Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

<ul>
<li>LG Energy Solution provided the confirmed IPO allocations and lock-up periods for institutional investors today. </li>
<li>The final tally for the locked-up shares is 13.6 million shares, representing 58.3% of total shares allocated for the institutional investors.</li>
<li>The immediate free float on the first day of trading will be 20.7 million shares (8.9% of total outstanding shares). </li>
</ul>


LG Energy Solution provided the confirmed IPO allocations and lock-up periods for institutional investors today. 
The final tally for the locked-up shares is 13.6 million shares, representing 58.3% of total shares allocated for the institutional investors.
The immediate free float on the first day of trading will be 20.7 million shares (8.9% of total outstanding shares). 


LG Energy Solution: Confirmed Allocations, Float, & Lock-Up Periods

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<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> is currently waiting for marketing approval from the FDA for its immune globulin intravenous injection, which will mark its entry into the U.S. market.</li>
<li>The company will start commercializing its hemophilia A treatment, GreenGene F in China market this year. As a third-generation product, GreenGene is expected to gain substantial market share.</li>
<li>Green Cross shares remained subdued last year, as the company could not finalize a contract manufacturing deal for COVID-19 vaccine.</li>
</ul>



Green Cross (006280 KS) is currently waiting for marketing approval from the FDA for its immune globulin intravenous injection, which will mark its entry into the U.S. market.
The company will start commercializing its hemophilia A treatment, GreenGene F in China market this year. As a third-generation product, GreenGene is expected to gain substantial market share.
Green Cross shares remained subdued last year, as the company could not finalize a contract manufacturing deal for COVID-19 vaccine.


Green Cross (006280 KS): Look Ahead for Key Milestones Amid Covid Vaccine Related Setback

<ul>
<li>In this insight, we discuss about what the locals are saying about LG Energy Solution in Korea to better understand how the locals are thinking about this IPO.</li>
<li>The local market is generally positive on the LG Energy Solution IPO. Valuations are reasonable and many investors expect the IPO to be priced at 300,000 won (high end). </li>
<li>Some of the major issues highlighted by the locals on this IPO include relatively cheap valuation relative to CATL, growing market share globally (ex-China), and low free float post IPO. </li>
</ul>


In this insight, we discuss about what the locals are saying about LG Energy Solution in Korea to better understand how the locals are thinking about this IPO.
The local market is generally positive on the LG Energy Solution IPO. Valuations are reasonable and many investors expect the IPO to be priced at 300,000 won (high end). 
Some of the major issues highlighted by the locals on this IPO include relatively cheap valuation relative to CATL, growing market share globally (ex-China), and low free float post IPO. 


LG Energy Solution - What Are the Locals Saying About This IPO?

<ul>
<li>In this report, we review our IPO investment research in 2021, including the performance of our calls.</li>
<li>We made 37 investment calls on IPOs this year, of which 28 had positive ratings on the IPOs and 9 had negative ratings.</li>
<li>The 28 stocks (positive ratings) were up 26.1% on average from their IPO prices. The 9 stocks (negative ratings) were up only 4.9% on average from their IPO prices.</li>
</ul>


In this report, we review our IPO investment research in 2021, including the performance of our calls.
We made 37 investment calls on IPOs this year, of which 28 had positive ratings on the IPOs and 9 had negative ratings.
The 28 stocks (positive ratings) were up 26.1% on average from their IPO prices. The 9 stocks (negative ratings) were up only 4.9% on average from their IPO prices.


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>KRX calculates floats fairly aggressively even in new IPOs. This was symbolically shown in the case of Kakao Pay, which received a 35% float rate.</li>
<li>So, we need a trading setup that raises the float rate prediction range in future KOSPI 200 Fast Entry cases.</li>
<li>Considering that rebalancing trading that occurs on the implementation day is now partially digested in regular trading hours, we need to consider getting out positions before the closing auction hours.</li>
</ul>


KRX calculates floats fairly aggressively even in new IPOs. This was symbolically shown in the case of Kakao Pay, which received a 35% float rate.
So, we need a trading setup that raises the float rate prediction range in future KOSPI 200 Fast Entry cases.
Considering that rebalancing trading that occurs on the implementation day is now partially digested in regular trading hours, we need to consider getting out positions before the closing auction hours.


KOSPI 200 New Entrants: KRX-Concluded Float Rates & Rebalancing Trading Pattern Today

South Korea

SK Bioscience Co.,Ltd. operates biopharmaceutical businesses. The Company produces vaccines, sky cellflu prefilled syringes, sky cellflu quadrivalent prefilled syringes, varicella drugs, and other related products. SK Bioscience markets its products throughout South Korea.

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SK Bioscience (302440 KS)

LG Energy Solution: Confirmed Allocations, Float, & Lock-Up Periods

The final tally for the locked-up shares of LG Energy Solution IPO is 13.6 million shares, representing 58.3% of total shares allocated for the...

Douglas Kim

LG Energy Solution - What Are the Locals Saying About This IPO?

The local market is generally positive on the LG Energy Solution IPO. Valuations are reasonable and many investors expect the IPO to be priced at...

Douglas Kim

Review of Our IPO Research in 2021

We review our IPO investment research in 2021. The 28 stocks (positive ratings) were up 26.1% (average) from IPO prices. The 9 stocks (negative...

Douglas Kim

KOSPI 200 New Entrants: KRX-Concluded Float Rates & Rebalancing Trading Pattern Today

Kakao Pay eventually received a 35% float rate, meaning that KRX has included all of Alipay's non-locked stake in the float.

Sanghyun Park

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52-week Range

Market Cap (USDm)

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LG Energy Solution: Confirmed Allocations, Float, & Lock-Up Periods

The final tally for the locked-up shares of LG Energy Solution IPO is 13.6 million shares, representing 58.3% of total shares allocated for the...

Douglas Kim

Green Cross (006280 KS): Look Ahead for Key Milestones Amid Covid Vaccine Related Setback

The company is expected to receive marketing approval in the U.S. for its first immune globulin product next month and start commercialize...

Tina Banerjee

LG Energy Solution - What Are the Locals Saying About This IPO?

The local market is generally positive on the LG Energy Solution IPO. Valuations are reasonable and many investors expect the IPO to be priced at...

Douglas Kim

Review of Our IPO Research in 2021

We review our IPO investment research in 2021. The 28 stocks (positive ratings) were up 26.1% (average) from IPO prices. The 9 stocks (negative...

Douglas Kim

KOSPI 200 New Entrants: KRX-Concluded Float Rates & Rebalancing Trading Pattern Today

Kakao Pay eventually received a 35% float rate, meaning that KRX has included all of Alipay's non-locked stake in the float.

Sanghyun Park