Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>In the earnings conference today, NCsoft stated that the company plans to launch a blockchain, NFT based game in 2022, which was the biggest highlight in the earnings conference call.</li>
<li>NCsoft reported slightly worse than expected results in 3Q 2021. Despite these results, the market chose to focus on NCsoft's push into the blockchain, NFT based games. </li>
<li>The entire Korean game industry could be re-rated in the coming weeks, bolstered by the ability to capture new markets and customers through the blockchain, NFT based games. </li>
</ul>


In the earnings conference today, NCsoft stated that the company plans to launch a blockchain, NFT based game in 2022, which was the biggest highlight in the earnings conference call.
NCsoft reported slightly worse than expected results in 3Q 2021. Despite these results, the market chose to focus on NCsoft's push into the blockchain, NFT based games. 
The entire Korean game industry could be re-rated in the coming weeks, bolstered by the ability to capture new markets and customers through the blockchain, NFT based games. 


NCsoft - Launch of Blockchain, NFT Based Game [Re-Rating of the Entire Game Sector in Korea?]

Event-Driven

<h2>M&amp;A of Lionheart Studio by Kakao Games Corp </h2>In this insight, we discuss the increasing likelihood of an IPO of Lionheart Studio post its controlling stake purchase by <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a>.  Kakao Games first made its investment in Lionheart Studio in May 2020 and the partnership between the two companies started in August 2018. On 1 November, <a href="https://pulsenews.co.kr/view.php?year=2021&amp;no=1033976" target="_blank" rel="noopener">Kakao Games</a> announced that it will acquire an additional 30.37% stake in Lionheart Studio Corp, raising its total stake to 52%.Lionheart Studio is well known for its blockbuster mobile game Odin: Valhalla Rising which was launched in Korea in June 2021 and it was ranked as the top grossing mobile game for 18 weeks in a row at Apple and Google Play app stores in Korea. Kakao Games Corp's subsidiary Kakao Games Europe B.V. will acquire a 30.37% stake in Lionheart Studio by paying 450 billion won for this stake. Lionheart Studio is now valued at 1.5 trillion won. The upfront payment for this acquisition will be made on November 23, 2021. The final acquisition amount will be finalized after Lionheart Studio provides its final business performance through June 30, 2022. Overall, we believe that this M&amp;A of Lionheart Studio and the potential IPO of Lionheart Studio will likely have a positive impact on Kakao Games Corp shares as the company's Odin: Valhalla Rising mobile game has been so successful in reaching top market share for mobile games in Korea.

M&amp;A of Lionheart Studio by Kakao Games Corp In this insight, we discuss the increasing likelihood of an IPO of Lionheart Studio post its controlling stake purchase by Kakao Games Corp (293490 KS).  Kakao Games first made its investment in Lionheart Studio in May 2020 and the partnership between the two companies started in August 2018. On 1 November, Kakao Games announced that it will acquire an additional 30.37% stake in Lionheart Studio Corp, raising its total stake to 52%.Lionheart Studio is well known for its blockbuster mobile game Odin: Valhalla Rising which was launched in Korea in June 2021 and it was ranked as the top grossing mobile game for 18 weeks in a row at Apple and Google Play app stores in Korea. Kakao Games Corp's subsidiary Kakao Games Europe B.V. will acquire a 30.37% stake in Lionheart Studio by paying 450 billion won for this stake. Lionheart Studio is now valued at 1.5 trillion won. The upfront payment for this acquisition will be made on November 23, 2021. The final acquisition amount will be finalized after Lionheart Studio provides its final business performance through June 30, 2022. Overall, we believe that this M&amp;A of Lionheart Studio and the potential IPO of Lionheart Studio will likely have a positive impact on Kakao Games Corp shares as the company's Odin: Valhalla Rising mobile game has been so successful in reaching top market share for mobile games in Korea. 

M&A and IPO of Lionheart Studio & Put Option Clause for Its Executives - Impact on Kakao Games

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Epic Games’ Fortnite will be shutting down in China on the 15th of November after a two-year testing period. This is a good sign to us that China’s gaming sector is now a structural short. It also increases the probability of our call that Epic may not need Tencent as a shareholder anymore being realised in some form or the other.

Epic Games’ Fortnite will be shutting down in China on the 15th of November after a two-year testing period. This is a good sign to us that China’s gaming sector is now a structural short. It also increases the probability of our call that Epic may not need Tencent as a shareholder anymore being realised in some form or the other.

