In today’s briefing:
- SK Innovation: Update on Its Rights Offering Subscription Allocation
- A Fresh Short-Selling Target in Korea: Youlchon Chemical
- Contec IPO Preview
SK Innovation: Update on Its Rights Offering Subscription Allocation
- On 13 September, SK Innovation announced that the subscription rate for the rights offering allocated to ESOA and existing shareholders was 87.66%.
- The rights offering price is 139,600 won, which is 12.7% lower than current price of 159,900 won.
- There is likely to be a strong demand for the subscription of rights offering forfeited shares for the general investors scheduled to take place on 14 to 15 September.
A Fresh Short-Selling Target in Korea: Youlchon Chemical
- Youlchon Chemical’s CFD balance accounts for 3.54% of SO, with approximately 2x leverage trading. It is one of the few in the top CFD balance list that can be short-sold.
- Our primary concern should lie with the upcoming December rebalancing of the KOSPI 200 index. Youlchon Chemical finds itself perilously close to the borderline within the Materials sector.
- When proactive flow trading targeting KOSPI 200 is set to influence prices early October, we must remain vigilant regarding the potential trades aimed at exploiting a CFD balance squeeze.
Contec IPO Preview
- Contec is getting ready to complete an IPO on the KOSDAQ exchange in October 2023. The IPO price range is from 20,300 won to 22,500 won.
- According to the bankers’ valuation, the expected IPO market cap is from 292 billion won to 324 billion won.
- Contec was spun off from Korea Aerospace Research Institute and offers Space Ground Station Services and Satellite Image Processing & Application Services.
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