DART · material KR
Last scan 2026-09-22 15:59 KST · RSS n=50 (todayRSS) · age-window keep ≥2026-09-21 15:40 KST · 1 new keep (Xplus 373200 mixed 8%+ CB refinance @15:51)
mixed 8%+Xplus (엑스플러스) 373200 · KOSDAQ · 2026-09-22 15:51 KST · p≈40%
₩14.0bn Series-7 private CB refinance (cv ₩1,855 / 30.1% shares; refix to ₩1,299) offsets full Series-5 CB cancel; after-close
2026-09-22 15:51 KST: Xplus Inc. (엑스플러스, 373200, KOSDAQ) filed a paired major-matter set. (A) rcpNo 20260922000356 / dcmNo 11588817 — Series 7 nameless interest-bearing unguaranteed private convertible bond issue. Face: ₩14,000,000,000 (=₩14.0bn / 140억). Purpose: debt repayment ₩14.0bn (no facility/working-capital line). Coupon 2.0% surface / 7.0% maturity; maturity 2029-09-30; private; pay-in 2026-09-30 (method: other/offset). Conversion: 100% @ ₩1,855/sh → 7,547,169 common = 30.14% of shares outstanding (25,043,237). Conversion window 2027-09-30 to 2029-08-30. Refix every 5 months down to 70% floor ₩1,299. Put from 2027-09-30 quarterly (compound 7%); issuer call with YTC 8% sleeve. Allottees: Sangsangin Savings Bank ₩7.0bn + Sangsangin Plus Savings Bank ₩7.0bn (same lenders as Series 5). (B) companion rcpNo 20260922000342 / dcmNo 11588821 — early acquisition of entire Series 5 private CB (issued 2025-04-10, maturity 2028-04-10, face ₩14.0bn) for ₩14.0bn principal, settled by offset against Series-7 pay-in on 2026-09-30, then KSD cancel. Series 5 conversion was ₩3,390 / 4,129,793 sh = 16.49% of shares. Both rcpNos confirmed on DART HTML viewer (company name matches). Live at enrich (Yahoo 373200.KQ session close): ₩1,696 (prev close ₩1,750, −3.09%); recent daily vol ~19k–44k shares; shares 25,043,237; mcap ₩424.7억 (~₩42.5bn); face/mcap ≈ 33.0%; new cv is ~9.4% OTM vs ₩1,696 (old cv ~100% OTM).
What: After the cash close, Xplus rolled its entire ₩14.0bn Series-5 CB into a new ₩14.0bn Series-7 private CB with the same Sangsangin lenders via a cashless offset on 30 Sep — retiring the old 16.5%-of-shares overhang at ₩3,390 and replacing it with a 30.1%-of-shares overhang at ₩1,855 (refixable to ₩1,299). Why mixed: maturity is extended and no cash leaves the company today, but equity dilution capacity nearly doubles and the strike moves from deep-OTM to near-spot with a 70% refix ratchet — classic refinance-into-worse-terms, not a clean de-lever. Why 8%+: face is ~33% of the ₩42.5bn mcap and potential share count is 30% on a micro-ADV KOSDAQ name; after-close stamps of this size can gap hard at the Wed auction even though conversion is locked until Sep 2027. Why p≈40%: leftover is the overnight/Wed open product (15:51 KST is after the 15:30 cash close); thin ADV can print an 8%+ whip then fade, so this is not a high-confidence hold-to-close band.
