Desk — SKHY / research

Daily brief

mixed confidence medium · KR PREOPEN · Fri KOSPI 6,894.23 (+2.66%) / Hynix ₩1,849,000 (+5.96%) · NXT/last ₩1,857,000 (+0.43% vs Fri — indication only) · SKHY $187.50 · ADR prem ~+40.7% · X mixed · paper Seoul NO

Mon 21 Sep 2026 ~07:40 HKT — morning report

Research/paper only. No live. Age-cut: Mon weekend backlog OK; DART from Fri 2026-09-18 15:40 KST. Session: KR PREOPEN (cash 09:00 KST) · HK prior Fri closed (Mon open 09:30 HKT) · US Fri RTH done. Do not treat Yahoo prev-close as a Monday gap.

watchlists Korea attractive EMPTY (besides Hynix desk + Fri DART leftovers). AJ: Sat valuation email (S&P 7,651 / fwd PE 18.9x) — no NEW Y ticker named in free preview; DELL initiation still title/watch only (paywalled body). X: AJ TSLA Permanent Bubble 176x True PE = caution↑↑. Standing Y unchanged (AVGO/MU/MRVL/NVDA/XPEV/META/AMD/LITE); ORCL wait; TSLA caution↑↑; SPCX watch; EOSE avoid; NIO caution; EOS avoid; DELL watch title.

funding BN fapi GEO-BLOCKED from box — no BN marks/lastFR. HL xyz:SKHX mark 1355.5 / fund +0.17 bp; xyz:SKHY 188.26 / fund +1.08 bp. HL majors BTC/ETH/SOL fund +0.125 bp each. BN↔HL spread N/A. Seoul paper rule NO (Fri cash +5.96%, need ≤−8%; ADR prem ~+40.7% clears +40% alone). No fills/recs.

Hynix Fri cash 000660 ₩1,849,000 (+5.96%) · For +723k Inst +161k Ind −1.50m · foreign own 50.23% · shorts UNKNOWN (Naver shortTrend 404). NXT/PREOPEN last print ₩1,857,000 (+0.43% vs Fri) — indication only. Samsung Fri ₩260,000 (+2.97%); NXT/last ₩261,000. KOSPI Fri 6,894.23 (+2.66%). SKHY Fri RTH $187.50 (~+2.5% vs Thu $182.99) · FX Naver 1,387.50 · parity ~$133.26 · ADR prem ~+40.7%. Tape: Solidigm NY NAND review; SK Group VC redeploy into Hynix; Jukan BofA ASP firm + Samsung HBM share-overtake risk + CXMT 12nm. Paper Seoul NO.

DART Keeps (Mon age-cut Fri 15:40+): INFOvine 115310 up 3-8% / p≈38% — cancel 7.64% treasury · CU Tech 376290 up 1-3% / p≈28% — cancel 2.00% · Shinsegae I&C 035510 up 1-3% / p≈22% — return policy + treasury cancel plan. 0 new Mon PREOPEN keeps (dropped Samsung C&T Seongsu contractor mega — no gap band).

HYROX Warsaw still closed (“TICKET SALES START SOON!” / Get notified); Outlook OK — no Warsaw reg-open mail. No ping.

DART · material KR

Last scan 2026-09-21 09:03 KST · RSS n=10 · 0 new keeps. Age-cut Mon weekend backlog → kept 3 cards from Fri 15:40 KST (115310, 376290, 035510). Dropped Alteogen 196170 IR holding 20260921900054 (calendar noise); prior drops unchanged (Samsung C&T Seongsu / DB Asset / Sangji / JB Woori / Hanyang / PwC).

up 3-8%INFOvine (인포바인) 115310 · KOSDAQ · 18 Sep 15:51 KST · p≈38%

Already-held treasury cancel 1,132,866 shares (7.64% of listed) — book ₩6.40bn (~4.5% of ~₩141bn mcap); cancel date 2026-09-30

