Desk — SKHY / research

Daily brief

mixed confidence medium · Fri PREOPEN · Thu KOSPI 6,715.41 (−0.04%) / Hynix ₩1,766,000 (+0.40%) · PREOPEN over ₩1,809,000 (+2.43% vs Thu) · SKHY $182.99 · ADR prem ~+43.1% · X mixed · paper Seoul NO

Fri 18 Sep 2026 ~07:45 HKT — morning report

Research/paper only. No live. Age-cut: news Thu+Fri (2026-09-17/18); DART from Thu 15:40 KST. Korea session OPEN (cash 09:00–15:30 KST); HK opens 09:30 HKT.

watchlists Korea attractive EMPTY (besides Hynix desk). AJ: no NEW Y ticker overnight (Outlook DARK). X overnight: AJ Jensen “adult in the room” + market ripping vs Gary (semis color); Citrini robotics tipping point; Zephyr SpaceX AI-data; Jukan SMIC BSPDN. Still Y AVGO / MU / MRVL / NVDA / XPEV / META / AMD / LITE + ORCL wait / TSLA caution↑↑ / SPCX watch; EOSE avoid; NIO caution; EOS avoid; DELL watch title only.

funding BN fapi GEO-BLOCKED from box — no BN marks/lastFR. HL xyz:SKHX mark 1311.2 / fund +0.13 bp; xyz:SKHY 183.67 / fund −0.21 bp. HL majors BTC +0.11 bp / ETH +0.10 bp / SOL +0.11 bp. BN↔HL spread N/A. Seoul paper rule NO (Thu cash +0.40%, need ≤−8%; ADR prem ~+43.1% clears +40% alone). No fills/recs.

Hynix Thu cash 000660 ₩1,766,000 (+0.40%) · For −702k Inst −54k Ind +92k · foreign own 50.10% · shorts UNKNOWN. Fri PREOPEN over ₩1,809,000 (+2.43% vs Thu cash) — Naver tags +3.67% vs overnight ref ₩1,745,000; indication only. Samsung Thu ₩256,000 (+0.99%); PREOPEN over ₩261,000 (+1.95% vs Thu). KOSPI Thu 6,715.41 (−0.04%). SKHY Thu RTH $182.99 (~+4.6% vs Wed $174.87) · FX Naver 1,381 · parity ~$127.88 · ADR prem ~+43.1%. BK: PIM AI-bottleneck vision (narrative). Paper Seoul NO.

DART Keeps: Handsome 020000 up 1-3% / p≈15% — open-market buyback+cancel ₩10.0bn (~2.9% mcap) Sep 21–Oct 22; IR already out, live +4.4%. LS Marine Solution 060370 up 3-8% / p≈15% — Hanwha Ocean cable T&I ₩156.9bn. Gabia 079940 down 3-8% / p≈40% — DCK tender fail. Age-cut OK.

HYROX Warsaw still closed (“TICKET SALES START SOON!” / Get notified); Outlook DARK this fire. No ping.

DART · material KR

Last scan 2026-09-18 11:35 KST · RSS n=50 · 0 keeps (dropped IL 307180 issuance-result ₩7.8bn CB in-kind Lead Eng closeout; DXVX AGM; Clean Industrial REIT audit) · last_seen 20260918900157 @ 11:31

up 1-3%Handsome (한섬) 020000 · KOSPI · 18 Sep 10:52 KST · p≈15%

Open-market buyback+cancel ₩10.0bn / 629k shares (~2.9% mcap); Sep 21–Oct 22; fair-disclosure already out

What: mid-session Handsome stamps a board-approved open-market buyback of up to 629,327 shares / ₩10,000,006,030 (=₩10.0bn), to run 21 Sep–22 Oct 2026, with the shares intended for cancel — about 2.9% of the ~₩341bn prior-close mcap. Why up: a cash bid plus permanent float shrink is mechanical support into the buy window, not an admin rollover. Why 1-3% (not 3-8%/8%+): size is only ~2.9% of mcap on a liquid KOSPI mid-cap; cancel language helps but does not promote a thin-name 8%+ shock when face/mcap is low-single-digit. Why p≈15%: leftover is tape leftover. The 10:31 fair disclosure already told the street the same ₩10bn/year buyback+cancel plan; by enrich live is already +4.4% with high +5.7%, which has cleared a 1-3% band. Remaining p is only whether the close holds vs fade ahead of the 21 Sep start — not unused same-day alpha on a fresh surprise.