DART
· companion (Series-5 cancel)
up 3-8%Narae Nanotech (나래나노텍) 137080 · KOSDAQ · 2026-09-22 15:22 KST · p≈40%
₩6.04bn display equipment PO to MianYang HKC (11.1% of sales / ~9.1% of ₩66.1bn mcap); no advance; 90% mid-pay; delivery by 14 Dec; live +0.7%
2026-09-22 15:22 KST: Narae Nanotech Co., Ltd. (나래나노텍, 137080, KOSDAQ) disclosed a single sales/supply contract — display manufacturing equipment. Contract amount: ₩6,035,548,000 (=₩6.04bn / 60.4억), sized at KRW 1,384.3/USD (Seoul FX broker 22 Sep 2026). Latest consol. sales (2025): ₩54,497,281,414; face = 11.07% of sales. Conditional: no. Counterparty: MianYang HKC Optoelectronics Technology Co., Ltd. (China; display manufacture/sales); relation blank (third party); same-type contracts fulfilled with counterparty in last 3 years: yes. Region: China. Period: 2026-09-22 to 2026-12-14 (end date may move by mutual agreement). Advance/deposit: none (무). Payment: 90% mid-payment, 5% 1st balance, 5% 2nd balance. Production: in-house. Award/PO receipt date: 2026-09-22. rcpNo 20260922900326 / dcmNo 11588607 confirmed on DART HTML viewer (company name matches). Live at enrich (Naver 137080): ₩6,170 (prev ₩6,130, +0.65%); high ₩6,350 (+3.59%); low ₩6,120; vol 5,319; shares ≈10,713,128; mcap ₩661억 (~₩66.1bn); face/mcap ≈ 9.1%.
What: Narae Nanotech took a ₩6.04bn display-equipment PO from China’s MianYang HKC with delivery through 14 Dec 2026 — about 11.1% of 2025 sales and ~9.1% of the ₩66.1bn mcap — with zero advance and 90% due as mid-payment (repeat CP). Why up: a named near-term equipment order with a known foreign fab CP is real near-term revenue, not an affiliate restatement or multi-year construction drip. Why 3-8% (not 1-3%/8%+): face clears ~9% of a thin KOSDAQ mcap and cash is mostly due inside ~3 months, so it clears the usual <2% drop cut and can print a thin-name clip — but zero advance and mid-pay-on-progress cut refuse an automatic 8%+ Sammok-class stamp. Why p≈40%: 15:22 KST stamp into the close with live only +0.65% (day high +3.6%), so same-session leftover is gone; product is overnight/Wed open into a 3-8% up band on thin ADV (~5k shares).
DART
mixed 1-3%HS Hwaseong (HS화성) 002460 · KOSPI · 2026-09-22 15:16 KST · p≈28%
₩34.0bn Yongin Severance cancer-center build (5.2% of sales / ~30% of ₩111.7bn mcap); no advance; progress-bill; Nov 2026–Feb 2028; live -0.8%
2026-09-22 15:16 KST: HS Hwaseong Co., Ltd. (HS화성, 002460, KOSPI) disclosed a single sales/supply contract — construction award. Contract name: Yongin Severance Hospital faculty research building (cancer center) expansion (architecture). Contract amount: ₩33,990,000,000 (=₩34.0bn / 339.9억), VAT excluded. Latest consol. sales (YE2025): ₩659,478,953,752; face = 5.2% of sales. Large-corporation flag: no. Counterparty: Yonsei University College of Medicine Yongin Severance Hospital; relation blank (third party). Region: Giheung-gu, Yongin-si, Gyeonggi. Period: 2026-11-01 to 2028-02-29 (may move with progress). Advance/deposit: none (무). Payment: progress billing (기성불). Award date: 2026-09-22. rcpNo 20260922800306 / dcmNo 11588271 confirmed on DART HTML viewer (company name matches). Live at enrich (Naver 002460): ₩11,000 (prev ₩11,090, −0.81%); high ₩11,350 (+2.34%); low ₩10,920; vol 5,029; shares ≈10,154,545; mcap ₩1,117억 (~₩111.7bn); face/mcap ≈ 30.4%.
What: HS Hwaseong won a ₩34.0bn hospital cancer-center expansion build for Yongin Severance with zero advance and progress billing from Nov 2026 through Feb 2028 — about 5.2% of sales and ~30% of the ₩111.7bn mcap. Why mixed: a named hospital award adds backlog, but with no down payment and cash only via multi-year 기성불 the near-term P&L fuel is thin — Seohan / Samsung E&A class, not a same-week cash win. Why 1-3% (not 3-8%/8%+): face/mcap looks 8%+ but construction + zero advance systematically over-grades; refuse leaving 3-8% just because face clears ~30% of mcap. Why p≈28%: 15:16 KST near-close stamp; live −0.8% with day high only +2.3%, so leftover is a thin overnight/Wed open blip into a 1-3% mixed band, not unused mid-session alpha.
