Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<div class="content-highlight"><p>Our base case valuation of SD Biosensor is 82,021 won, which is 4% lower than the high end of the IPO price range of 85,000 won. Given the lack of upside, we would pass on this IPO. Our base case valuation also represents an implied market cap of 8.6 trillion won, which is based on 15.4x P/E using our estimated net profit of 560 billion won in 2022. Our P/E multiple of 15.4x assumes a 50% premium to <a href="https://www.smartkarma.com/entities/seegene-inc" target="_blank" data-smartkarma-citation="entities:11483:1" rel="noopener">Seegene Inc (096530 KS)</a>'s P/E multiple next year. </p></div><p>We have used only Seegene as a comp to SD Biosensor. We have chosen to exclude other companies such as Thermo Fisher Scientific and Perkin Elmer which the bankers included in their valuation assessment. We do not believe these latter two US based companies are appropriate comps to SD Biosensor mainly because SD Biosensor has only a couple of years of sizable sales and profits whereas Thermo Fisher Scientific and Perkin Elmer have many decades of generating billion dollar plus in sales. </p>

Our base case valuation of SD Biosensor is 82,021 won, which is 4% lower than the high end of the IPO price range of 85,000 won. Given the lack of upside, we would pass on this IPO. Our base case valuation also represents an implied market cap of 8.6 trillion won, which is based on 15.4x P/E using our estimated net profit of 560 billion won in 2022. Our P/E multiple of 15.4x assumes a 50% premium to Seegene Inc (096530 KS)'s P/E multiple next year. We have used only Seegene as a comp to SD Biosensor. We have chosen to exclude other companies such as Thermo Fisher Scientific and Perkin Elmer which the bankers included in their valuation assessment. We do not believe these latter two US based companies are appropriate comps to SD Biosensor mainly because SD Biosensor has only a couple of years of sizable sales and profits whereas Thermo Fisher Scientific and Perkin Elmer have many decades of generating billion dollar plus in sales. 

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<p>The review period for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> June review ends on 30 April. The Korea Exchange (KRX) will announce the results of the June 2021 review of the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> in May with the changes becoming effective after the close of trading on 10 June.</p><p>There are currently 201 index constituents following the spin off of <a href="https://www.smartkarma.com/entities/daelim-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:18095:1" rel="noopener">DL Co Ltd (000210 KS)</a> and the inclusion of <a href="https://www.smartkarma.com/entities/dl-e-c-co-ltd" target="_blank" data-smartkarma-citation="entities:31375:1" rel="noopener">DL E&amp;C Co Ltd (375500 KS)</a> in the index. There will be 202 index constituents following the spin off of <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a> and the inclusion of LX Holdings in the index.</p><p>We currently see 3 inclusions and 5 exclusions from the index. The potential inclusions are <a href="https://www.smartkarma.com/entities/hyosung-tnc-co-ltd" target="_blank" data-smartkarma-citation="entities:27749:1" rel="noopener">Hyosung TNC Co Ltd (298020 KS)</a>, <a href="https://www.smartkarma.com/entities/hyosung-advanced-materials-corporation" target="_blank" data-smartkarma-citation="entities:27751:1" rel="noopener">Hyosung Advanced Materials (298050 KS)</a> and <a href="https://www.smartkarma.com/entities/dongwon-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:1783:1" rel="noopener">Dongwon Industries (006040 KS)</a>, while the potential deletions are <a href="https://www.smartkarma.com/entities/taeyoung-engineering-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:18740:1" rel="noopener">Taeyoung Engineering &amp; Construction (009410 KS)</a>, <a href="https://www.smartkarma.com/entities/namsun-aluminum-co-ltd" target="_blank" data-smartkarma-citation="entities:17514:1" rel="noopener">Namsun Aluminum (008350 KS)</a>, <a href="https://www.smartkarma.com/entities/binggrae-co-ltd" target="_blank" data-smartkarma-citation="entities:16424:1" rel="noopener">Binggrae Co Ltd (005180 KS)</a>, <a href="https://www.smartkarma.com/entities/hanil-hyundai-cement-co-ltd" target="_blank" data-smartkarma-citation="entities:14406:1" rel="noopener">Hanil Hyundai Cement (006390 KS)</a> and <a href="https://www.smartkarma.com/entities/samyang-corp" target="_blank" data-smartkarma-citation="entities:16321:1" rel="noopener">Samyang Corp (145990 KS)</a>. </p><p>The expected Fast Entry of <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> could result in <a href="https://www.smartkarma.com/entities/spc-samlip" target="_blank" data-smartkarma-citation="entities:6007:1" rel="noopener">SPC Samlip (005610 KS)</a> being deleted from the index.</p><p>The potential Fast Entry of <a href="https://www.smartkarma.com/entities/sk-ie-technology" target="_blank" data-smartkarma-citation="entities:29207:1" rel="noopener">SK IE Technology (SKIET KS)</a> could result in <a href="https://www.smartkarma.com/entities/aekyung-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:27129:1" rel="noopener">Aekyung Industrial Co Ltd (018250 KS)</a> being deleted from the index.</p><p><a href="https://www.smartkarma.com/entities/taihan-electric-wire-co-ltd" target="_blank" data-smartkarma-citation="entities:11551:1" rel="noopener">Taihan Electric Wire (001440 KS)</a> is a very close add - the next 5 trading days will decide if the stock is added to the index or not.</p><p>Short selling in Korea is scheduled to resume on 3 May and there could be a fair amount of movement in the stocks ahead of the index review announcement and implementation date.</p>