Live at enrich: ₩16,590 (+4.41% vs ₩15,890); high ₩16,800 (+5.73%); low ₩15,860; open ₩16,040; mcap at prev ~₩341.3bn (3,413억); buyback 2.93% of mcap · 2026-09-18 10:56 KST

DART

up 3-8%LS Marine Solution (LS마린솔루션) 060370 · KOSDAQ · 18 Sep 09:27 KST · p≈15%

Hanwha Ocean offshore-wind cable T&I order ₩156.9bn (64% of sales, ~9% mcap); no advance, progress-bill to Sep 2028

What: mid-session LS Marine Solution stamps a ₩156.9bn (=₩156,900,000,000) Hanwha Ocean order to transport and install submarine cable for the Sinan Uido offshore wind project, equal to 64.2% of FY2025 sales and about 9.4% of the ~₩1.67tn mcap — with zero advance and progress billing through 6 Sep 2028. Why up: a named mega-shipyard counterparty and a sales-bar print this large is incremental backlog/cash over two years, not a routine rollover; offshore-wind T&I is the company’s core narrative and the street often pays the first clip on a Hanwha-linked stamp. Why 3-8% (not 1-3%/8%+): face clears both sales and ~9% mcap bars on a KOSDAQ name, so same-day headline beta belongs in mid-single digits — but refuse a durable 8%+ band because there is no down payment and cash dribbles on a ~2-year progress-bill schedule (Samsung E&A / construction-class near-term cash haircut). Thin-name clips can still overshoot (live already did). Why p≈15%: leftover is tape leftover, not hope. At enrich live is already +7.4% with high +13.3% — most of a 3-8% band is already in the print within minutes of the 09:27 stamp. Remaining p is only whether the close still holds mid-band vs fade, not unused overnight alpha; no-advance multi-year cash further cuts any next-session leftover.

Live at enrich: ₩34,300 (+7.36% vs ₩31,950); high ₩36,200 (+13.30%); low ₩32,950; mcap at prev ~₩1.67tn (16,690억); contract 9.4% of mcap · 2026-09-18 09:35 KST

DART

down 3-8%Gabia (가비아) 079940 · KOSDAQ · 18 Sep 07:32 KST · p≈40%

DCK Investment tender fails — 721k tendered vs 3.27m min; buys 0; SPA for 24.4% stake may unwind

What: pre-open Gabia stamps the DCK Investment tender result — only 721,413 shares tendered vs a 3,267,629 minimum, so the offeror buys zero at the ₩48,000 cash price, and the linked Jul-17 SPA for the founders’ 3,270,248 shares (~24.4%) may unwind because its precondition failed. Why down: the control/exit path at a fixed ₩48,000 cash bid is dead for this window — public float did not tender enough, and the founder SPA that was the real control bridge is now at risk of termination. Removing a known take-out / control premium is mechanical downside into the next auction, not a routine admin wrap. Why 3-8% (not 1-3%/8%+): on a ~₩525bn KOSDAQ hosting name a failed min-size tender plus possible SPA unwind is a real open-gap catalyst (control deals move mid-caps), but refuse a clean 8%+ overnight band because (1) last close ₩39,100 already sat ~22.8% under the ₩48,000 tender — much of the completion hope was already out of the tape after the Sep 14–16 selloff, (2) the SPA language is “may be terminated,” not an automatic cancel stamp, (3) ADV is mid-small so headline beta can still clip several percent without a limit-down. Why p≈40%: pre-open → 09:00 auction is the leftover product on an after-hours result stamp; haircut from ~55% because the stock already traded far below tender (deal doubt prepaid) and because SPA unwind is still conditional — leftover is confirmation gap into the open, not a fresh scandal print.

Live (last cash 17 Sep): ₩39,100 (+4.83% vs ₩37,300); high ₩40,400; low ₩37,000; mcap ₩5,247.5억 (~₩524.7bn); tender ₩48,000 (~+22.8%) · enrich pre-open 18 Sep

DART

Asia news

Age-cut Thu 17 + Fri 18 Sep only · n=7 · Yonhap/KED/HKET blocked or challenge this fire — BK + SCMP carry. JSON: asia-news.json.

Businesskorea2026-09-17 19:20 KST / 18:20 HKT

SK hynix unveils Processing-In-Memory (PIM) for AI bottlenecks

On 17 Sep BK: SK hynix presented a PIM vision to cut AI data-movement bottlenecks by putting compute nearer memory.

