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

SK IE Technology and LG Chem soared abruptly between 3:20 and 3:30 pm during the simultaneous bids and offers trade period. During this 10-minute period, SK IE Technology's daily gain rose from 3.51% to 10.53%. LG Chem also rose sharply from 2.97% to 5.33%.Why did this happen?The local street believes that the stock prices have moved significantly in such a short period of time as Samsung Asset Management newly added SK IE Technology to its secondary battery sector ETF and increased the weighting of LG Chem in the same ETF.Local ETFs tracking secondary battery sectorKorea currently has three ETFs specifically tracking the local secondary battery sector. The biggest one is Samsung KODEX Secondary Battery Industry ETF, mirroring the FnGuide Secondary Battery Industry Index. It now features a market cap of ₩1,233.6B with 26 constituents.The other two ETFs aren't too far behind by market cap. They are both Mirae Asset TIGER ETFs. One tracks the WISE Secondary Battery Them Index containing 26 constituents. The other one mirrors the government-initiated K-New Deal Index, which has 10 constituents.







Local secondary battery sector ETFs

Name
Samsung KODEX Secondary Battery Industry ETF
Mirae Asset TIGER Secondary Cell ETF
Mirae TIGER KRX Secondary Battery K-New Deal ETF


Ticker
305720
305540
364980


Manager
Samsung Asset Management
Mirae Asset Management
Mirae Asset Management


Market cap
₩1,233.6B
₩873.7B
₩812.8B


Underlying index
FnGuide Secondary Battery Industry Index
WISE Secondary Battery Theme Index
KRX Secondary Battery K-New Deal Index


Constituents
25
26
10

Source: KRX &amp; FnGuide Index

Portfolio Deposit File (PDF)Below is the full list of the constituents of the three ETFs with index weight as of last Friday. It seems that Samsung KODEX hasn't fully updated the constituent list of its Secondary Battery Sector Index ETF. It is presumably because most of the trades took place during the simultaneous bids and offers trade period, meaning that the trades were completed and reflected after 3:30 pm. Samsung KODEX updates the portfolio deposit file (PDF) of its ETFs at 3:30 pm of each day.










Samsung KODEX Secondary Battery Industry ETF
Weight
Mirae Asset TIGER Secondary Cell ETF
Weight
Mirae TIGER KRX Secondary Battery K-New Deal ETF
Weight


SK Innovation
17.13%
SK Innovation
11.45%
SK Innovation
26.41%


Posco Chemical
16.50%
LG Chem
9.84%
LG Chem
23.95%


LG Chem
15.96%
SKC
9.66%
Samsung SDI
22.96%


Samsung SDI
13.18%
Samsung SDI
9.21%
Posco Chemical
7.96%


Ecopro
8.35%
Posco Chemical
8.77%
SKC Co
5.22%


Ecopro HN
5.33%
Ecopro BM
6.92%
Ecopro BM
3.64%


L&amp;F
4.00%
L&amp;F
6.33%
L&amp;F
2.85%


Ecopro BM
3.94%
Iljin Materials
6.12%
Iljin Materials
2.73%


Iljin Materials
3.59%
SoulBrain
5.90%
SoulBrain
2.71%


Creative &amp; Innovative System
3.05%
Chunbo
3.14%
Chunbo
1.51%


People &amp; Technology
1.72%
Ecopro Co., Ltd.
3.06%




Foosung
1.02%
Creative &amp; Innovative System
2.49%




Cosmo Advanced Materials&amp;Technlgy
1.00%
Cosmo Advanced Materials&amp;Technlgy
2.24%




DA Technology
0.88%
Foosung
2.07%




Sang-A Frontec
0.88%
Ecopro HN
2.02%




Daejoo Electronic Materials
0.69%
Solus Advanced Materials
2.01%




Cosmo Chemical
0.42%
Daejoo Electronic Materials
1.89%




Wonik PNE
0.38%
People &amp; Technology
1.68%




mPlus
0.38%
Dongwha Enterprise
0.92%




Soulbrain Holdings
0.33%
Wonik PNE
0.91%




Philoptics
0.28%
Youlchon Chemical
0.80%




Sangsin Energy Display Precision
0.27%
CowinTech
0.71%




Shin Heung Energy &amp; Electronics
0.27%
Shin Heung Energy &amp; Electronics
0.55%




Chemtros
0.24%
mPlus
0.51%




NS
0.21%
Innometry
0.41%






Daebo Magnetic
0.27%



Source: Samsung KODEX &amp; Mirae Asset TIGER



Korea's Local Sector Index (FnGuide Secondary Battery) Rebalancing Made a Big Splash Last Friday

We now have KOSPI 200 and KOSDAQ 150 rebalancing completed. What does this mean? It means we have new members of the so-called Korea Short 350 as these new additions are now eligible for short selling.So, let's look at their current loan balance, often serving as a leading indicator of short-selling intensity in the short term.

