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

<ul>
<li>The acquisition will be carried out through a third-party allocation rights offering. DSME will issue 104M new shares, solely allocated to Hanwha's six affiliates, which will own a combined 49.3%</li>
<li>This DSME acquisition will likely raise Hanwha's holding ratio, potentially to more than 50%. What preemptive measures Hanwha will take will likely become a noteworthy subject from an investment perspective.</li>
<li>Hanwha Aerospace and Hanwha Systems will likely proceed with a capital increase. As their current cash capacity is quite limited, liquidity concerns will likely be raised in the market.</li>
</ul>


The acquisition will be carried out through a third-party allocation rights offering. DSME will issue 104M new shares, solely allocated to Hanwha's six affiliates, which will own a combined 49.3%
This DSME acquisition will likely raise Hanwha's holding ratio, potentially to more than 50%. What preemptive measures Hanwha will take will likely become a noteworthy subject from an investment perspective.
Hanwha Aerospace and Hanwha Systems will likely proceed with a capital increase. As their current cash capacity is quite limited, liquidity concerns will likely be raised in the market.


A Detailed Summary of Hanwha's DSME Acquisition Deal

<ul>
<li>Hanwha Group announced another large-scale reorganization directly involving Hanwha Corp, Hanwha Aerospace, and Hanwha Impact. Several deal contracts arise, two of which require shareholder approval. However, none grants appraisal rights.</li>
<li>The market responded quite positively to this. Direct parties to the reorganization were Hanwha Corp and Hanwha Aerospace, up 7.83% and 19.93%, respectively, on Friday.</li>
<li>This event has little room for event trading for its size. We have no choice but to approach this event with outright momentum trading, which inevitably increases the risk-reward ratio.</li>
</ul>


Hanwha Group announced another large-scale reorganization directly involving Hanwha Corp, Hanwha Aerospace, and Hanwha Impact. Several deal contracts arise, two of which require shareholder approval. However, none grants appraisal rights.
The market responded quite positively to this. Direct parties to the reorganization were Hanwha Corp and Hanwha Aerospace, up 7.83% and 19.93%, respectively, on Friday.
This event has little room for event trading for its size. We have no choice but to approach this event with outright momentum trading, which inevitably increases the risk-reward ratio.


Compact Summary of Hanwha Group Reorganization

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

Korea Aerospace Industries / Equity Bottom-Up

<ul>
<li>On 29 March, Hanwha Asset Management launched the first local stocks-focused, aerospace &amp; UAM (Urban Air Mobility) themed ETF named ‘ARIRANG iSelect Aerospace &amp; UAM ETF’.</li>
<li>The share prices of the 18 stocks included in this ETF are up on average 6% YTD, outperforming KOSPI which is down 7.8% in the same period.</li>
<li>As of 30 March, iSelect Aerospace &amp; UAM ETF had a market cap of 10.1 billion won which is likely to increase much higher in the coming months. </li>
</ul>


On 29 March, Hanwha Asset Management launched the first local stocks-focused, aerospace &amp; UAM (Urban Air Mobility) themed ETF named ‘ARIRANG iSelect Aerospace &amp; UAM ETF’.
The share prices of the 18 stocks included in this ETF are up on average 6% YTD, outperforming KOSPI which is down 7.8% in the same period.
As of 30 March, iSelect Aerospace &amp; UAM ETF had a market cap of 10.1 billion won which is likely to increase much higher in the coming months. 


First Local Aerospace & UAM (Urban Air Mobility) ETF in Korea

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<p>Headline Developments Every week there’s a new deal (or regulation) in gaming.  The Steam Deck, the Epic vs Apple case, China’s regulatory crackdowns (triggering a Tencent and Netease collapse).  Acquisitions ramp up every week (this week alone saw Roblox buy Discord competitor Guilded and Swedish game Holdco Embracer Group snap up three new developers).</p>

Headline Developments Every week there’s a new deal (or regulation) in gaming.  The Steam Deck, the Epic vs Apple case, China’s regulatory crackdowns (triggering a Tencent and Netease collapse).  Acquisitions ramp up every week (this week alone saw Roblox buy Discord competitor Guilded and Swedish game Holdco Embracer Group snap up three new developers).