2026-09-18 15:51 KST: INFOvine Inc. (인포바인, 115310, KOSDAQ) — stock cancellation decision. Common shares to cancel: 1,132,866; listed common before cancel: 14,831,549; after cancel ≈ 13,698,683. Par ₩100. Cancel book value ₩6,401,825,766 (=₩6.40bn / 64.0억). Method: already-held treasury (기취득 자기주식); no new buy window. Cancel scheduled date 2026-09-30 (may move on regulator talks). Board 2026-09-18. Purpose: cancel treasury under Commercial Act Art. 343(1); issued share count falls, capital stock unchanged. This filing substitutes for a treasury-disposition disclosure. rcpNo 20260918900391 / dcmNo 11585095 confirmed on DART HTML viewer (company name matches). Live at enrich (Yahoo 115310.KQ): ₩9,490 (vs chart prev ≈ ₩9,410); listed 14,831,549; mcap ≈ ₩140,751,400,010 (~₩140.8bn / 1408억). Cancel sleeve ≈ 7.64% of shares / book ≈ 4.55% of that mcap. FDR listing ADV recently thin (~3.8k shares).

What: after the Friday cash close, INFOvine will cancel 1,132,866 already-held treasury shares (7.64% of the 14,831,549 listed) on/around 2026-09-30; book value ₩6.40bn (~4.5% of the ~₩141bn mcap); no new open-market bid. Why up: permanent float shrink without issuing new shares — classic cancel-bound treasury float squeeze on a thin KOSDAQ name. Why 3-8% (not 1-3%/8%+): 7.6% of shares is a real mid-band float cut and thin ADV can whip past a token 1-3%, but this is already-held cancel (no fresh cash bid) on a ~₩141bn name — refuse PlumbFast-class 8%+ reserved for ~18% cancels on ~₩30bn micros. Why p≈38%: Friday 15:51 stamp leaves a real weekend→Monday auction leftover; haircut from ~50% because already-held cancels are often partly anticipated in the treasury tally and micro ADV can gap-and-fade.

DART

up 1-3%CU Tech (씨유테크) 376290 · KOSDAQ · 18 Sep 15:55 KST · p≈28%

Already-held treasury cancel 352,400 shares (2.00% of listed) — book ₩1.00bn (~2.0% of ~₩50bn mcap); cancel date 2026-09-28

2026-09-18 15:55 KST: CU Tech Co., Ltd. (씨유테크, 376290, KOSDAQ) — stock cancellation decision. Common shares to cancel: 352,400; listed common before cancel: 17,657,500; after cancel 17,305,100. Par ₩500. Cancel book value ₩999,986,395 (=₩1.00bn / 10.0억). Method: already-held treasury; no new buy window. Cancel scheduled date 2026-09-28 (may move). Board 2026-09-18. Purpose: share-price stability and shareholder value; Commercial Act Art. 343(1); issued share count falls, capital stock unchanged. Filing substitutes for treasury-disposition disclosure. rcpNo 20260918900394 / dcmNo 11585104 confirmed on DART HTML viewer (company name matches). Live at enrich (Yahoo 376290.KQ): ₩2,830 (vs chart prev ≈ ₩2,725); listed 17,657,500; mcap ≈ ₩49,970,725,000 (~₩50.0bn / 500억). Cancel sleeve ≈ 2.00% of shares / book ≈ 2.00% of that mcap.

What: after the Friday cash close, CU Tech will cancel 352,400 already-held treasury shares (2.00% of 17,657,500 listed) on/around 2026-09-28; book ₩1.00bn (~2.0% of the ~₩50bn mcap); no new cash bid. Why up: permanent float shrink is modestly constructive for a ~₩50bn KOSDAQ name. Why 1-3%: size is only ~2% of shares/mcap — clears a disclosure bar but not a mid-single-digit float shock; already-held cancel (no open-market bid) caps the band. Why p≈28%: Friday after-close→Mon leftover exists, but a 2% already-held cancel is often shrugged; haircut for size.

