Markets desk

Mon 7 Sep 2026 ~07:54 HKT — morning pack (NXT bump)

Research/paper only. US cash CLOSED (Labor Day) — SKHY ADR dark. KR PREOPEN (cash 09:00 KST). HK 09:30 HKT. Fri closes ≠ Mon gap. NXT pre-market is LIVE indication only, not cash.

watchlists Korea attractive EMPTY besides Hynix desk. AJ: AVGO Y still live; standing Y MU/MRVL/NVDA/XPEV/META/AMD. NIO/TSLA caution reinforced on X; EOS avoid. No new AJ standalone ticker.

news Fri KOSPI +1.64% → 6,687.21; Hynix Fri ₩1,647,000 (+3.2%); Samsung Fri ₩255,500 (+2.2%). NXT now: 000660 ₩1,728,000 (+4.92%); 005930 ₩266,000 (+4.11%). SCMP Huawei Tau + Apple memory ASP into Sep 9; Moonshot HK A1 kept.

X NEW @jukan05: Hynix 1c →~34% YE / HBM4E die; Hot Chips HBM pin-speed scarcity; Kinsus T-Glass/ABF. @zephyr_z9: XMC≠CXMT; HB-HBM TAM; token pull-forward. Sentiment mixed→constructive into open on NXT + 1c. Home unavailable.

HYROX Warsaw still Ticket sales start soon! Outlook: no registration-open mail. No ping.

DART No new material keep. No 000660. Fri leftovers on #dart.

funding BN↔HL SKHX ~+6.5 bp, SKHY ~+3.5 bp. Next funding 08:00 HKT. Fade still vetoed. Paper.

Hynix Fri cash ₩1,647,000; NXT ₩1,728,000 (+4.92%); ADR Fri $177 / prem ~+45%. Best paper: cash vs NXT / xyz:SKHX dislocation at 09:00 — not BN↔HL force. Paper only.

impact NXT bid + 1c mix + Apple memory week under Labor Day vacuum. Watch 09:00 auction vs NXT (often fades), Sep 9 Apple, China HBM quals, tariff rumor. No live.

Treasury buyback trust ₩5.0bn (894k sh / ~5.8% of shares); Korea Investment; hold <1y

What: 7 Sep 10:40 KST: Nice D&B (나이스디앤비) filed a major-matter report — treasury-share acquisition trust contract decision (자기주식취득신탁계약체결결정). Contract amount ₩5,000,000,000 (=₩5.0bn / 50억). Contract period 7 Sep 2026 – 6 May 2027. Purpose: strengthen shareholder return / enhance shareholder value. Contract counterparty / broker: Korea Investment & Securities (한국투자증권). Planned contract date 7 Sep 2026. Board 7 Sep 2026 (3 outside directors present; 0 absent). Planned ordinary shares to acquire 894,454 (other: none) at reference price ₩5,590 (board-day-prior close 4 Sep 2026; actual fills may differ). Expected hold after acquisition: less than 1 year (other: none). Pre-deal treasury holdings in the summary table: none shown (배당가능범위 / 기타취득 both blank). Distributable-profit buyback limit remaining ₩68,050,659,438 after subtracting ₩3,828,440,000 of post-year-end dividends. Shares outstanding 15,400,000; par ₩500. Live ₩5,880 (+5.19% / +290 vs prior ₩5,590), open ₩5,640, high ₩6,010, low ₩5,540, volume 29,958, turnover ₩177m, mcap ₩906억 (~₩90.6bn) at ₩5,880 (Naver ~10:43 KST). Planned 894,454 sh ≈5.81% of shares; face ₩5.0bn ≈5.52% of live mcap. Reference ₩5,590 is the prior close; live is already above it. rcpNo resolves to Nice D&B on DART viewer (dcmNo 11568610).

Why: Why up 1-3%, leftover p≈10%: a board-dated ₩5.0bn treasury buyback trust into a ~₩90.6bn KOSDAQ credit-bureau name that targets ~894k ordinary shares (~5.8% of the share count / ~5.5% of mcap) through 6 May 2027 via Korea Investment is a real price-support bid, not a rumor — cash leaves the company into a broker mandate to buy the stock. Bullish because the stamp locks near-term buy-side demand under an explicit shareholder-return purpose with no prior treasury inventory shown. Cap the band at 1-3% (ESOP/buyback-trust rule): hold-after is <1 year with no cancel, so shares are expected to return to float rather than permanently shrink the count — this is a temporary orderbook bid, not a cancel print. Not 3-8%/8%+ despite ~5.5% of mcap face because of that hold-not-cancel haircut and the multi-month window. Probability only ~10% for a clean 1-3% leftover into the rest of the session / next open (not higher) because KRW, share %, broker, and calendar are unambiguous in the DART table, but live is already +5.19% / high +7.5% vs prior on thin ~₩177m turnover — so more than a full 1-3% band has already been voted; leftover dies once live exceeds the band. Trade the 10:40 DART stamp; desk is the Why — mid-session names reprice in 1–3 minutes; do not sell as a same-second trigger.

DART

Young Poong voting-rights injunction dismissed (case 2026카합21561); decision 4 Sep; confirm 7 Sep

What: 7 Sep 10:35 KST: Korea Zinc (고려아연) filed a lawsuit judgment/decision. Case name: voting-rights exercise prohibition injunction (의결권행사금지 가처분). Case no. 2026카합21561. Plaintiffs/applicants: Young Poong Co., Ltd. (영풍) and Korea Corporate Investment Holdings Co., Ltd. (한국기업투자홀딩스). Court: Seoul Central District Court. Order (주문): (1) dismiss the application in full; (2) litigation costs borne by the creditors (applicants). Reason (core): at this stage the court finds the applicants’ preserved right not sufficiently shown to warrant the injunction — it could not conclude that P23 Partners’ lender disclosure in the initial large-holding report was a ‘material matter’ under Capital Markets Act Enforcement Decree Art. 157; could not conclude that debtor Choi made a false statement about the collateral counterparty in that report; and could not find intentional or grossly negligent false reporting / omission on the lender or collateral counterparty. Decision date 4 Sep 2026. Company confirm date 7 Sep 2026 (date counsel delivered the judgment text). Notes: section 4 is a company summary of core reasons only; related prior filing 26 Aug 2026 lawsuit raise (management-control dispute). No money judgment / damages amount in this stamp (injunction only). Live ₩1,222,000 (flat 0.00% / 0 vs prior ₩1,222,000), open ₩1,235,000, high ₩1,235,000, low ₩1,215,000, volume 4,685, turnover ₩5.733bn, shares 20,872,969, mcap ₩25조 5,068억 (~₩25,506.8bn) at ₩1,222,000 (Naver ~10:38 KST). rcpNo resolves to Korea Zinc on DART viewer (dcmNo 11568582).

Why: Why mixed 1-3%, leftover p≈15%: Seoul Central’s full dismissal of Young Poong / Korea Corporate Investment Holdings’ voting-rights injunction (2026카합21561) into a ~₩25.5tn KOSPI smelter is a real control-fight legal print, not a rumor — it removes one path to strip Choi/P23-side votes via a disclosure-violation theory ahead of the known management fight. Mixed because the same stamp clears that provisional relief for the applicants (bullish for the incumbent voting path on that theory) while leaving the broader control contest and the 9 Sep EGM unresolved — no damages, no board change, no end of the war. 1-3% not 3-8%/8%+ because this is an interim injunction dismissal with no KRW liability, Korea Zinc is a liquid mega-cap, and the decision date was already 4 Sep 2026 (press had the dismissal the same evening) so today’s filing is mostly the company’s 7 Sep counsel-receipt confirmation of a known outcome (second shoe / admin stamp). Probability only ~15% for a clean 1-3% leftover into the rest of the session / next open (not higher) because the order text is unambiguous in the DART body, but live is already flat 0.00% / high only +1.1% vs prior on thin ~₩5.7bn turnover in a ₩25tn name — tape has not voted a band and most of any reaction should have been available since the 4 Sep decision/news. Trade the 10:35 DART stamp; desk is the Why — mid-session liquid names reprice in 1–3 minutes; do not sell as a same-second trigger.

DART

Stock exchange for Auto Industry: 19.98m new sh ₩205.5bn (~148% of shares); affiliate; close 1 Feb 2027

What: 7 Sep 09:58 KST: Neo Auto (네오오토) filed a securities registration for a comprehensive stock exchange (주식의 포괄적 교환). Complete parent: Neo Auto (KOSDAQ); complete subsidiary: Auto Industry Co., Ltd. (오토인더스트리) (unlisted auto-parts forging / primary processing). Form: stock exchange; reverse listing: not applicable. Board/contract 4 Sep 2026. Shareholder record date 21 Sep 2026; Neo Auto AGM 16 Dec 2026; appraisal-rights window 16 Dec 2026 – 5 Jan 2027 (company-proposed Neo Auto buyback ₩10,488/sh); appraisal-cash pay (planned) 8 Jan 2027; exchange date 1 Feb 2027; additional listing / free float of new shares 25 Feb 2027 (may change with regulators). Exchange ratio Neo Auto : Auto Industry = 1 : 91.3667379. Neo Auto exchange price ₩10,288/sh (기준시가 ₩9,798 + 5.0% premium); Auto Industry exchange value ₩939,981/sh (intrinsic: asset ₩793,996 / earnings ₩1,037,304 weighted 1:1.5). External evaluator: Ichon Accounting; cross-checks Samdo / Hyundai Accounting. New Neo Auto ordinary shares to issue: 19,978,890 (par ₩500; issue ₩10,288; gross ₩205,542,820,320 = ₩205.543bn / 2,055.43억). Capital stock increase ₩9,989,445,000. Auto Industry exchange target shares 218,667 (ordinary 165,333 + redeemable convertible preferred 53,334 — RCPS to convert to ordinary before exchange; ratio unchanged). No cash boot except odd-lot cash. Same controlling shareholders already own 48.56% of Neo Auto and 75.61% of Auto Industry (affiliate / related-party perimeter). Auto Industry holds 945,000 Neo Auto ordinary shares (7.01%) and must dispose within 6 months of the exchange date (Commercial Act Art. 342-2). Neo Auto treasury 1,277 sh not used in the exchange. Combined simple-sum sales ~₩662.3bn in 2025 (filing narrative). Live ₩11,000 (+20.35% / +1,860 vs prior ₩9,140), open ₩9,870, high ₩11,150, low ₩9,830, volume 738,826, turnover ₩78.02억, shares 13,486,348, mcap ₩1,483억 (~₩148.35bn) at ₩11,000 (Naver ~10:05 KST). New shares = 148.1% of pre-deal share count / 59.7% of post-deal 33,465,238; face ₩205.543bn ≈138.6% of live mcap. Issue ₩10,288 is ~6.5% below live. rcpNo resolves to Neo Auto on DART viewer (dcmNo 11568503).

Why: Why mixed 3-8%, leftover p≈20%: a board-dated comprehensive stock exchange that issues 19.98m new Neo Auto ordinary shares (=148% of the pre-deal share count / ~60% post) at ₩10,288 into a ~₩148bn KOSDAQ transmission-parts name, locking Auto Industry as a 100% sub with face ₩205.543bn (~139% of live mcap) and exchange 1 Feb 2027, is a balance-sheet-sized control print, not a rumor. Mixed because the same stamp is both a vertical forge-to-finish integration that converts affiliate internal-trade risk into consolidating supply (filing cites combined ~₩662bn 2025 sales path and governance one-lining) and a permanent near-doubling-plus of the share count into the same controlling perimeter — dilutive float add with appraisal-rights cash risk (₩10,488) and a forced 6-month disposal of Auto Industry’s existing 945,000 Neo Auto shares (7.01%). Affiliate/계열사: flag and cut the band — same controllers already own ~49%/76%; this is not an arm’s-length third-party M&A. 3-8% not 8%+ despite face/share % that would otherwise clear 8%+, because the affiliate haircut is mandatory and close/listing is Feb 2027 not same-session cash. Not 1-3% because absolute share add and face vs this mcap are still franchise-sized even after the affiliate/duration cut. Probability ~20% for a clean 3-8% leftover into the rest of the session / next open (not higher) because KRW, ratio, share count, and calendar are unambiguous in the registration tables, but live is already +20.35% / high +22.0% vs prior on ~₩78억 turnover — so more than a full band has already been voted; do not leave high leftover after the spike. Board was 4 Sep; today’s filing is the full securities registration. Trade the 09:58 DART stamp; desk is the Why — mid-session names reprice in 1–3 minutes.

DART

Private placement ₩16.7bn (6.26m sh @ ₩2,668 / 120% of shares); pay-in 14 Sep; debt repay ₩12.7bn

What: 4 Sep 15:51 KST: Satoshi Holdings (사토시홀딩스) filed a major-matter report — paid-in capital increase (third-party / private placement). New ordinary shares 6,259,370 (other shares: none). Par ₩500. Pre-deal shares outstanding: ordinary 5,204,642 (other: none). Purpose: operating capital ₩3,999,999,160 (=₩4.000bn / 40.00억); debt repayment ₩12,700,000,000 (=₩12.700bn / 127.00억); facility/acquisition/other none. Method: third-party allotment. Issue price ordinary ₩2,668 (reference ₩2,964; discount −10.0% vs min of 1-month/1-week/1-day VWAP basket ending the day before the board). Gross proceeds ₩16,699,999,160 (=₩16.700bn / 167.00억). Pay-in / subscription 14 Sep 2026 (cash; IBK Hagdongyeok branch). Listing planned 7 Oct 2026. Dividend base date 1 Jan 2026. Board 4 Sep 2026 (1 outside director present; 0 absent; auditor present). Securities registration exempt: private placement with 1-year full lock-up at KSD from share delivery. Fair Trade filing: not applicable. Allottee: Lucent Investment Partnership (루센트투자조합) 6,259,370 sh (relation “-”); 1-year mandatory hold. Partnership: 3 partners; 100% capital from Korea Advanced Materials Co., Ltd. (한국첨단소재) (rep partner Park Hyo-jong). Debt repay table (₩m): 10th CB Yeom Je-woo ₩500 (21 Jul 2025–21 Jul 2028, 3%); 11th CB Sangsangin Savings Bank ₩2,000; 12th CB Lee Jun-min ₩300; 13th CB Summit Prime Value LP ₩2,000; 14th CB Metaplex ₩1,000; short-term loan non-bank ₩6,900 (25 Aug 2026–24 Aug 2027, 4.6%) — sum ₩12,700m. Purpose note: financial-structure improvement / management needs (articles Art. 10). Live closed ₩3,230 (+6.60% / +200 vs prior ₩3,030), open ₩3,030, high ₩3,660, low ₩2,925, volume 183,095, turnover ₩6.05억, shares 5,204,642, mcap ₩168억 (~₩16.81bn) at ₩3,230 (Naver close ~15:58 KST). ₩16.700bn face ≈99.3% of live mcap; new shares =120.3% of pre-deal share count / 54.6% of post-deal 11,464,012. Issue ₩2,668 is ~17.4% below live close. Printed after the 15:30 cash close. rcpNo resolves to Satoshi Holdings on DART viewer (dcmNo 11567638).

Why: Why mixed 8%+, leftover p≈30%: a board-dated ₩16.700bn private placement that issues 6.26m new ordinary shares (=120.3% of the pre-deal share count / 54.6% post) into a ~₩16.8bn KOSDAQ name at ₩2,668 (−10% to the VWAP reference / ~17% below the ₩3,230 close), with pay-in locked for 14 Sep and a 1-year KSD lock-up, is a balance-sheet-sized financing print, not a rumor. Mixed because the same stamp is both a near-term cash refill that retires a named ₩12.700bn CB + short-term debt stack (plus ₩4.000bn ops cash) and a more-than-doubling of the share count into Lucent LP / Korea Advanced Materials — dilutive supply and control overhang once the lock-up calendar is priced. Bullish mechanism = cash in and liability clean-up on a thin book; bearish mechanism = permanent float add at a discount to live. 8%+ not 3-8% because face ≈99% of live mcap and the share count more than doubles even after the OTM/lock-up haircut. Probability ~30% for a clean 8%+ leftover into the next cash open (not higher) because the KRW, share %, allottee, and calendar are unambiguous in the DART table and after-close leftover is the product here — but the cash session already printed high ₩3,660 (+20.8% vs prior) before fading to +6.6% on only ₩6.05억 turnover, so a full band was already voted intraday (leak-or-anticipation tell) and must cut leftover; do not leave high overnight p after a printed-and-faded high. Trade the 15:51 DART stamp; desk is the Why — after-close window is overnight to the 09:00 auction, not a same-second mid-session trigger.

DART

Treasury cancel 400,000 sh (4.40% of shares / book ₩3.80bn); already held; cancel 30 Sep

What: 4 Sep 15:24 KST: Dongil Metal (동일금속) filed a treasury-share cancel decision. Ordinary shares to cancel: 400,000 (preferred: none). Shares outstanding before cancel: 9,100,000 ordinary (preferred: none); after cancel expected 8,700,000. Par ₩500. Cancel book amount ₩3,799,623,800 (=₩3.800bn / 37.996억) using average acquisition cost of already-held treasury. Acquisition method: already-held treasury (기취득 자기주식); no new buy window; acquisition-period fields blank. Cancel date 2026-09-30 (may change with regulators; correction if so). Board 2026-09-04 (3 outside directors present; 0 absent). Fair Trade filing: not applicable. Notes: Commercial Act Art. 343(1) cancel within distributable profits — share count falls, stated capital unchanged; this cancel also stands in for a treasury-disposal major-matter report. Live ₩7,280 (−0.27% / −20 vs prior ₩7,300), high ₩7,300, low ₩7,270, volume 344, shares 9,100,000, mcap ₩662억 (~₩66.25bn) at ₩7,280 (Yahoo ~15:35 KST). Book cancel ~5.74% of live mcap / 4.40% of shares. Printed into the cash close. rcpNo resolves to Dongil Metal on DART viewer (dcmNo 11567335).

