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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

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

Event-Driven

<p>From today, September 10, it will be possible to short sell Kakao Bank and Krafton.</p><div class="content-highlight"><p><strong>Both Kakao Bank and Krafton have rapidly increased their loan balances over the past few days. This should be due to the increase in loan transactions in line with the start date of the short sale.</strong></p></div><p>As of yesterday, Kakao Bank's loan balance was 4,336,765 shares. This represents <strong>0.91%</strong> of the total number of outstanding shares. Although the ratio of the loan balance to SO is not yet high, it is worth paying attention to the recent rate of increase. In particular, since local ETFs/index funds that have completed KOSPI 200 rebalancing trading will enter the loan transaction market from now on, the current growth rate is highly likely to be maintained for the time being.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/980/original/image_94683396021631210485211.png?1631210485" class="editor-image img-responsive" data-smartkarma-image-id="228980"></figure><p>Krafton's situation is no different. There has been a sharp increase in recent days. As of yesterday, the loan balance is 528,702, which is <strong>1.08%</strong> of the outstanding shares. Similarly, stocks owned by local ETFs/index funds, which have completed KOSPI 200 rebalancing trading, will also flow in for Krafton. Hence, an increase in loan balance is unavoidable for the time being.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/981/original/image_74455773731631210911666.png?1631210912" class="editor-image img-responsive" data-smartkarma-image-id="228981"></figure>

From today, September 10, it will be possible to short sell Kakao Bank and Krafton.Both Kakao Bank and Krafton have rapidly increased their loan balances over the past few days. This should be due to the increase in loan transactions in line with the start date of the short sale.As of yesterday, Kakao Bank's loan balance was 4,336,765 shares. This represents 0.91% of the total number of outstanding shares. Although the ratio of the loan balance to SO is not yet high, it is worth paying attention to the recent rate of increase. In particular, since local ETFs/index funds that have completed KOSPI 200 rebalancing trading will enter the loan transaction market from now on, the current growth rate is highly likely to be maintained for the time being.Krafton's situation is no different. There has been a sharp increase in recent days. As of yesterday, the loan balance is 528,702, which is 1.08% of the outstanding shares. Similarly, stocks owned by local ETFs/index funds, which have completed KOSPI 200 rebalancing trading, will also flow in for Krafton. Hence, an increase in loan balance is unavoidable for the time being.

Short-Selling Kakao Bank & Krafton Begins Today: Here Are Some Data Worth Checking

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.

Equity Bottom-Up

<p>We said a couple of weeks ago that the restrictions on the gaming sector imposed by China were far more severe than the market reaction indicated. However, our view was mostly a call on the long-term impact of the gaming time restrictions on minors. The latest updates suggest that even the short-term outlook could get dire fast.</p>

We said a couple of weeks ago that the restrictions on the gaming sector imposed by China were far more severe than the market reaction indicated. However, our view was mostly a call on the long-term impact of the gaming time restrictions on minors. The latest updates suggest that even the short-term outlook could get dire fast.