<h2>Subscription</h2><p>Hanwha Systems will issue a total of 78,689,000 shares in this capital increase. It got a total of 73,626,614 subscriptions with an oversubscription of 10,950,101, making the final subscription rate 107.48% with no forfeited share for a public subscription.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" style="width: 726.008px;" data-sheets-value='{"1":2,"2":"Subscription"}'>Subscription</td></tr>
<tr>
<td style="width: 352.5px;" data-sheets-value='{"1":2,"2":"Offering"}'>Offering</td>
<td style="text-align: right; width: 352.514px;" data-sheets-value='{"1":3,"3":78689000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>78,689,000 shares</td>
</tr>
<tr>
<td style="width: 352.5px;" data-sheets-value='{"1":2,"2":"Main subscription"}'>Subscription</td>
<td style="text-align: right; width: 352.514px;" data-sheets-value='{"1":3,"3":73626614}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=11736139+61890475">73,626,614 shares</td>
</tr>
<tr>
<td style="width: 352.5px;"> - ESOP</td>
<td style="text-align: right; width: 352.514px;">11,736,139 shares</td>
</tr>
<tr>
<td style="width: 352.5px;"> - Stockholders</td>
<td style="text-align: right; width: 352.514px;">61,890,475 shares</td>
</tr>
<tr>
<td style="width: 352.5px;" data-sheets-value='{"1":2,"2":"Over-subscription"}'>Over-subscription</td>
<td style="text-align: right; width: 352.514px;" data-sheets-value='{"1":3,"3":10950101}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>10,950,101 shares</td>
</tr>
<tr>
<td style="width: 352.5px;"><strong>- Allocation per over-subscription</strong></td>
<td style="text-align: right; width: 352.514px;"><strong>0.4623140918 share</strong></td>
</tr>
<tr>
<td style="width: 352.5px;" data-sheets-value='{"1":2,"2":"- Final subscription rate"}'><strong>Final subscription rate</strong></td>
<td style="text-align: right; width: 352.514px;" data-sheets-value='{"1":3,"3":1.0748225927385022}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=(R[-3]C[0]+R[-2]C[0])/R[-4]C[0]"><strong>107.48%</strong></td>
</tr>
<tr><td colspan="2" style="width: 726.008px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><h2>Shares outstanding</h2><p>This is a massive offering at a capital increase rate of 71.39%. Accordingly, the total number of shares increased from 110,230,389 to 188,919,389. The stock dilution ratio for existing shareholders is 41.65%.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Shares outstanding"}'>Shares outstanding</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Offering"}'>Offering</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":78689000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[-9]C[0]">78,689,000 shares</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Capital increase"}'><strong>Capital increase</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.7138594058667433}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-1]C[0]/R[2]C[0]"><strong>71.39%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Dilution"}'>Dilution</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.41652156730191414}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[-2]C[0]/(R[-2]C[0]+R[1]C[0])">41.65%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Shares outstanding before the offering"}'>Shares outstanding before the offering</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":110230389}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>110,230,389 shares</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Shares outstanding after the offering"}'><strong>Shares outstanding after the offering</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":188919389}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[-4]C[0]+R[-1]C[0]"><strong>188,919,389 shares</strong></td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><h2>Float adjustment</h2><p>The major shareholders, Hanwha Aerospace and H Solution, announced their participation in this capital increase through <a href="http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20210607000001" target="_blank" rel="noopener">a regulatory filing</a>. Their majority shareholding has declined slightly. But the free-float rate has also dropped slightly due to an increase in the shares owned by the ESOP.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 217.273px;" data-sheets-value='{"1":2,"2":"Float adjustment"}'>Float adjustment</td>
