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

WISE Battery Index is a 10%-capped theme index operated by WISEfn, a local index operator. Among the secondary battery theme indices, it is the index that attracted the most funds, along with KRX BBIG and FnGuide Secondary Batteries.Currently, one ETF tracks this index. The current AUM is ₩872.6B.









WISE Secondary Cell Index tracking ETFs
Ticker
AUM
Price
SO


Mirae Asset TIGER Secondary Cell ETF
305540
₩872.6B
₩18,585
46,950,000

Source: KRX

Index rebalancing takes place four times a year, in the first month of the quarter. The implementation date is the trading day following the option expiration date. So, it is Friday of the second week.This time, July 9 is the implementation date, so the rebalancing trading of the ETF takes place at the simultaneous quote trading time of the market closing on July 8, which is the last 10 minutes into the closing time, 3:30 PM.





Rebalancing schedule

Rebalancing cycle
Quarterly


Rebalancing month
January, April, July, and October


Implementation date
The trading day following the option expiration dates


Next implementation date
July 9, 2021


Rebalancing trading
At the close on July 8, 2021


Screening base date
The last trading day of the month preceding the date of regular rebalancing

Source: KRX &amp; WISE Index

The WISE Secondary Battery Theme Index adopts a comprehensive selection method. That is, the selection of excluded stocks is not flexible. In the previous rebalancing, only one stock was added, and one stock was excluded.As of July 5, there are 26 constituents, and the index weight of each constituent is as follows.









Constituents, as of July 5, 2021
Ticker
Weight
Market cap
30-day average daily trade value


SK Innovation Co Ltd
096770
10.76%
₩25,566.7B
₩277.0B


SKC Co Ltd
011790
10.78%
₩5,888.5B
₩56.3B


Samsung SDI Co Ltd
006400
10.25%
₩51,229.6B
₩197.1B


LG Chem Ltd
051910
9.72%
₩61,556.5B
₩237.4B


Posco Chemical Co Ltd
003670
8.30%
₩8,965.3B
₩39.8B


Ecopro BM Co Ltd
247540
7.47%
₩4,717.1B
₩37.5B


Iljin Materials Co Ltd
020150
6.25%
₩3,449.1B
₩17.6B


L&amp;F Co., Ltd.
066970
6.05%
₩2,515.9B
₩39.0B


SoulBrain Co Ltd
357780
5.39%
₩2,500.8B
₩8.8B


Chunbo Co Ltd
278280
3.05%
₩1,894.0B
₩10.4B


Ecopro Co., Ltd.
086520
2.83%
₩861.2B
₩17.2B


Cosmo Advanced Materials&amp;Technlgy Co Ltd
005070
2.39%
₩889.1B
₩19.2B


Creative &amp; Innovative System Corp
222080
2.18%
₩672.7B
₩10.0B


Foosung Co Ltd
093370
2.04%
₩1,000.2B
₩7.2B


Ecopro HN Co Ltd
383310
2.05%
₩615.3B
#N/A


Solus Advanced Materials Co Ltd
336370
1.97%
₩1,550.9B
₩17.7B


Daejoo Electronic Materials Co Ltd
078600
1.95%
₩749.4B
₩12.1B


People &amp; Technology Inc
137400
1.66%
₩546.9B
₩4.8B


Dongwha Enterprise Co Ltd
025900
0.94%
₩1,496.9B
₩8.7B


Wonik PNE Co Ltd
131390
0.83%
₩333.4B
₩3.9B


Youlchon Chemical Co. Ltd.
008730
0.78%
₩555.5B
₩1.5B


CowinTech Co Ltd
282880
0.65%
₩218.9B
₩1.1B


Shin Heung Energy &amp; Electronics Co Ltd
243840
0.53%
₩418.3B
₩4.6B


mPlus Corp
259630
0.47%
₩172.2B
₩3.4B


Innometry Co Ltd
302430
0.40%
₩172.0B
₩0.5B


Daebo Magnetic Co Ltd
290670
0.27%
₩257.5B
₩1.1B

Source: KRX



WISE Battery Index Rebalancing Trading Update (July 8)

How will the rebalancing trading of domestic ETFs proceed?In general, in order to reduce tracking errors, trades are made at the close of the market one day before the application date. However, there are cases where local ETFs temporarily invest in stocks not included in the underlying index to reduce market shock.FnGuide Secondary Battery Industry IndexThen, on June 11, the rebalancing trading of the KODEX Secondary Battery Industry ETF (305720) was carried out according to the basic rules.The FnGuide Secondary Battery Industry Index is regularly rebalanced twice a year. The most recent regular rebalancing was applied on June 14. Therefore, ETFs had to conduct rebalancing trading at the close on June 11th.Currently, only one ETF tracks this index. It is Samsung KODEX Secondary Battery Industry ETF and has an AUM of ₩1.27T.