Tencent – Fortnite Is Punching Out and You Should Too

In this insight, we discuss the end of lock-up periods for <a href="https://www.smartkarma.com/entities/hyundai-heavy-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:33808:1" rel="noopener">Hyundai Heavy Industries (329180 KS)</a>, <a href="https://www.smartkarma.com/entities/sk-ie-technology" target="_blank" data-smartkarma-citation="entities:29207:1" rel="noopener">SK IE Technology (361610 KS)</a>,<a href="https://www.smartkarma.com/entities/krafton-inc" target="_blank" data-smartkarma-citation="entities:28956:1" rel="noopener"> Krafton Inc (259960 KS)</a>, and <a href="https://www.smartkarma.com/entities/kakaobank-corp" target="_blank" data-smartkarma-citation="entities:33501:1" rel="noopener">KakaoBank (323410 KS)</a> in 4Q 2021 and 1Q 2022. <ul>
<li>In particular, there are lock up periods ending for these four stocks in November and December.</li>
<li>There are also end of lock-up periods for Krafton and Kakao Bank in early February 2022.</li>
<li>Typically, investors tend to focus on the end of the lock-up periods in Korea about 1-2 months ahead of the actual end of these lock-up periods.</li>
</ul>In addition to analyzing the end of these lock-up periods, we analyze the recent shorts balance of these stocks in recent weeks. <hr><ul>
<li>Although Kakao Bank's share price has performed well since the IPO (up 54% from IPO price), its share price is down 22% from the end of the one month lock-up period. The amount of shares that could be sold after the end of the three months and six months lock-up periods are much bigger (18.3 million shares combined) as compared to the 3.1 million shares that could be sold after the one month lock-up period. Therefore, there are continued concerns about additional selling of Kakao Bank shares in November (after the end of the three months lock-up period).</li>
<li>
Krafton's share price has not performed well after the IPO (down 2% from the IPO price of 498,000 won). With the upcoming end of the 3 month lock-up period, there could be continued negative pressure for additional selling from the existing shareholders.</li>
</ul>

In this insight, we discuss the end of lock-up periods for Hyundai Heavy Industries (329180 KS), SK IE Technology (361610 KS), Krafton Inc (259960 KS), and KakaoBank (323410 KS) in 4Q 2021 and 1Q 2022. 
In particular, there are lock up periods ending for these four stocks in November and December.
There are also end of lock-up periods for Krafton and Kakao Bank in early February 2022.
Typically, investors tend to focus on the end of the lock-up periods in Korea about 1-2 months ahead of the actual end of these lock-up periods.
In addition to analyzing the end of these lock-up periods, we analyze the recent shorts balance of these stocks in recent weeks. 
Although Kakao Bank's share price has performed well since the IPO (up 54% from IPO price), its share price is down 22% from the end of the one month lock-up period. The amount of shares that could be sold after the end of the three months and six months lock-up periods are much bigger (18.3 million shares combined) as compared to the 3.1 million shares that could be sold after the one month lock-up period. Therefore, there are continued concerns about additional selling of Kakao Bank shares in November (after the end of the three months lock-up period).

Krafton's share price has not performed well after the IPO (down 2% from the IPO price of 498,000 won). With the upcoming end of the 3 month lock-up period, there could be continued negative pressure for additional selling from the existing shareholders.


End of Lock-Ups for Kakao Bank, Krafton, SK IET, & HHI in 4Q 2021 and Increasing Short Volumes

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.