We now have KOSPI 200 and KOSDAQ 150 rebalancing completed. What does this mean? It means we have new members of the so-called Korea Short 350 as these new additions are now eligible for short selling.So, let's look at their current loan balance, often serving as a leading indicator of short-selling intensity in the short term.

Korea Short 350 New Members: KOSPI 200 & KOSDAQ 150 Adds

The KRX has just confirmed SK IE Tech's fast entry into KOSPI 200 for June 11.As pre-announced, SK IE Technology replaces HDC Holdings for its entry into KOSPI 200. As for KRX 100, it replaces Kolmar Korea.<table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 172.727px;" data-sheets-value='{"1":2,"2":"KODEX 200"}'>KODEX 200</td>
<td style="width: 151.818px;" data-sheets-value='{"1":2,"2":"Addition"}'>Addition</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
<td style="width: 159.091px;" data-sheets-value='{"1":2,"2":"Deletion"}'>Deletion</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"Ticker"}'>Ticker</td>
</tr>
<tr>
<td style="width: 172.727px;" data-sheets-value='{"1":2,"2":"KOSPI 200"}'>KOSPI 200</td>
<td style="width: 151.818px;" data-sheets-value='{"1":2,"2":"SK IE Technology Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>SK IE Technology Co Ltd</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"361610"}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula='="361610"'>361610</td>
<td style="width: 159.091px;" data-sheets-value='{"1":2,"2":"HDC Holdings Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>HDC Holdings Co Ltd</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"012630"}' data-sheets-formula='="012630"'>012630</td>
</tr>
<tr>
<td style="width: 172.727px;" data-sheets-value='{"1":2,"2":"KOSPI 200 Energy Chemical"}'>KOSPI 200 Energy &amp; Chemicals</td>
<td style="width: 151.818px;" data-sheets-value='{"1":2,"2":"SK IE Technology Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>SK IE Technology Co Ltd</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"361610"}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula='="361610"'>361610</td>
<td style="width: 159.091px;" data-sheets-value='{"1":2,"2":"None"}'>None</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td style="width: 172.727px;" data-sheets-value='{"1":2,"2":"KOSPI 200 Construction"}'>KOSPI 200 Constructions</td>
<td style="width: 151.818px;" data-sheets-value='{"1":2,"2":"None"}'>None</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="width: 159.091px;" data-sheets-value='{"1":2,"2":"HDC Holdings Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>HDC Holdings Co Ltd</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"012630"}' data-sheets-formula='="012630"'>012630</td>
</tr>
<tr>
<td style="width: 172.727px;" data-sheets-value='{"1":2,"2":"KOSPI 200 Mid &amp; Small Cap"}'>KOSPI 200 MidSmallCap</td>
<td style="width: 151.818px;" data-sheets-value='{"1":2,"2":"Hyundai Marine &amp; Fire Insurance Co., Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Hyundai Marine &amp; Fire</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"001450"}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula='="001450"'>001450</td>
<td style="width: 159.091px;" data-sheets-value='{"1":2,"2":"HDC Holdings Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>HDC Holdings Co Ltd</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"012630"}' data-sheets-formula='="012630"'>012630</td>
</tr>
<tr>
<td style="width: 172.727px;" data-sheets-value='{"1":2,"2":"KOSPI ex KOSPI 200"}'>KOSPI 200 ex-KOSPI</td>
<td style="width: 151.818px;" data-sheets-value='{"1":2,"2":"HDC Holdings Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>HDC Holdings Co Ltd</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"012630"}' data-sheets-formula='="012630"'>012630</td>
<td style="width: 159.091px;" data-sheets-value='{"1":2,"2":"SK IE Technology Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>SK IE Technology Co Ltd</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"361610"}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula='="361610"'>361610</td>
</tr>
<tr>
<td style="width: 172.727px;" data-sheets-value='{"1":2,"2":"KOSPI 200 ex mega cap"}'>KOSPI 200 ex-TOP</td>
<td style="width: 151.818px;" data-sheets-value='{"1":2,"2":"SK IE Technology Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>SK IE Technology Co Ltd</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"361610"}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula='="361610"'>361610</td>
<td style="width: 159.091px;" data-sheets-value='{"1":2,"2":"HDC Holdings Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>HDC Holdings Co Ltd</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"012630"}' data-sheets-formula='="012630"'>012630</td>
</tr>
<tr>
<td style="width: 172.727px;" data-sheets-value='{"1":2,"2":"KOSPI 200 Factor-Weighted Series"}'>KOSPI 200 Factor Tilt Series</td>
<td style="width: 151.818px;" data-sheets-value='{"1":2,"2":"SK IE Technology Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>SK IE Technology Co Ltd</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"361610"}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula='="361610"'>361610</td>
<td style="width: 159.091px;" data-sheets-value='{"1":2,"2":"None"}'>None</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td style="width: 172.727px;" data-sheets-value='{"1":2,"2":"KOSPI 100"}'>KOSPI 100</td>
<td style="width: 151.818px;" data-sheets-value='{"1":2,"2":"SK IE Technology Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>SK IE Technology Co Ltd</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"361610"}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula='="361610"'>361610</td>
<td style="width: 159.091px;" data-sheets-value='{"1":2,"2":"Hyundai Marine &amp; Fire Insurance Co., Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Hyundai Marine &amp; Fire</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"001450"}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula='="001450"'>001450</td>
</tr>
<tr>
<td style="width: 172.727px;" data-sheets-value='{"1":2,"2":"KOSPI 50"}'>KOSPI 50</td>
<td style="width: 151.818px;" data-sheets-value='{"1":2,"2":"SK IE Technology Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>SK IE Technology Co Ltd</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"361610"}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula='="361610"'>361610</td>
<td style="width: 159.091px;" data-sheets-value='{"1":2,"2":"Amorepacific Group"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Amorepacific Group</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"002790"}' data-sheets-formula='="002790"'>002790</td>
</tr>
<tr>
<td style="width: 172.727px;" data-sheets-value='{"1":2,"2":"KRX 100"}'>KRX 100</td>
<td style="width: 151.818px;" data-sheets-value='{"1":2,"2":"SK IE Technology Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>SK IE Technology Co Ltd</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"361610"}' data-sheets-numberformat='[null,2,"₩#,##0.0B",1]' data-sheets-formula='="361610"'>361610</td>
<td style="width: 159.091px;" data-sheets-value='{"1":2,"2":"Kolmar Korea Co Ltd"}' data-sheets-formula='=googlefinance(R[0]C[1], "name")'>Kolmar Korea Co Ltd</td>
<td style="width: 78.1818px;" data-sheets-value='{"1":2,"2":"161890"}' data-sheets-formula='="161890"'>161890</td>
</tr>
<tr><td colspan="5" rowspan="1" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><a href="http://global.krx.co.kr/board/GLB0501070000/bbs#view=20417" target="_blank" rel="noopener">Here is the link to the KRX announcement.</a>