China Gaming Restrictions Redux – Market Seems to Be in Denial

<p>Below are KOSPI stocks that will see lockup releases in September. Four of these stocks have recently gone public.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
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<col width="100">
<col width="100">
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<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Name"}'>Name</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Share type"}'>Share type</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":"Release volume"}'>Release volume</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"% of SO"}'>% of SO</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ottogi Corp"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Ottogi Corp</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"007310"}' data-sheets-formula='="007310"'>007310</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'>Ordinary</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44464}' data-sheets-numberformat='[null,5,"yyyy. mm. dd",1]'>2021. 09. 25</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":66744}' data-sheets-numberformat='[null,2,"#,##0",1]'>66,744</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.018176564639087185}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/googlefinance(R[0]C[-4], "shares")'>1.82%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Ajusteel Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>Ajusteel</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"139990"}' data-sheets-formula='="139990"'><strong>139990</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'><strong>Ordinary</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44459}' data-sheets-numberformat='[null,5,"yyyy. mm. dd",1]'><strong>2021. 09. 20</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2507518}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=sum('139990'!R[12]C[0]:R[18]C[0])+'139990'!R[24]C[0]"><strong>2,507,518</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.09479434764359199}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/googlefinance(R[0]C[-4], "shares")'><strong>9.48%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Y2 Solution Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Y2 Solution</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"011690"}' data-sheets-formula='="011690"'>011690</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'>Ordinary</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44458}' data-sheets-numberformat='[null,5,"yyyy. mm. dd",1]'>2021. 09. 19</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":59000000}' data-sheets-numberformat='[null,2,"#,##0",1]'>59,000,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.40071820384082696}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/googlefinance(R[0]C[-4], "shares")'>40.07%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"SK Bioscience Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>SK Bioscience</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"302440"}' data-sheets-formula='="302440"'><strong>302440</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'><strong>Ordinary</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44457}' data-sheets-numberformat='[null,5,"yyyy. mm. dd",1]'><strong>2021. 09. 18</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":56298100}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="='302440'!R[4]C[0]+'302440'!R[8]C[0]"><strong>56,298,100</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.7359228758169934}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/googlefinance(R[0]C[-4], "shares")'><strong>73.59%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Krafton Inc"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>Krafton</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"259960"}' data-sheets-formula='="259960"'><strong>259960</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'><strong>Ordinary</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44449}' data-sheets-numberformat='[null,5,"yyyy. mm. dd",1]'><strong>2021. 09. 10</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2137478}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=sum('259960'!R[18]C[0]:R[19]C[0])+'259960'!R[25]C[0]"><strong>2,137,478</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0436652687167866}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/googlefinance(R[0]C[-4], "shares")'><strong>4.37%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Krafton Inc"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'><strong>Krafton</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"259960"}' data-sheets-formula='="259960"'><strong>259960</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'><strong>Ordinary</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44448}' data-sheets-numberformat='[null,5,"yyyy. mm. dd",1]'><strong>2021. 09. 09</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":90000}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>90,000</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0018385565533356573}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/googlefinance(R[0]C[-4], "shares")'><strong>0.18%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Kakao Bank"}'><strong>Kakao Bank</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"323410"}' data-sheets-formula='="323410"'><strong>323410</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Ordinary"}'><strong>Ordinary</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44445}' data-sheets-numberformat='[null,5,"yyyy. mm. dd",1]'><strong>2021. 09. 06</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3141600}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="='323410'!R[13]C[0]"><strong>3,141,600</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.006612499332430348}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=R[0]C[-1]/googlefinance(R[0]C[-4], "shares")'><strong>0.66%</strong></td>
</tr>
<tr><td colspan="6" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX KIND"}'>Source: KRX KIND</td></tr>
</tbody>
</table><hr><div class="content-highlight"><p><strong>In the DETAIL section below, let's take a look at the flow of the 4 recently listed stocks this month one by one.</strong></p></div>

Below are KOSPI stocks that will see lockup releases in September. Four of these stocks have recently gone public.










Name
Ticker
Share type
Release date
Release volume
% of SO


Ottogi Corp
007310
Ordinary
2021. 09. 25
66,744
1.82%


Ajusteel
139990
Ordinary
2021. 09. 20
2,507,518
9.48%


Y2 Solution
011690
Ordinary
2021. 09. 19
59,000,000
40.07%


SK Bioscience
302440
Ordinary
2021. 09. 18
56,298,100
73.59%


Krafton
259960
Ordinary
2021. 09. 10
2,137,478
4.37%


Krafton
259960
Ordinary
2021. 09. 09
90,000
0.18%


Kakao Bank
323410
Ordinary
2021. 09. 06
3,141,600
0.66%

Source: KRX KIND

In the DETAIL section below, let's take a look at the flow of the 4 recently listed stocks this month one by one.

September Lockup Releases on KOSPI: Looking at Each Stock's Flow Situation

<p>As shown below, KRX BBIG consists of one mother index and four sub-indices. That is, a total of five individual indices each have their own ETF.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 248.991px;" data-sheets-value='{"1":2,"2":"Index calculations"}'>Index calculations</td>
<td style="width: 191.989px;" data-sheets-value='{"1":2,"2":"BBIG"}'>BBIG (the mother index)</td>
<td style="width: 305.028px;" data-sheets-value='{"1":2,"2":"Four sub-indices"}'>
<div>Four sub-indices</div>
<div>: Secondary Battery, Bio, Internet, &amp; Game</div>
</td>
</tr>
<tr>
<td style="width: 248.991px;" data-sheets-value='{"1":2,"2":"Number of constituents"}'>Number of constituents</td>
<td style="width: 191.989px;" data-sheets-value='{"1":3,"3":12}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>12</td>
<td style="width: 305.028px;" data-sheets-value='{"1":3,"3":10}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'>10</td>
</tr>
<tr>
<td colspan="1" rowspan="2" style="width: 248.991px;" data-sheets-value='{"1":2,"2":"Index weight"}'><div>Index weight</div></td>
<td colspan="1" rowspan="2" style="width: 191.989px;" data-sheets-value='{"1":2,"2":"Equal-weighted at 8.33%"}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'><div>Equal-weighted at 8.33%</div></td>
<td colspan="1" rowspan="2" style="width: 305.028px;" data-sheets-value='{"1":2,"2":"Top 3 (by full market cap): Equal-weighted at 25%\nThe remaining 7: float-adjusted market cap-weighted totaling 25%"}' data-sheets-numberformat='{"1":2,"2":"#,##0"}'><div>Top 3 (by full market cap): Equal-weighted at 25%<br>The remaining 7: float-adjusted market-cap-weighted totaling 25%</div></td>
</tr>
<tr></tr>
<tr><td colspan="3" rowspan="1" style="width: 746.008px;" data-sheets-value='{"1":2,"2":"Source: KRX &amp; WISE Index"}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B"}'>Source: KRX &amp; WISE Index</td></tr>
</tbody>
</table><p>It is important to note that these indices consist of only 10 to 12 stocks. <strong>In addition, futures of the KRX BBIG mother index and two sub-indices (Secondary Battery and Bio) have been listed and operated since July of this year.</strong></p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/227/980/original/Screen+Shot+2021-09-05+at+3.22.23+AM.png?1630829541" class="editor-image img-responsive" data-smartkarma-image-id="227980"></figure></section><div class="content-highlight">
<p><strong>Hence, these indices provide relatively suitable conditions for ETF arbitrage.</strong></p>
<ul>
<li><strong>In other words, we can aim for arbitrage using an ETF/NAV disparity. In particular, in Korea, we get tax-free benefits (no transaction tax) when selling ETFs.</strong></li>
<li><strong>For this reason, if a disparity rises above -0.25% (equivalent to transaction tax rate), we can consider a classic ETF arb setup.</strong></li>
<li><strong>We buy underlying securities and undergo ETF creation and redemption in the primary and then sell ETFs in the secondary market.</strong></li>
</ul>
</div>