DART

up 1-3%Shinsegae I&C (신세계I&C) 035510 · KOSPI · 18 Sep 15:58 KST · p≈22%

Shareholder-return policy reset — 20% of separate NI dividend (floor ₩400/share) + cancel ~420k treasury/yr (835,090 held = 5.97%) over 2026–2027

2026-09-18 15:58 KST: Shinsegae I&C Co., Ltd. (신세계아이앤씨 / 신세계I&C, 035510, KOSPI) — fair disclosure: early change of shareholder-return policy. Principles for FY2026–FY2027 (then review): (1) dividend pool = 20% of annual separate net income; (2) minimum dividend ₩400 per share if the pool is below that; (3) treasury cancel ≈420,000 shares per year in 2026–2027; company holds 835,090 treasury shares (5.97% of listed) and plans to cancel the entire holding over the two years. Stated aims: raise predictability of shareholder yield and stabilize dividends. Related prior fair disclosure 2024-04-25. rcpNo 20260918800415 / dcmNo 11585108 confirmed on DART HTML viewer (company name matches). Live at enrich (Yahoo 035510.KS): ₩15,670; listed 13,980,900; mcap ≈ ₩219,080,703,000 (~₩219.1bn / 2191억). Full treasury sleeve ≈ 5.97% of shares (~3.0% per year if split evenly).

What: after the Friday cash close, Shinsegae I&C pre-announces a 2026–2027 shareholder-return frame — 20% of separate NI as the dividend pool with a ₩400/share floor, plus cancelling its entire 835,090-share treasury sleeve (~5.97% of listed) at ~420k shares per year. Why up: a dated dividend floor plus multi-year cancel of a known treasury block is constructive capital-return signalling on a mid-cap KOSPI name. Why 1-3%: annual cancel is only ~3% of shares and the dividend is a payout rule, not a same-session cash tender; liquid ~₩219bn names rarely gap mid-single digits on policy IR (Amorepacific/Hanwha Aerospace class). Why p≈22%: Friday after-close→Mon leftover exists, but policy IR and the Apr-2024 related disclosure mean much of the frame may already be in the narrative — soft leftover.

DART

Asia news

Age-cut Fri 18 + weekend + Mon pre-open · n=8 · KED/HKET thin or blocked; BK + SCMP/GNews + Hankyung carry. JSON: asia-news.json.

Businesskorea / Reuters2026-09-18 18:42 KST / 17:42 HKT

Solidigm (SK hynix) weighing New York NAND factory

Fri 18 Sep: BK/Reuters — SK hynix U.S. unit Solidigm reviewing plans for a first U.S. NAND fab in New York State; could reduce reliance on Dalian amid U.S.–China trade risk. Official: reviewing options, nothing decided.

Constructive 000660/SKHY U.S.-footprint / AI-NAND narrative into Mon open — not a finalized capex print.

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

KOSPI +2.66% Fri as foreigners return; Samsung + Hynix lead

Fri 18 Sep cash: KOSPI closed 6,894.23 (+2.66%) on foreign/institution net buying return; Samsung and SK hynix led. Won ~1,383.3/USD at BK close print (Naver live FX now 1,387.50).

Strong Fri KR beta + Hynix sleeve into Mon PREOPEN — elevated base, not a fresh Mon gap signal.

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Yahoo / HK AI2026-09-18 Fri HK cash close

MiniMax 0100.HK Fri 303 HKD (~+18.9%); Zhipu 780 (+5.4%); SenseTime 1.275 (+5.8%)

Fri Yahoo closes: MiniMax 303.0 vs Thu 254.8; Zhipu 2513.HK 780 vs 740; SenseTime 0020.HK 1.275 vs 1.205. Separately, Startup Fortune noted ~$1.4bn mainland inflows into MiniMax stock in August (flow color).

HK AI risk-on into Mon — MiniMax outsized Fri move; do not invent Mon gap from Yahoo prev-close.

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SCMP2026-09-18 ~17:00 HKT (Fri)

China’s top AI models generate ~10% of OpenAI/Anthropic revenue

SCMP Fri: China’s leading AI model firms together generate only about 10% of the combined revenue of OpenAI and Anthropic.

