}'>ESOP allocation</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":23021582}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>23,021,582</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - %"}'>- %</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.19999999478749997}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-1]C[0]/R[-17]C[0]">20.00%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stockholder allocation"}'><strong>Stockholder allocation</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":92086331}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[-18]C[0]-R[-2]C[0]"><strong>92,086,331</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - %"}'><strong>- %</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.8000000052125}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-1]C[0]/R[-19]C[0]"><strong>80.00%</strong></td>
</tr>
<tr>
<td><strong>Per-share allocation</strong></td>
<td style="text-align: right;"><strong>1.1589273</strong></td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><h2>Schedule</h2><div>
<p>This event's schedule has pretty much nothing unusual, except for the addition of the short-selling ban period. Oh, there is one more thing. This event takes an unusually long time. We have like one and half months gap from now to the first round pricing. It is probably to avoid schedule conflict with another major rights offering, Samsung Heavy Industries, whose payment date falls on November 5th.</p>
<p>So, Doosan Infracore's first-round pricing will be November 11. And ex-rights are on November 3rd, with the subscription rights trading period falling on November 24~30. The issuer will confirm the final price on December 6th, and the listing date is December 28th.</p>
</div><table class="table table-striped">
<colgroup>
<col width="300">
<col width="300">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Schedule"}'>Schedule</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"BOD meeting"}'>BOD meeting</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44449}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 09. 10</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Preliminary pricing"}'><strong>Preliminary pricing</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44501}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'><strong>2021. 11. 01</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ex-rights date"}'><strong>Ex-rights date</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44503}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'><strong>2021. 11. 03</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date"}'>Record date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44504}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 11. 04</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Subscription rights trade beginning"}'><strong>Subscription rights trade beginning</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44524}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'><strong>2021. 11. 24</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Subscription rights trade ending"}'><strong>Subscription rights trade ending</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44530}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'><strong>2021. 11. 30</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Final pricing"}'><strong>Final pricing</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44536}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'><strong>2021. 12. 06</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stockholder subscription"}'>Stockholder subscription</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44538}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 12. 08</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Public subscription"}'>Public subscription</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44540}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 12. 10</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Payment"}'>Payment</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44546}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 12. 16</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Listing"}'>Listing</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44558}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 12. 28</td>
</tr>
<tr><td colspan="2"></td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Short restriction begins"}'><strong>Short restriction begins</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44452}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'><strong>2021. 09. 13</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Short restriction ends"}'><strong>Short restriction ends</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44533}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'><strong>2021. 12. 03</strong></td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: DART"}'><p>Source: DART</p></td></tr>