Why: Why up 1-3%, leftover p≈40%: canceling 400,000 already-held ordinary shares (~4.40% of the share count / book ₩3.800bn ≈5.74% of an ~₩66bn KOSDAQ castings name) is a real float/EPS shrink, not a rumor — supply leaves the free float without new dilution. Bullish because the board locks a dated 30 Sep cancel of inventory already bought, so the share count drops while capital stock stays flat. 1-3% not 3-8% because there is no fresh cash bid (기취득 자기주식), book size is only ₩3.800bn / ~5.7% of mcap, cancel lands 30 Sep not today, and the Mar 2026 value-up plan already named treasury cancel as a shareholder-return tool (path partly telegraphed). Probability ~40% for a clean 1-3% leftover into the next cash open (not higher) because the share count and book KRW are unambiguous in the DART table and live closed only −0.27% / high flat on a tiny 344-share print — so the tape has not voted a band — but after-close leftover is the product here and the known value-up / delayed cancel date cut conviction from higher. Trade the 15:24 DART stamp; desk is the Why — mid-session liquid names reprice in 1–3 minutes; this stamp hit the close.

DART

Private CB ₩17.0bn (0%/0%; conv ₩6,969 / 18.14% of shares); pay-in 14 Sep; facility ₩13.5bn

What: 4 Sep 15:11 KST: NBR Motion (엔비알모션) filed a major-matter report — convertible-bond issuance decision. Class: unsecured unguaranteed private CB (5th). Face (electronically registered) ₩17,000,000,000 (=₩17.0bn / 170억). Articles remaining issuance limit ₩45,000,000,000. Purpose: facility funds ₩13,500,000,000 (=₩13.5bn); debt repayment ₩3,500,000,000 (=₩3.5bn); operating capital none. Coupon 0.0% / YTM 0.0%; no interim interest. Maturity 14 Sep 2031; principal repaid 100% at maturity. Issuance method: private placement. Conversion ratio 100%; conversion price ₩6,969/share (125% of the higher of 1-month / 1-week / 1-day VWAP ending the day before the board); shares on full conversion 2,439,374 ordinary (=18.14% of 11,010,384 shares outstanding). Conversion window 14 Sep 2027 – 14 Aug 2031. Subscription / pay-in 14 Sep 2026 (cash). Board 4 Sep 2026 (2 outside directors present; 0 absent). Securities registration exempt: private placement (conversion and put restricted for 1 year from issue). Facility detail (board): Steel Ball / Taper Roller plant expansion & automation + Miryang plant Changwon relocation/integration (~2026.10–2027.04); CRB Roller new product + early mass-production line (~2026.10–2027.06); G3 precision product + ceramic bearing assembly line (~2026.12–2027.07). Debt repay: 2nd unguaranteed private straight bond + IBK venture loan (₩3.0bn + ₩0.5bn face in table). On-the-run equity-linked already outstanding ₩2,500,000,000 (1CB + 4BW → 431,158 sh); this issue + existing = face ₩19.5bn / potential shares 2,870,532 (=26.07% of shares). Allottees: broker nominees (KB Securities, Korea Investment, NH Investment, Shinhan Investment, Samsung Securities, Mirae Asset) for end investors under notes. Relation “-”. Live ₩5,510 (+10.20% / +510 vs prior ₩5,000), high ₩5,860, low ₩5,010, volume 280,812, turnover ~₩1534.58bn, shares 11,010,384, mcap ₩607억 (~₩60.67bn) at ₩5,510 (Naver ~15:31 KST). ₩17.0bn face ~28.0% of live mcap; conversion price ₩6,969 is ~26% above live (OTM). Printed late cash session. rcpNo resolves to NBR Motion on DART viewer (dcmNo 11567301).

Why: Why mixed 3-8%, leftover p≈20%: a board-dated ₩17.0bn 0%/0% private CB into a ~₩61bn KOSDAQ precision-bearing name with 2.44m conversion shares (=18.14% of the share count; 26.07% including on-the-run CB/BW) and pay-in locked for 14 Sep is a real financing print, not a rumor. Mixed because the same stamp is both a cheap facility capital raise (₩13.5bn named Steel Ball / Taper Roller / ceramic-bearing plant spend through mid-2027, plus ₩3.5bn debt refinance) and a sizable dilution overhang (private CB, 18% conversion share add, refixing language, stacked with existing equity-linked). Bullish mechanism = near-term cash in for dated plant automation without a coupon cash drain; bearish mechanism = potential supply into the book once conversion opens Sep 2027 (and any earlier put/structure). 3-8% not 8%+ despite ~28% of mcap face because conversion is ~26% OTM at ₩6,969 vs live ₩5,510 (not an immediate dump), cash lands 14 Sep not today, and facility spend stretches into 2027. Not 1-3% because absolute face vs this ~₩61bn mcap / 18% share count is financing-sized even after the OTM haircut. Probability ~20% for a clean 3-8% leftover into the close / next open (not higher) because the KRW, share %, and calendar are unambiguous in the DART table, but live is already +10.2% / high +17.2% vs prior on ~₩1534.6bn turnover — so a full band has already been voted on the facility side; do not leave high leftover for more gap. Trade the 15:11 DART stamp; desk is the Why — mid-session names reprice in 1–3 minutes.

DART

100% stake in Sunmin Fisheries ₩82.3bn (13.65% of equity / ~56% of mcap)

What: 4 Sep 14:56 KST: Silla Trading (신라교역) filed a major-matter report — acquisition of shares/equity interests in another company. Target: Sunmin Fisheries Co., Ltd. (선민수산); nationality Korea; CEO Min Il-gi; capital ₩300,000,000; relation “-”; issued shares 30,000; business: deep-sea fishing and seafood wholesale/retail; no third-party new-share issue in prior 6 months. Acquire 30,000 shares for ₩82,300,000,000 (=₩82.3bn / 823억). Total assets ₩722,434,235,404 (2025 YE consol K-IFRS) = 11.39% of assets; equity capital ₩603,073,107,870 = 13.65% of equity. Post-deal ownership 30,000 shares / 100.00%. Purpose: business diversification (bolt-on fishing). Planned close 15 Oct 2026. Payment: cash KRW — deposit 10% ₩8,230,000,000 on 4 Sep 2026; mid-payment 10% ₩8,230,000,000 on 30 Sep 2026; residual 80% ₩65,840,000,000 on close. Funding: cash on hand plus bank borrowings (board-noted Hana Bank facility plan ₩70,000,000,000 secured on land/buildings, Oct 2026–Oct 2027; subject to change). Sellers: Min Il-gi (controlling, 9,000 sh) and related parties (Min Won-gi 9,000; Choi Jae-yeon 7,950; Min Moon-gi 3,000; five Min family members 170 each) plus affiliate Hyunwon Fisheries (현원수산) 30 sh. External appraisal: Changui Accounting, 1 Jul–3 Sep 2026; DCF range ₩78,672m–₩89,094m; deal ₩82,300m inside range / deemed fair. Board/decision 4 Sep 2026 (1 outside director present; auditor present). No put option; not a backdoor listing; Fair Trade filing not applicable. Target 2025 YE: assets ₩55,948m, equity ₩50,262m, sales ₩32,590m, NI ₩7,657m (clean opinion). Live ₩9,220 (+0.33% / +30 vs prior ₩9,190), open ₩9,200, high ₩9,400, low ₩9,170, volume ~34,287, shares 16,000,000, mcap ₩1,474억 (~₩147.4bn) at ₩9,220 (Yahoo/Naver ~15:04 KST). ₩82.3bn ~55.8% of live mcap face. Printed mid cash session. rcpNo resolves to Silla Trading on DART viewer (dcmNo 11567198).

Why: Why up 3-8%, leftover p≈40%: a board-dated 100% buy of Sunmin Fisheries at ₩82.3bn / 13.65% of 2025 equity / ~55.8% of a ~₩147bn KOSPI fishing name, with today’s ₩8.23bn deposit paid, is a real bolt-on M&A print, not a rumor. Bullish because it consolidates a named deep-sea fishing / seafood franchise (2025 sales ₩32.59bn / NI ₩7.66bn, appraisal ₩78.7–89.1bn) into Silla’s catch-and-trade perimeter — the economic mechanism is franchise add + near-term deposit lock-in, not a vague MOU. 3-8% not 8%+ despite ~56% of mcap face because cash leaves the balance sheet (mostly via a planned ₩70bn Hana secured facility), close is 15 Oct not same-day cash accretion, terms may still change with counterparties/regulators, and 11%/14% of assets/equity is KRX disclosure materiality rather than a free equity gift. Not 1-3% because absolute size vs this small fisher’s mcap is franchise-sized even after the debt/duration haircut. Probability ~40% for a clean 3-8% leftover into the rest of the session / next open because the KRW, equity %, and 100% control are unambiguous in the DART table and live is only +0.33% / high +2.3% vs prior on thin ~34k shares — so the tape has not yet voted a full band — but mid-session names reprice in 1–3 minutes once the first tick lands and Oct-15 / bank-funding overhang cuts conviction from higher. Trade the 14:56 DART stamp; desk is the Why.

DART

Daejeon plant full auto lead-acid battery production resumed after fire halt (field sales ₩457.82bn / 31.4% of sales)

What: 4 Sep 14:27 KST: Hankook & Company (한국앤컴퍼니) filed a voluntary production-resume report. Resume field: Hankook & Company Daejeon plant. Field sales ₩457,822,840,099 (=₩457.823bn / 4,578.23억) vs recent sales ₩1,457,551,700,261 (=₩1,457.552bn / 1조 4,575.52억) = 31.41% of sales. Large corp: yes. Content: full restart of automotive lead-acid battery production. Reason: fire-incident cleanup and process maintenance complete. Impact: battery production back to normal operation. Resume date 2026-09-04. Board/decision 2026-09-04. Notes: field sales and recent sales are 2025 YE consolidated; resume date and board date are the full-line restart date; halt window 2026-08-25 AM – 2026-09-04 AM. Related filing: 2026-08-25 production halt. Live ₩24,400 (flat / 0 vs prior ₩24,400), open ₩24,350, high ₩24,750, low ₩24,300, volume 35,831, turnover ~₩8.76억, shares 94,935,240, mcap ₩2조 3,164억 (~₩2,316.4bn) at ₩24,400 (Naver ~14:31 KST). Field sales ₩457.823bn ~19.8% of live mcap as annual sales of the resumed segment — not new contract cash. rcpNo resolves to Hankook & Company on DART viewer (dcmNo 11566977).

Why: Why up 1-3%, leftover p≈15%: full Daejeon-plant restart of automotive lead-acid battery production after a ~10-day fire halt restores a named ₩457.823bn / 31.41%-of-sales capacity line into a ~₩2.32tn KOSPI battery name — ops risk off, not a rumor. Bullish because the economic mechanism is restoring halted unit volume and removing the Aug 25 fire-outage overhang once cleanup is officially done. 1-3% not 3-8%/8%+ because 31% of sales is KRX disclosure materiality for the plant segment (not a same-day cash print), the halt path has been public since the 25 Aug production-halt filing, the outage was only ~10 days, and live is already flat 0% / high +1.4% on thin ~₩8.76억 turnover in a liquid large-cap. Probability ~15% for a clean 1-3% leftover into the rest of the session / next open (not higher) because the resume date and KRW field are unambiguous in the DART table, but the second shoe of a known short halt is mostly telegraphed and mid-session liquid names reprice in 1–3 minutes. Trade the 14:27 DART stamp; desk is the Why.

DART

Treasury cancel 294,660 sh (2.54% of shares / book ₩2.00bn); already held; cancel 11 Sep

What: 4 Sep 14:11 KST: MOT (엠오티) filed a treasury-share cancel decision. Ordinary shares to cancel: 294,660 (preferred: none). Shares outstanding before cancel: 11,580,180 ordinary (preferred: none); after cancel expected 11,285,520. Par ₩500. Cancel book amount ₩2,000,056,847 (=₩2.000bn / 20.00억) using average acquisition cost of already-held treasury. Acquisition method: already-held treasury (기취득 자기주식); no new buy window. Cancel date 2026-09-11. Board 2026-09-04 (outside director 1 present; auditor present). Notes: Commercial Act Art. 343(1) cancel within distributable profits — share count falls, stated capital unchanged; 294,660 is 2/3 of the 441,977 treasury shares bought via NH trust (Jul–Sep), rounded up from 294,651.33; this cancel also stands in for a treasury-disposal filing. Live ~₩7,000, mcap ~₩81.1bn (₩811억), shares 11,580,180 (Naver ~14:17 KST). Book cancel ~2.5% of mcap / 2.54% of shares. rcpNo resolves to MOT on DART viewer (dcmNo 11566971).

Why: Why up 1-3%, leftover p≈20%: canceling 294,660 already-held ordinary shares (~2.54% of the share count) into an ~₩81bn KOSDAQ name is a real float/EPS shrink, not a rumor — supply leaves the free float without new dilution. Bullish because the board locks a dated 11 Sep cancel of inventory already bought, so the share count drops while capital stock stays flat. 1-3% not 3-8% because there is no fresh cash bid (기취득 자기주식), book size is only ₩2.000bn / ~2.5% of mcap, and today’s earlier trust-termination already telegraphed the 441,977-share inventory. Probability ~20% for a clean 1-3% leftover into the rest of the session / next open (not higher) because the share count and book KRW are unambiguous in the DART table, but the path was known from the Jul–Sep NH trust buys and mid-session names reprice in 1–3 minutes; cancel also lands 11 Sep, not today. Trade the 14:11 DART stamp; desk is the Why.

DART

Georgia plant sale closed: final payment in; date → 4 Sep; ₩135.32bn / expected gain ~₩31.8bn

What: 4 Sep 14:13 KST: Zinus (지누스) filed an amendment to the subsidiary major-matter report — disposal of tangible assets (ZINUS USA INC.). Correction reason: disposal date change on deal close. Disposal date before 2026-09-11 → after 2026-09-04 (final payment received 4 Sep KST / 3 Sep US time). Asset: ZINUS USA INC. Georgia plant land and buildings. Disposal amount ₩135,315,205,980 (=₩135.315bn / 1,353.15억) = 12.6% of consolidated assets ₩1,073,120,500,372. Counterparty: HIGHLINE WARREN LLC. Purpose: sell loss-making production site to improve profitability and balance sheet. Expected disposal gain ~₩31.8bn (book ~₩103.5bn at 2025 YE). Board at sub 2026-05-22. FX on amount: KRW 1,503.50/USD on board date. Live ₩7,730 (+1.45% / +190 vs prior ₩7,540), open ₩7,630, high ₩7,780, low ₩7,580, volume 3,983, shares 21,925,813, mcap ~₩169.5bn (₩1,695억) at ₩7,730 (Yahoo/Naver ~14:17 KST). ₩135.315bn ~79.8% of live mcap face; expected gain ~₩31.8bn ~18.8% of mcap. rcpNo resolves to Zinus on DART viewer (dcmNo 11566911); amends 20260828800127 / chain from 20260522800188.

Why: Why up 1-3%, leftover p≈15%: final payment received and the disposal date locked to today removes closing risk on a named HIGHLINE WARREN purchase of the Georgia plant at ₩135.315bn with ~₩31.8bn expected gain (~18.8% of an ~₩170bn KOSPI mattress name). Bullish because cash is in and a loss-making US production site leaves the perimeter — the economic mechanism is de-risked close + gain recognition, not a new M&A print. 1-3% not 3-8%/8%+ despite huge face vs mcap because the SPA has been public since the May 22 sub board (and Nov 2025 voluntary), this filing only moves the date 11 Sep→4 Sep on cash receipt, and live is already +1.45% / high +3.2% vs prior on thin volume. Probability ~15% for leftover into the rest of the session / next open (not higher) because close is unambiguous in the amendment table, but months of known-deal overhang mean most of the band should already be in the tape; mid-session liquid names reprice in 1–3 minutes. Trade the 14:13 DART stamp; desk is the Why.