The KRX has just confirmed SK IE Tech's fast entry into KOSPI 200 for June 11.As pre-announced, SK IE Technology replaces HDC Holdings for its entry into KOSPI 200. As for KRX 100, it replaces Kolmar Korea.









KODEX 200
Addition
Ticker
Deletion
Ticker


KOSPI 200
SK IE Technology Co Ltd
361610
HDC Holdings Co Ltd
012630


KOSPI 200 Energy &amp; Chemicals
SK IE Technology Co Ltd
361610
None
-


KOSPI 200 Constructions
None
-
HDC Holdings Co Ltd
012630


KOSPI 200 MidSmallCap
Hyundai Marine &amp; Fire
001450
HDC Holdings Co Ltd
012630


KOSPI 200 ex-KOSPI
HDC Holdings Co Ltd
012630
SK IE Technology Co Ltd
361610


KOSPI 200 ex-TOP
SK IE Technology Co Ltd
361610
HDC Holdings Co Ltd
012630


KOSPI 200 Factor Tilt Series
SK IE Technology Co Ltd
361610
None
-


KOSPI 100
SK IE Technology Co Ltd
361610
Hyundai Marine &amp; Fire
001450


KOSPI 50
SK IE Technology Co Ltd
361610
Amorepacific Group
002790


KRX 100
SK IE Technology Co Ltd
361610
Kolmar Korea Co Ltd
161890

Source: KRX

Here is the link to the KRX announcement.