DART
up 1-3%KT&G (케이티앤지) 033780 · KOSPI · 2026-09-22 14:44 KST · p≈42%
₩360bn open-market buyback (~2.07m sh / ~2.0% of shares & mcap); cancel planned; window 23 Sep–22 Dec; live already -1.8%
2026-09-22 14:44 KST: KT&G Corporation (케이티앤지, 033780, KOSPI) decided an open-market treasury purchase. Shares: 2,071,346 common (sized off the board-day prior close of ₩173,800; share count may move with price). Amount: ₩360,000,000,000 (=₩360bn / 3,600억). Method: KRX open-market direct buy via NH Investment & Securities and Shinhan Securities. Window: 2026-09-23 to 2026-12-22. Purpose: shareholder-value enhancement and share cancellation (주주가치제고 및 주식소각). Daily buy-order cap: 207,134 shares. Board 2026-09-22 (6 independent directors present). Pre-buy dividend-profit treasury: none on the form’s dividend-range line; other/treasury stock already held ~14,166,189 common (~13.6% of shares) from prior programs. Issued-share 1% bar in the filing = 1,038,104 → implied outstanding ≈103,810,400; buy sleeve ≈2.0% of shares / ≈2.0% of the ~₩18.04tn mcap at prior close. rcpNo 20260922000256 / dcmNo 11588384 confirmed on DART HTML viewer (company name matches). Live at enrich (Yahoo 033780.KS): ₩170,700 (prev ₩173,800, -1.78%); high ₩174,200; low ₩169,800; vol ~185,989; shares ≈103,810,400; mcap ~₩18.04tn at prior close; face/mcap ≈ 2.0%.
What: KT&G will buy up to ₩360bn / ~2.07m shares (~2.0% of shares and of the ~₩18.04tn mcap) in the open market from 23 Sep to 22 Dec with cancellation as an explicit purpose. Why up: a fresh cash bid plus cancel language is float support and permanent shrink on a liquid KOSPI large-cap — not an ESOP recirculation or hold-only price-support sleeve. Why 1-3% (not 3-8%/8%+): face is only ~2% of an ₩~18tn liquid name and buys drip over three months — mega-cap buyback grind, not Multicampus/thin-ADV 3-8% or Sammok cancel-shock 8%+. Refuse inflating just because absolute won is ₩360bn. Why p≈42%: 14:44 KST stamp with ~1h of cash left; live already -1.8% into the print is mostly pre-stamp drift (high still only +0.2% vs prior), so leftover is a late bounce plus overnight/Wed open into a 1-3% up band — real but not a clean unused auction window.
DART
mixed 8%+NC& (앤씨앤) 092600 · KOSDAQ · 2026-09-22 13:41 KST · p≈18%
Control-change SPA with B2EN (비투엔): 2.5m new shares @ ₩2,500 = ₩6.25bn 3rd-party pay-in Sep 28 (~46% of ₩14bn mcap / ~50% dilution); listing-cure cash vs admin delist risk; live already -15.3%
2026-09-22 13:41 KST: NC& Co., Ltd. (앤씨앤, 092600, KOSDAQ) filed a management-control-change contract. Transferor: the company (issuer). Acquirer / expected new largest shareholder: B2EN Co., Ltd. (비투엔; software; FY2025 sales ₩14.6bn, net loss ₩12.2bn; largest holder Stresh 1st Partnership 23.05%). Mechanism: B2EN subscribes to a third-party capital increase (already disclosed 2026-09-16 and 2026-09-18), then takes board control via EGM. New shares: 2,500,000 common @ ₩2,500 (par) = ₩6,250,000,000 (=₩6.25bn / 62.5억). Pay-in date: 2026-09-28. Contract date: 2026-09-22. Post-pay-in: B2EN becomes largest shareholder; existing registered directors/auditor resign; EGM to appoint B2EN nominees targeted by 2026-10-30. New shares: 1-year KSD mandatory lock-up. No secondary share sale cash to sellers (issuer raise). Context: 2026-09-21 KRX other-market notice — admin issue since 2026-07-31 for mcap < ₩20bn; as of Sep 21 close, 0 consecutive days ≥₩20bn; 10 more consecutive days under ₩20bn can trigger delisting. rcpNo 20260922900221 / dcmNo 11588185 confirmed on DART HTML viewer (company name matches). Live at enrich (Naver 092600): ₩2,710 (prev ₩3,200, -15.31%); high ₩3,140; low ₩2,550; vol 868,653; shares 5,016,703; mcap ₩136억 (~₩13.6bn); face/mcap ≈ 46.0%; new-share dilution ≈ 49.8%; issue vs spot discount ≈ 7.7%.