DART

Contract ₩25.60bn pouch EV battery assembly line to MOBIS Czech (15.0% of sales / ~20.1% of mcap); 20% advance; through Apr 2027

What: 4 Sep 13:46 KST: Toptec (톱텍) filed a single sales/supply contract. Contract name: pouch EV battery assembly line. Contract amount ₩25,595,348,600 (=₩25.595bn / 255.95억). Recent sales ₩171,001,529,881 (2025 YE consolidated) = 14.97% of sales. Conditional: no. Counterparty: MOBIS Automotive Czech, s.r.o.; recent sales ₩2,923,832,000,000; business: auto-parts manufacturing/sales; relation “-”; prior same-type contracts in last 3y: no. Region: Czech Republic. Term 4 Sep 2026 – 30 Apr 2027. Advance/deposit: yes. Payment: 20% advance after contract, 40% mid after delivery, 30% mid after install, 10% residual after inspection. Production: in-house. Contract (order) date 4 Sep 2026. Notes: amount is EUR 16,196,000 converted at the 4 Sep 2026 first-notice FX rate 1,580.35; contract end is FOB-basis and may change with progress. Live ₩3,410 (+8.95% / +280 vs prior ₩3,130), open ₩3,155, high ₩3,470, low ₩3,155, volume 772,683, turnover ~₩2.58bn, shares 38,023,245, mcap ₩129,659,265,450 (~₩129.66bn / ₩1,297억) at ₩3,410 (Naver ~13:53 KST; site mcap label ₩1,274억 near live). ₩25.595bn is ~19.7% of live mcap at ₩3,410. Printed mid cash session. rcpNo resolves to Toptec on DART viewer (dcmNo 11566795).

Why: Why up 3-8%, leftover p≈10%: a named MOBIS Automotive Czech print at ₩25.595bn / 14.97% of 2025 sales / ~20% of a ~₩130bn KOSDAQ FA name with a 20% advance into a dated ~8-month pouch EV battery assembly-line build is a real backlog add, not a rumor. Bullish because it converts a dated Czech EV-battery line (through 30 Apr 2027) into near-term cash via a 20% advance plus staged delivery/install payments for an unrelated Hyundai Mobis Czech entity, thickening the order book without a related-party discount. 3-8% not 8%+ despite ~20% of mcap face because cash still accretes over ~8 months after the advance (progress-bill cuts the residual band) and 15% of sales is KRX disclosure materiality rather than a same-day price band. Probability only ~10% for a clean 3-8% leftover into the rest of the session / next open because mid-session is already live +8.95% / high +10.9% vs prior ₩3,130 on ~₩2.58bn turnover — so a full 3-8% band has already printed and then some into 8%+ territory; leftover is thin residual, not a fresh gap. Trade the 13:46 DART stamp; desk is the Why — mid-session liquid names reprice in 1–3 minutes.

DART

Contract ₩42.98bn Pyeongtaek facility works with Samsung C&T (6.0% of sales / ~17.5% of mcap); advance yes; through Sep 2027

What: 4 Sep 13:49 KST: Sebo MEC (세보엠이씨) filed a single sales/supply contract (voluntary). Contract name: Pyeongtaek facility construction 2. Contract amount ₩42,983,000,000 (=₩42.983bn / 429.83억; VAT excluded). Recent sales ₩715,793,070,282 (2025 YE consolidated) = 6.00% of sales. Conditional: no. Counterparty: Samsung C&T Corporation (삼성물산); recent sales ₩40,742,240,967,149; business: construction/trading; relation “-”; prior same-type contracts in last 3y: yes. Region: Korea. Term 7 Sep 2026 – 30 Sep 2027. Advance/deposit: yes. Payment terms: not further detailed. Production: in-house + outsourced. Contract (order) date 4 Sep 2026 (date contract document received). Live ₩24,400 (+2.31% / +550 vs prior ₩23,850), open ₩24,000, high ₩24,800, low ₩23,500, volume 16,258, turnover ~₩391m, shares 10,084,872, mcap ₩246,070,876,800 (~₩246.07bn / ₩2,461억) at ₩24,400 (Naver ~13:53 KST). ₩42.983bn is ~17.5% of live mcap. Printed mid cash session. rcpNo resolves to Sebo MEC on DART viewer (dcmNo 11566887).

Why: Why up 1-3%, leftover p≈25%: a named Samsung C&T Pyeongtaek facility-works print at ₩42.983bn / 6.00% of 2025 sales / ~17.5% of a ~₩246bn KOSDAQ specialty-MEP builder with an advance into a dated ~13-month build is a real backlog add, not a rumor. Bullish because it converts a dated Samsung C&T facility package (7 Sep 2026–30 Sep 2027) into near-term cash via an advance plus construction progress for an unrelated prime, thickening the order book. 1-3% not 3-8% despite ~17.5% of mcap face because 6% of sales is below the usual 10% KRX sales bar (this is a voluntary print), cash still accretes over ~13 months after the advance (progress-bill cuts the band), and the filing itself flags same-type contracts with this counterparty in the last 3 years (known-customer continuity, not a cold surprise). Probability ~25% for a clean 1-3% leftover into the rest of the session / next open (not higher) because the KRW and sales ratio are unambiguous in the DART table, but live is already +2.31% / high +4.0% vs prior on thin ~₩391m turnover and mid-session names reprice in 1–3 minutes. Trade the 13:49 DART stamp; desk is the Why.

DART

Treasury buyback trust ₩3.0bn via Mirae Asset (~126k sh / ~1.57% of shares); cancel after; Sep 2–Mar 2

What: 2 Sep 11:27 KST: KNJ filed a major-matter report — new treasury-share acquisition trust. Contract amount ₩3,000,000,000. Window 2 Sep 2026–2 Mar 2027. Purpose: shareholder value. Trustee/broker: Mirae Asset Securities. Signing scheduled 2 Sep 2026. Planned ordinary shares 126,315 sized off board-day-prior close ₩23,750 (1 Sep). Pre-trust dividendable treasury: 194,656 ordinary = 2.43% of issued. Board 2 Sep 2026 (3 outside directors present). After acquisition they intend to cancel the trust lot (separate board later; size/timing TBD). Remaining Commercial Act dividendable-profit buyback ceiling after this ₩3.0bn contract: ₩43,499,707,921. Capital ₩4,012,697,500 / par ₩500 → issued ordinary 8,025,395. Live ₩24,200 (+1.89% / +450 vs ₩23,750), open ₩23,450, high ₩24,950, low ₩22,900, volume 31,779, turnover ₩753m, shares 8,025,395, mcap ₩1942.1bn (Naver). ₩3.0bn is 1.54% of live mcap; 126,315 is 1.57% of shares. Printed into the cash session.

Why up 1-3%, p≈25% leftover: ₩3.0bn Mirae Asset trust / ~1.6% of shares / ~1.5% of a ₩1942bn KOSDAQ name, with an explicit cancel-after-buy path, is a real open-market bid plus float-shrink signal, not a rumor. Bullish because the board authorized fresh cash into the tape for six months and said the acquired lot is meant to be cancelled (not just held). 1-3% not 3-8% because ₩3bn / ~1.6% of shares is only low-single-digit size versus same-desk keeps like NanoEnTek ₩5bn/~3.3% or Taewon ~6.9%. Probability ~25% for leftover because Wednesday is already live +1.89% (high +5.1% to ₩24,950) into the 11:27 print, so part of the reaction is already in the session.

DART · Naver

Kuwait LNG combined-cycle equipment ₩145.25bn (18.8% of 2025 sales) through Apr 2029

What: 2 Sep 10:57 KST: BHI filed a single sales/supply contract for LNG combined-cycle power-plant equipment. Amount ₩145,251,800,000 = USD 106,000,000 at ₩1,370.30/USD on 2 Sep 2026 = 18.8% of 2025 consolidated sales ₩774,116,878,915. Unconditional. Counterparty: Tie Jun International (HK) Limited (power generation; no affiliation disclosed). Region: Kuwait. Term 2 Sep 2026–15 Apr 2029. Own production. 10% advance; invoice paid within 45 days. Board/contract date 2 Sep 2026. Notes: Limited Notice To Proceed already received so work and some cash collection started before the 9/2 formal contract; amount/term may change with construction. Live ₩60,600 (−0.98% / −600 vs ₩61,200), open ₩59,000, high ₩62,000, low ₩58,600, volume 166,519, turnover ₩10,075m, shares 30,944,375, mcap ₩1.8752tn (Naver). Contract is ~7.75% of live mcap. Printed into the cash session.

Why up 3-8%, p≈30% leftover: ₩145.25bn / 18.8% of 2025 sales / ~7.8% of a ₩1.88tn KOSDAQ power-equipment name into a named Kuwait LNG combined-cycle job is a real multi-year backlog print, not a rumor. Bullish because it converts USD 106m of overseas plant equipment into dated revenue through Apr 2029 with a 10% advance on own production. 3-8% not 8%+ because the KRW accretes over about 2.6 years, it is only ~7.8% of a ₩1.88tn tape, and an LNTP already let them start work and collect some cash before today. Probability ~30% for leftover because the fact is unambiguous (USD, FX, sales ratio all in the table) but Wednesday is already live −0.98% into the 10:57 print, so a full leftover gap is not sitting in the tape.

DART · Naver

Cancel 3.38m already-held treasury shares (5.93% of issued) on 9 Sep; book ₩8.14bn

What: 2 Sep 10:52 KST: Bubang filed a share-cancellation of 3,383,159 already-held ordinary treasury shares vs issued ordinary 57,049,640 = 5.93%. No new buyback window. Book value ₩8,141,182,412 (average acquisition cost × shares; not a market-value figure). Par ₩500. Cancel scheduled 9 Sep 2026 (may slip with agencies). Commercial Act Art. 343(1) distributable-profit cancel; no reduction of legal capital. Board 2 Sep 2026 (3 outside directors present). After cancel, issued count would be 53,666,481. This is the second ~5% already-held cancel in a month (4 Aug filing cancelled 3,002,620 of then-issued 60,052,260 effective 11 Aug). Live ₩1,013 (+1.40% / +14 vs ₩999), open ₩998, high ₩1,097, low ₩976, volume 282,830, turnover ₩296m, Naver mcap ₩60.8bn (Naver still lists 60,052,260 shares). Printed into the cash session.

Why up 1-3%, p≈25% leftover: cancelling 5.93% of issued shares is a real float shrink, not a rumor. Bullish because the share count falls on 9 Sep with no new cash out, so EPS and book per remaining share step up. 1-3% not 3-8% because the shares are already in treasury (no incremental bid), this is the second ~5% cancel in a month after control already crossed 50% in August, and the tape already printed a ₩1,097 high (+9.8% vs ₩999). Probability ~25% for leftover because the fact is unambiguous but Wednesday is live +1.40% after that spike faded, so most of a gap is not sitting in the remaining session.

DART · Naver

Overseas battery robotics automation ₩33.26bn (108.48% of 2025 sales); 30-min halt then 10-min single-price

What: 2 Sep 09:21 KST: Jays Robotics filed a single sales/supply contract for overseas battery robotics automation. Amount ₩33,260,000,000 ex-VAT = 108.48% of 2025 consolidated sales ₩30,661,005,588. Overseas. Term 1 Sep 2026–31 Aug 2027. Payment 30/40/20/10%. Counterparty withheld until 31 Aug 2027. Related trading-halt notice rcp 20260902900062 (30-minute halt, then 10-minute single-price auction). Live ₩4,610 (flat), volume 2,846, shares 17,476,594, mcap ₩80.6bn (17,476,594 × ₩4,610). Contract is ~41.3% of live mcap. Printed into the cash session; halt overlay on a thin tape.

Why up 8%+, p≈50% leftover: ₩33.26bn / 108% of 2025 sales / ~41% of an ₩80.6bn KOSDAQ robotics name, with a 30-minute halt into single-price, is a real one-year backlog event, not a rumor. Bullish because it is more than a full year of sales into Aug 2027 on a tape that had only 2,846 shares printed when the halt hit. 8%+ not 3-8% because size plus the halt on a thin book clears the large-contract bar. Probability ~50% for leftover because the buyer is secret until Aug 2027, the name has a May unfaithful-disclosure history, and the stock was still flat into the halt, so a full gap is not locked.

DART · halt · Naver

Korea Southern Power Hadong HRSG ₩128.15bn (21.14% of 2025 sales) through Dec 2029

What: 2 Sep 09:03 KST: SNT Energy filed a single sales/supply contract with Korea Southern Power for Hadong HRSG. Amount ₩128,150,000,000 ex-VAT = 21.14% of 2025 consolidated sales ₩606,119,987,434. Domestic. Term 1 Sep 2026–31 Dec 2029. Amount/term may change with construction. Related SNT Holdings mirror rcp 20260902800054 is the same contract, not a second keep. Live ₩32,000 (−2.44% / −800 vs ₩32,800), open ₩31,150, high ₩32,300, low ₩30,550, volume 64,352, mcap ₩661.8bn. Contract is ~19.4% of live mcap. Context: Doosan Enerbility same-day ₩6.6585tn Hadong EPC; SNT was already in the August consortium narrative. Printed into the cash session.

Why up 3-8%, p≈25% leftover: ₩128.15bn / 21% of 2025 sales / ~19% of a ₩662bn KOSPI energy-equipment name at Korea Southern Power credit is a real book of the August consortium into KRW, not a rumor. Bullish because it converts a named utility HRSG package into dated revenue through Dec 2029. 3-8% not 8%+ because the KRW accrues over about three years and the bigger Doosan Enerbility Hadong EPC was already known. Probability only ~25% for leftover because Wednesday is already live −2.44% (low −6.9%) into the 09:03 print, so most of a gap is not sitting in the tape.

DART · Holdings mirror · Naver

Affiliate HyAxiom fuel-cell system supply ₩501.4bn (110.25% of 2025 sales) through 20 Apr 2028

What: 2 Sep 08:09 KST (pre-open): Doosan Fuel Cell filed a single sales/supply contract. Counterparty: HyAxiom, Inc. (affiliate / 계열사). Contract: fuel-cell system supply. Amount ₩501.4bn (₩5,014억; Thinkpool/Herald reprint of DART; exact won may be rounded to 억). Vs 2025 consolidated sales ₩454.8bn = 110.25%. Term ~20 months through 20 Apr 2028 (Herald). Prior close ₩44,350, shares 65,493,726, mcap ₩2,904.6bn (Naver pre-open). ₩501.4bn is ~17.3% of prior-close mcap. Printed before the 09:00 KST cash open. Numbers cross-checked: DART RSS title/time/rcpNo; Thinkpool orders table (updated 09/02 08:15) and major list; Herald via Naver (affiliate + amount + % + end date).

Why up 8%+, p≈45% open gap: a ₩501.4bn / 110% of 2025 sales / ~17% of a ₩2.90tn KOSPI fuel-cell name, printed pre-open, is a real backlog event, not a rumor. Bullish because the disclosed KRW is more than one full year of 2025 sales into a dated window through Apr 2028, so the tape can re-rate H2–2027 delivery visibility. 8%+ not 3-8% because 110% of sales and ~17% of mcap clear the large-cap size bar even after August’s order-run. Probability only ~45% for a full 8%+ open because HyAxiom is an affiliate (계열사), so this is related-party manufacturing supply rather than a fresh independent third-party PO, the US data-center HyAxiom pipeline was already in the August narrative that lifted the stock ~54%, and exact DART table fields (FX, advance %, region) were not re-read from the HTML viewer this pass — only RSS + Thinkpool + Herald reprints.

DART · Naver

Subs pledge/guarantee ₩206.5bn ($150m IFC/AIIB) for HK parent (~59% of mcap)

What: 1 Sep 16:05–16:06 KST (after cash close): GRT filed a package of subsidiary major-management notices on the same $150m facility. Debtor: Great Rich Technology Ltd (Hong Kong parent). Creditors: IFC and AIIB. Debt/collateral/guarantee amount ₩206,475,000,000 (= USD 150,000,000 at ₩1,376.50/USD on 31 Aug 2026). Term 31 Aug 2026–15 Aug 2033. (1) Collateral rcp 20260901900454: sub Jiangsu Huiji New Materials pledges production equipment; collateral ₩206.475bn vs that sub’s equity ₩413.247bn = 49.96%; sub is 61.6% of consol assets (sub assets ₩1,107.3bn / consol ₩1,797.2bn). (2) Guarantee rcp 20260901900448: same Huiji sub guarantees ₩206.475bn = 49.96% of its equity. (3) Guarantee rcp 20260901900451: sub Jiangsu Tongli Optical guarantees ₩206.475bn vs its equity ₩143.638bn = 143.75%; sub is 37.1% of consol assets. (4) Guarantee rcp 20260901900444: another Tongli-group sub guarantees ₩206.475bn vs equity ₩622.301bn = 33.18%; sub is 42.9% of consol assets. Board/decision date 31 Aug 2026. Cash close ₩4,200 (−0.24% / −10 vs prior), volume 450,611, turnover ₩19.4억, shares 83,510,544, mcap ₩3,507억 = ₩350.7bn (Naver). ₩206.5bn is 58.9% of close mcap. Printed after the 15:30 cash close.

Why mixed 3-8%, p≈35% next session: a $150m IFC/AIIB holdco facility through 2033 with ₩206.5bn of opco pledges and cross-guarantees (~59% of GRT’s ₩351bn mcap) is a real balance-sheet event, not a rumor. Mixed because development-bank term debt is long-duration group funding, but the listed company’s China operating subs (including the 61.6%-of-assets Huiji unit) are encumbering production equipment and writing guarantees for the HK parent — classic upstream related-party support that can worry KR retail if parent stress shows up. 3-8% not 8%+ because this is collateralization of a loan, not a cash loss, dilution, or lawsuit claim, and the same ₩206.5bn is one facility counted across several notices rather than additive exposure. Probability ~35% for a Wednesday gap that way because the fact is unambiguous and after-close, but the market can also read IFC/AIIB as a credit positive, so a clean mid-single-digit gap is not the base case.