SK IE Tech KOSPI 200 Fast-Entry Confirmed for June 11

What would be a real-world passive money size tracking KOSPI 200?My latest estimation is ₩80 trillion, and here is a breakdown of my estimation.ETFsWe currently have 17 local ETFs mirroring KOSPI 200, including KODEX 200 (₩5.5T) and TIGER 200 (₩2.3T). Their combined market value amounts to ₩16.5T.







Local ETFs directly mirroring KOSPI 200
Ticker
Market cap as of today (June 1, 2021)


YURIE TREX 200 ETF
108590
₩13.0B


Kiwoom KOSEF200 Total Return ETF
294400
₩493.3B


Kyobo AXA Power K200 ETF
152870
₩28.6B


Samsung KODEX 200 Total Return ETF
278530
₩1,470.5B


Mirae Asset TIGER Leverage ETF
123320
₩32.1B


KIM KINDEX Leverage ETF
152500
₩11.1B


HANWHA Arirang 200 ETF
152100
₩853.6B


Samsung KODEX 200 ETF
069500
₩5,446.8B


Kiwoom KOSEF200 ETF
069660
₩542.8B


Mirae Asset TIGER200 ETF
102110
₩2,283.6B


KIM KINDEX 200 ETF
105190
₩751.7B


Samsung KODEX Leverage Derivatives ETF
122630
₩1,722.2B


KB KBSTAR 200 Securities ETF
148020
₩1,168.8B


NH-Amundi HANARO 200 ETF
293180
₩655.5B


NH-Amundi HANARO 200TR ETF
332930
₩222.4B


KIM KINDEX 200TotalReturn ETF
332500
₩340.5B


Shinhan SMART 200 Total Return ETF
295040
₩449.9B


- Total
-
₩16,486.4B

Source: KRX

Index funds39 local index funds are currently tracking KOSPI 200, including the Kyobo AXA Power Index with an AUM of ₩1.3T. Their combined AUM totals ₩3.7T.






Local Index funds directly mirroring KOSPI 200
Assets under management as of today (June 1, 2021)


