[Tier-1 stub] DART filing: 투자설명서
2026-09-16 08:30 KST: 대한항공 (003490, KOSPI) appeared on DART todayRSS — 「투자설명서」. Stub only from RSS title; body not fetched. Direction unclear/mixed until enrich.
Daily brief
mixed
confidence medium · Wed · Tue KOSPI −0.85% / Hynix Naver day ₩1,712,000 (+0.88%) while press/Yahoo print ₩1,690,000 · paper Seoul NO · FOMC week
Wed 16 Sep 2026 ~07:38 HKT — morning report
Research/paper only. No live. Age-cut: news Tue+Wed; DART from Tue 15:40 KST.
watchlists Korea attractive EMPTY. AJ: no NEW ticker overnight (Outlook DARK; evening X: TSLA caution reinforce via China US-plant + FSD-commodity — not a new Y). Still Y AVGO / MU / MRVL / NVDA / XPEV / META / AMD + ORCL wait / TSLA caution / SPCX watch; EOSE avoid; NIO caution; EOS avoid.
funding ~07:38 HKT BN lastFR bp: BTC +0.45 / ETH −0.03 / SOL −0.26 · mark BN−HL SKHYUSDT↔xyz:SKHY +7.2 / SKHYNIXUSDT↔xyz:SKHX +9.7. Next BN 2026-09-16 08:00 HKT. Seoul rule NO. No fills/recs.
Hynix Tue cash 000660 1,712,000 (+0.88%) vs Naver API prior 1,697,000 · For −587k Inst −102k Ind +32k · shorts UNKNOWN. Quirk: press/Yahoo/PREOPEN lastClose show 1,690,000 (−0.41%) — desk cash uses Naver day-history. SKHY Tue $174.83 · prem RTH +38.82% (FX Yonhap 1,359.4). Wed PREOPEN over ~1,691k — not cash. Paper Seoul NO (Leg A +0.88%, need ≤−8%; Leg B +38.82% < +40%). No NEW 000660 DART after Chongqing clarification 20260909800559.
DART Into Wed open leftover: Me2on 201490 mixed 8%+ Kakao Games placement; Osung AM 052420 up 8%+ Hwail Pharm stake sale; Satoshi 223310 mixed 3-8% CB buyback; KM Pharma 225430 mixed 8%+ delist stay (halted). Wed pre-open RSS: no new material (KE prospectus + Eugene issuance-results dropped).
HYROX Warsaw still closed (“TICKET SALES START SOON!” / Get notified); Outlook not re-scanned this fire. No ping.
DART · material KR
Last scan 2026-09-16 08:33 KST · morning pack 07:38 HKT · RSS n=7 · no new material · DROP Korean Air 003490 debt prospectus 20260916000011 + Eugene Securities issuance-results 20260916000008 (FSS/broker noise) · prior Celltrion cancel already dropped · purged unclear stub card
Kakao Games third-party placement ₩27.9bn (~30% new shares / ~29% mcap) — max holder flips on Nov close
What: after-close board stamps a Kakao Games-led control package — ₩27.9bn third-party placement (~30% new shares / ~29% of ~₩97bn mcap at market) plus a same-day old-share buy from the founder group that flips max holder to Kakao Games on the Nov 16 close (FTC-contingent). Why mixed: strategic Kakao Games capital and a 1-year lockup are constructive for a KOSDAQ game name, but the float jumps ~30% and control overhang / dilution math is the other side of the trade (Artist Studio / E8 / thin-KOSDAQ placement class). Why 8%+: both the cash face vs mcap and the share-count increase clear high-single-digit catalyst size on a sub-₩1tn ADV name that can auction hard either way; not a quiet 1-3% IR note. Why p≈48%: stamp landed 15:55 after the 15:30 cash close, so regular-session leftover is zero and the product is NXT/after-hours plus overnight→09:00 — real after-close window. Haircut from ~55% because close is weeks out (Nov + FTC), the name already printed −5.0% in cash today on other tape, and mixed control/dilution cards often gap then give back.