DART · guarantee Tongli · guarantee Huiji · Naver

7th CB conversion 2.34m sh / 8.62% of shares @ ₩1,797; list 16–22 Sep

What: 1 Sep 16:02 KST (after cash close): AdBioTech reported conversion-right exercises on its 7th private unsecured CB (issue decided 3 Jul 2025). Cumulative newly reported converted shares 2,337,228 vs issued ordinary 27,117,243 = 8.62% (issued count excludes the new shares). Two claims: (1) 26 Aug 2026: ₩199,998,912 → 111,296 sh @ ₩1,797, listing planned 16 Sep 2026; (2) 1 Sep 2026: ₩3,999,999,804 → 2,225,932 sh @ ₩1,797, listing planned 22 Sep 2026. Conversion price was reset after the 13 Jan 2026 paid-in capital increase. Original 7th CB face ₩8.0bn; unconverted residual now ₩3.5bn → 1,947,690 more convertible shares still overhang. Cash close ₩2,540 (+1.20% / +30 vs prior ₩2,510), open ₩2,540, high ₩2,550, low ₩2,385, volume 63,655, turnover ₩1.56억, mcap ₩68.8bn (Naver close). At ₩1,797 the converted block is ~₩4.20bn (~6.1% of close mcap); at the ₩2,540 close the same shares mark ~₩5.94bn (~8.6% of mcap). Conversion strike is ~29% below the close. Printed after the 15:30 cash close.

Why down 3-8%, p≈40% next session: an 8.62% share-count CB conversion into a ₩69bn KOSDAQ biotech, with another ₩3.5bn / ~1.95m sh still convertible, is real dilution and a dated listing overhang, not a rumor. Bearish because converters locked a ~29% discount to Tuesday’s close and the new stock lists 16 Sep and 22 Sep, so forced/arbitrage supply can hit the tape then; even before listing, the print confirms the CB is being exercised into equity. 3-8% not 8%+ because the float does not land tomorrow (mid-Sep listing), the residual CB was already known, and Tuesday already closed +1.2% before the after-hours print. Probability ~40% for a Wednesday gap that way because the fact is unambiguous and after-close, but the economic dump is staggered to the listing dates rather than the open, so a full mid-single-digit overnight gap is not the base case.

DART

Shenzhen court claim ₩15.35bn joint-guarantee (6.73% of equity / 10.9% of mcap)

What: 1 Sep 15:16 KST: YMT disclosed a lawsuit above the size threshold. Case: claim for share-transfer price etc., (2026) Yue 03 Min Chu No. 5333. Plaintiffs: Cao Xuehong and United Leader Ltd. (CEO: Cao Xuehong). Defendants: (1) Hongwei Technology (Shenzhen) Co., Ltd.; (2) YMT Co., Ltd. (the company); (3) TITAN Co., Ltd. Plaintiffs ask Shenzhen Intermediate People's Court (Guangdong, China) to order Hongwei to pay RMB 43,500,000 share-buyback price + RMB 815,178.09 overdue interest (12% from 4 Apr 2026; figure as of 30 May 2026) + RMB 30,000,000 penalty + RMB 500,000 legal fees + RMB 29,927 preservation insurance = RMB 74,845,105.09, and that YMT and TITAN bear joint-and-several settlement liability as alleged guarantors. KRW claim ₩15,346,991,299 vs equity ₩228,050,949,446 = 6.73%. FX ₩205.05/CNY as of 31 Aug. Docket date 23 Jun 2026 (court response notice); YMT confirmed 31 Aug 2026 when China counsel received 28 Aug court papers. Underlying: 5 Jan 2026 share-transfer and exit framework agreement. YMT says it and Hongwei tried a capital reduction/buyback but FX rules blocked paying Cao offshore; it denies default and the penalty and will contest while also negotiating a lawful close. Live ₩7,800 (−5.22% / −430 vs prior close ₩8,230), open ₩8,230, high ₩8,230, low ₩7,520, volume 225,241, turnover ₩17.34억, 18,013,213 shares, mcap ₩140.5bn (Naver ~15:49 KST). ₩15.35bn is 10.9% of live mcap. Printed 15:16 into the cash session.

Why down 8%+, p≈30% leftover: ₩15.35bn of alleged joint-guarantee / 6.73% of equity / 10.9% of an ₩140.5bn KOSDAQ name is a real China-court claim, not a rumor. Bearish because if Shenzhen treats YMT as joint guarantor on the 5 Jan exit deal, YMT may have to cash ~11% of mcap for a Hongwei buyback it says was blocked by FX rules, not by YMT default. 8%+ not 3-8% because 11% of mcap / 6.7% of equity clears the size bar on a ₩17억 tape. Probability only ~30% for further leftover because Tuesday is already live −5.22% (low −8.6% to ₩7,520) into the 15:16 print, there is no judgment, YMT disputes the guarantee and the RMB 30m penalty, and it is also negotiating a lawful close, so a full 11% Wednesday gap is not the base case.

DART

Open-market buyback 521,739 sh / ₩12.0bn (~6.86% of shares) via NH; 2 Sep–1 Dec

What: Board 1 Sep: KOSPI open-market treasury buy of 521,739 ordinary shares for ₩1,199,999,700. Window 2 Sep 2026–1 Dec 2026. Purpose: share-price stability and shareholder value. Method: on-exchange direct acquisition (not a trust). Broker: NH Investment & Securities. Sized off board-day-prior close ₩2,300 (31 Aug); actual buys track the tape. Daily order cap 52,173 ordinary (rule: min of max(25% of 1-month ADV 16,324, 10% of program 52,173) vs 1% of issued 76,000). Pre-deal treasury: dividendable 583,442 (7.68%) + other 2,893 (0.03%) = 586,335. Issued ordinary 7,600,000. Remaining dividendable-profit buyback ceiling ₩18,818,220,419. Outside directors 1 present / 1 absent; auditor absent. Live ₩2,565 (+11.52% / +265 vs prior close ₩2,300), open ₩2,300, high ₩2,600, low ₩2,085, volume 114,688, turnover ₩2.72억, 7,600,000 shares, mcap ₩19.5bn (Naver ~15:15 KST). ₩12.0bn is 6.2% of live mcap; 521,739 is 6.86% of shares. Printed 14:59 into the cash session. Buys start 2 Sep.

Why up 3-8%, p≈25% leftover: ₩1.20bn / 6.86% of shares / 6.2% of an ₩19.5bn KOSPI textile name is a real three-month on-exchange bid, not a rumor. Bullish because NH can lift 52,173 shares a day (about half of today’s 114688 volume) starting tomorrow into a name that already sits on 7.68% dividendable treasury. 3-8% not 8%+ because ₩1.2bn is mid-single-digit mcap, not a double-digit squeeze, and the program dribbles to 1 Dec. Probability only ~25% for further leftover because Tuesday is already live +11.52% (high was +13.0% to ₩2,600) into the 14:59 print, so most of a squeeze is likely already in the tape, and buys do not start until 2 Sep.

DART

US AchieveDx license+kit supply; 3y min ~$7.23m (₩99.2bn, 172% of 2025 sales)

What: 1 Sep: Celemics signed a license-and-supply deal with Achieve Diagnostics, LLC (AchieveDx, US). Celemics licenses its tech and supplies related diagnostic kits. Effective 31 Aug 2026–30 Aug 2029 (3 years), auto-renews 1y unless either party rejects 90 days prior. No upfront or milestone lump sum; revenue is royalty on licensed tests (20% of net sales) plus kit sales. 3-year cumulative minimums: royalty on minimum licensed-test net sales $12,375,000 → royalty $2,475,000 (₩3,399,660,000); kit minimum purchase $4,750,000 (₩6,524,600,000). FX 1 Sep mid ₩1,373.60/USD. Combined minimum cash to Celemics ~$7,225,000 (₩9,924,260,000). Vs 2025 consolidated sales ₩5,767,635,388 = 172%. Shortfall cure in 30 days (pay 20% royalty equivalent or submit kit POs) or license can flip non-exclusive. Live ₩14,070 (+7.65% / +1000 vs prior ₩13,070), open ₩13,080, high ₩15,000, low ₩12,870, volume 119,627, turnover ₩17억, mcap ₩157.3bn (~11,179,815 sh) (Naver ~15:15 KST). ₩99.2bn min is 6.3% of live mcap. Printed 14:51 into the cash session.

Why up 3-8%, p≈30% leftover: a 3-year US license+kit floor of ~₩99.2bn / 172% of 2025 sales / 6.3% of an ₩157bn KOSDAQ diagnostics name is a real commercial contract, not a rumor. Bullish because AchieveDx must either generate the licensed-test and kit floors or cure the shortfall in cash/POs, so the minimum is an enforceable demand signal into Celemics’ kit COGS. 3-8% not 8%+ because the cash accrues over three years (not a one-day revenue recognition), there is no upfront, and the license can be cut to non-exclusive on breach. Probability only ~30% for further leftover because Tuesday is already live +7.65% (high +14.8% to ₩15,000) into the 14:51 print, so a chunk of the reaction is in the tape.

DART

Assumes unsold-hotel loan debt ₩85.82bn (6.87% of equity / 11.4% of mcap)

What: Board 1 Sep: Namkwang assumes ₩8,582,300,000 of debt from Daewon Plus R&C 4th Co. Debt is the developer’s unsold-unit collateralized loans on Blue Ocean Residence Hotel 4 (Incheon Jung-gu Jungsan-dong 1873-14), where Namkwang is responsible constructor; lenders Yangpyeong Nonghyup + Seongnam Dongbu Saemaul Geumgo residual balances. 2025 consol equity ₩124,977,041,077; assumed debt 6.87% of equity. Reason: developer loans lost the benefit of time, so the joint-guarantor’s assumption obligation arose. Assumption date / board date 1 Sep 2026 (= loan maturity). Company says it plans to repay via sales of unsold units. Related: 20 Aug 2024 guarantee decision; 31 Aug and 1 Sep 2026 guarantee-correction filings (already kept: ₩9.0bn accelerated / ₩10.8bn joint guarantee). Live ₩7,640 (-1.42% / -110 vs prior ₩7,750), open ₩7,750, high ₩7,900, low ₩7,450, volume 38,183, turnover ₩2.9억, 9,832,572 shares, mcap ₩75.1bn (Naver ~15:15 KST). ₩85.82bn is 11.4% of live mcap. Printed 14:37 into the cash session.

Why down 8%+, p≈35% leftover: ₩85.8bn of assumed hotel-PF debt / 11.4% of an ₩75bn KOSPI builder / 6.9% of equity is the guarantee call crystallizing onto the balance sheet, not a rumor. Bearish because assumption turns a contingent joint-guarantee into Namkwang’s own debt today, with recovery still tied to selling unsold hotel rooms. 8%+ not 3-8% because 11% of mcap clears the size bar on a thin ₩2.9억 tape. Probability only ~35% for further leftover because the 14:17 guarantee-acceleration keep already put ₩9–10.8bn in the tape, Tuesday is already live -1.42% (low -3.9%), and this filing is the administrative assumption stamp rather than a brand-new exposure.

DART

Samsung SDI ESS direct-spray install ₩159.70bn (35.52% of sales / 14.7% of mcap)

What: Contract date 31 Aug (printed 14:34 KST 1 Sep): GFI signed a firm sales/supply contract with Samsung SDI for overseas ESS direct-spray installation at 20 Americas sites (SDI Cheonan works / Americas area). Fixed contract amount ₩15,970,290,000 (VAT excluded) = 35.52% of 2025 consolidated sales ₩44,955,710,087. Period 31 Aug 2026–31 Aug 2027. Payment: 20% advance ₩3,194,058,000 on signing; 70% ₩11,179,203,000 on inbound inspection; 10% ₩1,597,029,000 after completion inspection (all VAT excl.). In-house production. Counterparty 2025 consol sales ₩13,266,730,679,499. Amounts/schedule can change with project progress. Live ₩13,520 (+7.30% / +920 vs prior ₩12,600), open ₩12,580, high ₩15,000, low ₩12,470, volume 303,661, turnover ₩42억, mcap ₩108.7bn (~8,039,940 sh) (Naver ~15:15 KST). ₩159.70bn is 14.7% of live mcap. Printed 14:34 into the cash session.

Why up 8%+, p≈25% leftover: ₩159.7bn / 35.5% of sales / 14.7% of an ₩109bn KOSDAQ ESS-services name from Samsung SDI is a real firm order, not a rumor. Bullish because 20% cash is due on signing and 70% on inbound inspection inside a one-year window, so this is nearer-term revenue than a multi-year royalty floor. 8%+ not 3-8% because 15% of mcap / 36% of sales clears the desk’s large-contract bar. Probability only ~25% for further leftover because Tuesday is already live +7.30% (high +19.0% to ₩15,000) on ₩42억 turnover into the 14:34 print, so most of the gap is likely already printed.

DART

Abtis ADC/BsADC co-dev; upfront+milestones ₩28.0bn (756% of 2025 sales)

What: Board/sign 1 Sep: Oncocross signed a joint research-and-development contract with Abtis Co. for ADC or BsADC candidates. Oncocross finds/validates targets and produces antibody candidates; Abtis assembles antibodies, conjugates payloads, and leads nonclinical/clinical and commercialization. Oncocross antibody IP transfers to Abtis on clinical Phase 1 milestone payment. Contract from 1 Sep 2026 until all rights/obligations are performed (no fixed end). Upfront + stage milestones total ₩2,800,000,000 (VAT excl.); separate revenue share on any third-party out-license (not in the ₩28.0bn). Details confidential. Vs 2025 sales ₩370,460,589 = 755.82%. Filing warns milestones depend on R&D progress and may not be paid. Live ₩3,860 (+1.71% / +65 vs prior ₩3,795), open ₩3,830, high ₩4,540, low ₩3,600, volume 596,620, turnover ₩24.7억, mcap ₩49.8bn (~12,901,554 sh) (Naver ~15:15 KST). ₩28.0bn is 5.6% of live mcap. Printed 14:33 into the cash session.

Why up 3-8%, p≈30% leftover: ₩28.0bn of ADC co-dev cash / 756% of tiny 2025 sales / 5.6% of an ₩50bn KOSDAQ biotech is a real partnered pipeline event, not a rumor. Bullish because Abtis funds stages and takes manufacturing/clinical lead, so Oncocross converts target discovery into contracted biotech cash plus a slice of any later out-license. 3-8% not 8%+ because absolute ₩2.8bn is only mid-single-digit mcap and most of the headline is contingent milestones, not guaranteed upfront alone (split undisclosed). Probability only ~30% for further leftover because Tuesday already spiked (high +19.6% to ₩4,540) and settled near +1.71% into the 14:33 print, so the easy tape reaction looks spent.

DART

Open-market buyback 659,754 sh / ₩700.0m (~2.57% of shares) via Shinhan; 2 Sep–1 Dec

What: Board 1 Sep: KOSDAQ open-market treasury buy of 659,754 ordinary shares for ₩699,998,994. Window 2 Sep 2026–1 Dec 2026. Purpose: share-price stability and shareholder value. Method: on-exchange direct acquisition (not a trust). Broker: Shinhan Securities. Sized off board-day-prior close ₩1,061 (31 Aug); actual buys track the tape. Daily order cap 65,975 ordinary (rule: min of 10% of the program vs 1% of issued; 1-month ADV 25% was 26,979). Pre-deal treasury: dividendable 2,720,270 (10.59%) + other 650,044 (2.53%). Issued ordinary 25,698,732. Remaining dividendable-profit buyback ceiling ₩11,397,554,670. Outside directors 2 present / 0 absent; auditor present. Live ₩1,041 (−1.89% / −20 vs prior close ₩1,061), open ₩1,069, high ₩1,112, low ₩1,029, volume 144,116, turnover ₩152.5m, 25,698,732 shares, mcap ₩26.75bn (Naver ~14:34 KST). ₩700.0m is 2.62% of live mcap; 659,754 is 2.57% of shares. Printed 14:29 into the cash session. Buys start 2 Sep.

Why up 1-3%, p≈40% leftover: ₩700m / 2.57% of shares / 2.6% of a ₩26.8bn KOSDAQ scale name is a real three-month on-exchange bid, not a rumor. Bullish because Shinhan can lift 65,975 shares a day (about half of today’s 144k volume) starting tomorrow. 1-3% not 3-8% because ₩700m is only low-single-digit mcap, they already sit on 10.59% dividendable treasury, and the program dribbles to 1 Dec. Probability ~40% for the next cash session because the ₩699,998,994 and 659,754 are on the page and Tuesday is still live −1.89% (high was +4.8% to ₩1,112 then faded), so most of a squeeze is not in the tape yet, but the bid does not start until 2 Sep, and a ₩153m name with a 2.6% program can fade.