Kiwoom New Frontier Index Plus αF- 1 [Equity-Derivative] A1
₩17.5B


Kiwoom e-Alpha Index 1 [Equity]
₩11.0B


Kiwoom Korea Index 1 [Equity] C-e
₩28.1B


Kiwoom Korea Happy Pension Index 1 [Equity]
₩16.6B


Korea Investment Index Plus 1 [Equity-Derivative] (A)
₩28.4B


BNKK200 Index (Equity-Derivative) ClassA
₩25.4B


KB Star Power Index Korea [Equity-Derivative] C-E
₩18.3B


Hungkuk Index Alpha [Equity-Derivative] C-f
₩17.9B


Daishin Index Value [Equity] ClassC-F
₩130.5B


Mirae Asset Market Plus [Equity] Type F
₩11.8B


Consus Moebius 1 200 Index (Equity-Derivative) Class C
₩11.0B


IBKKOSPI200 Index 1 [Equity] Type A
₩39.8B


Truston Index Alpha s [Equity-Derivative] C
₩14.5B


Hyundai KOSPI 200 Index Type C-f
₩10.2B


DGB Index Plus 1 [Equity-Derivative] A
₩27.6B


Woori KOSPI200 Index 1 (Equity-Derivative) ClassC-e
₩49.1B


Kyobo AXA Power Index 2 [Equity] ClassA1
₩22.5B


East Spring Korea Index [Equity] Class C-F
₩207.0B


Mirae KOSPI 200 Index 1 [Equity] Type C-e
₩164.0B


Kyobo AXA Power Index 1 [Equity] Class A 1
₩332.0B


Kyobo AXA Power Index 3 [Equity] ClassA
₩12.6B


Daishin KOSPI200 Index [Equity-Derivative] ClassC1
₩64.1B


Kyobo AXA Power Index 1 (Equity-Derivative) ClassA
₩1,277.0B


DB Index Haeohreum Alpha [Equity-Derivative] ClassA
₩15.5B


Hana UBS Umbrella New Index K- 1 [Equity-Derivative] ClassC
₩12.9B


Samsung Retirement Pension Index 1 [Equity] C
₩138.7B


Korea Investment &amp; Cruise F2.8 Index [Equity] (A)
₩14.1B


KB Index Annuity [Equity] C
₩20.6B


Samsung Index Alpha 1 [Equity-Derivative] (A)
₩18.6B


Samsung Pension Korea Index [Equity-Derivative]
₩34.6B


Samsung Classic Index Pensions 1 [Equity] _C
₩180.6B


KB Star Korea Index [Equity] C-E class
₩88.8B


Samsung Premium Index A [Equity-Derivative]
₩74.2B


Hanwha Smart ++ Index [Equity] C / C2β
₩240.4B


Feynman Index Premium 2 [Equity-Derivative]
₩18.8B


Samsung Index Plus 1 [Equity-Derivative] (C 1)
₩49.7B


KB Star Korea Index [Equity-Derivative] C
₩54.1B


NH-Amundi Premier Index [Equity-Derivative] ClassA
₩26.7B


Hyundai Investment Index 1 Alpha [Equity-Derivative] C-I
₩135.5B


- Total
₩3,660.7B

Source: KG Zeroin

National Pension Service (NPS)Now, we need to add NPS. In 2019, the internal (direct) management accounted for 54.15% of the domestic equity, whereas the external (consignment) management was responsible for 45.85%. Only the internal management operates passive funds, which accounted for 33.75% of the total domestic equity.The total domestic equity at March-end of this year was ₩178.7T. Assuming the same 33.75% weight for the passive in the domestic equity churns out ₩60.3T for the local passive funds within the NPS. An assumed 70% of this ₩60.3T would be ₩42.2T, supposedly tracking KOSPI 200. 70% should be a conservative assumption as their BM index for domestic equity is KOSPI.









NPS asset allocation
FY2019, amount
FY2019, weight
FY2021 March, amount
Directly mirroring KOSPI 200 at an assumed 70% of the total passive funds


Internal (direct) management
₩71,612.1B





- Active
₩26,976.9B
20.40%




- Passive
₩44,635.2B
33.75%
₩60,301.4B
₩42,211.0B


External (consignment) management
₩60,641.9B





- Active
₩60,641.9B
45.85%




- Passive
₩0.0B
0.00%




Total domestic Equity
₩132,254.0B

₩178,673.0B


Source: NPS

Variable insurance index fundsLastly, we have variable insurance index funds. A vast majority of the local variable insurance index funds are tracking KOSPI 200. I don't have the latest figure, but the FY2019 year-end data (compiled by YONHAP INFOMAX) shows that the combined AUM of these funds amounted to about ₩17~18T.Given the relatively flat yearly growth among the local insurance companies, I don't expect to see a substantial change in the combined AUM last year. So, ₩18T would be a safe estimate.Adding all four spits out ₩80.4T, supposedly total local passive money mirroring KOSPI 200 at this point.
₩80T estimation breakdown

ETFs
₩16.5T


Index funds
₩3.7T


National Pension Service - Passive
₩42.2T


Variable Insurance Index funds
₩18.0T


 - Total
₩80.4T

Source: KG Zeroin, KRX, NPS, &amp; YONHAP INFOMAX


Why I Estimate Total Local Passive Money Tracking KOSPI 200 at ₩80T? Here Is a Breakdown

