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

The Financial Supervisory Service (FSS) revised the securities declaration form (the IPO prospectus) and the securities issuance performance report so that institutional investors' voluntary lockup commitments can be made known to the market in more detail.<h2>As-Is</h2>To induce long-term investment in IPO stocks, the FSS operates a system that preferentially allocates IPO stocks to institutional investors who have pledged to hold them for a certain period of time after listing.However, only the total voluntary lockup of all institutional investors is disclosed in the securities declaration form and the issuance performance report. As a result, it is impossible to check the status of institutional lockup obligations by institutional type.<h2>To-Be</h2>The details of participation in the bookbuilding for each lockup commitment period should be classified by the following 6 institutional investor types in the securities declaration form (including the correction report). Also, in the securities issuance report, the allocation details of institutional investors shall be described in detail in the same way.<ol>
<li>Public offering fund (publicly raised funds)</li>
<li>Brokerages</li>
<li>Pensions, funds managing proprietary assets, banks, and insurance companies</li>
<li>Local other: discretionary investment companies, savings banks, real estate trust companies, capital companies, and leasing companies</li>
<li>Foreign institutional investors (with transaction record): foreign institutional investors who have a business relationship with the underwriter or of whom the underwriter acquirer is aware of the identity</li>
<li>Foreign institutional investors (without transaction record)</li>
</ol>

The Financial Supervisory Service (FSS) revised the securities declaration form (the IPO prospectus) and the securities issuance performance report so that institutional investors' voluntary lockup commitments can be made known to the market in more detail.As-IsTo induce long-term investment in IPO stocks, the FSS operates a system that preferentially allocates IPO stocks to institutional investors who have pledged to hold them for a certain period of time after listing.However, only the total voluntary lockup of all institutional investors is disclosed in the securities declaration form and the issuance performance report. As a result, it is impossible to check the status of institutional lockup obligations by institutional type.To-BeThe details of participation in the bookbuilding for each lockup commitment period should be classified by the following 6 institutional investor types in the securities declaration form (including the correction report). Also, in the securities issuance report, the allocation details of institutional investors shall be described in detail in the same way.
Public offering fund (publicly raised funds)
Brokerages
Pensions, funds managing proprietary assets, banks, and insurance companies
Local other: discretionary investment companies, savings banks, real estate trust companies, capital companies, and leasing companies
Foreign institutional investors (with transaction record): foreign institutional investors who have a business relationship with the underwriter or of whom the underwriter acquirer is aware of the identity
Foreign institutional investors (without transaction record)


Korea IPO Lockup Allocation Disclosure Rule Change: Starting with SD Biosensor & Krafton

Event-Driven

LG Energy Solutions is finally going public. But, of course, the listing has been a known fact since last December, when LG Chem separated the battery business division and made LG Energy Solutions a 100% subsidiary.LG Energy Solution applied for a preliminary IPO review on June 9. A preliminary review typically takes 45 days. It then takes about 15 days for a listing applicant to publish an IPO prospectus after receiving approval. So, we should see an IPO prospectus in early August, suggesting a listing in early or mid-September.<div class="content-highlight">Then, it is necessary to look at the change in constituent stocks of ETFs containing LG Chem. In other words, among the ETFs containing LG Chem, it is necessary to know how and when to replace LG Chem with LG Energy Solution.</div>

LG Energy Solutions is finally going public. But, of course, the listing has been a known fact since last December, when LG Chem separated the battery business division and made LG Energy Solutions a 100% subsidiary.LG Energy Solution applied for a preliminary IPO review on June 9. A preliminary review typically takes 45 days. It then takes about 15 days for a listing applicant to publish an IPO prospectus after receiving approval. So, we should see an IPO prospectus in early August, suggesting a listing in early or mid-September.Then, it is necessary to look at the change in constituent stocks of ETFs containing LG Chem. In other words, among the ETFs containing LG Chem, it is necessary to know how and when to replace LG Chem with LG Energy Solution.

LG Energy Solution IPO: Local Battery Index Treatments (KRX & FnGuide Response)

South Korea

LG Energy Solution produces and sells batteries. The Company manufactures and sells automobile batteries, small batteries, energy storage system batteries, and other products. LG Energy Solution markets its products worldwide.

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LG Energy Solution (373220 KS)

Korea IPO Lockup Allocation Disclosure Rule Change: Starting with SD Biosensor & Krafton

The Financial Supervisory Service revised the IPO prospectus form and the securities issuance performance report so that institutional lockup data...

Sanghyun Park

LG Energy Solution IPO: Local Battery Index Treatments (KRX & FnGuide Response)

This post investigates how and when the local secondary battery indices will add LG Energy Solution after listing. I directly inquired both the KRX...

Sanghyun Park

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