What: NC& signed a control-change SPA with B2EN tied to an already-disclosed third-party raise — B2EN pays in ₩6.25bn for 2.5m new shares at ₩2,500 on Sep 28 (~46% of the ~₩14bn mcap / ~50% share-count increase) and gets board control via an EGM by Oct 30, with a 1-year lock-up. Why mixed: the cash is real listing-cure fuel for a name stuck under the ₩20bn admin/delist clock, and a named strategic software buyer with lock-up is not a pure dump — but ~50% dilution at a ~8% discount to spot plus a control flip is classic Artist Studio / MBN overhang, and the Sep 16/18 raise track means this is confirmation of a known deal, not a cold surprise. Why 8%+ (volatility band, not one-way drift): face/mcap and dilution both clear every size bar on a thin admin microcap; KOSDAQ names in this class often whip double-digits either way around control/raise stamps. Refuse a tidy 3-8% ceiling. Why p≈18%: mid-session 13:41 stamp; by enrich live is already -15.3% with the day high still below the prior close, so the down leg of the 8%+ band is largely printed — leftover is a thin late-session or overnight re-spike into pay-in (Sep 28), not unused same-clip alpha.
DART
mixed 1-3%Hanjung NCS (한중엔시에스) 107640 · KOSDAQ · 2026-09-22 11:27 KST · p≈18%
₩34.5bn ESS-parts equipment buy via US Indiana sub (13.6% of consol assets / ~9.6% of ₩359bn mcap); SIMPAC; install mid-2027; final pay Sep 2028
2026-09-22 11:27 KST: Hanjung NCS Co., Ltd. (한중엔시에스, 107640, KOSDAQ) disclosed a tangible-asset acquisition decision as a material event of its subsidiary. Acquiring entity: 100%-owned HANJUNG AMERICA CO. (Indiana). Object: machinery and equipment. Acquisition amount: ₩34,496,403,000 (=₩34.5bn / 345.0억), equal to US$24,552,600 at the contract FX of KRW 1,405/USD. Parent consol. assets (YE2025 K-IFRS): ₩253,321,966,239; face = 13.61% of consol. assets. Counterparty: SIMPAC; relation blank (third party). Purpose: purchase of ESS parts production equipment. Expected acquisition/install (T/O complete) date: 2027-06-30 (may slip with progress). Final balance payment targeted by end-Sep 2028. Subsidiary board date: 2026-09-21. Fair-trade filing: not applicable. Sub asset total (H1 2026): ₩88,012,955,266 (~28.4% of later consol. assets figure ₩309.5bn on the sub schedule). rcpNo 20260922900164 / dcmNo 11587863 confirmed on DART HTML viewer (company name matches). Live at enrich (Naver 107640): ₩39,650 (prev ₩40,550, −2.22%); high ₩41,550 (+2.47%); low ₩39,600; vol 35,518; shares 9,064,946; mcap ₩3,594억 (~₩359.4bn); face/mcap ≈ 9.6%.
What: Hanjung NCS’s 100%-owned Indiana sub is buying ₩34.5bn of ESS-parts production equipment from SIMPAC, with install/T/O targeted for mid-2027 and final payment by end-Sep 2028 — about 13.6% of YE2025 consol. assets and ~9.6% of the ₩359bn mcap. Why mixed: US ESS capacity expansion is a growth/theme signal for an EV/ESS parts maker, but this is cash leaving the group (capex), not a signed sales/supply print — Conic-class capex framing, not a take-or-pay revenue stamp. Why 1-3% (not 3-8%/8%+): face clears ~10% of mcap so it is above the usual <2% drop cut, but cash drips through mid-2027/Sep-2028 and there is no near-term revenue — refuse inflating to 3-8% just because the assets % clears a disclosure bar. Why p≈18%: mid-session 11:27 KST stamp; by enrich live is already −2.2% with the day’s high only +2.5%, so leftover is a thin late-session re-spike chance into a 1-3% mixed band, not unused overnight alpha.
