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>Samsung C&amp;T's sigma on a 20-day moving average fell to -2.39 compared to the synthetic subsidiary composed of Samsung Electronics and Samsung Biologics.</p><p><strong>The price ratio of C&amp;T to Synthetic has fallen more than 10% from its recent high set on June 1. It fell more than 20% from its 180-day high.</strong></p><table class="table table-striped">
<colgroup>
<col width="70">
<col width="70">
</colgroup>
<tbody>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Samsung C&amp;T Corp"}' data-sheets-numberformat='[null,4,"[$₩]#,##0"]' data-sheets-formula="=R[-79]C[-2]">Samsung C&amp;T Corp</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Current sigma on a 20-day moving average"}'><strong>Current sigma on a 20-day moving average</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-2.385035927743196}' data-sheets-numberformat='{"1":2,"2":"#,##0.00","3":1}' data-sheets-formula='=indirect("$B"&amp;R[8]C[0])'><strong>-2.39σ</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV discount"}'>NAV discount</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6298336136482073}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=indirect("B"&amp;R[8]C[0])'>62.98%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Current price ratio"}'><strong>Current price ratio</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.931951778897188}' data-sheets-numberformat='{"1":2,"2":"#,##0.00000","3":1}' data-sheets-formula='=indirect("$E"&amp;R[7]C[0])'><strong>0.93195</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%Δ to 180-day mean"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}'><strong>%Δ to 180-day mean</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.07227514742080654}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=indirect("$B"&amp;R[6]C[0])'><strong>-7.23%</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%Δ to 180-day high"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}'>%Δ to 180-day high</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-0.2003193960709481}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=indirect("$C"&amp;R[5]C[0])'>-20.03%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"%Δ to 180-day low"}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0"}'>%Δ to 180-day low</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.005954457918006556}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}' data-sheets-formula='=indirect("$D"&amp;R[4]C[0])'>0.60%</td>
</tr>
<tr><td colspan="2" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><p>As a result, Samsung C&amp;T's discount to NAV has risen to 63%. Over 60% is the highest discount rate in recent years.</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":"NAV"}' data-sheets-note="Sang Hyun Park: Cases when a company's net cash position and the value of its publically traded interests are worth more than its market cap create the opportunity of a stub trade, in which investors can take a view that the company's core business will rise by shorting the minority stakes whilst going long the underlying. Such an opportunity has arisen in the wake of the Alibaba listing which has seen early investing company Yahoo trade at a discount to the value of its stake in Alibaba.">NAV</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of listed holdings"}'>Value of listed holdings</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":51151.44069780985}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=SUM(R[34]C[2]:R[43]C[2])">₩51,151.4B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - % of Holdco market cap"}'>- % of Holdco market cap</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2.1382999205367192}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-1]C[0]/((R[-12]C[0]*R[-15]C[0])/1000000000)">213.83%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of unlisted holdings"}'>Value of unlisted holdings</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2528.254}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=SUM(R[42]C[2])">₩2,528.3B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stub value"}'>Stub value</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-29758.14832980985}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=(R[-14]C[0]*R[-17]C[0]/1000000000)-R[-3]C[0]-R[-1]C[0]">-₩29,758.1B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Stub value per share"}'>Stub value per share</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-159230.6336563192}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]*1000000000/R[-18]C[0]">-₩159,231</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of operating assets"}'>Value of operating assets</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":2782}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=SUM(R[60]C[2])">₩2,782.0B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GAV"}'>GAV</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":56461.69469780985}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=R[-6]C[0]+R[-4]C[0]+R[-1]C[0]">₩56,461.7B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"GAV per share"}'>GAV per share</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":345406.6886469266}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]/R[-11]C[0]*1000000000">₩345,407</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount to GAV (excl. treasury shares)"}'>Discount to GAV (excl. treasury shares)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6294223470268663}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-1]C[0]-R[-19]C[0])/R[-1]C[0]">62.94%</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Holdco net cash/debt (de-consolidated)"}'>Holdco net cash/debt (de-consolidated)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":268.6}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=R[57]C[2]">₩268.6B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Value of pref shares"}'>Value of pref shares</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":205.8692625}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=(R[-20]C[0]*R[-17]C[0])/1000000000">₩205.9B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV"}'><strong>NAV</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":56524.42543530985}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula="=R[-5]C[0]+R[-2]C[0]-R[-1]C[0]"><strong>₩56,524.4B</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"NAV per share (excl. treasury shares)"}'><strong>NAV per share (excl. treasury shares)</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":345790.4464571061}' data-sheets-numberformat='[null,2,"[$₩-412]#,##0",1]' data-sheets-formula="=R[-1]C[0]/R[-16]C[0]*1000000000"><strong>₩345,790</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Discount to NAV"}'><strong>Discount to NAV</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.6298336136482073}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=(R[-1]C[0]-R[-24]C[0])/R[-1]C[0]"><strong>62.98%</strong></td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX &amp; DART","6":1}'>Source: KRX &amp; DART</td></tr>
</tbody>
</table>