Below is the lockup release schedule and volume of noteworthy KOSPI stocks from this week to the end of next month.<div class="content-highlight">This time around, there are quite a few stocks with significant volume releases among the top stocks by market cap. These are the large-cap stocks (a market cap of ₩10T or higher) that deserve our special attention:</div><ul>
<li><a href="https://www.smartkarma.com/entities/shinhan-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:6978:1" rel="noopener">Shinhan Financial (055550 KS)</a></li>
<li><a href="https://www.smartkarma.com/entities/kakaobank-corp" target="_blank" data-smartkarma-citation="entities:33501:1" rel="noopener">KakaoBank (323410 KS)</a></li>
<li>
<a href="https://www.smartkarma.com/entities/krafton-inc" target="_blank" data-smartkarma-citation="entities:28956:1" rel="noopener"> Krafton Inc (259960 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/sk-ie-technology" target="_blank" data-smartkarma-citation="entities:29207:1" rel="noopener">SK IE Technology (361610 KS)</a> </li>
</ul><table class="table table-striped">
<colgroup>
<col width="200">
<col width="100">
<col width="100">
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<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Major lockup releases"}'>Major lockup releases</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":"Release date"}'>Release date</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"% of SO"}'>% of SO</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Market cap"}'>Market cap</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SK Rent A Car"}'>SK Rent A Car</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"068400"}' data-sheets-formula='="068400"'>068400</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44488}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 10. 19</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.24362472994029502}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[2]/googlefinance(R[0]C[-2], "shares")'>24.36%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.572158664}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[0]C[-3], "price")*googlefinance(R[0]C[-3], "shares")/1000000000000'>₩0.57T</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Shinhan Financial Group"}'>Shinhan Financial Group</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"055550"}' data-sheets-formula='="055550"'>055550</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44489}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 10. 20</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.07574532284632983}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[2]/googlefinance(R[0]C[-2], "shares")'>7.57%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":20.147382606}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[0]C[-3], "price")*googlefinance(R[0]C[-3], "shares")/1000000000000'>₩20.15T</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Kakao Bank"}'>Kakao Bank</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":323410}'>323410</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44506}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 11. 08</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.03207744137580803}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[2]/googlefinance(R[0]C[-2], "shares")'>4.27%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":28.5535242437}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[0]C[-3], "price")*googlefinance(R[0]C[-3], "shares")/1000000000000'>₩28.55T</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Lotte Chilsung Beverage"}'>Lotte Chilsung Beverage</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"005300"}' data-sheets-formula='="005300"'>005300</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44509}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 11. 09</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1056161495283269}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[2]/googlefinance(R[0]C[-2], "shares")'>10.56%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1.456784788}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[0]C[-3], "price")*googlefinance(R[0]C[-3], "shares")/1000000000000'>₩1.46T</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Krafton"}'>Krafton</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":259960}'>259960</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44510}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 11. 10</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.05515669660006972}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[2]/googlefinance(R[0]C[-2], "shares")'>8.27%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":23.1295577625}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[0]C[-3], "price")*googlefinance(R[0]C[-3], "shares")/1000000000000'>₩23.13T</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SK IE Technology"}'>SK IE Technology</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":361610}'>361610</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44511}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 11. 11</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.7000236417521647}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[2]/googlefinance(R[0]C[-2], "shares")'>70.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":13.796084052}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[0]C[-3], "price")*googlefinance(R[0]C[-3], "shares")/1000000000000'>₩13.80T</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Kyung Dong Navien"}'>Kyung Dong Navien</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"009450"}' data-sheets-formula='="009450"'>009450</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44517}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 11. 17</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.06394834737624341}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[2]/googlefinance(R[0]C[-2], "shares")'>6.39%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.889749342}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[0]C[-3], "price")*googlefinance(R[0]C[-3], "shares")/1000000000000'>₩0.89T</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Hanjin Transportation"}'>Hanjin Transportation</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"002320"}' data-sheets-formula='="002320"'>002320</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44519}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 11. 19</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.03947114552221931}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[2]/googlefinance(R[0]C[-2], "shares")'>3.95%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.5291460312}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[0]C[-3], "price")*googlefinance(R[0]C[-3], "shares")/1000000000000'>₩0.53T</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Meritz Fire &amp; Marine Insurance Co Ltd"}'>Meritz Fire &amp; Marine Insurance</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"000060"}' data-sheets-formula='="000060"'>000060</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44527}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 11. 27</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.05761658031088083}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[2]/googlefinance(R[0]C[-2], "shares")'>5.76%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3.50415625}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[0]C[-3], "price")*googlefinance(R[0]C[-3], "shares")/1000000000000'>₩3.50T</td>
</tr>
<tr>
<td data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;T'way Air Co Ltd&quot;}">T'way Air</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"091810"}' data-sheets-formula='="091810"'>091810</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44528}' data-sheets-numberformat='{"1":5,"2":"yyyy\". \"mm\". \"dd","3":1}'>2021. 11. 28</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.016133377130316148}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[2]/googlefinance(R[0]C[-2], "shares")'>1.61%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.44021781321}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.00T","3":1}' data-sheets-formula='=googlefinance(R[0]C[-3], "price")*googlefinance(R[0]C[-3], "shares")/1000000000000'>₩0.44T</td>
</tr>
<tr><td colspan="5" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table>

Below is the lockup release schedule and volume of noteworthy KOSPI stocks from this week to the end of next month.This time around, there are quite a few stocks with significant volume releases among the top stocks by market cap. These are the large-cap stocks (a market cap of ₩10T or higher) that deserve our special attention:
Shinhan Financial (055550 KS)
KakaoBank (323410 KS)

 Krafton Inc (259960 KS) 

SK IE Technology (361610 KS) 