Mixed for HK AI listings — scale gap vs US labs; narrative overlay on 2513/0100/0020. Full body may be paywalled.

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Businesskorea2026-09-18 12:53 KST / 11:53 HKT

SK Group puts SK hynix at heart of AI strategy — 3 VCs redeployed

Fri: SK Group moved three professional-management vice chairmen from the holding company into SK hynix to concentrate AI/semiconductor resources.

Governance/priority signal constructive for 000660 — soft, not a same-session earnings print.

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Businesskorea2026-09-18 12:32 KST / 11:32 HKT

Huang: Nvidia chip shipment volume to double next year

BK citing Huang 17 Sep local: chip sales volume (not revenue) next year doubles; also flagged FY2028 revenue +70% frame.

Supportive HBM/AI-accelerator demand tape for 000660/NVDA complex into Mon.

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SCMP / Jukan2026-09-20 ~18:30 HKT

CXMT touts new ~12nm-class memory process; mass-production claim

Weekend SCMP/Jukan: China’s CXMT says new process cuts storage-region feature spacing to ~11.95 nm (quadruple patterning), claiming ≥50% more gross dies/wafer. Jukan: gap to memory Big 3 may be ~1.5–2 nodes.

Competitive China DRAM pressure — soft mixed overlay for SKHY long-run share; near-term ASP tightness (BofA) still supportive.

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Hankyung / Jukan2026-09-20 ~15:22 HKT

Druckenmiller set for first Korea visit — Samsung, SK hynix, Doosan

Sun KR media (Hankyung via Jukan): Stanley Druckenmiller planning first South Korea visit / meetings with megacaps incl. Samsung, SK hynix, Doosan.

Soft constructive flow/attention for KR megacaps — not a hard print.

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SK Hynix map

Korea line

000660 / SKHYNIX / xyz:SKHX

KR PREOPEN. Fri cash ₩1,849,000 (+5.96%; For +723k Inst +161k Ind −1.50m; foreign own 50.23% — Naver dealTrend 20260918). NXT/PREOPEN last print ₩1,857,000 (+0.43% vs Fri) — indication only, not Mon cash gap. Samsung Fri ₩260,000 (+2.97%); NXT/last ₩261,000. KOSPI Fri 6,894.23 (+2.66%); KOSDAQ 827.12 (+0.60%). KIND/DART: no new 000660 keep. Tape: Solidigm NY NAND review; SK Group VC redeploy; Jukan BofA ASP + Samsung HBM share risk + CXMT. data.krx shorts UNKNOWN. HL xyz:SKHX mark 1355.5 (fund +0.17 bp; prevDay 1339.7). BN marks GEO-BLOCKED. Paper.

ADR line

SKHY / xyz:SKHY

SKHY Fri RTH $187.50 (Thu $182.99, ~+2.5%). FX Naver live 1,387.50 (−0.04%). ADS=1/10 → parity theo ~$133.26; ADR prem ~+40.7% vs Fri KRW primary. HL xyz:SKHY mark 188.26 (fund +1.08 bp) — near Fri RTH. Prem still rich vs mid-30s earlier in week. Do not treat NXT/PREOPEN as an ADR-implied Mon gap. Paper.

Day’s best PAPER arb

PAPER: Seoul rule NO (Fri cash +5.96%, need ≤−8%; ADR prem ~40.7% clears +40% alone — both legs required). BN↔HL mark spread N/A (Binance geo-blocked). Watch HL SKHY fund +1.08 bp vs SKHX +0.17 bp — receive-SKHX / pay-SKHY research only, not a sniper. Secondary: ADR ~+40.7% rich to parity is multi-day research. Competitive tape (Samsung HBM share + CXMT) vs ASP firmness (BofA) = mixed Hynix beta. 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 21 Sep 2026 08:13 HKT / 21 Sep 2026 09:13 KST (rolling 7d BN↔HL). SKHYNIX↔SKHX mark ~+1.3 bp · SKHY↔SKHY mark ~+8.4 bp · ADR/KRX prem ~+39.29% Research/paper only.

