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

Three Local Stocks Exposed to Netmarble's Stake Sale Risk: NCsoft, HYBE, & Kakao Games

Netmarble Sold Kakao Games Shares in Block Deals: Overhang Risk Vs. Index Float Improvement

Kakao Bank Passive Flow Tracking Ahead of MSCI & KOSPI 200 Implementations

Kakao Bank: Passive Supply/Demand Situation & Profit Realization Timing

Kakao Bank, Apparently Passive Money Flowing in This Morning

Netmarble Sells 6 Million Shares of Kakao Bank for 430 Billion Won

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Clepsydra Capital

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

Equity Capital Markets

<h2><strong>Netmarble selling Kakao Bank</strong></h2><p>We got to know who was driving Kakao Bank's share price drop today.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/223/142/original/Screen+Shot+2021-08-10+at+12.47.04+PM.png?1628614043" class="editor-image img-responsive" data-smartkarma-image-id="223142"></figure><p></p></section><p>That is, Netmarble sold about 40% of its stake in Kakao Bank today. The following is Netmarble's regulatory filing published after the market closed.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/223/141/original/Screen+Shot+2021-08-10+at+12.45.18+PM.png?1628613964" class="editor-image img-responsive" data-smartkarma-image-id="223141"></figure></section><p>Netmarble sold 6 million Kakao Bank shares in the market during the regular trading hours for a total of ₩430.2B. So the sale price per share is ₩71,697.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Netmarble selloff"}'>Netmarble selling</td></tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Shares sold"}'>Shares sold</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":6000000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>6,000,000</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total amount"}'>Total amount</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":430.1838765}' data-sheets-numberformat='{"1":2,"2":"₩#,##0.0B","3":1}'>₩430.2B</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":" - Sellng price per share"}'><strong>- Sale price per share</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":71697.31275}' data-sheets-numberformat='{"1":4,"2":"[$₩]#,##0","3":1}' data-sheets-formula="=R[-1]C[0]*1000000000/R[-2]C[0]"><strong>₩71,697</strong></td>
</tr>
<tr><td colspan="2" rowspan="1" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table><p>On the third trading day of Kakao Bank, local retail again led the trading, and institutional investors did not show an active trading trend. So, it appears that Netmarble's 6 million shares mostly went to local retail investors.</p><p><strong>However, among institutional investors, local pensions traded fairly actively, and a meaningful portion of Netmarble's selling volume seems to have flowed to them. Perhaps this should be a preemptive action for the KOSPI 200 rebalancing trading.</strong></p><table class="table table-striped">
<colgroup>
<col width="300">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td data-sheets-value='{"1":2,"2":"Trade by investor type"}'>Trade by investor type on August 10</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Sell"}'>Sell</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Buy"}'>Buy</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Net"}'>Net</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Brokerages &amp; investment advisories managing proprietary assets"}'>Brokerages &amp; investment advisories</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":38095}' data-sheets-numberformat='[null,2,"#,##0",1]'>38,095</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":42140}' data-sheets-numberformat='[null,2,"#,##0",1]'>42,140</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":4045}' data-sheets-numberformat='[null,2,"#,##0",1]'>+4,045</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Insurance"}'>Insurance</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":50742}' data-sheets-numberformat='[null,2,"#,##0",1]'>50,742</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":95564}' data-sheets-numberformat='[null,2,"#,##0",1]'>95,564</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44822}' data-sheets-numberformat='[null,2,"#,##0",1]'>+44,822</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Publicly raised funds"}'>Publicly raised funds</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":50879}' data-sheets-numberformat='[null,2,"#,##0",1]'>50,879</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":90095}' data-sheets-numberformat='[null,2,"#,##0",1]'>90,095</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":39216}' data-sheets-numberformat='[null,2,"#,##0",1]'>+39,216</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Private equity"}'>Private equity</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":65862}' data-sheets-numberformat='[null,2,"#,##0",1]'>65,862</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":28528}' data-sheets-numberformat='[null,2,"#,##0",1]'>28,528</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-37334}' data-sheets-numberformat='[null,2,"#,##0",1]'>-37,334</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Banks"}'>Banks</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='[null,2,"#,##0",1]'>0</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='[null,2,"#,##0",1]'>0</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}' data-sheets-numberformat='[null,2,"#,##0",1]'>0</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Other - financial (eg. savings banks)"}'>Other - financial (e.g., savings