</tbody>
</table><p>The short-selling ban period is from September 13 to December 3rd. Investors who short-sell during this period cannot participate in this capital increase unless they purchase the same quantity they shorted within this period.</p><div class="content-highlight"><p>There seems to be a lot of confusion about this. According to the official documents of the FSC, it is not that only the quantity sold short during the short-selling ban period cannot participate in the rights issue. If we short-sell even one share during this period, we will be completely banned from participating in the rights issue. Then, the only exception is to buy more than the number of stocks short-sold during this period.</p></div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/229/161/original/Screen+Shot+2021-09-10+at+11.09.54+AM.png?1631287116" class="editor-image img-responsive" data-smartkarma-image-id="229161"></figure></section><h2>Pricing</h2><p>The procedure for determining the offering price is as follows, again nothing unusual here. The discount rate of this event is 20%, which is the usual discount rate for local rights offerings. Just, this is a bit less aggressive than the 15% discount rate of Samsung Heavy Industries announced last month. Given the current market liquidity, it seems to me that Doosan Infracore could have gone for a little more aggressive discount, say 15%.</p><table class="table table-striped">
<colgroup>
<col width="400">
<col width="400">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Pricing"}'>Pricing</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1st round"}'><strong>1st round</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"RP × (1 - 20%) / [1 + (144.75% × 20%)]"}' data-sheets-formula='="RP × (1 - "&amp;(R[11]C[0]*100&amp;"%")&amp;") / [1 + ("&amp;(R[12]C[0]*100&amp;"%"&amp;" × "&amp;(R[11]C[0]*100&amp;"%"&amp;")]"))'><strong>RP × (1 - 20%) / [1 + (144.75% × 20%)]</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference price (RP)"}'><strong>- Reference price (RP)</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Min [Close, Avg (Close, 1W VWAP, 1M VWAP)]"}'><strong>Min [Close, Avg (Close, 1W VWAP, 1M VWAP)]</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'><strong>- Reference date</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44501}' data-sheets-numberformat='[null,5,"yyyy\". \"mm\". \"dd",1]' data-sheets-formula="=Terms!R[41]C[0]"><strong>2021. 11. 01</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ex-rights base price"}'>Ex-rights base price</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"[RP + (1st × 144.75%)] / (1 + 144.75%)"}' data-sheets-formula='="[RP + (1st × "&amp;R[9]C[0]*100&amp;"%"&amp;")] / (1 + "&amp;R[9]C[0]*100&amp;"%"&amp;")"'>[RP + (1st × 144.75%)] / (1 + 144.75%)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference price (RP)"}'>- Reference price (RP)</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Previous close"}'>Previous close</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'>- Reference date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44503}' data-sheets-numberformat='[null,5,"yyyy\". \"mm\". \"dd",1]' data-sheets-formula="=Terms!R[39]C[0]">2021. 11. 03</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"2nd round"}'><strong>2nd round</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"RP × (1 - 20%)"}' data-sheets-formula='="RP × (1 - "&amp;(R[5]C[0]*100&amp;"%")&amp;")"'><strong>RP × (1 - 20%)</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference price (RP)"}'><strong>- Reference price (RP)</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Min [Close, Avg (Close, 1W VWAP)]"}'><strong>Min [Close, Avg (Close, 1W VWAP)]</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'><strong>- Reference date</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44536}' data-sheets-numberformat='[null,5,"yyyy\". \"mm\". \"dd",1]' data-sheets-formula="=Terms!R[40]C[0]"><strong>2021. 12. 06</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Final"}'>Final</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Max [Min (1st, 2nd), 3D VWAP × 60%]"}'>Max [Min (1st, 2nd), 3D VWAP × 60%]</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Reference date"}'>- Reference date</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44536}' data-sheets-numberformat='[null,5,"yyyy\". \"mm\". \"dd",1]' data-sheets-formula="=Terms!R[38]C[0]">2021. 12. 06</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount rate"}'><strong>Discount rate</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2}' data-sheets-numberformat='[null,3,"0.00%",1]'><strong>20.00%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Capital increase rate"}'><strong>Capital increase rate</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.4475}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=LEFT(Terms!R[11]C[0],7)*100/100"><strong>144.75%</strong></td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>