DART

Cancels 18th private CB ₩10.1bn face (125% of mcap) on 8 Sep; already bought back in August

What: Board 1 Sep: cancel the entire 18th unsecured private convertible bond. Name: 18th unregistered interest-bearing unsecured private CB. Issued 24 Mar 2026. Face ₩10,100,000,000; this cancel ₩10,100,000,000 (100%). Scheduled cancel date 8 Sep 2026 (can slip with the registrar). Purpose: remove a share-count dilution overhang to lift shareholder value. The notes were already taken onto the company’s own book after holders lost the benefit of time and put early redemption: ₩4.0bn on 14 Aug, ₩3.0bn on 18 Aug, ₩3.1bn on 28 Aug (related: 16 Mar / 24 Mar issuance, 18 Aug and 28 Aug own-CB acquisition decisions). Live ₩813 (+4.90% / +38 vs prior close ₩775), open ₩840, high ₩840, low ₩770, volume 79,523, turnover ₩63.3m, 9,910,487 shares, mcap ₩8.06bn (Naver ~14:34 KST). ₩10.1bn face is 125% of live mcap. Printed 14:24 into the cash session.

Why up 8%+, p≈30% leftover: ₩10.1bn of private CB / 125% of an ₩8.06bn KOSDAQ mcap is a real conversion overhang being destroyed, not a rumor. Bullish because once the notes are cancelled they cannot convert into a name that is smaller than the face. 8%+ not 3-8% because ₩10.1bn clears every size bar versus mcap. Probability only ~30% for further leftover because August already disclosed 100% of the face was bought in (14/18/28 Aug) after acceleration, so today’s cancel is the last administrative stamp rather than a new cash event, Tuesday is already live +4.90% (high +8.4% to ₩840) on a ₩63m tape, and the cancel date is still 8 Sep.

DART

Unsold-hotel loans ₩9.0bn both accelerated; joint-guarantee call ₩10.8bn (14.5% of mcap / 9.55% of equity)

What: Correction (1 Sep) of the 31 Aug decision-to-guarantee filing. Debtor: Daewon Plus R&C 4th Co. Creditors: Yangpyeong Nonghyup and Seongnam Dongbu Saemaul Geumgo. Borrowed amount ₩9,000,000,000 (Yangpyeong Nonghyup limit ₩5.0bn + Seongnam Dongbu Saemaul limit ₩4.0bn). Joint-guarantee amount ₩10,800,000,000 (120% of the loan limits). 2023 YE IFRS consolidated equity ₩113,032,137,008; guarantee 9.55% of equity. Total guarantee outstanding ₩535,216,000,000. Board 20 Aug 2024 (internal). Namkwang is the responsible constructor on Blue Ocean Residence Hotel 4 (Incheon Jung-gu Jungsan-dong 1873-14) and jointly guaranteed the developer’s unsold-unit collateralized loans; guarantee runs until principal and interest are fully repaid. Correction reason: debt-assumption event after loan maturity/acceleration. Yangpyeong Nonghyup ₩5.0bn lost the benefit of time on 31 Aug 2026 and the joint-guarantee performance obligation arose; this correction adds that Seongnam Dongbu Saemaul ₩4.0bn lost the benefit of time on 1 Sep 2026, so both tranches have now triggered. Related: 20 Aug 2024 original guarantee decision and 31 Aug 2026 filing. Live ₩7,580 (−2.19% / −170 vs prior close ₩7,750), open ₩7,750, high ₩7,900, low ₩7,450, volume 34,963, turnover ₩266m, 9,832,572 shares, mcap ₩74.5bn (Naver ~14:25 KST). ₩9.0bn borrowed is 12.1% of live mcap; ₩10.8bn guarantee is 14.5% of live mcap and 2.0% of the ₩535bn outstanding book. Printed 14:17 into the cash session.

Why down 8%+, p≈40% leftover: ₩9.0bn of unsold-hotel loans / ₩10.8bn joint guarantee / 14.5% of a ₩74.5bn KOSPI builder is a real guarantee call, not a rumor. Bearish because both lenders have accelerated and Namkwang’s joint-guarantee performance obligation has arisen, so a contingent construction-PF exposure can become cash or more debt. 8%+ not 3-8% because ₩9–10.8bn clears 12–14% of mcap on a ₩266m tape. Probability only ~40% for further leftover because the 31 Aug filing already disclosed the Yangpyeong ₩5.0bn acceleration, Tuesday is already live −2.19% (low −3.9%), this is a 2024 guarantee being triggered rather than a new one, recovery still depends on unsold hotel collateral, and the ₩535bn outstanding book means this is incremental 2% of a known overhang.

DART

Rights offering final issue price ₩2,970 × 8.2m new shares (₩24.354bn); ~30% of pre shares

What: Final paid-in capital increase issue price confirmed (shareholder allotment, then general public offering of unsubscribed shares; board decision 8 May 2026, corrected 24 Jul 2026). New shares: 8,200,000 named ordinary. Final issue price ₩2,970/sh (planned issue price had been ₩3,200; final uses the lower of 1st/2nd calc under the ~20% discount rights formula, with a 40%-discount floor). Par ₩500. Pre-deal ordinary shares 27,222,829 (+1,169,079 other). Gross proceeds at final price ₩24,354,000,000. Use of proceeds (Jul 24 correction): facilities ₩4.8bn, working capital ₩8.44bn, debt repay ₩13.0bn. Subscription: ESOP 3 Sep, existing holders 3–4 Sep; payment 11 Sep; listing scheduled 29 Sep. Lead KB Securities. Rights certificates transferable/listed. Live ₩3,635 (−4.09% / −155 vs prior close ₩3,790), open ₩3,790, high ₩3,795, low ₩3,630, volume 184,961, mcap ₩99.0bn, shares 27,222,829 (Naver ~13:35 KST). 8.2m is ~30.1% of pre ordinary (~23.1% of post). ₩24.354bn is ~24.6% of live mcap. Discount vs live ~18.3%; vs prior close ~21.6%. Printed 13:26 into the cash session.

Why down 8%+, p≈35% leftover: 8.2m new shares / ~30% of pre ordinary / ₩24.4bn (~25% of a ₩99bn KOSPI auto-parts name) at a ~22% discount to prior close is a real dilutive rights book, not a rumor. Bearish because the final ₩2,970 locks the cash-in below the prior ₩3,200 planned price, so holders who do not take up rights are diluted into a cheaper primary. 8%+ not 3-8% because share-count growth clears every size bar the desk uses. Probability only ~35% for further leftover because the May board already sized the 8.2m raise, Tuesday is already live −4.09% (low −4.2%) into the 13:26 print, rights still have value for subscribers, and cash listing is not until 29 Sep.

DART

Treasury buyback trust ₩5.0bn via Samsung Securities (~1.27m sh / ~3.3% of shares); Sep 1–Feb 28

What: Board 1 Sep: new treasury-share acquisition trust with Samsung Securities for ₩5,000,000,000. Contract period 1 Sep 2026–28 Feb 2027; signing scheduled 1 Sep 2026. Purpose: share-price stability and shareholder value. Planned ordinary shares 1,273,885 sized off board-day-prior close ₩3,925 (31 Aug); actual buys track the tape. Pre-trust dividendable treasury: none. Other treasury (share-swap odd lots / appraisal rights) 249,537 (0.66%). Dividendable-earnings buyback ceiling ₩12,540,186,541 (2025 YE). Not in the prior half-year buyback plan — new board resolution citing market volatility. Live ₩4,135 (+5.35% / +210 vs ₩3,925), open ₩3,925, high ₩4,550, low ₩3,860, volume 1,412,131, mcap ₩157.5bn, shares 38,093,053 (Naver ~13:35 KST). ₩5.0bn is ~3.2% of live mcap; 1.27m is ~3.3% of shares. Printed 13:23 into the cash session.

Why up 1-3%, p≈25% leftover: ₩5.0bn trust / ~3.3% of shares / ~3% of a ₩158bn KOSDAQ life-science tools name is a real open-market bid, not a rumor. Bullish because it is a fresh Samsung Securities trust with empty pre-trust dividendable treasury and a six-month window, so the desk has cash authorized to buy. 1-3% not 3-8% because ₩5bn is only low-single-digit mcap and share count. Probability only ~25% for further leftover because Tuesday is already live +5.35% (high +15.9% to ₩4,550) on 1.4m shares into the 13:23 print, so most of the tape reaction is likely already in.

DART

Rights offering final issue price ₩911 × 41.0m new shares (₩37.351bn); ~25% disc to prior close

What: Final paid-in capital increase issue price confirmed (shareholder allotment, then general public offering of unsubscribed shares; related board decision 20 Jul 2026). New shares: 41,000,000 named ordinary. Final issue price ₩911/sh (1st calc ₩1,064; 2nd calc ₩911; lower wins under the formula; floor also vs 40% disc band). Par ₩100. Confirmation date 31 Aug 2026. Gross proceeds at final price ₩37,351,000,000. Pricing uses the standard ~25% discount rights formula under prior securities rules practice. Live ₩1,108 (−8.88% / −108 vs prior close ₩1,216), open ₩1,210, high ₩1,214, low ₩1,105, volume 2,191,613, turnover ₩2.46bn, mcap ₩121.4bn (Naver ~13:07 KST). Implied shares ~109.6m → 41.0m is ~37.4% of pre-deal shares (~27.2% of post). ₩37.351bn is ~30.8% of live mcap. Discount vs live ~17.8%; vs prior close ~25.1%. Printed 13:03 into the cash session.

Why down 8%+, p≈30% leftover: 41m new shares / ~37% of pre shares / ₩37.4bn (~31% of a ₩121bn KOSDAQ name) at a ~25% discount to prior close is a real dilutive rights book, not a rumor. Bearish because the final ₩911 locks the cash-in and the discount versus the live tape, so holders who do not take up rights are diluted into a cheaper primary. 8%+ not 3-8% because share-count growth clears every size bar the desk uses. Probability only ~30% for further leftover because the 20 Jul decision already sized the 41m share raise, Tuesday is already live −8.88% (low −9.1%) on ₩2.46bn into the 13:03 print, and rights have value for subscribers so the tape can stabilize once the discount is fully digested.

DART

Treasury buyback trust ₩1.5bn via KB Securities (~716k sh / ~5.7% of shares); Sep 1–Feb 28

What: Board 1 Sep: new treasury-share acquisition trust with KB Securities for ₩1,500,000,000. Contract period 1 Sep 2026–28 Feb 2027; signing scheduled 1 Sep 2026. Purpose: shareholder value. Planned ordinary shares ~715,990 sized off board-day-prior close ₩2,095 (31 Aug); actual buys track the tape. Pre-trust treasury: none. Dividendable-earnings buyback ceiling after dividends ₩31,231,116,542 (2025 YE). Capital ₩6,231,827,000. Live ₩2,320 (+10.74% / +225 vs ₩2,095), open ₩2,075, high ₩2,490, low ₩2,075, volume 159,063, turnover ~₩361m, mcap ₩28.9bn (Naver ~11:40 KST). ₩1.5bn is ~5.2% of live mcap. Printed 11:29 into the cash session. Activist EGM slate (8 Oct) had asked for a ₩5bn buyback — this board trust is 30% of that ask.

Why up 3-8%, p≈25% leftover: ₩1.5bn trust / ~5.7% of shares / ~5% of a ₩29bn KOSPI fur-apparel name is a real open-market bid, not a rumor. Bullish because it is a fresh KB Securities trust with empty pre-trust treasury and a six-month window, so the desk has cash authorized to buy. 3-8% not 8%+ because ₩1.5bn is only mid-single-digit mcap and undershoots the ₩5bn activist ask on the 8 Oct EGM slate. Probability only ~25% for further leftover because Tuesday is already live +10.74% (high +18.9%) on ₩361m into the 11:29 print, so most of the tape reaction is likely already in, and the trust size can still undershoot if the stock runs.

DART

Micron Singapore Woodlands PFC abatement supply ₩93.602bn (66.4% of 2025 sales); through Apr 2029

What: Signed greenhouse-gas abatement equipment supply contract ₩93,602,000,000 (USD 68,000,000 at ₩1,376.50/USD Seoul first-notice FX 31 Aug). 66.4% of 2025 consolidated sales ₩141,057,118,027. Not conditional. Job: large-capacity catalytic PFCs (perfluorocompound) treatment equipment under the GHG-abatement solutions unit. Counterparty: Micron Semiconductor Asia Operations Pte. Ltd. (Micron Technology overseas sub; unrelated; no same-type contract in last 3 years). Region: Singapore Woodlands. Period 29 Aug 2026–1 Apr 2029. Advance yes: 20% on PO, 55% after design complete + on-site delivery confirm, 25% after commissioning/performance test. Production: outsourced (not in-house). Contract/PO receipt date 31 Aug 2026. Live ₩24,550 (−3.16% vs ₩25,350), open ₩25,450, high ₩27,950, low ₩24,500, volume 445,365, ~20.97m shares, mcap ₩514.9bn (Naver ~11:40 KST). ₩93.602bn is 18.2% of live mcap. Printed 11:22 into the cash session. Prior desk keep 24 Aug was Hoffman Idaho ₩21.0bn / 14.9% sales — this Micron book is ~4.5× that print.

Why up 8%+, p≈55%: ₩93.6bn / 66.4% of last-year sales / 18% of a ₩515bn KOSDAQ abatement name is a named multi-year Micron fab book, not a pipeline rumor. Bullish because it is a signed Micron Singapore Woodlands PO for catalytic PFC scrubbers with 20% down on PO and cash staged through commissioning to Apr 2029. 8%+ not 3-8% because 66% of sales and 18% of mcap clears every size bar the desk uses, and it dwarfs the 24 Aug Hoffman 15%-of-sales keep. 55% because the ₩93.602bn and 66.4% are on the page and Tuesday is still live −3.16% (so not already ripped), but cash dribbles over ~2.5 years, production is outsourced, amount/period can slip, and the PO dated 31 Aug so overnight had a chance.

DART

Autonomous A2Z LiDAR/LCU supply ₩714m (11.73% of 2025 sales); 30% down ~10 Sep

What: Signed supply contract ₩714,000,000. 11.73% of 2025 separate sales ₩6,086,041,489. Not marked large-corp. Job: ML-U190 + 2Port LCU delivery. Counterparty: Autonomous A2Z (오토노머스에이투지; future-tech / autonomous-driving software; 2025 consol sales ₩16,257,878,123; unrelated). Region: Korea. Period 31 Aug 2026–30 Nov 2026 (end = expected cash receipt after delivery; can slip). Advance yes: 30% down expected ~10 Sep 2026 (can slip). Production: in-house. Contract/award date 31 Aug 2026. Not conditional. No same-type contract with this buyer in the last 3 years. Live ₩10,050 (-0.89% vs ₩10,140), volume ~22,150, turnover ~₩222.6m, 18,089,552 shares, mcap ₩181.8bn (Naver ~11:22 KST). ₩7.14bn is 0.39% of live mcap. Printed 11:14 into the cash session.

Why up 3-8%, p≈40%: ₩714m / 11.73% of last-year sales clears the 10% KRX bar on a ₩182bn KOSDAQ LiDAR name, and 30% down is near-term cash. Bullish because it is a signed named Autonomous A2Z PO for SOS Lab’s ML-U190 LiDAR + 2Port LCU, in-house, delivering inside three months — not a pipeline rumor. 3-8% not 8%+ because ₩714m is only 0.39% of mcap, the absolute book is small, and the award is dated 31 Aug so overnight had a chance. 40% because the ₩714m and 11.73% are on the page and Tuesday cash is still live (tape −0.89%, so not already ripped), but a ₩0.7bn print versus ₩182bn mcap can fade and the end date can still slip with delivery.

DART

SK Hynix Yongin Cluster Ph-4 IBL FAB PC job ₩195.7bn (65.8% of 2025 sales); no advance

What: Signed construction contract ₩195,679,000,000. 65.8% of 2025 consolidated sales ₩297,453,436,886. Not a large corporation. Contract: SK Hynix Yongin Cluster 1기 Ph-4 IBL FAB PC works. Counterparty: SK Ecoplant (unrelated). Scope: FAB package-2 PC materials supply and install inside the Yongin Cluster 1기 Ph-4 IBL build (precast columns/beams/slabs made off-site, then assembled). Location: Yongin, Gyeonggi. Period 27 Aug 2026–31 May 2028. Advance/down payment: no; pay terms: progress billing. Award / counterparty e-sign 31 Aug 2026. VAT excluded; amount and period can slip with construction. Live ₩1,674 (+8.42% vs ₩1,544), open ₩1,523, high ₩1,674, low ₩1,515, volume 122,790, turnover ₩193m, 59,750,830 shares, mcap ₩99.99bn (Naver ~11:11 KST). ₩195.679bn is 196% of live mcap. Printed 11:09 into the cash session.

Why up 8%+, p≈45%: ₩195.7bn / 65.8% of last-year sales on a ₩100bn KOSPI PC builder is a real two-year Hynix-campus book, not a rumor. Bullish because it is a signed SK Ecoplant subcontract for SK Hynix Yongin Cluster Phase-1 Ph-4 IBL FAB precast-concrete supply and install. 8%+ because ₩196bn is 196% of live mcap and 66% of sales. Not leftover 8% from here: no down payment, cash dribbles to May 2028, amount/period can still slip, and Tuesday is already live +8.42% at the day's high on ₩193m. 45% because the ₩195.679bn and 65.8% are on the page, but leftover same-session after +8.4% at the high is thin, the e-sign is 31 Aug so overnight had a chance, and other Yongin Cluster 1기 packages have already been printing.