Samsung C&amp;T's sigma on a 20-day moving average fell to -2.39 compared to the synthetic subsidiary composed of Samsung Electronics and Samsung Biologics.The price ratio of C&amp;T to Synthetic has fallen more than 10% from its recent high set on June 1. It fell more than 20% from its 180-day high.





Samsung C&amp;T Corp

Current sigma on a 20-day moving average
-2.39σ


NAV discount
62.98%


Current price ratio
0.93195


%Δ to 180-day mean
-7.23%


%Δ to 180-day high
-20.03%


%Δ to 180-day low
0.60%

Source: KRX

As a result, Samsung C&amp;T's discount to NAV has risen to 63%. Over 60% is the highest discount rate in recent years.





NAV

Value of listed holdings
₩51,151.4B


- % of Holdco market cap
213.83%


Value of unlisted holdings
₩2,528.3B


Stub value
-₩29,758.1B


Stub value per share
-₩159,231


Value of operating assets
₩2,782.0B


GAV
₩56,461.7B


GAV per share
₩345,407


Discount to GAV (excl. treasury shares)
62.94%


Holdco net cash/debt (de-consolidated)
₩268.6B


Value of pref shares
₩205.9B


NAV
₩56,524.4B


NAV per share (excl. treasury shares)
₩345,790


Discount to NAV
62.98%

Source: KRX &amp; DART



KODEX Samsung Group ETF & Samsung C&T Stub's Harsh Discount

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Equity Bottom-Up

<section class="figure">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/214/158/original/1.png?1624239576" class="editor-image img-responsive" data-smartkarma-image-id="214158"></figure>
</section>
<p>I just read the book <a href="https://www.amazon.com/Samsung-Rising-Inside-Korean-Conquer-ebook/dp/B07T9WTTZC/ref=sr_1_1?dchild=1&amp;keywords=samsung+rising&amp;qid=1623743594&amp;sr=8-1" target="_blank" data-saferedirecturl="https://www.google.com/url?q=https://www.amazon.com/Samsung-Rising-Inside-Korean-Conquer-ebook/dp/B07T9WTTZC/ref%3Dsr_1_1?dchild%3D1%26keywords%3Dsamsung%2Brising%26qid%3D1623743594%26sr%3D8-1&amp;source=gmail&amp;ust=1624323969123000&amp;usg=AFQjCNGC2aiiwDMsNjEfaxR0gESTgnBzqg" rel="noopener">Samsung Rising</a> by Geoffrey Cain and found it enlightening.</p>
<p>Samsung is a unique company: one of the best brand names to ever come out of East Asia.</p>
<p>This post will give you a brief history of how Samsung made the journey from a post-war trading company to an international technology giant. I will then describe where Samsung is today and where it could be heading in the future.</p>




