In today’s briefing:
- KOSDAQ150 Adhoc Index Rebalance: Seronics to Replace L&F
- Temu and AliExpress Taking Away Meaningful Market Share from Coupang in Korea
KOSDAQ150 Adhoc Index Rebalance: Seronics to Replace L&F
- L&F Co Ltd (066970 KS) will move from the KOSDAQ Market to the KOSPI Market on 29 January. That means KOSDAQ 150 Index deletion at the close on 26 January.
- As the highest ranked non-constituent from the Information Technology sector at the December rebalance, Seronics Co Ltd (042600 KS) will be added to the index.
- Short interest on L&F Co (066970 KS) is 1.8m shares (KRW 364bn; 4.98% of shares outstanding; 7.24% of float; 2.4x ADV). There could be recalls from passives and forced covering.
Temu and AliExpress Taking Away Meaningful Market Share from Coupang in Korea
- In this insight, we discuss how Temu and AliExpress have been taking away meaningful market share away from Coupang (CPNG US) in Korea in the past year.
- Temu’s MAU skyrocketed in the past year in Korea. Temu’s MAU surged from zero in January 2023 to 3.28 million as of December 2023.
- One could argue that Coupang’s valuations are overvalued relative to its Chinese competitors such as PDD Holdings (PDD US).
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