Constructive HBM/AI-memory narrative for 000660 — product/roadmap color into Fri open; not a hard print catalyst.

source

Businesskorea2026-09-17 close / reported Thu evening KST

[Closing] KOSPI holds near 6,715 amid weakened won

Thu 17 Sep cash: KOSPI closed slightly lower near 6,715 as market digested Fed decision and FX; Naver print 6,715.41 (−0.04%).

Flat Korea beta into Fri PREOPEN — sets quiet index tape vs strong PREOPEN overprints on Hynix/Samsung.

source

SCMP2026-09-17 18:29 HKT

Xi industrial power play — China bets big on AI, chips and smarter factories

SCMP 17 Sep: Xi reiterates resilient/self-sufficient supply chains and accelerating modern industrial system with AI/chips emphasis.

Supportive China AI/chip policy tape for HK AI names (Zhipu/MiniMax/SenseTime) and Soft China semis narrative; not a single-name catalyst.

source

SCMP2026-09-17 22:00 HKT

China trusted more than US, EU on AI regulation (Pew, middle-income countries)

Pew survey: middle-income respondents trust China over US/EU on AI regulation amid rising AI competition tensions.

Soft Soft-power/AI-governance color for China AI complex — narrative only for 2513/0100/0020.

source

Businesskorea2026-09-17 20:01 KST / 19:01 HKT

Honam chip complex water supply faces feasibility concerns

National Assembly Research Service report flags water-supply issues at the Honam semiconductor industrial complex.

Mild negative for Korea domestic chip-cluster buildout timeline — secondary macro/infra, not 000660/005930 cash print.

source

Businesskorea2026-09-17 19:37 KST / 18:37 HKT

Micron Taiwan workers demand 15% operating-profit sharing bonus

Micron Taiwan union demands 15% of operating profit as profit-sharing bonus.

Memory peer labor/cost color — soft MU/memory tape overlay; not KR cash.

source

SCMP2026-09-17 14:17 HKT

Hong Kong ‘AI city brain’ first phase ~HK$200m — won’t catch thieves

HK govt AI city-brain phase-1 cost ~HK$200m; John Lee says it won’t tap personal data to catch thieves.

Local HK AI-infra spend color — soft for HK tech complex into Fri open.

source

SK Hynix map

Korea line

000660 / SKHYNIX / xyz:SKHX

KR PREOPEN. Thu cash ₩1,766,000 (+0.40%; For −702k Inst −54k Ind +92k; foreign own 50.10% — Naver dealTrend 20260917). Fri PREOPEN over ₩1,809,000 (+2.43% vs Thu) — Naver over tag +3.67% vs overnight ref ₩1,745,000; indication only. Samsung Thu ₩256,000 (+0.99%); PREOPEN over ₩261,000 (+1.95% vs Thu). KOSPI Thu 6,715.41 (−0.04%); KOSDAQ 822.18 (+0.76%). KIND/DART: no new 000660 keep. BK PIM vision (narrative). data.krx shorts UNKNOWN. HL xyz:SKHX mark 1311.2 (fund +0.13 bp; prevDay 1281.4). BN marks GEO-BLOCKED. Paper.

ADR line

SKHY / xyz:SKHY

SKHY Thu RTH $182.99 (Wed $174.87, ~+4.6%). FX Naver live 1,381.0 (−0.07%; Yahoo ~1,380.34). ADS=1/10 → parity theo ~$127.88; ADR prem ~+43.1% vs Thu KRW primary. HL xyz:SKHY mark 183.67 (fund −0.21 bp) — near Thu RTH. Prem rich vs Wed ~+36.9%. Do not treat PREOPEN/NXT as an ADR-implied gap. Paper.

Day’s best PAPER arb

PAPER: Seoul rule NO (Thu cash +0.40%, need ≤−8%; ADR prem ~43.1% clears +40% alone — both legs required). BN↔HL mark spread N/A (Binance geo-blocked). Watch HL SKHX fund +0.13 bp / SKHY −0.21 bp — not a sniper. Secondary: ADR ~+43.1% rich to parity is multi-day research. CSOPSKHYNIX2L is 2× HK ETF — not the stock. Paper only. No live.