I just read the book Samsung Rising by Geoffrey Cain and found it enlightening.
Samsung is a unique company: one of the best brand names to ever come out of East Asia.
This post will give you a brief history of how Samsung made the journey from a post-war trading company to an international technology giant. I will then describe where Samsung is today and where it could be heading in the future.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<p>The KRX will announce the results of the September review of the BBIG indices in August and the changes will become effective after the close of trading on 9 September.</p><p>The BBIG (secondary <strong>B</strong>attery, <strong>B</strong>io, <strong>I</strong>nternet and <strong>G</strong>aming sectors) indices were launched late last year. ETFs were subsequently launched on the 5 indices and the BBIG ETF and the Secondary Battery ETF have gathered a significant amount of assets since then.</p><p>At the September rebalance we expect the following changes:</p><ul>
<li>Secondary Battery ETF: <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> replaces <a href="https://www.smartkarma.com/entities/chunbo-co-ltd" target="_blank" data-smartkarma-citation="entities:27848:1" rel="noopener">Chunbo Co Ltd (278280 KS)</a>
</li>
<li>Bio ETF: <a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> joins the index and the top 3 stocks. This moves <a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals Co Ltd (326030 KS)</a> to the plus group; <a href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:12476:1" rel="noopener">Hanmi Pharm (128940 KS)</a> joins the index and <a href="https://www.smartkarma.com/entities/seegene-inc" target="_blank" data-smartkarma-citation="entities:11483:1" rel="noopener">Seegene Inc (096530 KS)</a> and <a href="https://www.smartkarma.com/entities/green-cross-corp" target="_blank" data-smartkarma-citation="entities:2969:1" rel="noopener">Green Cross (006280 KS)</a> are deleted.</li>
<li>Internet ETF: <a href="https://www.smartkarma.com/entities/kg-inicis-co-ltd" target="_blank" data-smartkarma-citation="entities:5234:1" rel="noopener">KG Inicis Co Ltd (035600 KS)</a> replaces <a href="https://www.smartkarma.com/entities/rsupport-co-ltd" target="_blank" data-smartkarma-citation="entities:14783:1" rel="noopener">Rsupport Co Ltd (131370 KS)</a> </li>
<li>Game ETF: <a href="https://www.smartkarma.com/entities/devsisters-co-ltd" target="_blank" data-smartkarma-citation="entities:14096:1" rel="noopener">Devsisters (194480 KS)</a> replaces <a href="https://www.smartkarma.com/entities/neptune-company" target="_blank" data-smartkarma-citation="entities:28826:1" rel="noopener">Neptune Company (217270 KS)</a>.</li>
<li>BBIG ETF: <a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> replaces <a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals Co Ltd (326030 KS)</a> </li>
</ul><p>There could be more interesting changes if <a href="https://www.smartkarma.com/entities/krafton-inc" target="_blank" data-smartkarma-citation="entities:28956:1" rel="noopener"> Krafton Inc (1486402D KS)</a> lists before end July as expected.</p><p>The first rebalance of the index took place in February this year and the inclusions outperformed the exclusions by nearly 8% between announcement of the changes and implementation. So this rebalance is something worth looking at.</p>

The KRX will announce the results of the September review of the BBIG indices in August and the changes will become effective after the close of trading on 9 September.The BBIG (secondary Battery, Bio, Internet and Gaming sectors) indices were launched late last year. ETFs were subsequently launched on the 5 indices and the BBIG ETF and the Secondary Battery ETF have gathered a significant amount of assets since then.At the September rebalance we expect the following changes:
Secondary Battery ETF: SK IE Technology (361610 KS) replaces Chunbo Co Ltd (278280 KS)

Bio ETF: SK Bioscience (302440 KS) joins the index and the top 3 stocks. This moves SK Biopharmaceuticals Co Ltd (326030 KS) to the plus group; Hanmi Pharm (128940 KS) joins the index and Seegene Inc (096530 KS) and Green Cross (006280 KS) are deleted.
Internet ETF: KG Inicis Co Ltd (035600 KS) replaces Rsupport Co Ltd (131370 KS) 
Game ETF: Devsisters (194480 KS) replaces Neptune Company (217270 KS).
BBIG ETF: SK Bioscience (302440 KS) replaces SK Biopharmaceuticals Co Ltd (326030 KS) 
There could be more interesting changes if  Krafton Inc (1486402D KS) lists before end July as expected.The first rebalance of the index took place in February this year and the inclusions outperformed the exclusions by nearly 8% between announcement of the changes and implementation. So this rebalance is something worth looking at.