DART
up 1-3%Boryung (보령) 003850 · KOSPI · 2026-09-22 10:04 KST · p≈12%
₩383.7bn Taxotere China export supply to Yifan (37.7% of sales / ~53% of ₩724bn mcap); 90% MPQ; no advance; 7yr from MAT
2026-09-22 10:04 KST: Boryung Co., Ltd. (보령, 003850, KOSPI) disclosed a single sales/supply contract — product supply. Contract name: Taxotere China export supply. Contract amount: ₩383,651,802,736 (=₩383.7bn / 3,836.5억), stated as USD 277,144,985 at KRW 1,384.30/USD (Seoul FX broker first fix 22 Sep 2026). Latest consol. sales (2025): ₩1,017,427,357,548; face = 37.71% of sales. Large-corporation flag: no. Counterparty: Yifan Pharmaceutical Co., Ltd. (China A-share Shenzhen 002019; 2025 consol. sales ~₩1.06tn / CNY 5.133bn at KRW 207.00/CNY). Region: China. Relation: blank (third party). Period: 2026-09-21 to 2033-09-20 (7 years from China MAT / Marketing Authorization Transfer completion; end date may move). Advance/deposit: none (무). Contract/award date: 2026-09-21 (final signatures). CP must buy ≥90% of each contract-year volume (MPQ) or pay cash compensation on the shortfall at contract unit price — so ~90% of face is purchase-or-cash. Amount sized off contract-year volumes × unit prices. Related disclosure: 2026-06-01 major-management Taxotere (Taxotere) global-business acquisition. rcpNo 20260922800103 / dcmNo 11587780 confirmed on DART HTML viewer (company name matches). Live at enrich (Naver 003850): ₩8,440 (prev ₩8,220, +2.68%); high ₩9,000 (+9.49%); low ₩8,100; vol 428,464; mcap ₩7,240억 (~₩724.0bn); face/mcap ≈ 53.0%.
What: Boryung signed a ₩383.7bn / ~7-year Taxotere China export supply deal with listed Chinese pharma Yifan, with a 90% take-or-pay MPQ and zero advance — about 37.7% of 2025 sales and ~53% of the ₩724bn mcap, continuing the already-disclosed 1 Jun 2026 Taxotere global-business acquisition. Why up: a signed named-CP export with contractual 90% volume-or-cash is real China revenue visibility on an owned oncology product, not an unsigned preferred-bidder or affiliate restatement. Why 1-3% (not 3-8%/8%+): face/mcap looks 8%+ but there is no advance, cash drips across seven years after MAT, and the path was telegraphed on 1 Jun — Samsung E&A / zero-advance huge-face framing cuts the near-term band to 1-3%; refuse leaving 8%+ just because face clears half the mcap. Why p≈12%: mid-session 10:04 KST stamp; by enrich the tape already printed high +9.5% and sits +2.7%, so leftover is fade/hold autopsy not unused band.
DART
up 1-3%BQ AI (비큐AI) 148780 · KOSDAQ · 2026-09-22 09:56 KST · p≈15%
₩2.13bn AI RAG content+API supply to unnamed IT-platform large corp (12.5% of sales / ~8.2% of ₩26bn mcap); 11% prepaid; through Aug 2029
2026-09-22 09:56 KST: BQ AI Co., Ltd. (비큐AI, 148780, KOSDAQ) disclosed a single sales/supply contract. Content: AI RAG (retrieval-augmented generation) content supply MCP contract. Contract amount: ₩2,130,500,000 (=₩2.13bn / 21.3억), VAT excluded; conditional flag: no. Latest sales: ₩17,014,562,225; face = 12.52% of sales. Counterparty: unnamed “IT platform large corp” (name withheld on CP request; disclosure hold to 2029-08-31). Region: Korea. Relation: blank; no same-type contract in last 3 years. Period: 2026-09-01 to 2029-08-31. Advance/deposit: none as a lump down-payment field (무), but payment mix is 11% prepaid lump and 89% monthly over the contract period. In-house production. Contract date: 2026-09-22. Amount may reprice if content scope changes. rcpNo 20260922900097 / dcmNo 11587750 confirmed on DART HTML viewer (company name matches). Live at enrich (Naver 148780): ₩4,130 (prev ₩4,025, +2.61%); high ₩4,395 (+9.19%); low ₩3,760; vol 191,460; mcap ₩260억 (~₩26.0bn); face/mcap ≈ 8.2%.