BN vs HL mark premium — SKHY and SKHYNIX books (rolling 7d)

BN vs HL (Korea pair)

Charts refreshed 18 Sep 2026 08:14 HKT / 18 Sep 2026 09:14 KST (rolling 7d BN↔HL). SKHYNIX↔SKHX mark ~+10.6 bp · SKHY↔SKHY mark ~-2.8 bp · ADR/KRX prem ~+36.85% Research/paper only.

Charts on disk are prior rolling 7d (not re-pulled this fire). Research/paper only.

BN fapi GEO-BLOCKED from this box (Binance Eligibility / restricted location) — cannot refresh BN premiumIndex / fundingRate. HL xyz dex OK.

Live HL marks 2026-09-18 07:45 HKT / 2026-09-18 08:45 KST. xyz:SKHX mark 1311.2 / fund +0.13 bp / prevDay 1281.4 · xyz:SKHY mark 183.67 / fund −0.21 bp / prevDay 178.74. BN↔HL spread N/A. ADR/KRX prem Thu ~+43.1%.

BN vs HL funding — SKHY and SKHYNIX books (rolling 7d)

SKHY ADR vs 000660 cash premium (rolling ~1w)

Bottom strip is ADR vs KRX cash premium (SKHY×10×USDKRW/000660−1), not the old backtest equity curve. Paper.

HL majors funding: BTC +0.11 bp / ETH +0.10 bp / SOL +0.11 bp. Seoul paper rule NO (Thu cash +0.40%, not ≤−8%). Excluded CSOPSKHYNIX2LUSDT. Paper only.

US / AJ

Ticker	Follow	Note
AVGO	Y	Live. Thu RTH ~$347.3. AJ memo + X teaser prior. No new overnight AJ idea. Body paywalled.
NIO	Y caution	China concentration. Unchanged.
EOS	Y avoid	Separate from EOSE.
NVDA	Y	Still live. Thu ~$219.34. Overnight AJ Jensen “adult in the room” + prior Zephyr Huang 2× chips / 10M accelerators = already_in_Y. Not a new add.
MRVL	Y	Follow-up Y. Thu ~$240.76. Prior Zephyr GFS+MRVL SiGe still on tape.
MU	Y	Cheapest PEG (22 Aug AJ). Thu ~$977.5. BK Micron Taiwan labor color = soft overlay.
XPEV	Y	AJ $12.20 / IRON. Thu ~$10.60. Unchanged.
META	booked	Tactical; Thu ~$682.31. No new long.
AMD	Y	Y confirmation: AJ buy flag $453 (2 Sep). Thu ~$545.09.
LITE	Y	NEW Y (17 Sep evening). AJ Monday buy into ‘slow AI’ hysteria; +7.5% since flag. Thu ~$893.61. Optical/AI networking. Paper until memo body checked.
ORCL	Y	Wait sleeve (AJ). Thu ~$150.59. Still wait, don’t chase.
PLTR / AAPL	N / event	PLTR expensive. AAPL event sleeve — not an AJ AAPL long.
EOSE	avoid	AJ red flags
TSLA	caution	AJ evening: too late + too highly priced. Caution↑↑ — not a long. Thu ~$366.2.
SPCX	watch	Watch, not a Y. Zephyr overnight SpaceX AI-data quote = soft color only.
RIVN	N	Skip.
DELL	watch title	Ghost Dell initiation title only — paywalled; not a Y.
INTC	color	Prior Hynix Ohio talks/denial — not an AJ Y.

2026-09-18 07:45 HKT / 2026-09-18 08:45 KST. US cash Thu done. AJ: no new Y ticker overnight — Outlook DARK; LITE remains evening NEW Y; NVDA already_in_Y. Do not invent targets. Paper.

Korea / KRX

KRX PREOPEN. Attractive list EMPTY besides Hynix desk. Thu close: KOSPI 6,715.41 (−0.04%); 000660 1,766,000 (+0.40%); 005930 256,000 (+0.99%); KOSDAQ 822.18 (+0.76%). Fri PREOPEN over: 000660 1,809,000 (+2.43% vs Thu); 005930 261,000 (+1.95% vs Thu). SKHY ADR Thu $182.99; prem ~+43.1%. No overnight 000660 DART keep. data.krx missing. Thu flows: Hynix For −702k / Inst −54k; Samsung For −2.17m / Inst +197k.

DART keep into open: Gabia 079940 down/3-8%/p≈40% (DCK tender fail). HK AI Thu closes: Zhipu 2513.HK 740; MiniMax 0100.HK 254.8; SenseTime 0020.HK 1.205. HSI Thu 24,604.29 (−0.44%).