banks)</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":100}' data-sheets-numberformat='[null,2,"#,##0",1]'>100</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1564}' data-sheets-numberformat='[null,2,"#,##0",1]'>1,564</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1464}' data-sheets-numberformat='[null,2,"#,##0",1]'>+1,464</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Pension"}'><strong>Pension</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":73722}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>73,722</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":901630}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>901,630</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":827908}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>+827,908</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Other - corporations"}'><strong>Other - corporations (→ should be mostly Netmarble)</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":6038836}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>6,038,836</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":66578}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>66,578</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":-5972258}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>-5,972,258</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Local retail"}'><strong>Local retail</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":19536212}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>19,536,212</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":24483461}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>24,483,461</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":4947249}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>+4,947,249</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Foreign"}'>Foreign</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":592781}' data-sheets-numberformat='[null,2,"#,##0",1]'>592,781</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":710588}' data-sheets-numberformat='[null,2,"#,##0",1]'>710,588</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":117807}' data-sheets-numberformat='[null,2,"#,##0",1]'>+117,807</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Other - foreign"}'>Other - foreign</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":47893}' data-sheets-numberformat='[null,2,"#,##0",1]'>47,893</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":74974}' data-sheets-numberformat='[null,2,"#,##0",1]'>74,974</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":27081}' data-sheets-numberformat='[null,2,"#,##0",1]'>+27,081</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Total"}'>Total</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":26495122}' data-sheets-numberformat='[null,2,"#,##0",1]'>26,495,122</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":26495122}' data-sheets-numberformat='[null,2,"#,##0",1]'>26,495,122</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0}'>0</td>
</tr>
<tr><td colspan="4" data-sheets-value='{"1":2,"2":"Source: KRX"}'>Source: KRX</td></tr>
</tbody>
</table><p>As a result, Netmarble's stake decreased from 3.21% to 1.94%. Of these, 1.60% are locked up for 3 months. On the other hand, 0.34% can be sold additionally. Netmarble did not disclose plans for further selling of its holdings.</p><table class="table table-striped">
<colgroup>
<col width="100">
<col width="100">
<col width="100">
<col width="100">
</colgroup>
<tbody>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"Shareholding"}'>Shareholding</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":2,"2":"Post-IPO"}'>Post-IPO</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":2,"2":"Shares"}'>Shares</td>
<td style="text-align: right; width: 177.514px;" data-sheets-value='{"1":2,"2":"After today"}'>After today</td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"Kakao"}'>Kakao</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.2726450439552191}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[1]/R14C3">27.26%</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":129533725}' data-sheets-numberformat='[null,2,"#,##0",1]'>129,533,725</td>
<td style="text-align: right; width: 177.514px;" data-sheets-numberformat='[null,2,"#,##0",1]'></td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"Korea Investment Financial Holdings"}'>Korea Investment Financial Holdings</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.27264504185040006}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[1]/R14C3">27.26%</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":129533724}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=R[-25]C[0]+R[-24]C[0]">129,533,724</td>
<td style="text-align: right; width: 177.514px;" data-sheets-numberformat='[null,3,"0.00%",1]'></td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"KB Kookmin Bank"}'>KB Kookmin Bank</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.08018930750396573}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[1]/R14C3">8.02%</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":38097959}' data-sheets-numberformat='[null,2,"#,##0",1]'>38,097,959</td>
<td style="text-align: right; width: 177.514px;" data-sheets-numberformat='[null,3,"0.00%",1]'></td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"Netmarble (KS 251270)"}'><strong>Netmarble (KS 251270)</strong></td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.032075721738694905}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[1]/R14C3"><strong>3.21%</strong></td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":15239183}' data-sheets-numberformat='[null,2,"#,##0",1]'><strong>15,239,183</strong></td>