What: microcap BQ AI booked a ₩2.13bn (~3-year) AI RAG content-plus-API supply deal with an unnamed domestic IT-platform large corp — about 12.5% of sales and ~8.2% of the ₩26bn mcap — with 11% prepaid and 89% monthly. Why up: a signed multi-year AI-content supply with some prepaid cash is incremental booked revenue on a thin AI narrative name, not a preferred-bidder or affiliate restatement. Why 1-3% (not 3-8%/8%+): face clears ~8% of mcap so it is above the usual <2% drop cut, but the CP is unnamed, 89% drips monthly through Aug 2029, and absolute won is only ₩2.13bn — durable close band is 1-3%; thin-name headline beta can still print a 3-8% high (already did). Why p≈15%: stamp 09:56 KST; by enrich live is +2.6% / high +9.2%, so leftover is don’t-chase after the first clip.
DART
up 3-8%Multicampus (멀티캠퍼스) 067280 · KOSDAQ · 2026-09-22 07:58 KST · p≈45%
₩4.0bn open-market buyback (172,786 sh / ~2.9% of shares & mcap); cancel planned; window 23 Sep–22 Dec
2026-09-22 07:58 KST: Multicampus Co., Ltd. (멀티캠퍼스, 067280, KOSDAQ) decided an open-market treasury purchase. Shares: 172,786 common. Amount: ₩3,999,995,900 (=₩4.0bn / 40.0억) sized off the 2026-09-21 close of ₩23,150. Method: KOSDAQ open-market direct buy via Shinhan Securities. Window: 2026-09-23 to 2026-12-22. Purpose: share-price stability and shareholder value. Daily buy-order cap: 17,278 shares. Filing states acquired shares will be cancelled in full (전량 소각); hold period ≥6 months from final purchase. Board 2026-09-22 (1 independent director present). Pre-buy treasury: none. Issued-share 1% bar in the filing = 59,267 → implied outstanding ≈5,926,700; buy sleeve ≈2.92% of shares. rcpNo 20260922000002 / dcmNo 11587650 confirmed on DART HTML viewer (company name matches). Live at enrich (Naver 067280): PREOPEN ₩23,150 (prev ₩23,150, 0.0%); mcap ₩1,372억 (~₩137.2bn); recent ADV ~3.8k–13k shares — thin vs the 17.3k daily buy cap.
What: Multicampus will buy up to ₩4.0bn / 172,786 shares (~2.9% of shares and of the ₩137bn mcap) in the open market from 23 Sep to 22 Dec and plans to cancel the lot. Why up: a fresh cash bid into a thin KOSDAQ book plus cancel language is a float-support and permanent shrink signal, not an ESOP recirculation. Why 3-8% (not 1-3%/8%+): ~3% of shares with cancel language on a thin-ADV name fits Handsome/YM cancel-bound open-market framing; refuse 8%+ because cancel is planned (not already-held/dated) and the ₩4bn is spread over a three-month window rather than a same-day tender. Why p≈45%: pre-open 07:58 KST stamp into a still-flat PREOPEN tape leaves a clean unused auction/open window; haircut vs 60%+ because buys only start tomorrow and daily ADV is a few thousand shares so the gap may under-print the full band.