Live HL marks 2026-09-21 07:40 HKT / 2026-09-21 08:40 KST. 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.

xyz:SKHX mark 1355.5 / fund +0.17 bp / prevDay 1339.7 · xyz:SKHY mark 188.26 / fund +1.08 bp / prevDay 186.71. BN↔HL spread N/A. ADR/KRX prem Fri ~+40.7%.

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 +0.125 bp / ETH +0.125 bp / SOL +0.125 bp. Seoul paper rule NO (Fri cash +5.96%, not ≤−8%). Excluded CSOPSKHYNIX2LUSDT. Paper only.

US / AJ

Ticker	Follow	Note
AVGO	Y	Live. Standing. No new weekend AJ idea named.
NIO	Y caution	China concentration. Unchanged.
EOS	Y avoid	Separate from EOSE.
NVDA	Y	Still live. Fri ~$222.27. Zephyr OpenAI+Anthropic ARR + Huang volume-double = already_in_Y. Not a new add.
MRVL	Y	Follow-up Y. Unchanged.
MU	Y	Cheapest PEG (22 Aug AJ). BofA ASP firmness = soft constructive overlay.
XPEV	Y	AJ $12.20 / IRON. Unchanged.
META	booked	Tactical. No new long.
AMD	Y	Y confirmation: AJ buy flag $453 (2 Sep). Unchanged.
LITE	Y	Standing NEW Y (17 Sep). Optical/AI networking. Paper until memo body checked.
ORCL	Y	Wait sleeve (AJ). 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 Sun: Permanent Bubble / 176x True PE caps upside + Roadster conditions. Caution↑↑ — not a long. Fri RTH not re-pulled as gap.
SPCX	watch	Watch, not a Y.
RIVN	N	Skip.
DELL	watch title	AJ Sat email lists Dell initiation title — body paywalled; not a Y.
INTC	color	Prior Hynix Ohio talks/denial — not an AJ Y.

2026-09-21 07:40 HKT / 2026-09-21 08:40 KST. US cash Fri done. AJ Sat “Market Valuation & Featured Coverage” (S&P 7,651 / fwd PE 18.9x) — no new Y ticker in free preview. Do not invent targets. Paper.

Korea / KRX

KRX PREOPEN. Attractive list EMPTY besides Hynix desk. Fri close: KOSPI 6,894.23 (+2.66%); 000660 1,849,000 (+5.96%); 005930 260,000 (+2.97%); KOSDAQ 827.12 (+0.60%). NXT/last prints: 000660 1,857,000 (+0.43% vs Fri); 005930 261,000 — indication only. SKHY ADR Fri $187.50; prem ~+40.7%. No overnight 000660 DART keep. data.krx missing. Fri flows: Hynix For +723k / Inst +161k; Samsung For −1.67m / Inst +2.75m.

DART leftovers into open: INFOvine 115310 up 3-8%/p≈38%; CU Tech 376290 up 1-3%/p≈28%; Shinsegae I&C 035510 up 1-3%/p≈22%. HK AI Fri closes: Zhipu 2513.HK 780; MiniMax 0100.HK 303; SenseTime 0020.HK 1.275. HSI Fri 24,750.78 (+0.60% vs Thu).

No new Korea attractive idea beyond Hynix desk + Fri DART leftovers. Fri squeeze elevated — watch Mon auction vs NXT indication. No live trade recs. Paper.

X · priority

2026-09-21 07:40 HKT / 2026-09-21 08:40 KST · Home unavailable. Sentiment mixed, medium. Since Fri 21:56 HKT: Jukan BofA ASP + Samsung HBM double/share-overtake + CXMT 12nm + Druckenmiller Korea; AJ TSLA Permanent Bubble; Zephyr OpenAI+Anthropic ARR + CPU parabolic. Citrini quiet (USDJPY book color only).

up / tape@jukan05 · 2026-09-20 20:53 HKT · NEW

Jukan: BofA Simon Woo — 3Q DRAM ASP +20–30% QoQ; hyperscalers pay up into 1Q27

BofA checks: 3Q ASPs most DRAM +20–30% QoQ, NAND >+15%; high-single-digit ASP rises expected 4Q; hyperscalers signed contracts to pay higher DRAM ASPs in 1Q27 than 4Q26.