Sells affiliate Hwail Pharm stake for ₩52.93bn (~55.5% mcap); ₩14.1bn deposit today, balance Nov 19
What: after-close Osung boards a cash exit of most of its affiliate Hwail Pharm stake for ₩52.93bn (~55.5% of ~₩95bn mcap), with ₩14.1bn (~14.8% mcap) hitting the account today and the rest due 19 Nov. Why up: investment-recovery cash at a large % of mcap is immediate balance-sheet fuel on a thin KOSDAQ materials name — deposit alone clears mid-teens of mcap same day. Why 8%+: face ≫ mcap mid-single digits and near-term cash (deposit) already clears a high-single-digit band; thin ADV (~₩2.2억 today) can gap hard overnight (Sammok/Dual liquidity class). Affiliate/계열사 flag applies to the asset being sold, not to an affiliate supply restatement — still note it is portfolio recovery, not a new growth order. Why p≈45%: stamp 15:54 after cash close → leftover is NXT + overnight→09:00. Haircut because the balance is Nov-dated, today’s cash tape already +1%, and recovery exits sometimes print then fade once the deposit is known.
Early buyback of own CB 12th+14th — cash out ₩1.31bn (~5.2% mcap); KSD cancel; convert OTM vs spot
What: after-close board retires ₩1.3bn face of 12th+14th private CBs for ₩1.31bn cash (~5.2% of ~₩25bn mcap) and plans KSD cancel, funded with recent rights-issue proceeds; convert prices ₩4,225 / ₩5,693 sit ~37% / ~85% above spot and conversion only opens in 2027. Why mixed: orderly overhang cleanup / “CB gone” can print as a squeeze-or-cleanup positive on a thin microcap, but paying ~par to extinguish deep-OTM converts burns ~5% of mcap cash that just came in from the raise (QuantaMatrix class — cash leaving ≠ automatic relief when convert is OTM). Why 3-8%: cash face clears mid-single digits of mcap on an ~₩25bn ADV-thin name that can whip either way overnight; not 8%+ because the near-term dilution option was already soft (OTM + 2027 start). Why p≈40%: stamps landed 15:42–15:43 after the 15:30 cash close, so regular-session leftover is zero and the product is NXT/after-hours plus the overnight→09:00 auction — real after-close window, haircut because the name already printed −5.7% in cash on other tape and cleanup narrative is two-sided.
Files stay injunction on 14 Sep delisting decision; KRX extends halt and postpones cleanup trading until court rules
What: after the 14 Sep mcap-rule delisting print (cleanup was set 16–28 Sep, delist 29 Sep), KM Pharma amends its court stay to target the delisting decision itself, and KRX responds by extending the halt and shelving cleanup trading until the court rules. Why mixed: a granted stay could reopen a path to keep the listing and defer forced cleanup, but the ₩~45억 mcap sits far below the ₩200bn KOSDAQ floor and street already treats exit as the base case — injunction is delay/binary, not a rescue. Why 8%+: halted delisting/cleanup names gap violently on any resume or single-price window (Dawonsys / Willbes / GenCurix listing-risk class); no price limit in cleanup if it eventually runs. Why p≈45%: name is halted (frozen ₩698 / zero volume), so the band is unused in the tape — leftover is the court binary and whatever session exists after the ruling. Haircut from ~60% because the 14 Sep delisting/halt narrative is already public and the stay does not restore the mcap test.
Asia news · Yonhap / KED / HKET / SCMP
2026-09-16 07:38 HKT / 2026-09-16 08:38 KST · Wed age-cut Tue+Wed only. 6 items. HKET/SCMP paywall thin — NewTimeSpace + Gate for HK close; The Standard finance teaser only. Hynix Tue cash Naver day ₩1,712,000 (+0.88%); press boards often show ₩1,690,000. Research only.
HSI −1.00% to 24,667; MiniMax −7.05%, Z.AI −5.69% as LLM names keep sliding
Hang Seng closed 24,667.24 (−250.36 / −1.00%) on Tue with ~HK$187.2bn turnover (four-month low volume cited); Hang Seng Tech −0.62% to 4,291.34. MINIMAX-W (00100) −7.05% to HK$234.60; Z.AI (02513) −5.69% to HK$680. Tencent +1.90%, Alibaba-W +1.23% against the tape.
Bearish near-term for HK-listed China model names on financing overhang + global AI-pace scare; megacap platforms held up better than pure LLM floats — still risk-off for AI beta into Wed HK open.
NewTimeSpace GateKOSPI −0.85% to 6,627.26 — fourth straight down session on rates, oil, AI warnings
KOSPI fell 57.11 pts (−0.85%) to 6,627.26 on Tue as investors digested external uncertainties and AI-leader slowdown calls; Brent >US$107 after UST 10y breached 5%. Analyst Lee (Daishin) flagged sensitivity to rates and oil into the Fed meeting this week.