DART
up 8%+HJ Heavy Industries (HJ중공업) 097230 · KOSPI · 2026-09-22 07:47 KST · p≈40%
₩679bn Oceania containership x4 order (34.0% of sales / ~49.5% of ₩1.37tn mcap); advance yes; delivery through Apr 2029
2026-09-22 07:47 KST: HJ Heavy Industries Co., Ltd. (HJ중공업, 097230, KOSPI) disclosed a single sales/supply contract — construction award. Contract name: 4 containerships. Contract amount: ₩678,967,558,720 (=₩679.0bn / 6,789.7억) using USD/KRW 1,383.80 on the contract date. Latest consol. sales (2025 year-end): ₩1,999,705,307,561; face = 33.95% of sales. Large-corporation flag: yes. Counterparty: Oceania shipowner (unnamed); region Oceania; relation blank. Period: 2026-09-21 to 2029-04-30. Advance/deposit: yes (유). Payment: progress billing with construction. Contract/award date: 2026-09-21. Amount may change with build progress / final settlement. rcpNo 20260922800008 / dcmNo 11587674 confirmed on DART HTML viewer (company name matches). Live at enrich (Naver 097230): PREOPEN ₩15,200 (prev ₩15,200, 0.0%); mcap ₩1조 3,725억 (~₩1,372.5bn / ₩1.37tn); face/mcap ≈ 49.5%. Recent ADV ~169k–328k shares.
What: HJ Heavy Industries booked a ₩679bn order for four containerships for an Oceania owner, with an advance, progress-billed through Apr 2029 — about 34% of 2025 sales and ~50% of the ₩1.37tn mcap. Why up: a signed newbuild with near-term advance is order-book cash and utilization fuel for a commercial shipyard, not an unsigned preferred-bidder print. Why 8%+ (not 3-8%/1-3%): face clears ~50% of mcap with advance present — LS Marine-class size vs mcap on a ship theme; refuse collapsing to 1-3% Samsung-Heavy mid-single %/mcap framing because this face is ~6× that relative size. Close may still sit nearer 3-8% after a headline spike because cash drips on progress bill through 2029 and the CP is unnamed. Why p≈40%: pre-open 07:47 KST into a flat PREOPEN tape is a clean unused open window; haircut for multi-year progress-bill and unnamed CP, and for yesterday’s separate unsigned housing stamp already on the desk narrative.
DART
Asia news
Age-cut Mon 21 + Tue 22 Sep only · n=7 · KED/HKET thin; Yonhap via korean-vibe + SE Daily + BK + NewTimeSpace + SCMP. JSON: asia-news.json.
Yonhap / korean-vibe2026-09-21 ~15:30 KST / 14:30 HKT (Mon cash close)
KOSPI +1.65% to 7,007.72 on chips; Samsung +4.98%, SK hynix +0.59%
Mon 21 Sep: KOSPI closed 7,007.72 (+113.49 / +1.65%), third up session. Samsung Electronics +4.98% to ₩274,000; SK hynix +0.59% (wire ~₩1.86–1.868m). Institutions net +₩1.49tn; individuals −₩2.98tn; foreigners −₩182bn. Won ~1,381/USD.
KR chip beta into Tue PREOPEN — elevated base after reclaiming 7,000; do not invent Tue gap from Yahoo prev-close.
source
SE Daily / Yonhap2026-09-21 Mon (SE Daily EN)
Chip exports first 20 days Sep $34.1bn (+259% YoY); KOSPI reclaim 7,000
Mon 21 Sep SE Daily: KOSPI closed 7,007.72 after intrad 7,027.58. Chip exports first 20 days of Sep $34.1bn (+259.4% YoY); total exports $71.4bn (+78.3%). Samsung +4.98% to ₩274,000; SK hynix +0.59% to ₩1.868m (SE Daily). Buybacks: Samsung ~74.7% / Hynix ~58.8% of plans done as of Sep 18.
Hard constructive export/ASP narrative for 000660/005930 sleeve — supports Mon squeeze; watch Chuseok thin-tape volatility.
source
NewTimeSpace2026-09-21 HK cash close
HK AI daily 21 Sep: HSI +1.18%; Z.AI 794 (+1.79%); MiniMax 298 (−1.65%); Apsara Sep 22–24
Mon 21 Sep HK close tape (NewTimeSpace): HSI +1.18%. Z.AI (2513.HK) 794 (+1.79%); MiniMax (0100.HK) 298 (−1.65%); BABA-W +3.02%; TENCENT +2.63%. Apsara Conference Hangzhou Sep 22–24 (Alibaba Cloud product drop). CXMT 5th-gen DRAM platform mass-production sentiment noted.