OverviewThis is again an offering to the stockholders with forfeited shares going to a public offering. A total of 115 million new shares are issued, and the tentative issuance price is set at ₩6,950. So, the total issuance size is ₩0.8T.





Overview

Target
A public offering of forfeited shares after offering to stockholders


Transferability
Renounceable


Offering volume
115,107,913


Preliminary price
₩6,950


Preliminary value
₩799,999,995,350


Oversubscription privilege
20.00%


Banker
KB, NH, KIS, Mirae Asset, Hana, Samsung, DB, Daishin, &amp; Hi


- Underwriting type
Standby

Source: DART

The tentative issuance price of ₩6,950 was calculated based on this formula: Average [1M VWAP, 1W VWAP, 1D Close], as of September 9, 2021.AllocationCurrently, the number of issued common stock is 79.5 million. So the capital increase rate is a whopping 144.75%, and the dilution per share is 59.14%. Since 20% is allocated to the ESOP, the allocation ratio to stockholders is 1.1589273.





Allocation

Offering volume
115,107,913


Capital increase
144.75%


Dilution
59.14%


Total shares after rights offer
194,629,850


ESOP allocation
23,021,582


- %
20.00%


Stockholder allocation
92,086,331


- %
80.00%


Per-share allocation
1.1589273

Source: DART

Schedule
This event's schedule has pretty much nothing unusual, except for the addition of the short-selling ban period. Oh, there is one more thing. This event takes an unusually long time. We have like one and half months gap from now to the first round pricing. It is probably to avoid schedule conflict with another major rights offering, Samsung Heavy Industries, whose payment date falls on November 5th.
So, Doosan Infracore's first-round pricing will be November 11. And ex-rights are on November 3rd, with the subscription rights trading period falling on November 24~30. The issuer will confirm the final price on December 6th, and the listing date is December 28th.






Schedule

BOD meeting
2021. 09. 10


Preliminary pricing
2021. 11. 01


Ex-rights date
2021. 11. 03


Record date
2021. 11. 04


Subscription rights trade beginning
2021. 11. 24


Subscription rights trade ending
2021. 11. 30


Final pricing
2021. 12. 06


Stockholder subscription
2021. 12. 08


Public subscription
2021. 12. 10


Payment
2021. 12. 16


Listing
2021. 12. 28



Short restriction begins
2021. 09. 13


Short restriction ends
2021. 12. 03

Source: DART

The short-selling ban period is from September 13 to December 3rd. Investors who short-sell during this period cannot participate in this capital increase unless they purchase the same quantity they shorted within this period.There seems to be a lot of confusion about this. According to the official documents of the FSC, it is not that only the quantity sold short during the short-selling ban period cannot participate in the rights issue. If we short-sell even one share during this period, we will be completely banned from participating in the rights issue. Then, the only exception is to buy more than the number of stocks short-sold during this period.PricingThe procedure for determining the offering price is as follows, again nothing unusual here. The discount rate of this event is 20%, which is the usual discount rate for local rights offerings. Just, this is a bit less aggressive than the 15% discount rate of Samsung Heavy Industries announced last month. Given the current market liquidity, it seems to me that Doosan Infracore could have gone for a little more aggressive discount, say 15%.





Pricing

1st round
RP × (1 - 20%) / [1 + (144.75% × 20%)]


- Reference price (RP)
Min [Close, Avg (Close, 1W VWAP, 1M VWAP)]


- Reference date
2021. 11. 01


Ex-rights base price
[RP + (1st × 144.75%)] / (1 + 144.75%)


- Reference price (RP)
Previous close


- Reference date
2021. 11. 03


2nd round
RP × (1 - 20%)


- Reference price (RP)
Min [Close, Avg (Close, 1W VWAP)]


- Reference date
2021. 12. 06


Final
Max [Min (1st, 2nd), 3D VWAP × 60%]