This morning, we had another interesting piece of data, exclusively put out by a local news outlet named eDaily.eDaily got the local and foreign institutional breakdown of the SK IE Tech's post-IPO lockup releases.<a href="https://www.edaily.co.kr/news/read?newsId=01082406629054496&amp;mediaCodeNo=257" target="_blank" rel="noopener">Here is the link to the news report.</a>The regulatory filing contains only the aggregate data of the post-IPO institutional lockup release schedule. Even the institutional allocation data doesn't contain a breakdown between local and foreign institutions.Then, where did eDaily get the breakdown data? eDaily got it from one of the national assembly members (Yu Eui-dong, the People Power party), who made a special request to the local authority.<hr><h2>Breakdown</h2>12.15M shares went to institutional allocation, representing 17.04% of the outstanding shares. 4.3M shares had no lockup, meaning 7.84M shares (11% of the SO) carry lockups from 15 days to 6 months.<table class="table table-striped">
<colgroup>
<col width="250">
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Float estimation"}'>Float estimation</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"Shares"}'>Shares</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"% of SO"}'>% of SO</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"Last filed"}'>Last filed</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"Release date"}'>Release date</td>
</tr>
<tr>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Major shareholder"}'>Major shareholder</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":49907592}' data-sheets-formula="=43633432+6274160">49,907,592</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":0.6999898678205009}' data-sheets-formula="=R[0]C[-1]/R2C5">70.00%</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":44327}'>11-May-21</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Executives"}'>Executives</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":0}'>0</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":0}' data-sheets-formula="=R[0]C[-1]/R2C5">0.00%</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"ESOP"}'>ESOP</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":2823956}'>2,823,956</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":0.03960801368999951}' data-sheets-formula="=R[0]C[-1]/R2C5">3.96%</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":" - Non float"}'>- Non-float</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":52731548}' data-sheets-formula="=sum(R[-3]C[0]:R[-1]C[0])">52,731,548</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":0.7395978815105004}' data-sheets-formula="=R[0]C[-1]/R2C5">73.96%</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Institutional lockups - 6 months"}'>Institutional lockups - 6 months</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":3020988}'>3,020,988</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":0.0423715291815185}' data-sheets-formula="=R[0]C[-1]/R2C5">4.24%</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":44511}'>11-Nov-21</td>
</tr>
<tr>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Institutional lockups - 3 months"}'>Institutional lockups - 3 months</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":2087672}'>2,087,672</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":0.02928110110647215}' data-sheets-formula="=R[0]C[-1]/R2C5">2.93%</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":44419}'>11-Aug-21</td>
</tr>
<tr>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Institutional lockups - 1 month"}'>Institutional lockups - 1 month</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":2700264}'>2,700,264</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":0.037873144439436325}' data-sheets-formula="=R[0]C[-1]/R2C5">3.79%</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":43993}'>11-Jun-20</td>
</tr>
<tr>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Institutional lockups - 15 days"}'>Institutional lockups - 15 days</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":35922}'>35,922</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":0.0005038318825690495}' data-sheets-formula="=R[0]C[-1]/R2C5">0.05%</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":44342}'>26-May-21</td>
</tr>
<tr>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Institutional - no lockup"}'>Institutional - no lockup</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":4304198}'>4,304,198</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":0.06036947222565385}' data-sheets-formula="=R[0]C[-1]/R2C5">6.04%</td>
<td style="text-align: right; width: 93.6364px;">-</td>
<td style="text-align: right; width: 93.6364px;">-</td>
</tr>
<tr>
<td style="width: 265.455px;"> - Total institutional allocation</td>
<td style="text-align: right; width: 93.6364px;">12,149,044</td>
<td style="text-align: right; width: 93.6364px;">17.04%</td>
<td style="text-align: right; width: 93.6364px;">-</td>
<td style="text-align: right; width: 93.6364px;">-</td>
</tr>