Confirms macro overhang into Wed Seoul open — chips not the only driver; FOMC hike pricing is the near-term swing for KOSPI beta.
YonhapForeigners −₩1.57tn, institutions −₩904bn as KOSPI fades after 14:00
After morning bargain-hunting in semis, KOSPI turned lower after 2 p.m. (intraday low 6,620.20). Foreign net sold ₩1.57tn, institutions ₩904.4bn; retail bought ₩832.4bn. USD/KRW closed 1,359.4 (+12.1). KOSDAQ 812.41 (+0.70% per Naver day).
Supply/demand still hostile for large-cap KR — foreign fifth-session sell streak (wires) keeps auction risk elevated even if Hynix Naver day bounced.
Korea TimesChip boards mixed in print vs Naver day — Samsung Naver ₩250,500 (+0.60%), Hynix ₩1,712,000 (+0.88%)
Closing boards and English wires often showed Samsung ₩248,500 (−0.20%) and SK hynix ₩1,690,000 (−0.41%). Desk Naver day-history / siseJson for Tue: Samsung 250,500 (+0.60%), Hynix 1,712,000 (+0.88%) on 2.73m shares — same quirk class as Mon Yahoo vs Naver. Foreign still dumped both names in won terms (secondary flow reports).
Use Naver day for cash PnL; do not treat PREOPEN lastClose 1,690,000 as Tue cash. Soft bounce after Mon crash, not a trend reverse while foreign sells.
BusinesskoreaExporters redraw plans after sharp won moves — FX as earnings variable into Fed week
KED reports large Korean companies revising business plans after multi-month dollar-won swings that erased a prior earnings tailwind for exporters (airlines/refiners on the other side). Same day, Seoul cash FX closed weaker at 1,359.4.
Mixed for exporters: planning noise from FX volatility; Tue’s weaker won is a same-day relief vs a strong-won planning shock — watch Fed/rates for the next FX leg.
KEDWall Street lower as oil spikes and UST 10y breaches 5%
The Standard finance page teases US equities extending the selloff as rising Treasury yields, debt concerns and soaring crude keep buyers sidelined — consistent with Seoul’s afternoon fade and HK’s −1% close.
Risk-off macro bridge US→Asia into Wed; FOMC is the catalyst window. Full HKET/SCMP bodies not used (paywall).
The StandardSK Hynix map
Korea line
000660 / SKHYNIX / xyz:SKHX
KR PREOPEN. Tue cash ₩1,712,000 (+0.88% vs API prior 1,697,000; For −587k Inst −102k Ind +32k; foreign own 50.20% — Naver). Quirk: press/Yahoo/PREOPEN lastClose ₩1,690,000. NXT PRE_MARKET ~₩1,691,000 (+0.06% vs displayed 1,690k) as of ~07:15–07:38 HKT — indication only. Samsung Tue Naver ₩250,500 (+0.60%). KOSPI Tue 6,627.26 (−0.85%). KIND/DART: no new clean 000660 keep (last Chongqing rumor reply 20260909800559). data.krx shorts UNKNOWN. BN SKHYNIXUSDT 1240.51 vs HL xyz:SKHX 1239.3 (~+9.7 bp). Paper.
ADR line
SKHY / xyz:SKHY
SKHY Tue RTH $174.83 (Mon $175.63, −0.46%). FX Yonhap Tue 15:30 1359.4. ADS=1/10 → parity theo ~$125.94; ADR prem ~+38.82% vs Tue KRW cash. BN SKHYUSDT ~174.41 vs HL xyz:SKHY 174.29 (~+7.2 bp). Still structurally rich; prem eased from Mon +40.60%. Do not treat NXT as an ADR-implied gap. Paper.
Day’s best PAPER arb
PAPER: Prefer watching 09:00 KRX auction vs soft Tue foreign dump (For −587k) after Mon crash bounce — BN↔HL SKHX ~+9.7 bp / SKHY ~+7.2 bp (tight carry, not a sniper). Secondary: ADR ~+38.8% still rich to parity is multi-day research. Seoul rule NO (Tue cash +0.88%, need ≤−8%; prem < +40%; NXT ignored). CSOPSKHYNIX2L is 2× HK ETF — not the stock. Paper only. No live.