- Reference date
2021. 12. 06


Discount rate
20.00%


Capital increase rate
144.75%

Source: DART



Doosan Infracore Rights Offer Walkthrough & Thoughts on Arb Trading Setups

<h2>Regulatory filing summary</h2><p>In a regulatory filing, Doosan Infracore unveiled its plan for a capital increase of about ₩800B after the close of the market yesterday.</p><p>At the same time, Doosan Infracore conducts a par-value capital reduction without any refund. So, the par value of an ordinary stock is reduced from ₩5,000 to ₩1,000. The ratio of this capital reduction is 80%.</p><div class="content-highlight">
<p>Below is the regulatory filing at DART.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/226/111/original/Screen+Shot+2021-08-25+at+2.45.22+PM.png?1629917573" class="editor-image img-responsive" data-smartkarma-image-id="226111"></figure></section>
</div><section class="figure"><p><strong>Here are the key points of the regulatory filing:</strong></p></section><ul><li>
<strong>Capital reduction: Doosan Infracore will seek shareholder approval for the capital reduction at the extraordinary general shareholders meeting scheduled for September 10. </strong>→ A capital reduction is subject to shareholder approval at the general meeting of shareholders.</li></ul><div class="content-highlight"><p>This is a par-value capital reduction without any refund. Reducing the par value without any refund simply moves capital to earnings surplus to avoid capital impairment while the total issued shares remain unchanged. Just like the previous case of Samsung Heavy Industries, Doosan Infracore also needs this capital reduction to prevent capital impairment.</p></div><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Capital reduction details"}'>Capital reduction details</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Current"}'>Current</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"After capital reduction"}'>After capital reduction</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ordinary shares"}'><strong>Ordinary shares</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":78309228}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>78,309,228</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":78309228}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>78,309,228</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Par value"}'><strong>Par value</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"₩5,000"}'><strong>₩5,000</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"₩1,000"}'><strong>₩1,000</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Capital"}'><strong>Capital</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":391.54614}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'><strong>₩391.5B</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":78.309228}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'><strong>₩78.3B</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Record date"}'>Record date</td>
<td colspan="2" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":44481}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 10. 12</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Shareholder meeting"}'>Shareholder meeting</td>
<td colspan="2" rowspan="1" style="text-align: right;" data-sheets-value='{"1":3,"3":44449}' data-sheets-numberformat='{"1":5,"2":"yyyy. mm. dd","3":1}'>2021. 09. 10</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Trade suspension"}'>Trade suspension</td>
<td colspan="2" rowspan="1" style="text-align: right;" data-sheets-value='{"1":2,"2":"2021. 10. 08 ~ 10. 25"}'>2021. 10. 08 ~ 10. 25</td>
</tr>
<tr><td colspan="3" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><ul><li>
<strong>Doosan Infracore plans to decide on the details of a capital increase at the board of directors after obtaining shareholder approval for the capital reduction on September 10. </strong>→ A capital increase is subject to the resolution of the board of directors.</li></ul>

Regulatory filing summaryIn a regulatory filing, Doosan Infracore unveiled its plan for a capital increase of about ₩800B after the close of the market yesterday.At the same time, Doosan Infracore conducts a par-value capital reduction without any refund. So, the par value of an ordinary stock is reduced from ₩5,000 to ₩1,000. The ratio of this capital reduction is 80%.
Below is the regulatory filing at DART.

Here are the key points of the regulatory filing:
Capital reduction: Doosan Infracore will seek shareholder approval for the capital reduction at the extraordinary general shareholders meeting scheduled for September 10. → A capital reduction is subject to shareholder approval at the general meeting of shareholders.This is a par-value capital reduction without any refund. Reducing the par value without any refund simply moves capital to earnings surplus to avoid capital impairment while the total issued shares remain unchanged. Just like the previous case of Samsung Heavy Industries, Doosan Infracore also needs this capital reduction to prevent capital impairment.







Capital reduction details
Current
After capital reduction


Ordinary shares
78,309,228
78,309,228


Par value
₩5,000
₩1,000


Capital
₩391.5B
₩78.3B


Record date
2021. 10. 12


Shareholder meeting
2021. 09. 10


Trade suspension
2021. 10. 08 ~ 10. 25

Source: DART


Doosan Infracore plans to decide on the details of a capital increase at the board of directors after obtaining shareholder approval for the capital reduction on September 10. → A capital increase is subject to the resolution of the board of directors.

Yes, We Can Short Doosan Infracore for Arb Setup Even Now with Offering Pre-Announcement

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<p>After the market close today, <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a> announced that it plans to complete a rights offering worth 800 billion won, which represents nearly 70% of its current market cap of 1.15 trillion won.</p><p>This rights offering will lead to a significant share dilution risk. The company has yet to provide full details of this rights offering but it is likely that the rights offering price will be priced at least 20-25% lower than current share price. Given the huge dilution risk, we believe that shares of Doosan Infracore will likely face significant weakness in the next several days. A retrace back to the 11,000 won to 12,000 won level is likely, in our view. </p>

After the market close today, Doosan Infracore (042670 KS) announced that it plans to complete a rights offering worth 800 billion won, which represents nearly 70% of its current market cap of 1.15 trillion won.This rights offering will lead to a significant share dilution risk. The company has yet to provide full details of this rights offering but it is likely that the rights offering price will be priced at least 20-25% lower than current share price. Given the huge dilution risk, we believe that shares of Doosan Infracore will likely face significant weakness in the next several days. A retrace back to the 11,000 won to 12,000 won level is likely, in our view. 