DART

Optical-comm microdisplay supply ₩1.500bn (17.15% of 2025 sales); buyer withheld, no advance

What: Signed optical-communication microdisplay supply contract ₩1,500,385,000 (USD 1,090,000 at ₩1,376.50/USD, 31 Aug Seoul first-notice FX). 17.15% of 2025 sales ₩8,746,267,801. Not marked large-corp. Counterparty name withheld as a business secret (disclose terms can still slip). Same-type contracts with the buyer in the last 3 years: yes. Region: overseas. Period 31 Aug 2026–31 Jul 2027 (end = last expected ship month; can slip). Advance/down payment: no; pay terms: prepaid 6 months before delivery. Production: outsourced (not in-house). Contract/PO receipt date 31 Aug 2026. Live ₩4,425 (+9.94% vs ₩4,025), open ₩4,020, high ₩4,495, low ₩3,930, volume 136,546, turnover ₩582.4m, 30,774,558 shares, mcap ₩136.18bn (Naver ~10:52 KST). ₩1.500bn is 1.10% of live mcap. Printed 10:52 into the cash session.

Why up 3-8%, p≈35%: ₩1.50bn / 17.15% of last-year sales clears the 10% KRX bar on a ₩136bn KOSDAQ microdisplay name, so it is a real book, not a rumor. Bullish because it is a signed overseas PO with 6-month prepay before ship, and they already have same-type history with this buyer. 3-8% not 8%+ because the KRW print is only 1.1% of mcap, the buyer is blank, amount/period can still change, production is outsourced, and Tuesday is already live +9.94% (high +11.7%) on ₩582m. 35% because the ₩1.500bn and 17.15% are on the page, but leftover same-session after a near-10% rip is thin and the PO dated 31 Aug so overnight had a chance.

DART

Sells 20% of affiliate Silla Myeonggwa for ₩9.699bn (12.01% of equity); keeps 5%; close ~4 Sep

What: Board 1 Sep: dispose 30,000 ordinary shares (20%) of affiliate Silla Myeonggwa (신라명과; bakery/wholesale; capital ₩750m; 150,000 shares outstanding) for ₩9,699,240,000 (₩323,308/sh under the SPA). 12.01% of 2025 consolidated equity ₩80,754,726,231. Not a large corporation. After sale: 7,500 shares / 5% left. Purpose: monetize a non-core unlisted holding to fund core-business expansion and lift profitability / mcap. Expected close 4 Sep 2026 (can slip). Outside directors 2/2 present; auditor present. No Fair Trade filing; no put option. Live ₩4,845 (+15.91% vs ₩4,180), open ₩4,180, high ₩5,180, low ₩4,175, volume 98,235, turnover ₩472.4m, 7,622,000 shares, mcap ₩36.93bn (Naver ~10:52 KST). ₩9.699bn is 26.3% of live mcap. Printed 10:50 into the cash session.

Why up 8%+, p≈35%: ₩9.70bn cash / 12% of equity / 26% of a ₩37bn KOSPI mcap is a real liquidity event, not a rumor. Bullish because a non-core unlisted affiliate stake converts to cash earmarked for core expansion, and they keep a 5% stub. 8%+ not 3-8% because the cash clears the equity 10% bar hard versus mcap. Probability only 35% for further leftover because Tuesday is already live +15.9% (high +23.9%) on ₩472m, close is still three calendar days out, and an unlisted bakery SPA price is hard for the street to underwrite beyond the headline cash.

DART

MLCC supply ₩1.072tn (9.5% of 2025 sales) to a global large company; 2027, no advance

What: Signed MLCC (Multilayer Ceramic Capacitor) supply contract ₩1,072,219,807,696 (USD 778,946,464 at ₩1,376.50/USD, 31 Aug Seoul first-notice FX). 9.5% of 2025 consolidated sales ₩11,314,459,238,100. Large corporation. Counterparty: “global large company” (name, region, and payment terms withheld as a business secret until 31 Dec 2027; disclose the next business day after). No relation stated. Period 1 Jan 2027–31 Dec 2027 (amount/period can slip). Advance no. Award 31 Aug 2026. Live ₩1,444,000 (−0.96% vs ₩1,458,000), open ₩1,440,000, high ₩1,469,000, low ₩1,408,000, volume 195,323, turnover ₩279.8bn, 74,693,698 shares, mcap ₩107.86tn (Naver ~10:00 KST). ₩1.072tn is 0.99% of live mcap. Printed 09:57 into the cash session.

Why up 1-3%, p≈35%: ₩1.07tn / 9.5% of last-year sales is a real 2027 MLCC book, not a rumor. Bullish because MLCC is the franchise and this is a signed annual supply contract, not a pipeline leak. 1-3% not 3-8% because this is a ₩108tn KOSPI mega-cap (₩1.07tn is 1.0% of mcap), it misses the large-corp 10% KRX bar, cash is 2027 with no down payment, the buyer is blank until end-2027, and Tuesday is already live −0.96% on ₩280bn. 35% because the ₩1.072tn and 9.5% are on the page, but leftover same-session after ₩280bn is small, the award was 31 Aug so overnight had a chance, and a withheld “global large company” MLCC print is easier to fade than a named Apple/Samsung PO.

DART

Control close: Hahn & Co 72.19% off; KG Steel 52.50% + K-Mobility Value-up 19.69%; ₩542.6bn / ~₩15,395

What: Hahn & Co Auto Service Holdings LLC sold its entire 35,245,670 ordinary shares (72.19%) under the 31 Mar SPA; change date / confirmation (settlement) 31 Aug. After: KG Steel 25,632,810 sh (52.50%) is the new largest holder; CEO Jung In-guk still 10,000 sh (0.02%). Combined “KG Steel + 1” 25,642,810 / 52.52% vs prior “Hahn & Co + 1” 35,255,670 / 72.21%. Purpose: management participation. Board already reseated at EGMs 7 Jul and 14 Aug (inside directors Jung In-guk, Woo Chi-gu; Hahn-side directors off). Today’s filing cites the 27 Aug amendment (rcp 20260827800869): consideration ₩542,597,526,092 (~₩15,395/sh), close locked 31 Aug; buyers KG Steel 25,632,810 (52.50%) and K-Mobility Value-up 9,612,860 (19.69%) after Cactus PE took a slice of buyer rights (21 Apr / 25 Jun). Live ₩6,390 (+0.31% vs ₩6,370), open ₩6,370, high ₩6,420, low ₩6,350, volume 12,782, turnover ₩81m, 48,820,848 shares, mcap ₩312.0bn (Naver ~09:45 KST). ₩15,395 is 141% above the live tape. Printed 09:32 into the cash session.

Why mixed 1-3%, p≈30%: this is the legal close of a known control deal, not a new bid. Mixed because industrial KG Steel now has 52.5% (Hahn & Co is off the register), which can stabilize the name, but minorities do not get the ₩15,395 block price and there is no tender or squeeze-out in this filing. 1-3% not 3-8% because the SPA is five months old, the 27 Aug amendment already locked 31 Aug close and ₩542.6bn, the new board sat in July/August, and Tuesday cash is already live +0.31% on 12.8k shares. 30% because the 25,632,810 / 52.50% and 31 Aug settlement are on the page, but leftover same-session on a ₩81m tape after a Friday close is small and the street had 27 Aug to position.

DART

Cambodia Siem Reap bypass-road contract ₩85.71bn (18.93% of 2025 sales); advance yes

What: Signed construction contract ₩85,711,861,660 (USD 55,548,481.00 at EDCF ₩1,543.01/USD). 18.93% of 2025 consolidated sales ₩452,672,899,287. Not a large corporation. Counterparty: Ministry of Public Works and Transport, Kingdom of Cambodia (unrelated). Project: Green Siem Reap Urban Bypass Road Project, ~46.55 km (Prasat Bakong–Puok). Location: Siem Reap, Cambodia. Contract date / start 31 Aug 2026; end is 914 days from construction start (can slip). Advance yes; remainder billed on construction progress. Amounts/FX/advance can still change with the employer’s budget. Live ₩1,506 (+0.40% vs ₩1,500), open ₩1,485, high ₩1,550, low ₩1,481, volume 31,752, turnover ₩48m, 54,024,880 shares, mcap ₩81.36bn (Naver ~09:09 KST). ₩85.71bn is 105% of live mcap. Printed 09:05 into the cash session.

Why up 3-8%, p≈50%: ₩85.7bn / 18.93% of last-year sales clears the 10% KRX bar on an ₩81bn KOSPI builder, and there is an advance, so it can print. Bullish because it is a signed sovereign road book, not a rumor. 3-8% not 8%+ because cash dribbles 914 days, the KRW is an EDCF USD conversion that can slip, and the 09:05 tape is already live (high +3.3% vs yesterday). 50% because the ₩85.71bn and 18.93% are on the page and cash is open, but a ₩48m tape can fade and some of the print is already in the high.

DART

Withdraws Mar rights issue 3.99m sh / ₩18.74bn (82% of shares); will re-open funding

What: Board withdrew the 25 Mar 2026 shareholder-allotment plus leftover public offering. Planned 3,990,609 ordinary shares / ₩18,735,909,255 for debt repayment and working capital. FSS registration ping-pong: filed 26 Mar, amendments 21 Apr and 21 May, extra correction demand 8 Jun. They say the timetable broke and they will look at other funding that fits the balance sheet. Companion amendment rcp 20260831001162 zeros the material-fact report fields. Close ₩3,625 (−2.16% vs ₩3,705), high ₩3,890, low ₩3,585, volume 4,072, turnover ₩15.0m, 4,883,930 shares, mcap ₩17.70bn (Naver close). Withdrawn paper was 81.7% of listed shares / 106% of close mcap. Printed 15:55 after the 15:30 cash close.

Why mixed 3-8%, p≈40%: pulling an 82% rights issue takes a dilution overhang off a ₩17.7bn KOSDAQ microcap, which is the bull case. Mixed not clean-up because they still need the debt-repay / working-capital cash and say they will re-open another raise, and FSS has been blocking this deal since March so the street had five months to treat it as dead. 3-8% not 8%+ because Monday already closed −2.16% on 4k shares and leftover is Tuesday’s open. 40% because the ₩18.74bn and 3.99m share count are unambiguous, but a ₩18bn name on 4k shares can gap either way on the “other funding” line.

DART

Buyback trust ₩3.0bn (~6.9% / 707,547 sh) via Hana 31 Aug–2 Mar; cancel after trust

What: Board 31 Aug: Hana Securities buyback trust ₩3,000,000,000. Window 31 Aug 2026–2 Mar 2027. Purpose: share-price stability and shareholder value. Planned ordinary 707,547 sh sized off 28 Aug close ₩4,240 (implied ₩3,000,000,000-ish). Holding period after purchase 6 months or more; they intend to cancel the lot after the trust ends (separate board later). No existing treasury. Outside directors 3 present / 3 absent. Dividendable-profit limit ₩4,023,936,655 before the ₩3.0bn contract. Close ₩4,220 (−0.47% vs ₩4,240), high ₩4,335, low ₩4,035, volume 21,822, turnover ₩89.9m, 10,277,800 shares, mcap ₩43.37bn (Naver close). ₩3.0bn is 6.91% of close mcap / 6.88% of shares. Printed 15:54 after the 15:30 cash close.

Why up 3-8%, p≈45%: ₩3.0bn / 6.9% of a ₩43bn KOSDAQ name with explicit cancel intent is a real six-month bid plus share-count shrink, not a rumor. Bullish because Hana can dribble-buy into a ₩90m tape and they start from zero treasury. 3-8% not 8%+ because it dribbles six months, cancel is a later board, 3 of 6 outside directors missed, and Monday cash already closed. 45% because the ₩3.0bn and 707,547 are unambiguous, leftover is Tuesday’s open, and ₩3bn uses most of the ₩4.02bn dividendable-profit limit so the program is sized to the cap.

DART

Seoul Yangjae 2 reconstruction contractor ₩900.2bn (21.7% of 2025 sales); unsigned until the construction contract

What: Selected as contractor for the Seoul Yangjae District 2 reconstruction project. Expected contract ₩900.2bn (21.7% of 2025 consolidated sales ₩4,147.0bn). Association selected them 29 Aug (Sat); fact confirmed 31 Aug after the AGM result. Scope: 2,344 units / 13 buildings / B3–40F plus amenities. Amount is pre-contract (locks at the construction contract), VAT excluded, can slip. Close ₩23,400 (+1.08% vs ₩23,150), open ₩22,800, high ₩23,400, low ₩22,650, volume 127,915, turnover ₩2.959bn, 65,907,330 shares, mcap ₩1.542tn (Naver close). ₩900.2bn is 58.4% of close mcap. Printed 15:41 after the 15:30 cash close. Parent HDC 012630 filed the same as a subsidiary notice (rcp 20260831800444). NXT after-hours ₩23,200.

Why up 1-3%, p≈40%: ₩900bn / 21.7% of last-year sales clears the 10% KRX bar on a ₩1.54tn KOSPI builder. Bullish because it is a named Seoul reconstruction contractor win, not a rumor. 1-3% not 3-8% because the KRW is still expected until the construction contract, cash is multi-year progress on 2,344 units, this is a ₩1.54tn name, and Monday cash already closed +1.08% so leftover is Tuesday’s open. 40% because the ₩900.2bn and 21.7% are on the page, but an unsigned construction contract and a Saturday association vote can still slip, and some of the street may have seen the Saturday AGM.

DART

Bichwitown alley-housing contractor ₩129.6bn (19.7% of 2025 sales); unsigned until the construction contract

What: Selected as contractor for the Bichwitown alley-housing improvement. Expected ₩129.6bn (19.7% of 2025 consolidated sales ₩659.5bn). Association selected them 29 Aug (Sat); fact confirmed 31 Aug after the AGM result. Scope: 95 units / 18F+7B plus amenities. Amount locks at the construction contract, VAT excluded, can slip. Close ₩10,900 (+0.37% vs ₩10,860), high ₩10,900, low ₩10,630, volume 4,321, turnover ₩46.0m, 10,150,000 shares, mcap ₩110.6bn (Naver close). ₩129.6bn is 117% of close mcap. Printed 15:39 after the 15:30 cash close. Same name already kept the signed Myeonmok Bondong amendment ₩162.6bn at 14:33.

Why up 3-8%, p≈35%: ₩130bn / 19.7% of last-year sales on a ₩111bn KOSPI builder is a second same-day orderbook print, not a rumor. Bullish because it is a named alley-housing contractor win on top of this morning’s ₩163bn signed amendment. 3-8% not 8%+ because the KRW is still expected until the construction contract, 95 units is small vs this morning’s 512-unit amendment, there is no down payment, and Monday cash already closed +0.37% on 4k shares after the 14:33 keep. 35% because the ₩129.6bn and 19.7% are on the page, leftover is Tuesday, and an unsigned Saturday AGM can still slip.

DART

Ship-engine supply to affiliate HD HHI ₩87.09bn (21.6% of 2025 sales); advance yes

What: Confirmed ₩87,091,155,000 ship-engine supply. 21.6% of 2025 consolidated sales ₩402,396,221,904. Not a large corporation. Counterparty: HD Hyundai Heavy Industries (affiliate). Domestic. Period 31 Aug 2026–24 Jul 2028 (can slip with the yard’s build schedule). Advance yes: down payment plus remainder on the engine-delivery schedule. Award 31 Aug. KRW uses the 31 Aug first-notice FX ₩1,376.5/USD (implied ≈ USD 63.3m). Live ₩52,100 (−1.88% vs ₩53,100), open ₩51,700, high ₩52,200, low ₩50,100, volume 124,535, turnover ₩6.406bn, mcap ₩1.767tn, 33,921,495 shares (Naver ~15:36 KST). ₩87.09bn is 4.93% of live mcap.

Why up 1-3%, p≈35%: ₩87bn / 21.6% of last-year sales clears the 10% KRX bar, and there is an advance, so it can print. Bullish because it is a signed two-year engine book, not a rumor. 1-3% not 3-8% because the buyer is the captive parent yard (run-rate, not a new customer), ₩87bn is only 4.9% of a ₩1.77tn name, cash dribbles to Jul 2028, and the 15:29 print landed into the 15:30 cash close with the tape already −1.88% on 125k shares. 35% because the ₩87.09bn and 21.6% are unambiguous, but leftover is Tuesday’s open rather than today, and a captive-yard engine print is easier to fade than a third-party yard order.

DART

Buyback trust ₩2.0bn (~1.7% / 524,934 sh) via KB 31 Aug–2 Mar; hold, not cancel

What: Board 31 Aug: KB Securities buyback trust ₩2,000,000,000. Window 31 Aug 2026–2 Mar 2027. Purpose: share-price stability, shareholder value, and employee compensation. Planned ordinary 524,934 sh sized off 28 Aug close ₩3,810 (implied ₩2,000,000,000-ish). Holding period after purchase left blank — not cancel. Existing treasury (dividendable): 472,039 ordinary (1.53% of listed). Outside directors 4 present / 0 absent. Live ₩3,935 (+3.28% vs ₩3,810), volume 167,877, turnover ₩642m, mcap ₩121.3bn, 30,842,625 shares (Naver ~15:20 KST). ₩2.0bn is 1.65% of live mcap / 1.70% of shares.

Why up 1-3%, p≈30%: ₩2.0bn / 1.7% of a ₩121bn KOSDAQ name is a real six-month bid into the tape, not a rumor. Bullish because KB can dribble-buy for price support. 1-3% not 3-8% because it is only ~1.7% of mcap, hold not cancel, purpose also covers employee compensation, they already sit on 1.53% treasury, and the 15:11 print is live with the tape already +3.28% on ₩642m turnover. 30% because the ₩2.0bn and 524,934 share count are unambiguous, but same-session leftover after +3.28% is small and the program is modest versus today’s printed volume.