<td style="text-align: right; width: 143.878px;" data-sheets-value='{"1":2,"2":"Before the offering"}'>Before the offering</td>
<td style="text-align: right; width: 88.5795px;" data-sheets-value='{"1":2,"2":"%"}'>%</td>
<td style="text-align: right; width: 103.665px;" data-sheets-value='{"1":2,"2":"After the offering"}'>After the offering</td>
<td style="text-align: right; width: 88.6364px;" data-sheets-value='{"1":2,"2":"%"}'>%</td>
</tr>
<tr>
<td style="width: 217.273px;" data-sheets-value='{"1":2,"2":"Hanwha Aerospace"}'><strong>Hanwha Aerospace</strong></td>
<td style="text-align: right; width: 143.878px;" data-sheets-value='{"1":3,"3":54000000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>54,000,000</strong></td>
<td style="text-align: right; width: 88.5795px;" data-sheets-value='{"1":3,"3":0.48988305756591316}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R15C2"><strong>48.99%</strong></td>
<td style="text-align: right; width: 103.665px;" data-sheets-value='{"1":3,"3":88289321}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[0]C[-2]+34289321"><strong>88,289,321</strong></td>
<td style="text-align: right; width: 88.6364px;" data-sheets-value='{"1":3,"3":0.4673385906409003}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R16C2"><strong>46.73%</strong></td>
</tr>
<tr>
<td style="width: 217.273px;" data-sheets-value='{"1":2,"2":"H Solution"}'><strong>H Solution</strong></td>
<td style="text-align: right; width: 143.878px;" data-sheets-value='{"1":3,"3":14785550}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>14,785,550</strong></td>
<td style="text-align: right; width: 88.5795px;" data-sheets-value='{"1":3,"3":0.13413315632951273}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R15C2"><strong>13.41%</strong></td>
<td style="text-align: right; width: 103.665px;" data-sheets-value='{"1":3,"3":24174187}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[0]C[-2]+9388637"><strong>24,174,187</strong></td>
<td style="text-align: right; width: 88.6364px;" data-sheets-value='{"1":3,"3":0.1279603280952809}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R16C2"><strong>12.80%</strong></td>
</tr>
<tr>
<td style="width: 217.273px;" data-sheets-value='{"1":2,"2":"Special affiliated persons"}'>Special affiliated persons</td>
<td style="text-align: right; width: 143.878px;" data-sheets-value='{"1":3,"3":37617}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=15601+10708+11308">37,617</td>
<td style="text-align: right; width: 88.5795px;" data-sheets-value='{"1":3,"3":0.00034125798104549915}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R15C2">0.03%</td>
<td style="text-align: right; width: 103.665px;" data-sheets-value='{"1":3,"3":59482}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=24669+17881+16932">59,482</td>
<td style="text-align: right; width: 88.6364px;" data-sheets-value='{"1":3,"3":0.00031485386605818424}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R16C2">0.03%</td>
</tr>
<tr>
<td style="width: 217.273px;" data-sheets-value='{"1":2,"2":"Executives"}'>Executives</td>
<td style="text-align: right; width: 143.878px;" data-sheets-value='{"1":3,"3":36514}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>36,514</td>
<td style="text-align: right; width: 88.5795px;" data-sheets-value='{"1":3,"3":0.0003312516659992917}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R15C2">0.03%</td>
<td style="text-align: right; width: 103.665px;" data-sheets-value='{"1":3,"3":36514}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[0]C[-2]">36,514</td>
<td style="text-align: right; width: 88.6364px;" data-sheets-value='{"1":3,"3":0.00019327820290589655}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R16C2">0.02%</td>
</tr>
<tr>
<td style="width: 217.273px;" data-sheets-value='{"1":2,"2":"ESOP"}'>ESOP</td>
<td style="text-align: right; width: 143.878px;" data-sheets-value='{"1":3,"3":2916933}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>2,916,933</td>
<td style="text-align: right; width: 88.5795px;" data-sheets-value='{"1":3,"3":0.026462149199165032}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R15C2">2.65%</td>