The review period for the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) June review ends on 30 April. The Korea Exchange (KRX) will announce the results of the June 2021 review of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) in May with the changes becoming effective after the close of trading on 10 June.There are currently 201 index constituents following the spin off of DL Co Ltd (000210 KS) and the inclusion of DL E&amp;C Co Ltd (375500 KS) in the index. There will be 202 index constituents following the spin off of LG Corp (003550 KS) and the inclusion of LX Holdings in the index.We currently see 3 inclusions and 5 exclusions from the index. The potential inclusions are Hyosung TNC Co Ltd (298020 KS), Hyosung Advanced Materials (298050 KS) and Dongwon Industries (006040 KS), while the potential deletions are Taeyoung Engineering &amp; Construction (009410 KS), Namsun Aluminum (008350 KS), Binggrae Co Ltd (005180 KS), Hanil Hyundai Cement (006390 KS) and Samyang Corp (145990 KS). The expected Fast Entry of SK Bioscience (302440 KS) could result in SPC Samlip (005610 KS) being deleted from the index.The potential Fast Entry of SK IE Technology (SKIET KS) could result in Aekyung Industrial Co Ltd (018250 KS) being deleted from the index.Taihan Electric Wire (001440 KS) is a very close add - the next 5 trading days will decide if the stock is added to the index or not.Short selling in Korea is scheduled to resume on 3 May and there could be a fair amount of movement in the stocks ahead of the index review announcement and implementation date.

KOSPI200 Index Rebalance Preview: Review Period Almost Complete; Short Selling Commences in a Week

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.

<p>April 19 was the major lockup release for SK Bioscience. 3.1M shares, representing 4.08% of the SO, hit the market, bumping up the float shares to 16.19%.</p><div>
<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"SK BioS float"}'>SK BioS lockup expirations</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Qty"}'>Share qty</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":"% of allocation"}'>% of IPO allocation</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Accu"}'>Accumulated as a % of SO</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Date"}'>Date</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1 year"}'>1 year</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0587}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>5.87%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>100.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44639}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2022-03-19</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"6 months"}'>6 months</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3948100}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>3,948,100</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.7359}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>73.59%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3128}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>31.28%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.9413}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>94.13%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44458}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2021-09-19</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"3 months"}'>3 months</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3331000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>3,331,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0435}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>4.35%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2639}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>26.39%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2054}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>20.54%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44366}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2021-06-19</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1 month"}'><strong>1 month</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3118610}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>3,118,610</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0408}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'><strong>4.08%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2471}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'><strong>24.71%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1619}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'><strong>16.19%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44305}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'><strong>2021-04-19</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"15 days"}'>15 days</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":364380}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>364,380</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0048}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>0.48%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0289}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>2.89%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1211}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>12.11%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44288}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2021-04-02</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Immediate"}'>Immediate</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":8897510}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>8,897,510</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1163}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>11.63%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1163}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>11.63%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44273}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2021-03-18</td>
</tr>
<tr><td colspan="6" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX &amp; DART"}'>Source: KRX &amp; DART</td></tr>
</tbody>
</table>
<p>It was a pleasant surprise. <strong>The share price rather surged 6.44% on that day, followed by a further 8% gain, bringing up a 5-day total gain to 14%, about 7 weeks before a KOSPI 200 entry.</strong></p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/202/460/original/Screen+Shot+2021-04-24+at+7.33.33+PM.png?1619307243" class="editor-image img-responsive" data-smartkarma-image-id="202460"></figure></section><p></p>
</div>

April 19 was the major lockup release for SK Bioscience. 3.1M shares, representing 4.08% of the SO, hit the market, bumping up the float shares to 16.19%.











SK BioS lockup expirations
Share qty
% of SO
% of IPO allocation
Accumulated as a % of SO
Date


1 year
-
5.87%
-
100.00%
2022-03-19


6 months
3,948,100
73.59%
31.28%
94.13%
2021-09-19


3 months
3,331,000
4.35%
26.39%
20.54%
2021-06-19


1 month
3,118,610
4.08%
24.71%
16.19%
2021-04-19


15 days
364,380
0.48%
2.89%
12.11%
2021-04-02


Immediate
8,897,510
11.63%
-
11.63%
2021-03-18

Source: KRX &amp; DART


It was a pleasant surprise. The share price rather surged 6.44% on that day, followed by a further 8% gain, bringing up a 5-day total gain to 14%, about 7 weeks before a KOSPI 200 entry.



