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

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Clepsydra Capital

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

Event-Driven

<p>The second batch of the lockup releases hit the market today on Monday.</p><p>3,118,610 shares represent 4.08% of the SO and 24.71% of the offering allocation, bringing up the float total from 12.11% to 16.19%.</p><p>This would be the first real overhang test on the price. </p><table class="table table-striped">
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<tr>
<td data-sheets-value='{"1":2,"2":"SK BioS float"}'>SK BioS lockup expirations</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Qty"}'>Qty</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"% of SO"}'>% of SO</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"% of allocation"}'>% of allocation</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Accu"}'>Accu</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"Date"}'>Date</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1 year"}'>1 year</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0587}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>5.87%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":1}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>100.00%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44639}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2022-03-19</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"6 months"}'>6 months</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3948100}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>3,948,100</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.7359}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>73.59%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.3128}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>31.28%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.9413}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>94.13%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44458}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2021-09-19</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"3 months"}'>3 months</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3331000}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>3,331,000</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0435}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>4.35%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2639}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>26.39%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2054}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>20.54%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44366}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2021-06-19</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"1 month"}'><strong>1 month</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":3118610}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'><strong>3,118,610</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0408}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'><strong>4.08%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.2471}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'><strong>24.71%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1619}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'><strong>16.19%</strong></td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44305}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'><strong>2021-04-19</strong></td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"15 days"}'>15 days</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":364380}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>364,380</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0048}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>0.48%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.0289}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>2.89%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1211}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>12.11%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44288}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2021-04-02</td>
</tr>
<tr>
<td data-sheets-value='{"1":2,"2":"Immediate"}'>Immediate</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":8897510}' data-sheets-numberformat='{"1":2,"2":"#,##0","3":1}'>8,897,510</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1163}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>11.63%</td>
<td style="text-align: right;" data-sheets-value='{"1":2,"2":"-"}'>-</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":0.1163}' data-sheets-numberformat='{"1":3,"2":"0.00%","3":1}'>11.63%</td>
<td style="text-align: right;" data-sheets-value='{"1":3,"3":44273}' data-sheets-numberformat='{"1":5,"2":"yyyy-mm-dd","3":1}'>2021-03-18</td>
</tr>
<tr><td colspan="6" rowspan="1" data-sheets-value='{"1":2,"2":"Source: KRX &amp; DART"}'>Source: KRX &amp; DART</td></tr>
</tbody>
</table>

The second batch of the lockup releases hit the market today on Monday.3,118,610 shares represent 4.08% of the SO and 24.71% of the offering allocation, bringing up the float total from 12.11% to 16.19%.This would be the first real overhang test on the price. 










SK BioS lockup expirations
Qty
% of SO
% of allocation
Accu
Date


1 year
-
5.87%
-
100.00%
2022-03-19


6 months
3,948,100
73.59%
31.28%
94.13%
2021-09-19


3 months
3,331,000
4.35%
26.39%
20.54%
2021-06-19


1 month
3,118,610
4.08%
24.71%
16.19%
2021-04-19


15 days
364,380
0.48%
2.89%
12.11%
2021-04-02


Immediate
8,897,510
11.63%
-
11.63%
2021-03-18

Source: KRX &amp; DART



SK BioS Lockup Release Today: FO Drop Can Signal a Tight Supply for Passive Mirroring K200