<td style="text-align: right; width: 103.665px;" data-sheets-value='{"1":3,"3":14653072}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[0]C[-2]+11736139">14,653,072</td>
<td style="text-align: right; width: 88.6364px;" data-sheets-value='{"1":3,"3":0.07756256294053544}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R16C2">7.76%</td>
</tr>
<tr>
<td style="width: 217.273px;" data-sheets-value='{"1":2,"2":"Treasury shares"}'>Treasury shares</td>
<td style="text-align: right; width: 143.878px;" data-sheets-value='{"1":3,"3":1926128}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>1,926,128</td>
<td style="text-align: right; width: 88.5795px;" data-sheets-value='{"1":3,"3":0.017473656924135505}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R15C2">1.75%</td>
<td style="text-align: right; width: 103.665px;" data-sheets-value='{"1":3,"3":1926128}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[0]C[-2]">1,926,128</td>
<td style="text-align: right; width: 88.6364px;" data-sheets-value='{"1":3,"3":0.01019550195559864}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R16C2">1.02%</td>
</tr>
<tr>
<td style="width: 217.273px;" data-sheets-value='{"1":2,"2":"- Non-float"}'><strong>- Non-float</strong></td>
<td style="text-align: right; width: 143.878px;" data-sheets-value='{"1":3,"3":73702742}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=sum(R[-6]C[0]:R[-1]C[0])"><strong>73,702,742</strong></td>
<td style="text-align: right; width: 88.5795px;" data-sheets-value='{"1":3,"3":0.6686245296657712}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R15C2"><strong>66.86%</strong></td>
<td style="text-align: right; width: 103.665px;" data-sheets-value='{"1":3,"3":129138704}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=sum(R[-6]C[0]:R[-1]C[0])"><strong>129,138,704</strong></td>
<td style="text-align: right; width: 88.6364px;" data-sheets-value='{"1":3,"3":0.6835651157012793}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R16C2"><strong>68.36%</strong></td>
</tr>
<tr>
<td style="width: 217.273px;" data-sheets-value='{"1":2,"2":"Free-float"}'><strong>Free-float</strong></td>
<td style="text-align: right; width: 143.878px;" data-sheets-value='{"1":3,"3":36527647}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[-12]C[0]-R[-1]C[0]"><strong>36,527,647</strong></td>
<td style="text-align: right; width: 88.5795px;" data-sheets-value='{"1":3,"3":0.3313754703342288}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R15C2"><strong>33.14%</strong></td>
<td style="text-align: right; width: 103.665px;" data-sheets-value='{"1":3,"3":59780685}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}' data-sheets-formula="=R[-11]C[-2]-R[-1]C[0]"><strong>59,780,685</strong></td>
<td style="text-align: right; width: 88.6364px;" data-sheets-value='{"1":3,"3":0.31643488429872063}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula="=R[0]C[-1]/R16C2"><strong>31.64%</strong></td>
</tr>
<tr><td colspan="5" rowspan="1" style="width: 726.008px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><h2>Remaining schedule</h2><p>The public subscription scheduled for June 4 is canceled. The payment date is June 9, and the first trading day is June 21. In other words, you can sell new shares from June 21, two trading days ahead of the listing day. Lastly, the listing date is June 23.</p><div><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":"Timetable"}'>Remaining schedule</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Public subscription"}'>Public subscription</td>
<td data-sheets-value='{"1":3,"3":44351}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>June 8 (Canceled)</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Payment"}'>Payment</td>
<td data-sheets-value='{"1":3,"3":44356}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'>June 11</td>
</tr>
<tr>
<td><strong>First trading day</strong></td>
<td><strong>June 21</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Listing"}'><strong>Listing</strong></td>
<td data-sheets-value='{"1":3,"3":44369}' data-sheets-numberformat='{"1":5,"2":"yyyy. m. d","3":1}'><strong>June 23</strong></td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table></div></div>