Doosan Infracore Announces a Rights Offering Worth 70% of Its Market Cap

<div>
<p>Samsung Heavy Industries has entered a stock trading suspension from July 23 to August 9 due to the 5 to 1 capital reduction without refund.</p>
<div class="content-highlight"><p><strong>But this one is a par-value capital reduction without any refund. Only the par-value will be down from ₩5,000 to ₩1,000. So, the number of outstanding shares remains unchanged.</strong></p></div>
</div><div>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 227.273px;" data-sheets-value='{"1":2,"2":"Capital reduction "}'>Capital reduction details</td>
<td style="text-align: center; width: 227.273px;" data-sheets-value='{"1":2,"2":"Current"}'>Previous</td>
<td style="text-align: center; width: 227.273px;" data-sheets-value='{"1":2,"2":"After capital reduction"}'>After capital reduction</td>
</tr>
<tr>
<td style="width: 227.273px;" data-sheets-value='{"1":2,"2":"Ordinary shares"}'><strong>Ordinary shares</strong></td>
<td style="text-align: center; width: 227.273px;" data-sheets-value='{"1":3,"3":630000000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>630,000,000</strong></td>
<td style="text-align: center; width: 227.273px;" data-sheets-value='{"1":3,"3":630000000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong> 630,000,000</strong></td>
</tr>
<tr>
<td style="width: 227.273px;" data-sheets-value='{"1":2,"2":"Par value"}'>Par value</td>
<td style="text-align: center; width: 227.273px;" data-sheets-value='{"1":3,"3":5000}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}'>₩5,000</td>
<td style="text-align: center; width: 227.273px;" data-sheets-value='{"1":3,"3":1000}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}'>₩1,000</td>
</tr>
<tr>
<td style="width: 227.273px;" data-sheets-value='{"1":2,"2":"Capital"}'>Capital</td>
<td style="text-align: center; width: 227.273px;" data-sheets-value='{"1":3,"3":3150.574225}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=R[2]C[-3]/1000000000">3,150.6</td>
<td style="text-align: center; width: 227.273px;" data-sheets-value='{"1":3,"3":630.114845}' data-sheets-numberformat='{"1":2,"2":"#,##0.0"}' data-sheets-formula="=R[2]C[-3]/1000000000">630.1</td>
</tr>
<tr>
<td style="width: 227.273px;" data-sheets-value='{"1":2,"2":"Trade suspension"}'><strong>Trade suspension</strong></td>
<td colspan="2" style="text-align: center; width: 475.455px;" data-sheets-value='{"1":2,"2":"2021. 07. 23 ~ 08. 09"}'><strong>2021. 07. 23 ~ 08. 09</strong></td>
</tr>
<tr><td colspan="3" style="width: 723.636px;">Source: DART</td></tr>
</tbody>
</table>
<div id="ember3630" data-message-id="386335"><div><div id="ember3631"><div><div><div>
<h2><strong>Why doing it?</strong></h2>
<p>Reducing the par value but without any refund simply moves capital to earnings surplus so that Samsung Heavy can avoid capital impairment. But the total shares remain the same.</p>
</div></div></div></div></div></div>
<div id="ember3641" data-message-id="386337"><div id="ember3642"><div><div>
<div class="content-highlight"><p>Capital impairment is when the company lost its asset, so the asset is lower than the stock of a company. One way to avoid capital impairment is a reduction of capital without any compensation. (Wikipedia)</p></div>
<p><strong>Another reason Samsung Heavy is making capital reduction is that the current law doesn't allow a company to issue new shares at a price below the par value. If it has to offer new shares below the par value, it will have to obtain special approval from the court.</strong></p>
<p><strong>Samsung Heavy's last close price is ₩6,540, and the previous par value is ₩5,000. It'd be very tight to offer new shares above ₩5,000, given the usual 20% discount. So, it reduces the par value ahead of new share issuance, which the local street expects to hit the market around November.</strong></p>
</div></div></div></div>
</div>


Samsung Heavy Industries has entered a stock trading suspension from July 23 to August 9 due to the 5 to 1 capital reduction without refund.
But this one is a par-value capital reduction without any refund. Only the par-value will be down from ₩5,000 to ₩1,000. So, the number of outstanding shares remains unchanged.