<tr>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Float, excl. inst lockups"}'>Float, excl. inst lockups</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":10721198}' data-sheets-formula="=R[-12]C[3]-R[-6]C[0]-sum(R[-5]C[0]:R[-2]C[0])">10,721,198</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":0.1503725118795036}' data-sheets-formula="=R[0]C[-1]/R2C5">15.04%</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td style="width: 265.455px;" data-sheets-value='{"1":2,"2":"Float, incl. inst lockups"}'>Float, incl. inst lockups</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":18566044}' data-sheets-formula="=R[-1]C[0]+sum(R[-6]C[0]:R[-3]C[0])">18,566,044</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":3,"3":0.2604021184894996}' data-sheets-formula="=R[0]C[-1]/R2C5">26.04%</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right; width: 93.6364px;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
</tr>
<tr>
<td style="width: 265.455px;"> - Total retail allocation</td>
<td style="text-align: right; width: 93.6364px;">6,417,000</td>
<td style="text-align: right; width: 93.6364px;">9.00%</td>
<td style="text-align: right; width: 93.6364px;">-</td>
<td style="text-align: right; width: 93.6364px;">-</td>
</tr>
<tr><td colspan="5" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"Source: KRX FIND &amp; DART"}'>Source: KRX FIND &amp; DART</td></tr>
</tbody>
</table>Now, it is a bit shocking. Of the 17.04% institutional allocation, a whopping 9.05% went to foreign institutions. The remaining 7.99% found local institutions as their owners. It is not common to see local institutional allocation falls below 50% of the total institutional allocation.Most local institutions have a 3~6 month lockup, whereas more than half of the foreign institutions had no lockup. Nearly all the foreign institutions having lockups fall on a 1-month lockup, which expires on June 11, the same day as the KOSPI 200 application date.<table class="table table-striped">
<colgroup>
<col width="250">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 262.727px;" data-sheets-value='{"1":2,"2":"Institutional voluntary lockups"}'>Institutional voluntary lockups</td>
<td style="text-align: right; width: 196.364px;" data-sheets-value='{"1":2,"2":"Local institutions, as a % of SO"}'>Local institutions, as a % of SO</td>
<td style="text-align: right; width: 222.727px;" data-sheets-value='{"1":2,"2":"Foreign institutions, as a % of SO"}'>Foreign institutions, as a % of SO</td>
</tr>
<tr>
<td style="width: 262.727px;" data-sheets-value='{"1":2,"2":"6 months"}'>6 months</td>
<td style="text-align: right; width: 196.364px;" data-sheets-value='{"1":3,"3":0.040516750942849435}' data-sheets-formula="=R[0]C[2]/R2C5">4.05%</td>
<td style="text-align: right; width: 222.727px;" data-sheets-value='{"1":3,"3":0.0018547746422366302}' data-sheets-formula="=R[0]C[2]/R2C5">0.19%</td>
</tr>
<tr>
<td style="width: 262.727px;" data-sheets-value='{"1":2,"2":"3 months"}'>3 months</td>
<td style="text-align: right; width: 196.364px;" data-sheets-value='{"1":3,"3":0.02896254440021176}' data-sheets-formula="=R[0]C[2]/R2C5">2.90%</td>
<td style="text-align: right; width: 222.727px;" data-sheets-value='{"1":3,"3":0.000430572684804932}' data-sheets-formula="=R[0]C[2]/R2C5">0.04%</td>
</tr>
<tr>
<td style="width: 262.727px;" data-sheets-value='{"1":2,"2":"1 month"}'>1 month</td>
<td style="text-align: right; width: 196.364px;" data-sheets-value='{"1":3,"3":0.007471720230905694}' data-sheets-formula="=R[0]C[2]/R2C5">0.75%</td>
<td style="text-align: right; width: 222.727px;" data-sheets-value='{"1":3,"3":0.030405055742379047}' data-sheets-formula="=R[0]C[2]/R2C5">3.04%</td>
</tr>
<tr>
<td style="width: 262.727px;" data-sheets-value='{"1":2,"2":"15 days"}'>15 days</td>
<td style="text-align: right; width: 196.364px;" data-sheets-value='{"1":3,"3":0.00007702804361758446}' data-sheets-formula="=R[0]C[2]/R2C5">0.01%</td>
<td style="text-align: right; width: 222.727px;" data-sheets-value='{"1":3,"3":0.000430572684804932}' data-sheets-formula="=R[0]C[2]/R2C5">0.04%</td>
</tr>
<tr>
<td style="width: 262.727px;" data-sheets-value='{"1":2,"2":"No lockup"}'>No lockup</td>
<td style="text-align: right; width: 196.364px;" data-sheets-value='{"1":3,"3":0.0028765659442251484}' data-sheets-formula="=R[0]C[2]/R2C5">0.29%</td>
<td style="text-align: right; width: 222.727px;" data-sheets-value='{"1":3,"3":0.057373493519614724}' data-sheets-formula="=R[0]C[2]/R2C5">5.74%</td>
</tr>
<tr>
<td style="width: 262.727px;" data-sheets-value='{"1":2,"2":"Total"}'> - Total, as a % of SO</td>
<td style="text-align: right; width: 196.364px;" data-sheets-value='{"1":3,"3":0.07990460956180961}' data-sheets-formula="=R[0]C[2]/R2C5">7.99%</td>
<td style="text-align: right; width: 222.727px;" data-sheets-value='{"1":3,"3":0.09049446927384026}' data-sheets-formula="=R[0]C[2]/R2C5">9.05%</td>
</tr>
<tr><td colspan="3" rowspan="1" style="width: 723.636px;" data-sheets-value='{"1":2,"2":"Source: KRX FIND &amp; DART"}'>Source: KRX FIND &amp; DART</td></tr>
</tbody>
</table>The foreign institutions-owned immediately available shares amount to about 4M. The foreign net trade on May 11~28 is 2.8M shares. At least nearly three-fourths of these 4M shares must have flowed into the market right after the IPO.<section class="figure"><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/210/141/original/Daily+foreign+net+trade+%281%29.png?1622436583" class="editor-image img-responsive" data-smartkarma-image-id="210141"></figure></section></section>