No new Korea attractive idea beyond Hynix desk + Gabia leftover. Strong PREOPEN overprints vs flat Thu index — watch auction. No live trade recs. Paper.

X · priority

2026-09-18 07:45 HKT / 2026-09-18 08:45 KST · Home unavailable. Sentiment mixed, medium. Morning NEW: 5 (AJ Jensen adult + market ripping; Citrini robotics tipping; Zephyr SpaceX AI-data; Jukan SMIC BSPDN). Evening LITE/NVDA/TSLA demoted to PRIOR.

up / tape@alojoh · 2026-09-18 03:00 HKT · NEW

AJ: Glad we have an adult in the room — Jensen Huang

AJ endorses Jensen Huang quote (via firesidealpha): ship AI like an omelet — go as fast as you can, but no faster; hold back if not ready.

Constructive NVDA leadership/culture color — already_in_Y confirmation only, not a new add.

up / tape@alojoh · 2026-09-17 23:32 HKT · NEW

AJ: Market ripping and Gary Black fund is down

AJ needling Gary Black while calling the market ‘ripping’ (media attached) — continuation of Thursday semis-rally celebration.

Selective semis risk-on color from AJ; sleeve confirmation, no new named ticker beyond standing Y + LITE.

mixed / tape@citrini · 2026-09-18 03:35 HKT · NEW

Citrini: Robotics tipping point — Field Trip behind the scenes

Citrini Field Trip: robotics moving novelty→utility; useful productivity/autonomy/embodied intelligence accelerating; most frameworks miss the drivers.

Soft thematic robotics/AI color — not a single US/KR cash catalyst this open.

mixed / tape@zephyr_z9 · 2026-09-18 00:04 HKT · NEW

Zephyr: ‘So it begins…’ — SpaceX to acquire data for AI models from failed startups

Zephyr quotes FirstSquawk: SpaceX plans to acquire data for AI models from failed startups.

Soft SpaceX/xAI data-supply narrative — not a direct NVDA/KR cash print.

mixed / tape@jukan05 · 2026-09-18 07:10 HKT · NEW

Jukan: SMIC reportedly developing BSPDN for N7 and N5

Jukan flags report that SMIC is developing backside power delivery (BSPDN) for its N7 and N5 nodes (media).

China foundry process-roadmap color — Soft China semis; monitor vs SMIC/peer tape, not a KR 000660 catalyst.

up / tape@alojoh · 2026-09-17 16:42 HKT · PRIOR

AJ: LITE +7.5% since Monday buy flag into ‘slow AI’ hysteria

LITE NEW Y from evening — optical/AI networking public long flag.

Standing NEW Y LITE until memo body checked.

up / tape@zephyr_z9 · 2026-09-17 21:32 HKT · PRIOR

Zephyr: Huang — Nvidia to sell 2× chips next year / 10M accelerators

Evening Huang unit-growth color.

NVDA already_in_Y confirmation.

down / tape@alojoh · 2026-09-17 17:13 HKT · PRIOR

AJ: Tesla too late / TSLA too highly priced

TSLA caution↑↑ — little upside / massive downside.

Standing caution; not a long.

X · tape

mixed confidence medium · Home unavailable · 2026-09-18 07:45 HKT / 2026-09-18 08:45 KST. Morning NEW: AJ Jensen “adult in the room” + market ripping vs Gary; Citrini robotics tipping point; Zephyr SpaceX AI-data from failed startups; Jukan SMIC BSPDN N7/N5. Evening LITE NEW Y + Huang 2× chips / TSLA caution still PRIOR. Selective semis constructive — not clean broad risk-on.

Method: morning fxtwitter scrape (api.fxtwitter.com/2/profile/{handle}/statuses); Home unavailable. Cutoff after 22:05 HKT Thu evening. JSON: x-feed.json.

Overall: mixed — AJ keeps celebrating the semis rip and praises Jensen; Citrini/Zephyr/Jukan add soft thematic (robotics / SpaceX-data / SMIC process) without a clean KR cash catalyst. TSLA caution still standing.

AJ US watchlist: Y: LITE (evening NEW); standing Y unchanged (AVGO/MU/MRVL/NVDA/XPEV/META/AMD); ORCL wait; TSLA caution↑↑; SPCX watch; EOSE avoid; NIO caution; EOS avoid; DELL watch title; INTC color only. NVDA already_in_Y confirmation overnight.