<td style="text-align: right; width: 177.514px;" data-sheets-value='{"1":3,"3":9239183}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=R[0]C[-1]-6000000"><strong>1.94% (9,239,183 shares)</strong></td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"Tencent"}'>Tencent</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.032075721738694905}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[1]/R14C3">3.21%</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":15239183}' data-sheets-numberformat='[null,2,"#,##0",1]'>15,239,183</td>
<td style="text-align: right; width: 177.514px;" data-sheets-value='{"1":3,"3":0.019446807811211428}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[-1]C[0]/R[10]C[-1]"></td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"Seoul Guarantee Insurance Company"}'>Seoul Guarantee Insurance Company</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.032075721738694905}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[1]/R14C3">3.21%</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":15239183}' data-sheets-numberformat='[null,2,"#,##0",1]'>15,239,183</td>
<td style="text-align: right; width: 177.514px;" data-sheets-numberformat='[null,2,"#,##0",1]'></td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"Korea Post"}'>Korea Post</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.032075721738694905}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[1]/R14C3">3.21%</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":15239183}' data-sheets-numberformat='[null,2,"#,##0",1]'>15,239,183</td>
<td style="text-align: right; width: 177.514px;" data-sheets-numberformat='[null,2,"#,##0",1]'></td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"eBay Korea"}'>eBay Korea</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.032075721738694905}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[1]/R14C3">3.21%</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":15239183}' data-sheets-numberformat='[null,2,"#,##0",1]'>15,239,183</td>
<td style="text-align: right; width: 177.514px;" data-sheets-numberformat='[null,2,"#,##0",1]'></td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"Anchor Equity Partners"}'>Anchor Equity Partners</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.02239527403140403}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[1]/R14C3">2.24%</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":10640000}' data-sheets-numberformat='[null,2,"#,##0",1]'>10,640,000</td>
<td style="text-align: right; width: 177.514px;" data-sheets-numberformat='[null,2,"#,##0",1]'></td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"TPG Capital"}'>TPG Capital</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.02239527403140403}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[1]/R14C3">2.24%</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":10640000}' data-sheets-numberformat='[null,2,"#,##0",1]'>10,640,000</td>
<td style="text-align: right; width: 177.514px;" data-sheets-numberformat='[null,2,"#,##0",1]'></td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"Yes24 (KS 053280)"}'>Yes24 (KS 053280)</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.011958303864201188}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[1]/R14C3">1.20%</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":5681393}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=R[-16]C[1]">5,681,393</td>
<td style="text-align: right; width: 177.514px;" data-sheets-numberformat='[null,2,"#,##0",1]'></td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"ESOP (post-IPO shareholders)"}'>ESOP</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.027552080551793114}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[1]/R14C3">2.76%</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":13090000}' data-sheets-numberformat='[null,2,"#,##0",1]'>13,090,000</td>
<td style="text-align: right; width: 177.514px;" data-sheets-numberformat='[null,2,"#,##0",1]'></td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"Pre-IPO non-lockup minority shareholders having less than a 1% stake"}'>Other pre-IPO non-lockup minority shareholders</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.019632743310965765}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[1]/R14C3">1.96%</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":9327521}' data-sheets-numberformat='[null,2,"#,##0",1]'>9,327,521</td>
<td style="text-align: right; width: 177.514px;" data-sheets-numberformat='[null,2,"#,##0",1]'></td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"IPO shareholders (institutional &amp; retail)"}'>IPO shareholders (institutional &amp; retail)</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.11020832220717246}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=R[0]C[1]/R14C3">11.02%</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":52360000}' data-sheets-numberformat='[null,2,"#,##0",1]'>52,360,000</td>
<td style="text-align: right; width: 177.514px;" data-sheets-numberformat='[null,2,"#,##0",1]'></td>
</tr>
<tr>
<td style="width: 334.886px;" data-sheets-value='{"1":2,"2":"Total"}'>Total</td>
<td style="text-align: right; width: 112.287px;" data-sheets-value='{"1":3,"3":0.9999999999999999}' data-sheets-numberformat='[null,3,"0.00%",1]' data-sheets-formula="=sum(R[-14]C[0]:R[-1]C[0])">100.00%</td>
<td style="text-align: right; width: 121.321px;" data-sheets-value='{"1":3,"3":475100237}' data-sheets-numberformat='[null,2,"#,##0",1]' data-sheets-formula="=sum(R[-14]C[0]:R[-1]C[0])">475,100,237</td>
<td style="text-align: right; width: 177.514px;" data-sheets-numberformat='[null,2,"#,##0",1]'></td>
</tr>
<tr><td colspan="4" rowspan="1" style="width: 746.008px;" data-sheets-value='{"1":2,"2":"Source: DART"}'>Source: DART</td></tr>
</tbody>
</table>