SubscriptionHanwha Systems will issue a total of 78,689,000 shares in this capital increase. It got a total of 73,626,614 subscriptions with an oversubscription of 10,950,101, making the final subscription rate 107.48% with no forfeited share for a public subscription.





Subscription

Offering
78,689,000 shares


Subscription
73,626,614 shares


 - ESOP
11,736,139 shares


 - Stockholders
61,890,475 shares


Over-subscription
10,950,101 shares


- Allocation per over-subscription
0.4623140918 share


Final subscription rate
107.48%

Source: DART

Shares outstandingThis is a massive offering at a capital increase rate of 71.39%. Accordingly, the total number of shares increased from 110,230,389 to 188,919,389. The stock dilution ratio for existing shareholders is 41.65%.





Shares outstanding

Offering
78,689,000 shares


Capital increase
71.39%


Dilution
41.65%


Shares outstanding before the offering
110,230,389 shares


Shares outstanding after the offering
188,919,389 shares

Source: DART

Float adjustmentThe major shareholders, Hanwha Aerospace and H Solution, announced their participation in this capital increase through a regulatory filing. Their majority shareholding has declined slightly. But the free-float rate has also dropped slightly due to an increase in the shares owned by the ESOP.









Float adjustment
Before the offering
%
After the offering
%


Hanwha Aerospace
54,000,000
48.99%
88,289,321
46.73%


H Solution
14,785,550
13.41%
24,174,187
12.80%


Special affiliated persons
37,617
0.03%
59,482
0.03%


Executives
36,514
0.03%
36,514
0.02%


ESOP
2,916,933
2.65%
14,653,072
7.76%


Treasury shares
1,926,128
1.75%
1,926,128
1.02%


- Non-float
73,702,742
66.86%
129,138,704
68.36%


Free-float
36,527,647
33.14%
59,780,685
31.64%

Source: DART

Remaining scheduleThe public subscription scheduled for June 4 is canceled. The payment date is June 9, and the first trading day is June 21. In other words, you can sell new shares from June 21, two trading days ahead of the listing day. Lastly, the listing date is June 23.





Remaining schedule

Public subscription
June 8 (Canceled)


Payment
June 11


First trading day
June 21


Listing
June 23

Source: DART



Hanwha Systems Offering: SO/Float Changes & Index Treatment

South Korea

Hanwha Systems Co., Ltd. designs, develops, and distributes high-tech systems for the defense industry. The Company manufactures tactical communication systems, radar systems, naval combat systems, electro-optics, and fire control systems. Hanwha Systems markets its products throughout South Korea.

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Hanwha Systems Co Ltd (272210 KS)

A Detailed Summary of Hanwha's DSME Acquisition Deal

This post details the terms, shareholdings, and schedule of Hanwha's DSME acquisition deal and touches on the thinking points from a trading...

Sanghyun Park

Compact Summary of Hanwha Group Reorganization

This post compactly summarizes the large-scale reorganization of Hanwha Group, directly involving Hanwha Corp, Hanwha Aerospace, and Hanwha Impact.

Sanghyun Park

First Local Aerospace & UAM (Urban Air Mobility) ETF in Korea

On 29 March, Hanwha Asset Management launched the first local stocks-focused, aerospace & UAM (Urban Air Mobility) themed ETF named ‘ARIRANG...

Douglas Kim

Weekly Innovation Review (WIRE) #45

Headline Developments Every week there’s a new deal (or regulation) in gaming. The Steam Deck, the Epic vs Apple case, China’s regulatory...

Granite Bay Capital

Hanwha Systems Offering: SO/Float Changes & Index Treatment

This post looks into the changes in the SO/float and KOSPI 200 index treatments for Hanwha Systems due to the recent capital increase.

Sanghyun Park

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