Major lockup releases
Ticker
Release date
% of SO
Market cap


SK Rent A Car
068400
2021. 10. 19
24.36%
₩0.57T


Shinhan Financial Group
055550
2021. 10. 20
7.57%
₩20.15T


Kakao Bank
323410
2021. 11. 08
4.27%
₩28.55T


Lotte Chilsung Beverage
005300
2021. 11. 09
10.56%
₩1.46T


Krafton
259960
2021. 11. 10
8.27%
₩23.13T


SK IE Technology
361610
2021. 11. 11
70.00%
₩13.80T


Kyung Dong Navien
009450
2021. 11. 17
6.39%
₩0.89T


Hanjin Transportation
002320
2021. 11. 19
3.95%
₩0.53T


Meritz Fire &amp; Marine Insurance
000060
2021. 11. 27
5.76%
₩3.50T


T'way Air
091810
2021. 11. 28
1.61%
₩0.44T

Source: KRX



KOSPI Major Lockup Releases: Kakao Bank, Krafton, SKIET, & Shinhan Financial

South Korea

HYBE Co., Ltd. operates as an entertainment company. The Company provides music production, album distribution, entertainers management, publicity, planning, training, and other services. HYBE also makes television shows.

Netmarble Corporation develops and publishes mobile games. The Company develops and publishes casual games, action, sports games, strategy, simulation games, and social casino games. Netmarble offers services worldwide.

Pearl Abyss Corp. operates as a computer games making company. The Company offers games development, games exporting, and other services. Pearl Abyss serves customers worldwide.

Kakao Games Corp. operates as a multiply platform gaming company. The Company provides mobile games, computer games, virtual reality games, and other related products. Kakao Games markets its products worldwide.

SK Telecom Co., Ltd. is a Korean mobile and telecommunications operator. The Company provides cellular voice, wireless data, and wireless internet services. SK Telecom also offers fixed line services and platform services.

KT Corporation provides telecommunication services including local, long distance, and international calling, satellite communication, data transmission, and wireless telephone services in South Korea.  The Company also offers network portal and high-speed Internet access services using asymmetric digital subscriber lines (ADSLs).

LG Uplus Corp., an affiliate of LG Group, provides a wide range of personal communications services (PCS) using code division multiple access (CDMA) technology.  The Company offers call forwarding, call and data transfer, call waiting, voice mail, Internet-phone, prepaid call, and authentication text-to-speech (TTS) services.

LS Cable & System Asia Ltd. provides and offers cable products.  The Company manufactures and markets electric and telecommunication cables, head transmission lines, voltage cables and industrial specialty cables for the energy, infrastructure, construction, automotive, railway, telecommunication and electronics industries.

KINX INC is the Internet linkage and line adapter service providing firm.  The Company provides IX and Internet Data Center service to the network service providers to reduce the traffic and to contruct Internet infrastructure.  KINX also provides VoIP service.

Sejong Telecom, Inc. develops and provides various telecom service.  The Company's main service include international phone call, Internet phone call, and long distance call.

Endeavor Group Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers entertainment content, as well as specializes in marketing and licensing, representation, and event management. Endeavor Group Holdings serves customers worldwide.

Roku, Inc. designs and manufactures consumer electronic products. The Company offers wireless enabled devices that stream audio and video content from the internet to home entertainment systems. Roku serves customers globally.

Kunlun Tech Co., Ltd. offers comprehensive Internet value-added services. The Company focuses on social network interactive and online game fields. Kunlun Tech also provides localized translation outsourcing and agency advertising services.

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

China Ruyi Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on online streaming video and internet community businesses. China Ruyi Holdings also manufactures and sells photographic, electronic, and multimedia accessories.

37 Interactive Entertainment Network Technology Group Co.,Ltd designs, develops, and operates mobile games and web games. The Company also provides game promotion, customer service, top-up payment, and other services. 37 Interactive Entertainment Network Technology Group conducts its businesses in China.

37 Interactive Entertainment N (002555 CH)

Lions Gate Entertainment Corporation develops and distributes film entertainment contents. The Company produces motion pictures, television programming, animation, and digital media. Lions Gate Entertainment serves customers worldwide.

World Wrestling Entertainment, Inc. operates as a media and entertainment company. The Company offers live wrestling events, television programming, music publishing, advertising, licensing, and home video streaming services. World Wrestling distributes its programs worldwide in various languages.

AMC Entertainment Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides theatrical exhibition, movie screening, food distribution, online ticket booking, and other related services. AMC Entertainment offers movie theaters worldwide.

Saregama India Limited manufactures, sells and deals in Audio Cassettes, CD's and DVDs, which they market in India, Europe, the USA, Canada, the Caribbean Islands and South Africa. The Group's range of music encompasses both new and old Hindi films, regional films, ghazals, classical, Indipop and International. Saregama also has a film business, which produces films and TV serials.

Krafton, Inc. operates as a game development company. The Company develops console games, mobile games, computer games, and other related products. Krafton markets its products throughout South Korea.

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Krafton (259960 KS)

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