Hard constructive memory ASP tape for 000660/SKHY/MU.

mixed / tape@jukan05 · 2026-09-20 15:44 HKT · NEW

Jukan: Samsung to at least double HBM4/HBM4E production next year

KR industry: Samsung expected to ≥2× HBM4 family output next year; glass-carrier demand plan 2.5×.

Mixed — HBM supply growth vs share-shift risk for SK hynix.

down / tape@jukan05 · 2026-09-20 12:43 HKT · NEW

Jukan: Samsung should surpass SK hynix in HBM market share next year — $SKHY

Explicit share-overtake estimate vs SK hynix tagged $SKHY.

Direct competitive caution for Hynix HBM leadership premium.

mixed / tape@jukan05 · 2026-09-20 12:14 HKT · NEW

Jukan: CXMT begins mass production on new ~12nm-class DRAM platform

CXMT claims ~11.95 nm storage-region spacing via quadruple patterning; ≥50% more gross dies/wafer. Gap to Big 3 ~1.5–2 nodes.

China DRAM catch-up — long-run competitive risk; near-term ASP still firm per BofA.

down / tape@alojoh · 2026-09-20 12:18 HKT · NEW

AJ: Tesla’s Permanent Bubble — 176x “True” PE caps upside

AJ chart: Tesla “True” 1y forward PE (subsequent realized earnings) shows persistent richness; caps upside framing. Roadster buy conditions posted separately.

TSLA caution↑↑ — still not a long; no new AJ Y ticker.

up / tape@zephyr_z9 · 2026-09-19 04:29 HKT · NEW

Zephyr: OpenAI+Anthropic end-2026 combined ARR probably $180–210B

Lab-revenue scale call — demand for accelerators/infra. CPU demand “parabolic soon” posted Sat.

Soft constructive AI-infra / NVDA already_in_Y confirmation.

up / tape@jukan05 · 2026-09-20 15:22 HKT · NEW

Jukan: Druckenmiller first Korea visit — Samsung, SK hynix, Doosan

Hankyung: Stanley Druckenmiller planning first SK visit / meetings with megacaps.

Soft attention/flow constructive — not a print.

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 17 Sep evening — optical/AI networking public long flag. Still standing.

Standing NEW Y LITE until memo body checked.

X · tape

mixed confidence medium · Home unavailable · 2026-09-21 07:40 HKT / 2026-09-21 08:40 KST. Weekend NEW: Jukan BofA DRAM/NAND ASP firm + Samsung HBM4 double/share-overtake vs SKHY + CXMT 12nm mass-prod + Druckenmiller Korea; AJ TSLA Permanent Bubble 176x True PE; Zephyr OpenAI+Anthropic $180–210B ARR + CPU parabolic. Selective — memory ASP risk-on vs Hynix share/CXMT competitive + TSLA caution↑↑.

Method: morning fxtwitter scrape (api.fxtwitter.com/2/profile/{handle}/statuses); Home unavailable. Cutoff after Fri 21:56 HKT evening pack. JSON: x-feed.json.

Overall: mixed — Constructive memory ASP + AI-infra sleeve; Samsung HBM share + CXMT competitive offsets on Hynix; AJ TSLA caution↑↑. No clean broad risk-on label shift.

AJ US watchlist: Y: LITE (standing); standing Y unchanged (AVGO/MU/MRVL/NVDA/XPEV/META/AMD); ORCL wait; TSLA caution↑↑ (Permanent Bubble); SPCX watch; EOSE avoid; NIO caution; EOS avoid; DELL watch title; INTC color only. No new AJ Y this weekend.