BN vs HL (Korea pair)
Charts on disk (rolling 7d). Live marks 2026-09-16 07:38 HKT / 2026-09-16 08:38 KST. SKHYNIX↔SKHX mark ~+9.7 bp (BN 1240.51 / HL 1239.3) · SKHY↔SKHY mark ~+7.2 bp (BN 174.41 / HL 174.29) · ADR/KRX prem Tue ~+38.8%. BN lastFR SKHYNIX 0.00 bp / SKHY 0.00 bp; next BN 2026-09-16 08:00 HKT. HL hourly funding SKHX +0.10 bp / SKHY −0.05 bp. Research/paper only.
Bottom strip is ADR vs KRX cash premium (SKHY×10×USDKRW/000660−1), not the old backtest equity curve. Paper.
Majors BN lastFR: BTC +0.45 bp / ETH −0.03 bp / SOL −0.26 bp. Seoul paper rule NO (Tue cash +0.88%, not ≤−8%). NXT not a Seoul-rule input. Excluded CSOPSKHYNIX2LUSDT. Paper only.
US / AJ
| Ticker | Follow | Note |
|---|---|---|
| AVGO | Y | Live. Post-Q3 beat + raised guidance; stock sold off. AJ memo + X teaser. No new overnight AJ idea. Body paywalled. |
| NIO | Y caution | China concentration. Unchanged. |
| EOS | Y avoid | Separate from EOSE. |
| NVDA | Y | Still live. Prior AJ fade-AI-selloff / anti-pacing color. Confirmation only — not a new add. |
| MRVL | Y | Follow-up Y. Unchanged. |
| MU | Y | Cheapest PEG (22 Aug AJ). Overlay: evening Edgewater Anthropic~NVDA-size DRAM direct CY27 (Jukan RT) — constructive memory tape, not a new AJ ticker. |
| XPEV | Y | AJ $12.20 / IRON. Ghost Sep 14 XPeng title paywalled — no board rewrite. |
| META | booked | Tactical; no new long. |
| AMD | Y | Y confirmation: AJ buy flag $453 (2 Sep). Unchanged overnight. |
| ORCL | Y | Wait sleeve (AJ). Still wait, don’t chase. Ghost Sep 11 ORCL memo paywalled. |
| PLTR / AAPL | N / event | PLTR expensive. AAPL event sleeve — not AJ idea. |
| EOSE | avoid | AJ red flags |
| TSLA | caution | AJ robotaxi race-to-bottom; evening reinforce — China US-plant share-loss + FSD-commodity (Einride×Lidl). Still caution not a long. |
| SPCX | watch | Unchanged. |
| RIVN | N | Skip. |
| DELL | watch title | Ghost Sep 15 Dell initiation title only — paywalled; not a Y add until body read. |
2026-09-16 07:38 HKT / 2026-09-16 08:38 KST. US cash Tue into FOMC 16–17 Sep week. AJ overnight: no new Y ticker — Outlook DARK; evening X TSLA caution color only. Ghost titles (Dell initiation) not thesis. Do not invent targets. Paper.
Korea / KRX
KRX PREOPEN. Attractive list EMPTY besides Hynix desk. Tue close: KOSPI 6,627.26 (−0.85%); 000660 Naver day 1,712,000 (+0.88%); 005930 Naver day 250,500 (+0.60%); KOSDAQ 812.41 (+0.70%). NXT: 000660 ~1,691,000 (indication). SKHY ADR Tue $174.83; prem ~+38.8% vs Tue parity. No overnight clean 000660 DART keep. data.krx missing. Foreign still selling chips in won terms after Mon crash.
DART leftover into Wed open: Me2on 201490 mixed/8%+/p≈48% (Kakao Games control placement); Osung 052420 up/8%+/p≈45% (Hwail Pharm stake cash); Satoshi 223310 mixed/3-8%/p≈40% (OTM CB buyback); KM Pharma 225430 mixed/8%+/p≈45% (delist stay / halt). Stubs purged.
No new Korea attractive idea beyond Hynix desk + those leftovers. No live trade recs. Paper.
X · priority
2026-09-16 07:38 HKT / 2026-09-16 08:38 KST · Home unavailable. Sentiment mixed, medium (unchanged). Morning refresh: no confirmed NEW posts after evening 22:00 HKT scrape (fxtwitter statuses empty this fire). Age-cut dropped Sep 14 cards. AJ: no new Y ticker.