This morning, we had another interesting piece of data, exclusively put out by a local news outlet named eDaily.eDaily got the local and foreign institutional breakdown of the SK IE Tech's post-IPO lockup releases.Here is the link to the news report.The regulatory filing contains only the aggregate data of the post-IPO institutional lockup release schedule. Even the institutional allocation data doesn't contain a breakdown between local and foreign institutions.Then, where did eDaily get the breakdown data? eDaily got it from one of the national assembly members (Yu Eui-dong, the People Power party), who made a special request to the local authority.Breakdown12.15M shares went to institutional allocation, representing 17.04% of the outstanding shares. 4.3M shares had no lockup, meaning 7.84M shares (11% of the SO) carry lockups from 15 days to 6 months.









Float estimation
Shares
% of SO
Last filed
Release date


Major shareholder
49,907,592
70.00%
11-May-21
-


Executives
0
0.00%
-
-


ESOP
2,823,956
3.96%
-
-


- Non-float
52,731,548
73.96%
-
-


Institutional lockups - 6 months
3,020,988
4.24%
-
11-Nov-21


Institutional lockups - 3 months
2,087,672
2.93%
-
11-Aug-21


Institutional lockups - 1 month
2,700,264
3.79%
-
11-Jun-20


Institutional lockups - 15 days
35,922
0.05%
-
26-May-21


Institutional - no lockup
4,304,198
6.04%
-
-


 - Total institutional allocation
12,149,044
17.04%
-
-


Float, excl. inst lockups
10,721,198
15.04%
-
-


Float, incl. inst lockups
18,566,044
26.04%
-
-


 - Total retail allocation
6,417,000
9.00%
-
-

Source: KRX FIND &amp; DART

Now, it is a bit shocking. Of the 17.04% institutional allocation, a whopping 9.05% went to foreign institutions. The remaining 7.99% found local institutions as their owners. It is not common to see local institutional allocation falls below 50% of the total institutional allocation.Most local institutions have a 3~6 month lockup, whereas more than half of the foreign institutions had no lockup. Nearly all the foreign institutions having lockups fall on a 1-month lockup, which expires on June 11, the same day as the KOSPI 200 application date.







Institutional voluntary lockups
Local institutions, as a % of SO
Foreign institutions, as a % of SO


6 months
4.05%
0.19%


3 months
2.90%
0.04%


1 month
0.75%
3.04%


15 days
0.01%
0.04%


No lockup
0.29%
5.74%


 - Total, as a % of SO
7.99%
9.05%

Source: KRX FIND &amp; DART

The foreign institutions-owned immediately available shares amount to about 4M. The foreign net trade on May 11~28 is 2.8M shares. At least nearly three-fourths of these 4M shares must have flowed into the market right after the IPO.

SK IE Tech Post-IPO Lockup Releases: Local & Foreign Institutional Breakdown

South Korea

SK IE Technology Co., Ltd operates as a material solution provider. The Company provides information material solutions, electronic materials solutions, and other products. SK IE Technology conducts businesses across worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SK IE Technology (361610 KS)

Korea's Local Sector Index (FnGuide Secondary Battery) Rebalancing Made a Big Splash Last Friday

The local sector index rebalancing made a huge passive flow impact on SK IE Tech last Friday, and here are the upcoming index events potentially...

Sanghyun Park

Korea Short 350 New Members: KOSPI 200 & KOSDAQ 150 Adds

We now have new members of the so-called Korea Short 350 for short-selling eligibility. They are new additions to KOSPI 200 and KOSDAQ 150. This...

Sanghyun Park

SK IE Tech KOSPI 200 Fast-Entry Confirmed for June 11

The KRX has just confirmed SK IE Tech's fast entry into KOSPI 200 for June 11. As pre-announced, SK IE Technology replaces HDC Holdings for its...

Sanghyun Park

Why I Estimate Total Local Passive Money Tracking KOSPI 200 at ₩80T? Here Is a Breakdown

This post provides a detailed breakdown of how I arrive at an estimated ₩80 trillion for the passive money tracking KOSPI 200.

Sanghyun Park

SK IE Tech Post-IPO Lockup Releases: Local & Foreign Institutional Breakdown

This morning, we had an interesting piece of data: the local and foreign institutional breakdown of the SK IE Tech's post-IPO lockup releases. I...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)