Why NPS Buys SK Bioscience Lately & Lurking Timing for KOSPI 200 Entry Event

<p>It seems to be spin-off season in Korea.</p><p>Three <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> constituents will be suspended from trading from 29 April - <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a>, <a href="https://www.smartkarma.com/entities/f-f-co-ltd" target="_blank" data-smartkarma-citation="entities:15983:1" rel="noopener">F&amp;F Co Ltd (007700 KS)</a> and <a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro Co Ltd (086520 KS)</a> due to a spin-off of its businesses.</p><p><a href="https://www.smartkarma.com/entities/f-f-co-ltd" target="_blank" data-smartkarma-citation="entities:15983:1" rel="noopener">F&amp;F Co Ltd (007700 KS)</a> will resume trading on 21 May, <a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a> will resume trading on 27 May, and <a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro Co Ltd (086520 KS)</a> will resume trading on 28 May.</p><p><a href="https://www.smartkarma.com/entities/lg-corp" target="_blank" data-smartkarma-citation="entities:6653:1" rel="noopener">LG Corp (003550 KS)</a> will remain in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> and its spinoff will be added to the index, <a href="https://www.smartkarma.com/entities/f-f-co-ltd" target="_blank" data-smartkarma-citation="entities:15983:1" rel="noopener">F&amp;F Co Ltd (007700 KS)</a> will remain in the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a> but the spinoff will not be added to the index, <a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro Co Ltd (086520 KS)</a> will continue to be a <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> constituent though its spinoff will not be included in the index.</p><p>In this Insight, we look at the index treatment, the impact of passive flow on the stocks, and the impact of the changes on the June rebalance of the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200-index" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX)</a>. </p>

It seems to be spin-off season in Korea.Three Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) and KOSDAQ 150 Index (KOSDQ150 INDEX) constituents will be suspended from trading from 29 April - LG Corp (003550 KS), F&amp;F Co Ltd (007700 KS) and Ecopro Co Ltd (086520 KS) due to a spin-off of its businesses.F&amp;F Co Ltd (007700 KS) will resume trading on 21 May, LG Corp (003550 KS) will resume trading on 27 May, and Ecopro Co Ltd (086520 KS) will resume trading on 28 May.LG Corp (003550 KS) will remain in the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) and its spinoff will be added to the index, F&amp;F Co Ltd (007700 KS) will remain in the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) but the spinoff will not be added to the index, Ecopro Co Ltd (086520 KS) will continue to be a KOSDAQ 150 Index (KOSDQ150 INDEX) constituent though its spinoff will not be included in the index.In this Insight, we look at the index treatment, the impact of passive flow on the stocks, and the impact of the changes on the June rebalance of the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX). 

<p>The second batch of the lockup releases hit the market today on Monday.</p><p>3,118,610 shares represent 4.08% of the SO and 24.71% of the offering allocation, bringing up the float total from 12.11% to 16.19%.</p><p>This would be the first real overhang test on the price. </p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"SK BioS float"}'>SK BioS lockup expirations</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Qty"}'>Qty</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":"% of allocation"}'>% of allocation</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Accu"}'>Accu</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Date"}'>Date</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1 year"}'>1 year</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0587}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>5.87%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>100.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44639}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2022-03-19</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"6 months"}'>6 months</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3948100}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>3,948,100</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.7359}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>73.59%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3128}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>31.28%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.9413}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>94.13%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44458}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2021-09-19</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"3 months"}'>3 months</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3331000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>3,331,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0435}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>4.35%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2639}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>26.39%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2054}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>20.54%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44366}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2021-06-19</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1 month"}'><strong>1 month</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3118610}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>3,118,610</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0408}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'><strong>4.08%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2471}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'><strong>24.71%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1619}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'><strong>16.19%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44305}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'><strong>2021-04-19</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"15 days"}'>15 days</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":364380}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>364,380</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0048}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>0.48%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0289}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>2.89%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1211}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>12.11%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44288}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2021-04-02</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Immediate"}'>Immediate</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":8897510}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>8,897,510</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1163}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>11.63%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1163}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>11.63%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44273}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2021-03-18</td>
</tr>
<tr><td colspan="6" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX &amp; DART"}'>Source: KRX &amp; DART</td></tr>
</tbody>
</table>

The second batch of the lockup releases hit the market today on Monday.3,118,610 shares represent 4.08% of the SO and 24.71% of the offering allocation, bringing up the float total from 12.11% to 16.19%.This would be the first real overhang test on the price. 










SK BioS lockup expirations
Qty
% of SO
% of allocation
Accu
Date


1 year
-
5.87%
-
100.00%
2022-03-19


6 months
3,948,100
73.59%
31.28%
94.13%
2021-09-19


3 months
3,331,000
4.35%
26.39%
20.54%
2021-06-19


1 month
3,118,610
4.08%
24.71%
16.19%
2021-04-19


15 days
364,380
0.48%
2.89%
12.11%
2021-04-02


Immediate
8,897,510
11.63%
-
11.63%
2021-03-18

Source: KRX &amp; DART



SK BioS Lockup Release Today: FO Drop Can Signal a Tight Supply for Passive Mirroring K200

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)

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