Samsung KODEX Secondary Battery Industry ETF

Ticker
305720


Manager
Samsung Asset Management


Price
₩18,640


SO
68,000,000


AUM
₩1,267.5B


Underlying index
FnGuide Secondary Battery Industry Index


Rebalancing cycle
Semi-annually


Rebalancing month
June &amp; December


Implementation day
The first trading day of the week following the last trading day for KOSPI 200 futures contracts

Source: KRX &amp; FnGuide Index

In the last rebalancing, 5 stocks were added, and 5 constituents were excluded. The number of stocks included in the index is maintained at 25.








Additions
Ticker
Deletions
Ticker


SK IE Technology Co Ltd
361610
Ecopro HN Co Ltd
383310


SKC Co Ltd
011790
Sang-A Frontec Co Ltd
089980


Chunbo Co Ltd
278280
Cosmo Chemical Co Ltd
005420


E&amp;D Co Ltd
101360
Soulbrain Holdings Co Ltd
036830


TSI Co Ltd
277880
Philoptics Co Ltd
161580

Source: Samsung KODEX &amp; FnGuide

Looking at the daily trading volume on June 11, it is estimated that the KODEX ETF completed all rebalancing trading on June 11. As a result, the daily stock price fluctuations of the rebalanced stocks were quite large. In addition, the remaining stocks with high index weight changes also experienced significant share price volatility.










Constituents
Weight change between June 11 and June 14
Passive flow impact
Passive flow impact over 30-day ADTV
Price change on June 11
Note


SK IE Technology
7.15%p
₩90.7B
1.40x
10.53%
Add


SKC Co Ltd
2.54%p
₩32.2B
0.63x
7.28%
Add


Chunbo Co Ltd
0.80%p
₩10.2B
1.08x
6.59%
Add


E&amp;D Co Ltd
0.21%p
₩2.7B
0.98x
8.12%
Add


TSI Co Ltd
0.10%p
₩1.3B
0.32x
10.54%
Add


Ecopro HN Co Ltd
-5.33%p
-₩67.6B
-8.05x
-5.93%
Delete


Sang-A Frontec Co Ltd
-0.88%p
-₩11.2B
-1.86x
-2.54%
Delete


Cosmo Chemical Co Ltd
-0.42%p
-₩5.3B
-1.47x
-3.40%
Delete


Soulbrain Holdings
-0.33%p
-₩4.2B
-1.92x
-1.62%
Delete


Philoptics Co Ltd
-0.28%p
-₩3.6B
-2.87x
-5.83%
Delete

 