Capital reduction details
Previous
After capital reduction


Ordinary shares
630,000,000
 630,000,000


Par value
₩5,000
₩1,000


Capital
3,150.6
630.1


Trade suspension
2021. 07. 23 ~ 08. 09

Source: DART



Why doing it?
Reducing the par value but without any refund simply moves capital to earnings surplus so that Samsung Heavy can avoid capital impairment. But the total shares remain the same.


Capital impairment is when the company lost its asset, so the asset is lower than the stock of a company. One way to avoid capital impairment is a reduction of capital without any compensation. (Wikipedia)
Another reason Samsung Heavy is making capital reduction is that the current law doesn't allow a company to issue new shares at a price below the par value. If it has to offer new shares below the par value, it will have to obtain special approval from the court.
Samsung Heavy's last close price is ₩6,540, and the previous par value is ₩5,000. It'd be very tight to offer new shares above ₩5,000, given the usual 20% discount. So, it reduces the par value ahead of new share issuance, which the local street expects to hit the market around November.



Samsung Heavy Industries Passive Flow Trade on Relisting, August 10

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/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/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/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <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> while there was short covering on <a href="https://www.smartkarma.com/entities/weimob-inc" target="_blank" data-smartkarma-citation="entities:27394:1" rel="noopener">Weimob Inc. (2013 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 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>, <a href="https://www.smartkarma.com/entities/nongfu-spring" target="_blank" data-smartkarma-citation="entities:28955:1" rel="noopener">Nongfu Spring (9633 HK)</a> and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>. Shorts increased in the Communication Services, Consumer Discretionary, Financials and Health Care sectors.</p></div><div><p>In Japan, stocks increased on <a href="https://www.smartkarma.com/entities/shimano-inc" target="_blank" data-smartkarma-citation="entities:3777:1" rel="noopener">Shimano Inc (7309 JP)</a>, <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive Systems (6324 JP)</a>, <a href="https://www.smartkarma.com/entities/cocokara-fine-inc" target="_blank" data-smartkarma-citation="entities:15447:1" rel="noopener">Cocokara Fine (3098 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a> and <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" data-smartkarma-citation="entities:18338:1" rel="noopener">Casio Computer (6952 JP)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/pharma-foods-international" target="_blank" data-smartkarma-citation="entities:10530:1" rel="noopener">Pharma Foods International (2929 JP)</a>, <a href="https://www.smartkarma.com/entities/sumco-corp" target="_blank" data-smartkarma-citation="entities:379:1" rel="noopener">SUMCO Corp (3436 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/showa-denko-k-k" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Showa Denko K.K. (4004 JP)</a> and <a href="https://www.smartkarma.com/entities/kobe-steel-ltd" target="_blank" data-smartkarma-citation="entities:209:1" rel="noopener">Kobe Steel Ltd (5406 JP)</a>. Shorts increased in the Consumer Discretionary, Industrials and Consumer Staples sectors while decreasing in the Health Care and Information Technology sectors.