Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

I investigate special situations, pairs, and index rebalancing trades in Korea.

Korea / Special Sits, Pairs, Index Rebalancing

Krafton IPO Offering Price/​Size Adjustment & Valuation Re-Review

Krafton Post-IPO Immediate Float Estimation for MSCI FAST ENTRY

Krafton's China Risk for Tencent Relationship Amid DiDi Chuxing Scandal: Key Talking Points

Krafton IPO: Offering Detail, Valuation Issue, & Index Fast Entry

FSS Requested Krafton to Revise the Offering Price: Background & Impact

Krafton and Mirae Asset Are Playing a Fairly Risky Game

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

The issue of the Financial Supervisory Service's request for correction of Krafton's securities declaration has not subsided.In this regard, local media reports are coming out one after another about the real reason the FSS requested.<h2>Simple omission in the transfer of title?</h2>First, a domestic newspaper published an article two days ago that the reason for the correction request by the Financial Supervisory Service was not the public offering price.According to this newspaper, the Financial Supervisory Service's request to Krafton to revise the securities declaration was found to be due to a simple omission in the transfer of title (the act of entering the name and address in the shareholder register).<a href="https://www.asiae.co.kr/article/2021062910261787865" target="_blank" rel="noopener">Here is the link to the news article By Asia Business Daily</a>The source revealed in the article was not from the Financial Supervisory Service but from the local IB industry. In fact, the Financial Supervisory Service has not yet revealed the reason for the request to revise the Krafton IPO prospectus.Then, there is a possibility that this local IB industry official cited in this article may be from the underwriter side. They may be intending to prevent the FSS's request for amendment from leading to issues of legitimacy of the offering price.

The issue of the Financial Supervisory Service's request for correction of Krafton's securities declaration has not subsided.In this regard, local media reports are coming out one after another about the real reason the FSS requested.Simple omission in the transfer of title?First, a domestic newspaper published an article two days ago that the reason for the correction request by the Financial Supervisory Service was not the public offering price.According to this newspaper, the Financial Supervisory Service's request to Krafton to revise the securities declaration was found to be due to a simple omission in the transfer of title (the act of entering the name and address in the shareholder register).Here is the link to the news article By Asia Business DailyThe source revealed in the article was not from the Financial Supervisory Service but from the local IB industry. In fact, the Financial Supervisory Service has not yet revealed the reason for the request to revise the Krafton IPO prospectus.Then, there is a possibility that this local IB industry official cited in this article may be from the underwriter side. They may be intending to prevent the FSS's request for amendment from leading to issues of legitimacy of the offering price.

FSS's Position on Krafton IPO & The Mood of Foreign Investors Revealed by Mirae Asset