LG Chem Ltd
4.56%p
₩57.9B
0.23x
5.33%
Remain


Samsung SDI Co Ltd
2.08%p
₩26.4B
0.14x
4.59%
Remain


SK Innovation Co Ltd
-2.25%p
-₩28.5B
-0.13x
1.86%
Remain


Posco Chemical Co Ltd
-2.00%p
-₩25.4B
-0.64x
-0.69%
Remain


Ecopro Co., Ltd.
-3.09%p
-₩39.2B
-2.72x
-6.74%
Remain


Ecopro BM Co Ltd
0.39%p
₩4.9B
0.18x
2.49%
Remain


Iljin Materials Co Ltd
-0.47%p
-₩6.0B
-0.38x
2.56%
Remain


Creative &amp; Innovative System Corp
-0.27%p
-₩3.4B
-0.30x
-0.41%
Remain


L&amp;F Co., Ltd.
-1.44%p
-₩18.3B
-0.43x
1.62%
Remain


People &amp; Technology
-0.48%p
-₩6.1B
-1.52x
-2.43%
Remain


Cosmo Advanced Materials&amp;Technlgy
-0.17%p
-₩2.2B
-0.12x
3.43%
Remain


Foosung Co Ltd
-0.29%p
-₩3.7B
-0.65x
-0.49%
Remain


DA Technology Co Ltd
-0.19%p
-₩2.4B
-1.24x
-5.52%
Remain


Daejoo Electronic Materials Co Ltd
-0.07%p
-₩0.9B
-0.07x
2.57%
Remain


Shin Heung Energy &amp; Electronics Co Ltd
0.23%p
₩2.9B
0.68x
3.25%
Remain


mPlus Corp
0.12%p
₩1.5B
0.39x
3.65%
Remain


Wonik PNE Co Ltd
-0.06%p
-₩0.8B
-0.22x
-0.91%
Remain


Sangsin Energy Display Precision Co Ltd
-0.06%p
-₩0.8B
-0.59x
-2.20%
Remain


Chemtros Co Ltd
-0.05%p
-₩0.6B
-0.47x
-0.31%
Remain


NS Co Ltd
-0.05%p
-₩0.6B
-0.24x
-1.73%
Remain

Source: Samsung KODEX &amp; FnGuide Index

WISE Secondary Battery Theme IndexThe WISE Secondary Battery Theme Index, whose regular rebalancing date is the 9th of next month, also showed a fairly large share price change on the last regular rebalancing date.This Index is regularly rebalanced quarterly. The most recent regular rebalancing was applied on April 9. Therefore, ETFs had to conduct rebalancing trading at the close on April 8.Currently, only one ETF tracks this index. It is Mirae Asset TIGER Secondary Cell ETF and has an AUM of ₩0.89T.





Mirae Asset TIGER Secondary Cell ETF

Ticker
305540


Manager
Mirae Asset Management


Price
₩17,995


SO
49,650,000


AUM
₩893.5B


Underlying index
WISE Secondary Battery Theme Index


Rebalancing cycle
Quarterly


Rebalancing month
January, April, July, and October


Implementation day
The trading day following the option expiration dates

Source: KRX &amp; FnGuide Index

The FnGuide Secondary Battery Industry Index uses a scoring system to take a more active approach to change constituent stocks. Also, the number of constituents is limited to 25. On the other hand, the WISE Secondary Battery Theme Index adopts a comprehensive selection method. That is, the selection of excluded stocks is not flexible.Therefore, one stock was added in the most recent periodic change, and one stock was excluded.








Additions
Ticker
Deletions
Ticker


Dongwha Enterprise Co Ltd
025900
Power Logics
047310

Source: Mirae Asset TIGER &amp; FnGuide Index

Similarly, looking at the daily trading volume on April 8, it is again estimated that this TIGER ETF completed all rebalancing trading on April 8. The new addition, Dongwha, saw a 10.37% gain on this day, whereas the deletion, Power Logics, suffered an 8.29% loss. In addition, the prices of constituent stocks with increased index weight rose significantly. Conversely, most of the constituent stocks with reduced index weight experienced a decline in share prices.










Constituents
Weight change between April 8 and April 9
Passive flow impact
Passive flow impact over 30-day ADTV
Price change on April 8
Note