</p></div><div><p>In Korea, shorts increased 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/lg-display-co-ltd" target="_blank" data-smartkarma-citation="entities:7145:1" rel="noopener">LG Display (034220 KS)</a>, <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>, <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> and <a href="https://www.smartkarma.com/entities/pan-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:5279:1" rel="noopener">Pan Ocean (028670 KS)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/doosan-heavy-industries-construction" target="_blank" data-smartkarma-citation="entities:7389:1" rel="noopener">Doosan Heavy Industries &amp; Construction (034020 KS)</a>, <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a>, <a href="https://www.smartkarma.com/entities/gs-retail-co-ltd" target="_blank" data-smartkarma-citation="entities:3867:1" rel="noopener">GS Retail (007070 KS)</a>, <a href="https://www.smartkarma.com/entities/ncsoft-corp" target="_blank" data-smartkarma-citation="entities:5169:1" rel="noopener">NCSOFT Corp (036570 KS)</a> and <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>. </p></div><div><p>In Taiwan, shorts increased on <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/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/quanta-computer-inc" target="_blank" data-smartkarma-citation="entities:2754:1" rel="noopener">Quanta Computer (2382 TT)</a>, <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a> and <a href="https://www.smartkarma.com/entities/sitronix-technology-corp" target="_blank" data-smartkarma-citation="entities:5684:1" rel="noopener">Sitronix Technology (8016 TT)</a> while shorts covered on <a href="https://www.smartkarma.com/entities/yang-ming-marine-transport" target="_blank" data-smartkarma-citation="entities:8502:1" rel="noopener">Yang Ming Marine Transport (2609 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/silergy-corp" target="_blank" data-smartkarma-citation="entities:13998:1" rel="noopener">Silergy Corp (6415 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> and <a href="https://www.smartkarma.com/entities/chunghwa-telecom-co-ltd" target="_blank" data-smartkarma-citation="entities:9181:1" rel="noopener">Chunghwa Telecom (2412 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 Tencent (700 HK), China Merchants Bank H (3968 HK), Ping An Insurance (H) (2318 HK), Meituan (3690 HK) and Sunny Optical (2382 HK) while there was short covering on Weimob Inc. (2013 HK), Xiaomi Corp (1810 HK), JD.com Inc. (9618 HK), Nongfu Spring (9633 HK) and WuXi AppTec Co. Ltd. (2359 HK). Shorts increased in the Communication Services, Consumer Discretionary, Financials and Health Care sectors.In Japan, stocks increased on Shimano Inc (7309 JP), Harmonic Drive Systems (6324 JP), Cocokara Fine (3098 JP), Nippon Steel Corporation (5401 JP) and Casio Computer (6952 JP) while there was short covering on Pharma Foods International (2929 JP), SUMCO Corp (3436 JP), BASE Inc (4477 JP), Showa Denko K.K. (4004 JP) and Kobe Steel Ltd (5406 JP). Shorts increased in the Consumer Discretionary, Industrials and Consumer Staples sectors while decreasing in the Health Care and Information Technology sectors.In Korea, shorts increased on HMM Co., Ltd. (011200 KS), LG Display (034220 KS), SK Innovation (096770 KS), Kakao Corp (035720 KS) and Pan Ocean (028670 KS) while shorts were covered on Doosan Heavy Industries &amp; Construction (034020 KS), Doosan Infracore (042670 KS), GS Retail (007070 KS), NCSOFT Corp (036570 KS) and Samsung Biologics Co., (207940 KS). In Taiwan, shorts increased on United Microelectronics Corp (2303 TT), Novatek Microelectronics Corp (3034 TT), Quanta Computer (2382 TT), Winbond Electronics (2344 TT) and Sitronix Technology (8016 TT) while shorts covered on Yang Ming Marine Transport (2609 TT), TSMC (2330 TT), Silergy Corp (6415 TT), Yageo Corporation (2327 TT) and Chunghwa Telecom (2412 TT).

Asia Shorts: Tencent, CMB, Ping An, Weimob, WuXi, Shimano, Cocokara, HMM, Kakao, Doosan, Yang Ming

South Korea

Hyundai Doosan Infracore Co., Ltd. produces construction machinery. The Company manufactures construction equipment, industrial vehicles, diesel engines, power generators, machine tools, factory automation system, and other products, such as armored vehicles for the defense industry. Hyundai Doosan Infracore markets its products worldwide.

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HD Hyundai Infracore (042670 KS)

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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

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52-week Range

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