DART

Loan overdue ₩50.78bn (104.9% of equity) after workout halt; unpaid bonds ₩11.89bn; rehab review

What: After the 28 Aug halt of the creditor-bank joint-management (workout) that started 29 Apr, the stay on creditor rights ended. Loan principal+interest overdue ₩50,781,668,367 (principal ₩50,713,828,330 + interest ₩67,840,037) = 104.87% of stated equity ₩48,423,022,041 (2024 capital + later capital changes because the 2025 audit was an opinion refusal). Occurrence dated 28 Aug; FX on FX debt ₩1,380.30. They say they will promptly review and pursue a court rehab filing. Companion filing rcp 20260831800277 at 14:32: unpaid 33rd/34th unsecured bonds ₩11,885,052,544 (principal ₩11,495,000,000 + interest ₩390,052,544) = 24.54% of the same equity. 33rd ₩9.5bn issued 29 Apr 2025, unpaid from 17 Apr 2026; 34th ₩1.995bn issued 26 Jun 2025. Combined ₩62.67bn. Live ₩2,620 (flat vs ₩2,620), 0 volume, 0 turnover, 6,723,603 shares, mcap ₩17.62bn, lower limit ₩1,835 (Naver ~15:00 KST). Combined overdue is 356% of live mcap.

Why down 8%+, p≈55%: this is default plus a rehab path, not a working-capital miss. ₩50.8bn overdue is 105% of book and 288% of a ₩17.6bn KOSPI microcap, and the ₩11.9bn of unpaid bonds sit on top. Bearish because the 28 Aug workout halt lifted the stay and they are pointing at court rehab. 8%+ is the floor (KOSPI −30% limit is ₩1,835). Not leftover 8% from a live session: Monday has printed 0 shares, so none of this is in the tape. 55% because the KRW totals and the 28 Aug date are unambiguous, but the workout halt itself already printed Friday so the street had a session of warning, and a zero-volume name can halt or limit-down rather than trade the 8%+.

DART

Myeonmok Bondong 3 alley-housing job ₩77.4bn → ₩162.6bn (26.5% of 2024 sales); 247→512 units

What: Amendment of the 22 Dec 2025 (award 19 Dec) construction contract for the Myeonmok Bondong District 3 alley-housing improvement. Amount ₩77,373,686,403 (12.6% of 2024 consolidated sales ₩612,780,034,467) → ₩162,550,611,049 (26.5%). Counterparty: Myeonmok Bondong District 3 Alley-Housing Improvement Association. Seoul Jungnang-gu Myeonmok-dong 107-33. Scope 247 units / 15F+3B / GFA 32,418㎡ / 30 months from start → 512 units / 27F+3B / GFA 71,743㎡ / 35 months from start. No down payment; paid from unit sales. VAT excluded. Amount and period can slip with construction. Live ₩10,820 (−0.37% vs ₩10,860), high ₩10,860, low ₩10,630, mcap ₩109.8bn, 10.15m shares, volume 3,288, turnover ₩35.3m (Naver ~15:00 KST). ₩162.6bn is 148% of live mcap.

Why up 3-8%, p≈40%: ₩163bn / 26.5% of last-year sales on a ₩110bn KOSPI builder is a real orderbook scale-up, not a rumor. Bullish because the job roughly doubled (247→512 units). 3-8% not 8%+ because it is an eight-month-old amendment not a new award, there is no down payment, cash is unit-sale progress over 35 months, the buyer is a housing association, and the 14:33 print is live with the tape already −0.37% on 3k shares. 40% because the ₩162.6bn and 26.5% are unambiguous, but same-session leftover is small and the 512-unit permit may already have leaked.

DART

North America DRI-plant equipment to Tenova ₩15.87bn (15.74% of 2025 sales); 20% down

What: Confirmed ₩15,873,450,000 (USD 11,500,000 at ₩1,380.30 on 28 Aug) equipment supply for a North America DRI plant project. 15.74% of 2025 separate sales ₩100,854,566,106. Not conditional. Counterparty: TENOVA S.p.A. Region: US. Period 28 Aug 2026–30 Oct 2027. Advance yes: 20% / progress 70% / remainder 10%. In-house, not outsourced. Award 28 Aug. No same-type contract in the last 3 years. Amount and period can change with project progress. Live ₩12,300 (+8.85% vs ₩11,300), high ₩12,300, mcap ₩181.9bn, volume 11,289, turnover ₩133m (Naver 13:50 KST). ₩15.87bn is 8.7% of live mcap.

Why up 3-8%, p≈45%: ₩15.9bn / 15.7% of last-year sales on a ₩182bn KOSDAQ equipment name clears the 10% KRX bar, and 20% down is cash. Bullish because it is a signed Tenova DRI-plant book into the US, not a pipeline rumor. 3-8% not 8%+ because ₩15.9bn is 8.7% of mcap, cash dribbles to Oct 2027, the KRW can slip with construction, and the 13:48 print is live with the tape already +8.85% at the day's high on 11k shares. 45% because the USD/₩ and 15.74% are unambiguous, but the award was 28 Aug (three-day lag) so some of today's +8.85% may already be the leak, and leftover same-session is smaller than a cold open.

DART

Taean smart-city drone-experience content ₩549m (17.74% of 2025 sales); no prepay

What: Drone adventure content development and install inside the drone experience hall of the 2023 Taean-gun small smart-city project. Confirmed ₩549,450,000 (ex-VAT). 17.74% of 2025 consolidated sales ₩3,097,045,412. Not conditional. Counterparty: Daon I&C (drone swarm-control platform), 2025 sales ₩8.05bn, no relation. Chungnam Taean-gun. Period 31 Aug–31 Dec 2026. No advance. Mix of in-house and outsourced. Award 31 Aug. Live ₩2,035 (+11.20% vs ₩1,830), high ₩2,245, mcap ₩22.7bn, volume 432,795, turnover ₩883m (Naver 13:50 KST). ₩549m is 2.4% of live mcap and below today's ₩883m turnover.

Why up 3-8%, p≈35%: 17.7% of last-year sales clears the 10% KRX bar on a ₩22.7bn KOSDAQ XR name, so it can print. Bullish because it is a signed four-month content job, not a rumor. 3-8% not 8%+ because ₩549m is only 2.4% of mcap, there is no down payment, it is a municipal tourism slice of a 2023 project via Daon I&C, and the 13:45 print is live with the tape already +11.2% (high +22.7%) on ₩883m of volume — larger than the contract. 35% because the 17.74% figure is unambiguous, but same-session leftover after +11% is small and today's turnover already dwarfs the PO.

DART

Buyback trust ₩3.0bn (~5.3% / 530,973 sh) via Samsung 31 Aug–2 Mar; hold, not cancel

What: Board 31 Aug: Samsung Securities buyback trust ₩3,000,000,000. Window 31 Aug 2026–2 Mar 2027. Purpose: share-price stability and shareholder value. Planned ordinary 530,973 sh sized off 28 Aug close ₩5,650 (implied ₩2,999,997,450). Holding period after purchase left blank — not cancel. Existing treasury: dividendable 584,337 sh (5.8%) + other 14,044 (0.1%) = 598,381 (5.98% of listed 10,002,634; par ₩500; capital ₩5,001,317,000). Of that, 275,153 open-market + 309,184 already in a prior trust + 14,044 other. Remaining dividendable-profit limit ₩84,807,861,031. Outside director 1 present / 0 absent; auditor present. Live ₩5,780 (+2.30% vs ₩5,650), high ₩6,100, mcap ₩57.8bn, volume 188,204, turnover ₩1.102bn (Naver 13:30 KST). ₩3.0bn is 5.19% of live mcap / 5.31% of shares.

Why up 3-8%, p≈40%: ₩3.0bn / 5.3% of a ₩57.8bn KOSDAQ name is a real six-month bid into the tape, not a rumor. Bullish because Samsung can dribble-buy for price support. 3-8% not 8%+ because it is hold not cancel, they already sit on 6.0% treasury including 309k in an existing trust, and the 13:13 print is live with the tape already +2.3% (high +8.0% at ₩6,100). 40% because the ₩3.0bn and 530,973 share count are unambiguous, but same-session leftover after +2.3% is smaller and this is an add-on trust rather than a first program.

DART

Yangsan Central housing-association mixed-use build ₩164.9bn (25.56% of 2025 sales); halted for reverse-split

What: Construction award for the Yangsan Central Regional Housing Association mixed-use new-build at Gwangju Buk-gu Yangsan-dong 209-192. Confirmed ₩164,892,814,000 (ex-VAT). 25.56% of 2025 consolidated sales ₩645,114,465,728. Not conditional. Counterparty: Yangsan Central Regional Housing Association. Period 31 Aug 2026–31 Oct 2030 (50 months from groundbreaking; actual start may slip). No down payment. Cash every two months. Award 31 Aug. No same-type contract with this counterparty in the last 3 years. Last print ₩783 (flat, 0 volume) — halted since 12 Aug for a share consolidation until the day before new-share listing (KOSDAQ halt notice 7 Aug). Last cash 11 Aug ₩783, 100.89m shares, mcap ₩79.0bn (Naver 12:20 KST). ₩164.9bn is 209% of frozen mcap. Also KOSDAQ administrative-issue watch (price below ₩1,000, 5 Aug).

Why up 8%+, p≈20%: ₩165bn / 25.6% of last-year sales on a ₩79bn KOSDAQ builder is a real four-year housing book, not a rumor. Bullish because it fills the orderbook through Oct 2030. 8%+ because ₩165bn is 209% of the frozen mcap and none of it is in the tape (zero volume since 11 Aug). Not leftover 8% from a live session: no down payment, cash dribbles 50 months, and the buyer is a regional housing association. 20% because the KRW size and 25.56% ratio are unambiguous, but the next cash session is still halted for the reverse-split (expires the day before new-share listing, date not in this filing), so today almost certainly does not gap.

DART

Six 115k-dwt crude tankers ₩592.9bn (61.4% of 2025 sales) for a Greek owner; option +2 ships

What: Construction award for six 115k DWT crude oil tankers. Confirmed ₩592,894,062,000 (USD 429,540,000 at ₩1,380.3 on 28 Aug). 61.41% of 2025 consolidated sales ₩965,388,430,763. Not a large corporation. Counterparty: Greek shipowner, name withheld as a business secret until 28 Feb 2027. Period 28 Aug 2026–30 Jun 2030. No down payment; progress billing. Award 28 Aug. If option conditions hit they will file another two-ship contract. Live ₩14,980 (+8.32% vs ₩13,830), mcap ₩935.9bn, 62.48m shares, volume 153,244, high ₩14,980 (Naver ~11:31 KST). ₩592.9bn is 63% of live mcap.

Why up 8%+, p≈55%: ₩593bn / 61% of last-year sales on a ₩936bn yard is a real six-ship crude book, not a rumor. Bullish because it fills the orderbook through mid-2030. 8%+ because ₩593bn is 63% of mcap and the 11:28 print is already +8.3% at the day's high. Not leftover 8% from here: no down payment, cash dribbles four years, the Greek name is blank until Feb 2027, and a chunk is already in the tape. 55% because the USD/₩ and six-ship count are unambiguous, but same-session leftover after +8.3% can fade and the extra two ships are still an option.

DART

Open-market buyback 371,747 sh (~4.4% / ~₩1.00bn) 1 Sep–30 Nov; hold, not cancel

What: Board 31 Aug: KOSDAQ open-market buy of 371,747 ordinary shares (KRW amount left blank; sized off Friday close ₩2,690 → implied ~₩1.00bn). Period 1 Sep–30 Nov 2026. Purpose: shareholder value via price stability. Not cancel. Shinhan Securities. Existing treasury 1,295,518 sh (15.43%) after July buys. Daily cap 37,174. Issued 8,396,593 → 4.43% of shares. Live ₩2,705 (+0.56%), mcap ₩22.7bn, volume 28,336 (Naver 11:22 KST). 관리종목.

Why up 3-8%, p≈40%: ₩1.00bn / 4.4% of a ₩22.7bn 관리종목 is a real bid into a thin book that is defending the KOSDAQ ₩20bn mcap floor, not a cancel. 3-8% not 8%+ because it dribbles three months under a 37k daily cap, they already sit on 15.4% treasury from July, and the tape is already +0.56%. 40% because the share count is unambiguous but same-session residual is small and this is a repeat program.

DART

Spain K9 SPH export execution with Indra; amount withheld until 28 Nov; 20%+5% advances

What: Signed product-supply execution contract (labeled Derivative Contract) for Spain K9 self-propelled howitzers with INDRA SISTEMAS S.A. Amount and end date withheld as a business secret until 28 Nov 2026, then re-file. 2025 consolidated sales ₩26.70tn. Large corporation. Award 28 Aug. Advances: 20% after signing plus 5% by 31 Dec 2026. Confirms the 25 Mar / 24 Apr / 23 Jul rumor-clarification (unconfirmed) filings and replaces the 27 Jul investment-judgment confidentiality re-disclosure. Live ₩1,142,000 (−1.30%), ₩5.89tn cap.

Why up 1-3%, p≈45%: this is the confirmation the Mar–Jul unconfirmed rumor tape was waiting for — a signed Spain K9 execution with Indra, and 25% of the still-secret contract due as advances by year-end. Bullish because it turns a rumor into a cash-in-the-door export. 1-3% not 3-8% because this is a ₩5.9tn mega-cap, the KRW size is still blank, and three prior rumor-clarifications plus the 27 Jul filing already telegraphed the package. 45% because the signature is unambiguous but the session is already −1.3% into the 10:27 print and the street cannot re-rate on a number it cannot see until 28 Nov.

DART

5th CB put: buy/cancel ₩5.18bn face today (7.6% of mcap); ₩3.22bn still out; strike ₩7,020

What: Holders exercised the put on the 5th private unsecured CB (issued 30 May 2024, maturity 30 May 2029). Company paid ₩5.18bn for ₩5.18bn face on 31 Aug, OTC, own cash, and will cancel. Conversion ₩7,020 (last reset 3 Mar 2026). Remaining outstanding ₩3.22bn. Live ₩3,870 (−2.52%), ₩67.9bn cap. Strike is 81% above the live tape, so they put rather than convert. ₩5.18bn is 7.6% of mcap.

Why down 3-8%, p≈50%: this is a cash call, not a conversion. ₩5.18bn leaving a ₩68bn KOSDAQ constructor is 7.6% of the equity value, and the leftover ₩3.22bn CB still sits. Bearish because cash walks out the door on an out-of-the-money put; cancelling the notes only removes paper that was not going to convert at ₩7,020 vs ₩3,870 anyway. 3-8% not 8%+ because it is not a new dilutive issue. 50% because the put is unambiguous and printing live, but the name is already −2.5% and some overhang-relief bid can offset.

DART

DAPA naval spare-parts PO ₩1.71bn (13.04% of 2025 sales) through Oct 2027; no prepay

What: Confirmed ₩1.711bn (USD 1.240m at ₩1,380.30 on 28 Aug) naval spare-parts PO (turbocharger, engine, non-aircraft) to DAPA. 13.04% of 2025 sales ₩13.12bn. 28 Aug 2026–29 Oct 2027. No advance; pay as delivered. Outsourced, not in-house. Repeat DAPA work in the last 3 years. Live ₩22,300 (−3.88%), ₩128.3bn cap. ₩1.71bn is 1.3% of mcap.

Why up 3-8%, p≈45%: 13% of last-year sales clears the 10% KRX bar on a ₩128bn KOSDAQ name, so it can print. Bullish because it is a signed DAPA spare-parts book, not a pipeline rumor. 3-8% not 8%+ because ₩1.7bn is only 1.3% of mcap, there is no down payment, it is outsourced, it runs 14 months, and DAPA is a repeat customer. 45% because the 13% figure is unambiguous, but the 10:22 print landed while the tape is already −3.9%, so residual same-session is smaller than a cold open.

DART

2nd take-private tender: ₩900 cash for residual 16.08m sh (31.04%); 31 Aug–19 Sep, settle 22 Sep

What: Parent TKG Taekwang will buy every remaining ordinary share — 16,076,041 sh (31.04% of 51,794,579) at ₩900 cash. Window 31 Aug–19 Sep, settle 22 Sep. Buys all tendered stock, no minimum. They already hold 35,718,538 sh (68.96%) after the April ₩900 tender; 100% if this fills. Purpose is voluntary delisting. 1H26 NI −₩5.01bn. Friday close ₩600, ₩31.1bn cap, PBR 0.37. Pre-open, untraded. Bid is +50% vs Friday.

Why up 8%+, p≈65%: cash bid ₩900 is 50% above Friday ₩600 on a ₩31bn thin book, so tender arb pulls the first 09:00 print toward the bid. 8%+ is the floor; the KOSDAQ ±30% limit caps Monday at ₩780 (still 13% below ₩900). 65% because the filing is a formal second take-private and 09:00 is first tape, but April's same ₩900 bid already failed to hold and leftover holders may skip again.