Dongwha Enterprise
0.80%p
₩7.1B
0.91x
10.37%
Add


Power Logics
-0.86%p
-₩7.7B
-0.39x
-8.29%
Delete



Posco Chemical Co Ltd
-3.05%p
-₩27.3B
-0.69x
-1.84%
Remain


SKC Co Ltd
-1.90%p
-₩17.0B
-0.33x
0.00%
Remain


Samsung SDI Co Ltd
1.41%p
₩12.6B
0.07x
0.46%
Remain


SK Innovation Co Ltd
2.23%p
₩19.9B
0.09x
4.73%
Remain


LG Chem Ltd
1.97%p
₩17.6B
0.07x
-0.12%
Remain


Iljin Materials Co Ltd
0.18%p
₩1.6B
0.19x
3.77%
Remain


Ecopro BM Co Ltd
-0.09%p
-₩0.8B
-0.03x
-0.42%
Remain


L&amp;F Co., Ltd.
-0.19%p
-₩1.7B
-0.04x
-2.13%
Remain


SoulBrain Co Ltd
-0.12%p
-₩1.1B
-0.11x
-0.79%
Remain


Ecopro Co., Ltd.
-0.10%p
-₩0.9B
-0.06x
-1.16%
Remain


Chunbo Co Ltd
-0.01%p
-₩0.1B
-0.01x
0.54%
Remain


Creative &amp; Innovative System Corp
-0.12%p
-₩1.1B
-0.09x
-2.88%
Remain


Foosung Co Ltd
-0.02%p
-₩0.2B
-0.03x
0.00%
Remain


Solus Advanced Materials Co Ltd
-0.04%p
-₩0.4B
-0.02x
-1.15%
Remain


Cosmo Advanced Materials&amp;Technlgy
0.01%p
₩0.1B
0.00x
1.21%
Remain


Daejoo Electronic Materials Co Ltd
0.02%p
₩0.2B
0.01x
1.06%
Remain


People &amp; Technology Inc
0.00%p
₩0.0B
0.00x
-0.21%
Remain


Wonik PNE Co Ltd
-0.02%p
-₩0.2B
-0.05x
-1.33%
Remain


Youlchon Chemical
-0.01%p
-₩0.1B
-0.04x
-0.25%
Remain


CowinTech Co Ltd
-0.02%p
-₩0.2B
-0.13x
-1.60%
Remain


Shin Heung Energy &amp; Electronics Co Ltd
0.01%p
₩0.1B
0.02x
0.73%
Remain


mPlus Corp
0.01%p
₩0.1B
0.02x
1.12%
Remain


Innometry Co Ltd
0.00%p
₩0.0B
0.00x
0.00%
Remain


Daebo Magnetic Co Ltd
0.01%p
₩0.1B
0.14x
1.56%
Remain

Source: Mirae Asset TIGER &amp; FnGuide Index



WISE Battery Index Rebalancing: Pre-Announcement Process & Actual ETF Trading

Index overviewThe WISE rechargeable battery theme index uses stocks that include the 'Secondary Battery' keyword through AI keyword analysis among stocks included in the report of the local brokerages. It is a float-adjusted market capitalization-weighted index.Screening criteria
The index first analyzes the keywords of local brokerage reports published during the last two years from the stock screening base date. It then selects the stock with 'Secondary Battery' within the top 5 of the main keyword rankings.
After checking the sales composition specified in the business report submitted at the time of the previous regular change, stocks generating sales in the following business areas are selected as index constituents.

Product production: A company that produces secondary batteries
Raw material production: A company that produces and distributes raw materials for secondary battery production
Equipment manufacturing: A company that produces and distributes equipment and machinery for secondary battery production


Stocks with total sales of ₩200B or less or those with 50% or less of the above-related sales are excluded.
Screening schedule
The index undergoes a regular rebalancing every January, April, July, and October on the trading day following the option expiration date.The screening base date for quarterly regular rebalancing is the last trading day of the month preceding the month of regular rebalancing.Therefore, the screening base date for the upcoming rebalancing is June 30, and July 9 is the implementation date. That is, we should expect a rebalancing trading at the close on July 8.





Rebalancing schedule

Rebalancing cycle
Quarterly


Rebalancing month
January, April, July, and October


Implementation date
The trading day following the option expiration dates


Next implementation date
July 9, 2021


Rebalancing trading
At the close on July 8, 2021


Screening base date
The last trading day of the month preceding the date of regular rebalancing

Source: KRX &amp; WISE Index

Index weight, as of June 18, 2021Below is the index weight of the constituent stocks based on last Friday's closing price.









WISE Secondary Cell Index tracking ETFs
Ticker
Weight
Market cap
30-day average daily trade value