Edgewater (via RT): Anthropic ~20% direct DRAM CY27 — size vs NVDA; OAI+Anthropic start direct CY27
Jukan amplifies sean_________: Edgewater on MU/SKHY — Anthropic expected to direct-purchase ~20% of its memory in CY27 (grow in CY28); Anthropic DRAM demand roughly same size as NVDA. Anthropic + OpenAI expected to start buying direct in CY27; Anthropic claiming 40–50B 1Gb demand next year with ~20% bought direct (balance via OEM/CPU-GPU/neocloud).
Constructive MU / 000660 (and broad HBM/DRAM cycle) — lab direct DRAM pull as a second mega-buyer alongside NVDA.
tweetAJ: Trump OK with China building US car plants — share losses for today’s US automakers
AJ quotes Trump openness to China opening US car plants. Flags massive market-share losses for today’s leading US automakers; argues workers may not care whose logo is on the building if the paycheck stays.
Soft negative for US auto incumbents — reinforces standing TSLA caution. No new Y ticker.
tweetAJ: FSD everywhere — autonomy may commoditize faster than SatNav (Einride×Lidl cab-less truck DE)
AJ: FSD everywhere; autonomy probably commoditizes faster than SatNav. Cites Einride + Lidl putting first cab-less autonomous truck into regular public-road service in Germany.
Mixed for TSLA FSD moat — reinforces TSLA caution, not a new ticker.
tweetSamsung Foundry Taylor early ramp — ~30% util (vs Nov plan); Tesla AI5 demand; 2nd fab YE talk
Korean media via Jukan: Taylor started earlier than planned November and recently reached ~30% util. Mass-production pulled forward on surging AI orders; trigger customer Tesla AI5.
Constructive Samsung foundry / 005930 and TSLA AI5 supply path.
tweetSamsung dual-sources custom HBM base dies — Foundry + TSMC (customer-driven)
Korean media via Jukan: Samsung uses both Samsung Foundry and TSMC for custom HBM base dies depending on customer needs.
Mixed-constructive for Samsung HBM customer access. Relevant 005930 vs 000660 share.
tweetYMTC Wuhan Fab3 full-scale equip hookup — YE start; ~100k wpm; NAND share already #3
Jukan: YMTC connecting production equipment at Wuhan Fab 3; initial ops by YE in view. Full capacity ~100k wpm. YMTC already #3 NAND bits.
Soft bearish medium-term for incumbent NAND (005930 / 000660 NAND mix).
tweetZephyr: Hynix & Micron HBM base dies likely fabbed at Intel too (Terafab + base-die ~2029)
Zephyr QT sssjeffpu Intel mid-qtr foundry note: reads that both Hynix and Micron will get base dies fabbed at Intel as well.
Constructive Intel foundry / HBM ecosystem coupling and MU / 000660 base-die optionality.
tweetSamsung pushing +7–10% mobile DRAM/NAND to Apple + China OEMs (Q3 China / Q4 Apple)
Jukan cites Korean media: Samsung seeking another round of mobile DRAM and NAND price hikes (~7–10%).
PRIOR — constructive Samsung memory ASP / mobile DRAM+NAND (005930).
tweetAJ: today’s AI selloff ‘most stupid since DeepSeek’ — usage rises even if development halted
AJ: even if AI development were halted, performance stays and usage still rises — operators throw more agents at problems.
PRIOR — constructive for standing Y NVDA/AI sleeve — not a new ticker.
tweetX · tape
mixed
confidence medium · Home unavailable · inferred from priority public tape · 2026-09-16 07:38 HKT / 2026-09-16 08:38 KST. Carried evening NEW stack (Anthropic DRAM direct, Taylor/Tesla AI5, HBM base-die Intel/TSMC, YMTC NAND, AJ auto/FSD). No overnight delta confirmed.
Method: evening api.fxtwitter.com scrape + morning empty refresh. Home unavailable. Age-cut: Tue+Wed only (Sep 14 cards dropped). Full JSON: x-feed.json.
Overall: mixed — constructive memory/foundry color vs YMTC NAND path + AJ US-auto / FSD-commodity caution. Macro (UST 5%, oil, FOMC) dominates KR/HK risk tone into Wed cash.
AJ US watchlist: Y unchanged (AVGO/MU/MRVL/NVDA/XPEV/META/AMD); ORCL wait; TSLA caution (reinforced); SPCX watch; EOSE avoid; NIO caution; EOS avoid; Dell Ghost title = watch only. No invented tickers.