As shown below, KRX BBIG consists of one mother index and four sub-indices. That is, a total of five individual indices each have their own ETF.







Index calculations
BBIG (the mother index)

Four sub-indices
: Secondary Battery, Bio, Internet, &amp; Game



Number of constituents
12
10


Index weight
Equal-weighted at 8.33%
Top 3 (by full market cap): Equal-weighted at 25% The remaining 7: float-adjusted market-cap-weighted totaling 25%


Source: KRX &amp; WISE Index

It is important to note that these indices consist of only 10 to 12 stocks. In addition, futures of the KRX BBIG mother index and two sub-indices (Secondary Battery and Bio) have been listed and operated since July of this year.
Hence, these indices provide relatively suitable conditions for ETF arbitrage.

In other words, we can aim for arbitrage using an ETF/NAV disparity. In particular, in Korea, we get tax-free benefits (no transaction tax) when selling ETFs.
For this reason, if a disparity rises above -0.25% (equivalent to transaction tax rate), we can consider a classic ETF arb setup.
We buy underlying securities and undergo ETF creation and redemption in the primary and then sell ETFs in the secondary market.



ETF Arbitrage Using KRX BBIG New Deal Is on the Rise

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<blockquote><p><a href="https://twitter.com/TimSweeneyEpic/status/1432647669864878083?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1432647669864878083%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.pcgamer.com%2Fsouth-korea-passes-law-with-major-implications-for-apple-vs-epic%2F" target="_blank" rel="noopener">Korea</a> is first in open platforms! Korea has rejected digital commerce monopolies and recognized open platforms as a right. This marks a major milestone in the 45-year history of personal computing. It began in Cupertino, but the forefront today is in Seoul. (Tim Sweeney - Founder of Epic Games)</p></blockquote><p>In a landmark case (an amendment of the Telecommunications Business Act), the <a href="https://www.wsj.com/articles/google-apple-hit-in-south-korea-by-worlds-first-law-ending-their-dominance-over-app-store-payments-11630403335" target="_blank" rel="noopener">Korean government</a> announced on 31 August that Google and Apple will need to open their app stores to alternative payment systems in South Korea. This change in regulation is likely to negatively impact Google and Apple's lucrative commissions on digital sales.</p><p>A new bill was passed by the Korean National Assembly on 31 August which will significantly reduce Google and Apple's dominance of digital sales on their app platforms. The final step is for President Moon to sign this bill but it is almost a near certainty that he will sign this bill. The following are the major companies/sectors that could benefit from the change in law:</p><ul>
<li><strong><a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a></strong></li>
<li><strong><a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a></strong></li>
<li><strong>Korean Telcos</strong></li>
<li><strong>Korean Game Companies</strong></li>
<li><strong>Korean Entertainment/Music/Movies/Drama Companies </strong></li>
</ul>

Korea is first in open platforms! Korea has rejected digital commerce monopolies and recognized open platforms as a right. This marks a major milestone in the 45-year history of personal computing. It began in Cupertino, but the forefront today is in Seoul. (Tim Sweeney - Founder of Epic Games)In a landmark case (an amendment of the Telecommunications Business Act), the Korean government announced on 31 August that Google and Apple will need to open their app stores to alternative payment systems in South Korea. This change in regulation is likely to negatively impact Google and Apple's lucrative commissions on digital sales.A new bill was passed by the Korean National Assembly on 31 August which will significantly reduce Google and Apple's dominance of digital sales on their app platforms. The final step is for President Moon to sign this bill but it is almost a near certainty that he will sign this bill. The following are the major companies/sectors that could benefit from the change in law:
Naver Corp (035420 KS)
Kakao Corp (035720 KS)
Korean Telcos
Korean Game Companies
Korean Entertainment/Music/Movies/Drama Companies 


Korean Government Forces Google & Apple To Open Their App Stores to Alternative Payments

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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