Netmarble selling Kakao BankWe got to know who was driving Kakao Bank's share price drop today.That is, Netmarble sold about 40% of its stake in Kakao Bank today. The following is Netmarble's regulatory filing published after the market closed.Netmarble sold 6 million Kakao Bank shares in the market during the regular trading hours for a total of ₩430.2B. So the sale price per share is ₩71,697.





Netmarble selling

Shares sold
6,000,000


Total amount
₩430.2B


- Sale price per share
₩71,697

Source: DART

On the third trading day of Kakao Bank, local retail again led the trading, and institutional investors did not show an active trading trend. So, it appears that Netmarble's 6 million shares mostly went to local retail investors.However, among institutional investors, local pensions traded fairly actively, and a meaningful portion of Netmarble's selling volume seems to have flowed to them. Perhaps this should be a preemptive action for the KOSPI 200 rebalancing trading.








Trade by investor type on August 10
Sell
Buy
Net


Brokerages &amp; investment advisories
38,095
42,140
+4,045


Insurance
50,742
95,564
+44,822


Publicly raised funds
50,879
90,095
+39,216


Private equity
65,862
28,528
-37,334


Banks
0
0
0


Other - financial (e.g., savings banks)
100
1,564
+1,464


Pension
73,722
901,630
+827,908


Other - corporations (→ should be mostly Netmarble)
6,038,836
66,578
-5,972,258


Local retail
19,536,212
24,483,461
+4,947,249


Foreign
592,781
710,588
+117,807


Other - foreign
47,893
74,974
+27,081


Total
26,495,122
26,495,122
0

Source: KRX

As a result, Netmarble's stake decreased from 3.21% to 1.94%. Of these, 1.60% are locked up for 3 months. On the other hand, 0.34% can be sold additionally. Netmarble did not disclose plans for further selling of its holdings.








Shareholding
Post-IPO
Shares
After today


Kakao
27.26%
129,533,725



Korea Investment Financial Holdings
27.26%
129,533,724



KB Kookmin Bank
8.02%
38,097,959



Netmarble (KS 251270)
3.21%
15,239,183
1.94% (9,239,183 shares)


Tencent
3.21%
15,239,183



Seoul Guarantee Insurance Company
3.21%
15,239,183



Korea Post
3.21%
15,239,183



eBay Korea
3.21%
15,239,183



Anchor Equity Partners
2.24%
10,640,000



TPG Capital
2.24%
10,640,000



Yes24 (KS 053280)
1.20%
5,681,393



ESOP
2.76%
13,090,000



Other pre-IPO non-lockup minority shareholders
1.96%
9,327,521



IPO shareholders (institutional &amp; retail)
11.02%
52,360,000



Total
100.00%
475,100,237


Source: DART



Netmarble Selling Kakao Bank: Additional Sellings & What Should We Do?

KakaoBank

Netmarble Selling Kakao Bank: Additional Sellings & What Should We Do?