KRX BBIG Index Rebalance Preview: Worth a Look

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<div class="content-highlight"><p>According to the KRX, it plans to launch new indices which would include the top 10 stocks in KOSPI including <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>. The name of this index is expected to be called <strong>KOSPI 200 Top 10.</strong> There will also be 2x levered indices based off the KOSPI 200 Top 10 index. These indices will be catered for those investors that are interested in the highest market cap companies within KOSPI 200.</p></div><p>Currently, the top 10 constitutents of the KOSPI 200 Top 10 Index will be expected to be composed of the following:</p><ol>
<li>
<a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/kia-motors-corp" target="_blank" data-smartkarma-citation="entities:156:1" rel="noopener">Kia Motors Corp (000270 KS)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-mobis-co-ltd" target="_blank" data-smartkarma-citation="entities:6089:1" rel="noopener">Hyundai Mobis (012330 KS)</a> </li>
</ol>

According to the KRX, it plans to launch new indices which would include the top 10 stocks in KOSPI including Samsung Electronics (005930 KS). The name of this index is expected to be called KOSPI 200 Top 10. There will also be 2x levered indices based off the KOSPI 200 Top 10 index. These indices will be catered for those investors that are interested in the highest market cap companies within KOSPI 200.Currently, the top 10 constitutents of the KOSPI 200 Top 10 Index will be expected to be composed of the following:

Samsung Electronics (005930 KS) 

SK Hynix (000660 KS) 

LG Chem Ltd (051910 KS) 

Naver Corp (035420 KS) 

Hyundai Motor Co (005380 KS) 

Samsung SDI (006400 KS) 

Celltrion Inc (068270 KS) 

Kakao Corp (035720 KS) 

Kia Motors Corp (000270 KS) 

Hyundai Mobis (012330 KS) 


KRX Plans to Launch a New Index Called 'KOSPI 200 Top 10'

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Pharmaron Beijing   / Equity Capital Markets

<p>Joint Global coordinators aim to raise around US$125m via selling shares in Pharmaron in order to aid certain convertible bond investors to hedge their exposure.</p><p><span>Our previous coverage on Pharmaron</span></p><div><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/pharmaron-a-h-listing-a-leading-drug-discovery-company" target="_blank" rel="noopener">Pharmaron (康龙化成) A+H Listing: A Leading Drug Discovery Company</a></li>
<li><a href="https://www.smartkarma.com/insights/pharmaron-a-h-listing-3q2019-numbers-and-thoughts-on-valuation" target="_blank" rel="noopener">Pharmaron (康龙化成) A+H Listing: 3Q2019 Numbers and Thoughts on Valuation</a></li>
</ul></div><div>
<ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/pharmaron-a-h-decent-h-a-discount-and-cornerstone-line-up" target="_blank" rel="noopener">Pharmaron (康龙化成) A+H: Decent H/​A Discount and Cornerstone Line-Up</a></li>
<li><a href="https://www.smartkarma.com/insights/pharmaron-a-h-allocation-and-thoughts-on-trading" target="_blank" rel="noopener">Pharmaron (康龙化成) A+H: Allocation and Thoughts on Trading</a></li>
</ul>
<p>In this note, we will run the deal through our ECM framework and talk about the deal dynamics.</p>
</div>

Joint Global coordinators aim to raise around US$125m via selling shares in Pharmaron in order to aid certain convertible bond investors to hedge their exposure.Our previous coverage on Pharmaron
Pharmaron (康龙化成) A+H Listing: A Leading Drug Discovery Company
Pharmaron (康龙化成) A+H Listing: 3Q2019 Numbers and Thoughts on Valuation


Pharmaron (康龙化成) A+H: Decent H/​A Discount and Cornerstone Line-Up
Pharmaron (康龙化成) A+H: Allocation and Thoughts on Trading

In this note, we will run the deal through our ECM framework and talk about the deal dynamics.


Pharmaron Placement - Strong Track Record

South Korea

Samsung Biologics Co.,Ltd. manufactures bio-healthcare products. The Company develops, refines, and distributes biopharmaceutical products.

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Samsung Biologics (207940 KS)

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Pharmaron Placement - Strong Track Record

Joint Global coordinators aim to raise around US$125m via selling shares in Pharmaron in order to aid certain convertible bond investors to hedge...

Sumeet Singh

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