DART

1 death at Cheongju Dongnam public-housing site (fall 11 Aug, died 29 Aug); partial work-stop

What: Worker fell 11 Aug while taking down safety railings to put up vertical nets at a rest area on the Cheongju Dongnam public-housing job; died in treatment 29 Aug. 1 dead, 0 injured. Cheongju labor office ordered a partial work-stop at that site the same day. Police and MoEL still investigating. Parent Kolon 002020 filed the same as a sub notice. Friday close ₩9,920, ₩252bn cap. Pre-open, untraded.

Why down 3-8%, p≈55%: this is Serious Accident Punishment Act tape on a small public-housing builder, not lost output from one site. 3-8% not 8%+ because the stop is partial and there is no bid ban. 55% because 09:00 is the first cash print and the death is unambiguous, but the fall was 18 days earlier and there is no CEO charge yet.

DART

6-month public-sector bid ban on ~98% of sales (₩255.9bn / ₩261.0bn)

What: PPS sanctioned them as an unfair contractor. Barred from national, local, and public-institution bids 4 Sep 2026–3 Mar 2027. Those customers are ₩255.9bn of ₩261.0bn sales (98%). 2025 audit was an opinion refusal, so the sales base is 2024. They may appeal.

Why down 8%+, p≈70%: this is the new-contract pipeline, not one lost customer. For a ₩97bn name that is operational. 8%+ is the floor because 98% of sales plus a thin book, printed after close so Monday is first tape. 70% not 90% because an appeal could leak a stay and the 2025 opinion-refusal already had hair on the name.

DART

53rd CB fully converted: 2.4m shares (~13.9%) at ₩2,500 / ₩6.0bn; list 11 Sep

What: Holders converted the entire ₩6.0bn 53rd private CB into 2.4m new shares at ₩2,500. That is 13.9% of the 17.3m share count. Listing 11 Sep. Zero left unconverted. Close was ₩1,481, below the ₩2,500 strike — they converted anyway. Session already +9.2%.

Why down 8%+, p≈55%: 14% new paper on a ₩26bn microcap is a float shock into list week. Bearish because supply hits a thin book, even though the strike is out of the money. 8%+ is list-week, not necessarily Monday. 55% because listing is two weeks out and today’s +9% already mixed the tape.

DART

₩5.39bn cash for 40% of Canada newco NaviComm (17.7% of equity) + ₩3.0bn short-term debt

What: ₩5.39bn cash for 40% of NaviComm Inc., a Canada company set up 10 Aug with blank financials, related to parent Kyungdong Navien. That is 17.7% of Commax equity. Same day they raise short-term debt ₩29.2bn → ₩32.2bn for working capital. Pay-in 2 Sep. No put, not a backdoor listing. Close ₩2,885 flat, ₩126bn cap.

Why mixed 1-3%, p≈35%: headline is global distribution, but it is related-party cash into a two-week-old shell with no P&L, plus extra leverage. Not control (40%) and not a third-party operating buy. ₩5.4bn is ~4% of mcap so 1-3% not 8%+. 35% because the sign is mixed and Monday can go either way.

DART

₩36.0bn cash for 8.01% of affiliate HLB Innovation (024850) via 3rd-party; 12.1% of equity, pay 7 Sep

타법인주식취득. 에이치엘비이노베이션 2,764,127주 / ₩36.00bn. 자기자본 대비 12.09% · 자산 7.53%. 취득후 8.01%. 제3자배정 현금, 납입 7 Sep. 목적 계열사지분·기업가치. 대상 2025 매출 ₩32.3bn / NI −₩33.7bn. 내재가 ₩13,025 vs 024850 close ₩14,760. Close 067630 ₩2,645 (+0.19%) mcap ₩322.5bn vol 180k — printed 16:00 after cash close, Monday open.

DART

Cancel already-held treasury 231,974 sh (~5.30%) / book ₩11.73bn on 4 Sep

주식소각결정. 기취득 자사주 231,974주 / 발행 4,378,709주 → 5.30%. 장부 ₩11.73bn. 신규 매입 없음. 소각예정 4 Sep (변동 가능). 상법 343조① 이사회, 자본금 불변. 모회사 자회사공시 20260828800502 동일. Live ₩55,800 (+3.72%) mcap ₩244.3bn vol 8.3k — printed after cash close, Monday open.

DART

Cancel already-held treasury 275,837 sh (~6.53%) / book ₩16.69bn on 4 Sep

주식소각결정. 기취득 자사주 275,837주 / 발행 4,224,646주 → 6.53%. 장부 ₩16.69bn vs live ₩28.77bn. 신규 매입 없음. 소각예정 4 Sep. 상법 343조① 이사회, 자본금 불변. 자회사 KPX케미칼도 같은 패키지. Live ₩104,300 (+2.56%) mcap ₩440.6bn vol 5.9k — after cash close, Monday open.

DART

Cancel-purpose buyback trust ₩15.0bn (~3.6% / ~996k sh) via Kiwoom through 28 Feb 2027

자기주식취득신탁계약체결결정. ₩15.00bn / 키움증권 / 2026-08-28~2027-02-28. 목적 소각. 취득예정 996,016주 (27 Aug 종가 ₩15,060 기준). 상장 27.46m주 → ~3.63%. 시총 ~₩415bn → ~3.6% mcap. 취득전 자사주 0. 이사회 28 Aug. Printed into cash close — next open is the cleaner tape.

DART

3rd-party raise 1.51m sh / ₩3.00bn (~8.1% dil) @ ₩1,981 (−10%); 1yr lockup; new-biz WC

유상증자결정. 보통주 1,514,385주 @ ₩1,981 = ₩2,999,996,685. 증자전 18,639,195주 → 희석 ~8.12%. 제3자배정. 기준주가 ₩2,201 · 할인 10%. 운영자금(신규사업) ₩3.00bn. 납입 23 Sep · 상장예정 21 Oct. 1년 보호예수. 배정: 주건테크 / SHEEN POWER / JOY BILLION. Live ₩2,375 (+10.21%) mcap ~₩44.3bn — session already ripping so residual same-session messy vs overnight dilution reset.

DART

Parent put on Robotics CPS: 6yr IPO clock, IRR 4% base / 15% listing penalty; max exercise >10% assets

풋백옵션등계약체결결정. 원익로보틱스 CPS 13,707,750주(₩350.0bn) 전부에 대한 부모 현금 풋. 그로스솔루션1호 28 Aug 예정 + KDB 납입 전. 상장 6년(1년 연장 1회). 콜 우선(만료 후 6개월); 미행사 시 풋 IRR 4%. 상장 위약 IRR 15% vs FMV 높은 쪽; 기타 위약 IRR 10%. 최대 행사가액이 직전연도 연결자산 10% 초과. Live ₩21,550 (+6.42%) mcap ₩1.664tn — session high ₩24,700 so CPS pop already in tape.

DART

Sub Wonik Robotics ₩350.0bn 3rd-party CPS (KDB + Growth Solution); parent put option pending

종속 원익로보틱스 제3자배정 CPS 13,707,750주 @ ₩25,533 = ₩350.0bn. 그로스솔루션1호 + 산업은행(첨단전략산업기금). 시설 ₩183.9bn + 운영/R&D ₩86.1bn + 타법인 ₩80.0bn(미정). 납입 20 Nov (변경 가능). 부모 풋옵션 별도 공시 예정. Live ₩20,600 (+1.73%) mcap ₩1.59tn.

DART

Nantong Huadong crane-control PO ₩13.74bn (11.78% of 2025 sales) through Sep 2027

단일판매ㆍ공급계약. ELECTRICAL CONTROL SYSTEM FOR CRANE. NANTONG HUADONG HEAVY MACHINERY (중국). 확정 ₩13,743,233,010 (USD 9,956,700 @ 1,380.30). 2025 연결매출 ₩116.63bn 대비 11.78%. 기간 28 Aug 2026–15 Sep 2027. 선수금 10% TT / 선적 70% / 시운전 후 20%. 자체+외주. 3년 동종 해당. Live ₩44,950 (+1.93%) mcap ₩231.5bn — session high ₩47,400 so partial in tape.

DART

Changwon A-lot: ₩27.0bn of ₩34.5bn land sale received today; close 4 Sep

기재정정 유형자산양도(원 15 Apr 2025). A필지 창원 신촌동 71-1 42,308.9㎡. 장부 ₩59.66bn / 2024 연결자산 ₩513.40bn = 11.62%. 실거래 ₩34.50bn. 금아하이드파워. 2차 중도금 ₩27.00bn 당일 수령, 잔금 ₩0.60bn 4 Sep. 관련 B필지 71-5 실거래 ₩20.40bn 처분일 4 Sep. Live ₩2,595 mcap ₩40.5bn.

DART

Huawei Tau Scaling Law paper: Kirin 2026 cooler +55% transistor density, cuts power up to 66%

SCMP 6 Sep 20:06 HKT: He Tingbo ChinaXiv paper says Tau/LogicFolding Kirin 2026 ran cooler than prior gen while +55% transistors/mm²; rebuts vertical-stack thermal bottleneck ahead of launch.

China domestic compute narrative (bearish NVDA share long-dated, mixed near-term for HBM if China substitute path works) — not a same-day 000660 sniper. Overlay weekend Zephyr Huawei≪NVDA by 2030.

SCMP

Apple iPhone 18 Pro may hit ~$1,319 base as memory costs +~400% YoY; Sep 9 event

SCMP 4 Sep 15:58 HKT: TrendForce says 10–20% ASP lift is 'moderate' given 256GB iPhone 18 Pro memory BOM ~+400% YoY; foldable estimates $2,099–2,299; event Wed 9 Sep CA morning.

Bullish for memory pricing power (MU/000660/005930) into Apple event week; ASP pass-through vs unit risk. Related: 000660, 005930, MU.

SCMP / TrendForce

Moonshot (Kimi) confidential HKEX A1; ~$50bn pre-IPO / ~$3bn raise talk; Q1’27 window

SCMP 3 Sep 21:00 HKT: Moonshot confidentially filed HK A1; sources target early-2027 list and final private round ~$50bn pre / ~$3bn IPO proceeds; company no-comment.

Still constructive for HK AI primary pipeline / comps 2513.HK 0100.HK until public prospectus. Yahoo Fri: Zhipu 1075 / MiniMax 361.4.

SCMP (kept)

KOSPI Fri +1.64% to 6,687.21; Hynix +3.2% to ₩1,647,000; Samsung +2.2% — for+inst buy

Yonhap 4 Sep: KOSPI +107.73 (+1.64%) to 6,687.21; for+inst net ~₩2.15tn; retail −₩3.72tn; won 1,350.4 at 15:30; exports/AI CA surplus + Waller disinflation tone cited.

Last completed KR cash into Mon PREOPEN — constructive memory follow-through baseline, not a Mon gap print. US Labor Day = no ADR overnight lead.

Yonhap

Korean robot stocks leap as Seoul broadens 2027 budget support beyond R&D

KED 4 Sep 20:51 HKT: robot names surged Fri after record ₩820.9tn 2027 budget proposal expands robotics spend from R&D into purchases/mass production.

Thematic KR bid (Doosan Robotics etc.) secondary to HBM/memory for 000660 desk; watch if flows rotate from semis Fri→Mon.

KED Global

Zhipu vs MiniMax paths diverge post-earnings; Aug southbound piled MiniMax/Alibaba/Tencent

SCMP 3 Sep: Z.ai 1H rev +~400% / ARR claim $1.6bn vs MiniMax +283% / $800m ARR (method questioned); Aug Stock Connect net buy MiniMax HK$10.1bn top.

HK AI tape: MiniMax Fri Yahoo 361.4 vs Zhipu 1075 — watch divergence into Mon HK open 09:30.

SCMP (kept Fri)

Meta weighs ≥₩1tn Korea kimchi-bond sale for AI buildout (Aug 27 story still live into Sep funding tape)

KED 27 Aug: Meta sounding Korean raters/banks for ≥₩1tn won bond to help fund AI; still the cleanest Big-Tech-into-KR credit signal on the board.

Supportive for KR credit/AI spend narrative; not equity sniper. Related: META book, KR rates.

KED / desk note

Day’s best PAPER arb

PAPER: NXT already ~+5% while venue gaps only ~3–7 bp. Prefer 09:00 cash vs NXT fade / xyz:SKHX dislocation over forcing BN↔HL (fade still vetoed). If cash holds NXT and HL lags, long SKHX / short cash research sleeve; reverse if auction dumps NXT. ADR ~45% rich remains multi-day theme only (no US print today). Overlay: Jukan 1c + Apple Sep 9 + Zephyr China path. Paper only. No live.

Snapshot 2026-09-07 07:54 HKT / 2026-09-07 08:54 KST. BN vs HL mark: SKHYNIXUSDT vs xyz:SKHX +6.5 bp; SKHYUSDT vs xyz:SKHY +3.5 bp. Venue gaps still tight. BN lastFR ~0 both books recently. Next BN funding 08:00 HKT. HL hourly SKHX +0.06 bp/h; SKHY −0.23 bp/h. Est. 8h carry long-BN/short-HL: SKHX ~−0.5 bp, SKHY ~+1.9 bp. Fade still vetoed. Paper.

BN via www.binance.com (fapi geo-blocked). Seoul paper rule N/A (Fri cash +3.2%, not ≤−8%). NXT +4.9% not a Seoul-rule input. Paper only.

Ticker	Follow	Note
AVGO	Y	Live Thu 3 Sep. Post-Q3 beat + raised guidance; stock sold off. AJ memo + X teaser. No new overnight AJ idea (Mon AfD post skipped). Body paywalled.
NIO	Y caution	Tue 1 Sep X. China concentration. Unchanged.
EOS	Y avoid	Tue 1 Sep X. Separate from EOSE.
NVDA	Y	Still live. AJ HC 27 Aug. Unchanged.
MRVL	Y	Follow-up Y. Unchanged.
MU	Y	Cheapest PEG in 22 Aug AJ article. Overlay: Micron HBM capacity (Fri) + notebook CPU supply (Mon TrendForce via Jukan).
XPEV	Y	AJ $12.20 / IRON. Unchanged.
META	booked	Tactical; KED Meta ≥₩1tn kimchi-bond for AI still the KR credit overlay.
AMD	Y	Corridor entries. Unchanged.
ORCL	Y	Wait, don’t chase.
PLTR / AAPL	N / event	PLTR expensive. AAPL: Sep 9 event / memory ASP — watch, not AJ idea.
EOSE	avoid	AJ red flags
TSLA	caution	Unchanged.
RIVN	N	Skip.
SPCX	watch	Unchanged.

2026-09-07 07:48 HKT / 2026-09-07 08:48 KST. US cash CLOSED Labor Day. AVGO still the newest AJ follow-Y. Do not invent targets. Paper.

KRX PREOPEN. Attractive list EMPTY besides Hynix desk. Fri close: KOSPI 6,687.21 (+1.64%); 000660 1,647,000 (+3.2%); 005930 255,500 (+2.2%). NXT: 000660 1,728,000 (+4.92%); 005930 266,000 (+4.11%). SKHY ADR Fri $177; prem ~+45%. No overnight 000660 DART. data.krx missing. US Labor Day = no ADR lead.

Auction leftovers on #dart. Mon overlays: NXT bid, Jukan 1c, Apple memory week, China HBM localization.

No new Korea attractive idea beyond Hynix desk. No live trade recs. Paper.

SK Hynix 1c DRAM share →~34% by YE; main process early 2027; core die for HBM4E

1c share ~10% Q1 → ~13% Q2 → ~24% Q3e → ~34% Q4e → ~35% Q1’27 (overtakes 1b). HBM4 still on 1b for stability; 1c first as HBM4E core. Samsung applies 1c from HBM4.

Process-mix / cost narrative into KR open alongside NXT bid. Not a same-second sniper. Related: 000660, 005930, MU.

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Hot Chips: HBM stack-height cuts → scarcity shifts to high pin-speed

Lower stacks make supply more elastic because high-BW HBM was eating too many DRAM wafers; bottleneck migrates to pin-speed.

Reframes “HBM glut” fears — quality/speed tier still tight. Overlay on 000660 mix.

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Kinsus Aug: high-end ABF still T-Glass constrained; +~25% capacity 2027

~10–15% monthly revenue left on table from T-Glass; US customers raised DRAM BT demand. Zephyr: shortage about to get worse.

Substrate/glass bottleneck — secondary to HBM die but relevant for AI packaging chain.

tweet zephyr QT

China memory triad + XMC≠CXMT; HB-HBM TAM; token pull-forward

CXMT dies / YMTC NAND+DRAM / XMC stack. Clarified: XMC packages YMTC DRAM only; CXMT packs in Shanghai. Hybrid-bond HBM TAM framing; >30Q tokens by end-Q2 → 120Q next year pull-forward.

Long-dated competitive path; near-term still HBM4 share story. Not a Mon auction sniper.

triad XMC clar HB TAM tokens

TrendForce: easing notebook CPU supply 2H26

Mild PC-OEM support; light for HBM.

Commodity DRAM bit support at the margin.

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Sentiment: mixed→constructive · confidence medium · Home unavailable (2026-09-07 07:54 HKT / 2026-09-07 08:54 KST).

Priority NEW skewed semi/HBM (1c, pin-speed, T-Glass, China triad) into NXT bid. No new AJ US ticker. Labor Day vacuum remains. Skip culture-war. Full JSON: x-feed.json.