SK Innovation Co Ltd
096770
11.19%
₩25,613.0B
₩228.0B


SKC Co Ltd
011790
10.25%
₩5,509.8B
₩50.1B


Samsung SDI Co Ltd
006400
9.67%
₩46,347.3B
₩181.5B


LG Chem Ltd
051910
9.53%
₩58,026.9B
₩254.2B


Posco Chemical Co Ltd
003670
8.63%
₩9,117.7B
₩38.9B


Ecopro BM Co Ltd
247540
7.39%
₩4,546.1B
₩26.3B


L&amp;F Co., Ltd.
066970
6.35%
₩2,625.4B
₩41.6B


Iljin Materials Co Ltd
020150
6.19%
₩3,255.4B
₩15.5B


SoulBrain Co Ltd
357780
5.61%
₩2,568.5B
₩9.4B


Chunbo Co Ltd
278280
3.15%
₩1,853.0B
₩9.2B


Ecopro Co., Ltd.
086520
2.83%
₩836.9B
₩14.1B


Creative &amp; IS
222080
2.33%
₩687.0B
₩11.6B


Cosmo Advanced M&amp;T
005070
2.30%
₩798.1B
₩18.7B


Foosung Co Ltd
093370
2.05%
₩990.9B
₩5.3B


Solus Advanced Materials
336370
2.05%
₩1,602.9B
₩17.4B


Daejoo Electronic Materials
078600
2.04%
₩747.8B
₩11.8B


Ecopro HN Co Ltd
383310
1.82%
₩538.7B
₩12.1B


People &amp; Technology Inc
137400
1.60%
₩515.1B
₩4.0B


Dongwha Enterprise Co Ltd
025900
0.93%
₩1,414.1B
₩7.8B


Wonik PNE Co Ltd
131390
0.87%
₩327.5B
₩3.3B


Youlchon Chemical Co. Ltd.
008730
0.80%
₩550.6B
₩2.5B


CowinTech Co Ltd
282880
0.68%
₩224.6B
₩1.4B


Shin Heung Energy &amp; Elec
243840
0.53%
₩377.2B
₩4.2B


mPlus Corp
259630
0.48%
₩171.0B
₩3.9B


Innometry Co Ltd
302430
0.39%
₩169.1B
₩0.5B


Daebo Magnetic Co Ltd
290670
0.28%
₩257.4B
₩0.6B

Source: KRX



WISE Battery Index Rebalancing Preview (Implementation on July 9): SK IE Tech, Ecopro HN & Soulbrain

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<p>The Korea Exchange (KRX) launched 5 indices last year following the New Deal initiative that the Government launched to digitalise social infrastructure and jumpstart the transition to green energy.</p><p>The KRX created 4 indices tracking the Secondary Battery, Biotech, Internet and Gaming sectors that are expected to benefit from the New Deal initiative plus an additional index (BBIG) that includes the top 3 stocks from each sector.</p><p>All indices have performed well since then. The KRX announced changes to the 5 indices late last week and the changes become effective post the close of trading on 25 February.</p><div><p><a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a> replaces <a href="https://www.smartkarma.com/entities/pearl-abyss-corp" target="_blank" data-smartkarma-citation="entities:24391:1" rel="noopener">Pearl Abyss (263750 KS)</a> in the BBIG Index.</p></div><div><p>In the Secondary Battery index, <a href="https://www.smartkarma.com/entities/soulbrain-co-ltd" target="_blank" data-smartkarma-citation="entities:16883:1" rel="noopener">Soulbrain (036830 KS)</a> and <a href="https://www.smartkarma.com/entities/l-f-co-ltd" target="_blank" data-smartkarma-citation="entities:14300:1" rel="noopener">L&amp;F Co Ltd (066970 KS)</a> replace <a href="https://www.smartkarma.com/entities/doosan-solus-co-ltd" target="_blank" data-smartkarma-citation="entities:28947:1" rel="noopener">Doosan Solus Co Ltd (336370 KS)</a> and <a href="https://www.smartkarma.com/entities/foosung-co-ltd" target="_blank" data-smartkarma-citation="entities:16811:1" rel="noopener">Foosung Co Ltd (093370 KS)</a>.</p></div><div><p>In the Biotech index, <a href="https://www.smartkarma.com/entities/shinpoong-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7296:1" rel="noopener">Shinpoong Pharmaceutical (019170 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> replace <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a> and <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>.</p></div><div><p>In the Internet index, <a href="https://www.smartkarma.com/entities/ace-technologies-corp" target="_blank" data-smartkarma-citation="entities:7868:1" rel="noopener">Ace Technologies (088800 KS)</a> and <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> replace <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> and <a href="https://www.smartkarma.com/entities/ubiquoss-inc" target="_blank" data-smartkarma-citation="entities:14341:1" rel="noopener">Ubiquoss Holding (078070 KS)</a>.</p></div><div><p>In the Gaming index, <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a> and <a href="https://www.smartkarma.com/entities/neptune-company" target="_blank" data-smartkarma-citation="entities:28826:1" rel="noopener">Neptune Company (217270 KS)</a> replace <a href="https://www.smartkarma.com/entities/neowiz-games-corp" target="_blank" data-smartkarma-citation="entities:12425:1" rel="noopener">Neowiz Games (095660 KS)</a> and Golfzon (215000 KS).</p></div>

The Korea Exchange (KRX) launched 5 indices last year following the New Deal initiative that the Government launched to digitalise social infrastructure and jumpstart the transition to green energy.The KRX created 4 indices tracking the Secondary Battery, Biotech, Internet and Gaming sectors that are expected to benefit from the New Deal initiative plus an additional index (BBIG) that includes the top 3 stocks from each sector.All indices have performed well since then. The KRX announced changes to the 5 indices late last week and the changes become effective post the close of trading on 25 February.Kakao Games Corp (293490 KS) replaces Pearl Abyss (263750 KS) in the BBIG Index.In the Secondary Battery index, Soulbrain (036830 KS) and L&amp;F Co Ltd (066970 KS) replace Doosan Solus Co Ltd (336370 KS) and Foosung Co Ltd (093370 KS).In the Biotech index, Shinpoong Pharmaceutical (019170 KS) and Green Cross (006280 KS) replace Alteogen Inc (196170 KS) and Hanmi Pharm (128940 KS).In the Internet index, Ace Technologies (088800 KS) and Rsupport Co Ltd (131370 KS) replace KG Inicis Co Ltd (035600 KS) and Ubiquoss Holding (078070 KS).In the Gaming index, Kakao Games Corp (293490 KS) and Neptune Company (217270 KS) replace Neowiz Games (095660 KS) and Golfzon (215000 KS).

KRX BBIG K-NewDeal Index Rebalance: First Set of Changes Announced

Daeduck Electronics Co., Ltd / Event-Driven

<p>Daeduck demerged shares got re-listed yesterday, and they delivered a decent gain.</p><hr><p>Below is a quick recap of the event.</p><p>Daeduck Electronics got demerged into Daeduck Holdings (surviving: 36.65%) and Daeduck Electronics (new: 63.35%). Both shares got re-listed yesterday on May 21. There was no stock split nor stock purchase right either. As for the size of treasury shares (the most critical part in the value accretion of a demerger event), it was a pretty sizeable 15.12%.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/135/023/original/51.png?1590102140" class="editor-image img-responsive" data-smartkarma-image-id="135023"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/135/010/original/12.png?1590099550" class="editor-image img-responsive" data-smartkarma-image-id="135010"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/135/011/original/13.png?1590099562" class="editor-image img-responsive" data-smartkarma-image-id="135011"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/135/012/original/18.png?1590099604" class="editor-image img-responsive" data-smartkarma-image-id="135012"></figure>

Daeduck demerged shares got re-listed yesterday, and they delivered a decent gain.Below is a quick recap of the event.Daeduck Electronics got demerged into Daeduck Holdings (surviving: 36.65%) and Daeduck Electronics (new: 63.35%). Both shares got re-listed yesterday on May 21. There was no stock split nor stock purchase right either. As for the size of treasury shares (the most critical part in the value accretion of a demerger event), it was a pretty sizeable 15.12%.

Daeduck Demerger Value Accretion Recap & TY E&C Demerger Preview

South Korea

LOTTE Fine Chemical Co., Ltd. produces general and fine chemicals. The Company produces ammonia, epichlorohydrin, caustic soda, and dimethylformamide. LOTTE Fine Chemical also manufactures chemicals used in pharmaceutical and paint manufacturing areas.

VT GMP Co.,Ltd. manufactures and markets laminating machines. The Company produces and sells pouch laminators, roll laminators, and other products. VT GMP also produces and sells laminating films.

Kolon Industries Inc. manufactures a variety of chemical fibers and textiles such as nylon yarns and fabrics, chamude, tire cord fabrics, and air bag fabrics.  The Company also produces films and media materials including polyester films, nylon films, and audio/video tapes.  In addition, Kolon makes engineering plastic products.

Advanced Nano Products Co., Ltd. manufactures and supplies a wide range of nanomaterial products in the energy technology, nanotechnology, biotechnology, IT field.  The company mainly produces Memory/Non-memory semiconductors, solar cells, LCDs, PDPs and other material products.

Advanced Nano Products Co Ltd (121600 KS)

Hyosung Corporation specializes in general trading businesses.  The Company also produces nylon yarns and other synthetic and chemical products such as PET films, PET bottles and polypropylene resins.  In addition, Hyosung contracts electrical construction and information systems and manufactures industrial machinery.

OCI Holdings Company Ltd. operates chemical business. The Company manufactures inorganic chemicals, petroleum and coal chemicals, fine chemicals, renewable energy and insulation materials. OCI Holdings markets its products primarily throughout Korea with limited overseas.

Cosmochemical Co., Ltd. manufactures and markets titanium dioxide used in synthetic resins, rubber, paper, paint, and TV cathode-ray tubes.  The Company also produces titanium dioxide byproducts, ferrous sulfate, koferis, ferosol for wastewater treatment agent uses, and sports equipment.

PI Advanced Materials Co., Ltd. manufactures and sells plastics films. The Company produces and sells polyimide films and other products. PI Advanced Materials conducts businesses in South Korea.

Miwon Commercial Co., Ltd. manufactures sulfurs, sulfuric acids, and surfactants.  The Company also provides paint additives, photo and functional chemicals, plastic and rubber additives, polyurethane, PP foam sheets, and chemical goods.

DukSan Neolux Co., Ltd. manufacture electronic components and chemical material. The Company specializes in producing chemincals used in semiconductor industry.

Huabao International Holdings Ltd is an industrial holdings group based on China's fast-moving consumer goods market. The group mainly engages in the R&D, production and sales of flavors and fragrances, tobacco raw materials, aroma raw materials, as well as condiments. The Group also makes diversified investments around its core businesses through its subsidiaries.

Sinofert Holdings Ltd. manufactures and distributes fertilizers. The Company produces and imports potash fertilizers, phosphate-based and nitrogen-based fertilizers, and compound fertilizers.  Sinofert operates in the Peoples Republic of China.

SK KAKEN CO., LTD. manufactures and sells paints primarily for construction. The Company also paints buildings.  SK Kaken also operates overseas, especially in Southeast Asia.

Anhui Wanwei Updated High-Tech Material Industry Co., Ltd. manufactures polyvinyl alcohol, chemical fibers, and other chemical products.  The Company also produces cement and adhesives.

Sichuan Lutianhua Co., Ltd. manufactures and markets a variety of fertilizers and industrial chemical products.  The Company's products include urea, liquified ammonium, and methyl alcohol.

FUSO CHEMICAL CO., LTD. manufactures fruit acid and its salts.  The Company also produces resin additives, fine chemical products, and silica related derivatives.

Zhuzhou Times New Material Technology Co., Ltd. manufactures high polymer anti-vibration and noise reduction elastic components, high polymer composite modified materials, coating materials, and insulation materials. The Company also retails electromechanical products and provides highway construction.

Zhuzhou Times New Material Tech Co. (600458 CH)

NIPPON PILLAR PACKING CO., LTD. manufactures industrial-type mechanical seals. The Company also produces fluorine resin products, packing materials, and gaskets.

Shandong Jincheng Pharmaceutical Group Co., Ltd. manufactures pharmaceuticals. The Company produces and sells cephalosporin pharmaceuticals, biopharmaceuticals, anti-infective basic drugs, and more. Shandong Jincheng Pharmaceutical Group markets its products throughout China.

Shandong Jincheng Pharm And Chem (300233 CH)

T. HASEGAWA CO., LTD. manufactures fragrances for cosmetics and toiletries. The Company also produces flavorings for beverages and food products.

Soulbrain Holdings Co., Ltd. manufactures, sells, and trades semiconductor related chemicals.  The Company's products include a line of Chemical Vapor Deposition (CVD) such as tetraethyl ortho-silicate (TEOS) and etchants.  TechnoSemiChem also produces and distributes chemicals used in liquid crystal display (LCD) and fiber optics processing.

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Soulbrain Holdings (036830 KS)

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