HK AI mixed — Z.AI firm, MiniMax cools after Fri rip; Apsara is same-week Alibaba Cloud event risk for HK AI/complex.
source
NewTimeSpace2026-09-21 HK cash close
Z.AI tops recently-listed turnover HK$7.73bn; MiniMax HK$4.34bn
Mon 21 Sep: among recently listed HK names, Z.AI turnover HK$7.727bn (turnover rate 3.84%) ranked #1; MiniMax HK$4.336bn (5.41%) #2.
Liquidity still concentrated in Z.AI/MiniMax — confirms AI-listing attention into Tue HK open.
source
Businesskorea2026-09-21 18:32 KST / 17:32 HKT
SK hynix ADR added to MVIS/SMH + KODEX U.S. Semiconductor (~4.8%)
Mon 21 Sep BK: MVIS U.S. Listed Semiconductor 25 Index Sep rebalance added SKHY ADR at ~4.8% weight. VanEck SMH (~$70bn AUM) added SKHY — BK cites ~$3.36bn estimated passive inflow from SMH alone. Samsung Asset KODEX U.S. Semiconductor also added ~4.8%.
Constructive passive/ADR flow for SKHY — soft support under ADR premium vs KRX; not a same-session earnings print.
source
SCMP2026-09-21 11:30 GMT / 19:30 HKT
Moonshot’s Kimi K3 lands on Amazon — open-source AI revenue test
Mon 21 Sep SCMP: Moonshot’s Kimi K3 listed on Amazon as a test for Chinese open-source AI monetization outside China.
Soft constructive for China LLM distribution narrative (Moonshot/Kimi) — not a single-name HK listing catalyst.
source
Businesskorea2026-09-21 19:22 KST / 18:22 HKT
S&P: Korea data-center boom may pressure corporate ratings
Mon 21 Sep BK: S&P flagged that Korea’s data-center buildout could pressure ratings via power/capex intensity.
Soft mixed macro overlay on KR AI-infra build — not a near-term 000660 price print.
source
X · priority
2026-09-22 22:15 HKT / 2026-09-22 23:15 KST · Home unavailable. Sentiment mixed, medium. Since afternoon 13:40 HKT: NEW Jukan Samsung 4nm/2nm HBM4 base expand+price-up; Nvidia glass substrate ≤2y (Zephyr CoPoS); Zephyr Intel HBM5 base late-2028 / TSMC HBM4-4E. PRIOR (demoted afternoon): Citrini agent-friction; Zephyr DRAM Engram + Muse hardware; Jukan AMD $1tn + CXMT/YMTC + HBM Malaysia smuggle; AJ NASDAQ June-1; Goldman CPU>GPU + NAND ASP + Samsung HBM share + AJ TSLA Bubble.
mixed / tape@jukan05 · 2026-09-22 21:30 HKT · NEW
Jukan: Nvidia pushes KR/JP/TW substrate makers for glass within ~2y (before 2028)
KiPost: Nvidia long distant on glass now asking substrate makers in Korea/Japan/Taiwan to finish glass development within two years; tech asks reportedly ahead of prior industry timeline. Zephyr labels the packaging path CoPoS.
Soft constructive advanced packaging/substrate supply-chain color (glass/CoPoS) — longer-dated NVDA packaging roadmap; not a near-term HBM ASP print.
tweet
up / tape@zephyr_z9 · 2026-09-22 17:42 HKT · NEW
Zephyr: HBM5 base die → Intel late 2028; TSMC keeps HBM4/HBM4E
Quotes bullish-Intel framing (N5-and-below booked; SK N12 base die problematic; Intel 18A-P as SK/Micron HBM4 option). Own add: switch to Intel for HBM5 late 2028; TSMC handles HBM4/HBM4E base die.
Hard constructive INTC foundry/base-die sleeve into HBM4→HBM5; soft constructive TSMC near-term HBM4/4E base. Reinforces selective CPU/foundry risk-on — still not an AJ Y.
tweet
up / tape@jukan05 · 2026-09-22 14:33 HKT · NEW
Jukan: Samsung weighing 4nm expand + new 2nm line for HBM4/HBM5 base dies; prices up
Korean media: Samsung considering 4nm capacity expand + new 2nm line for surging HBM4 base-die demand / HBM5 prep; recently raised prices on new 4nm foundry orders and HBM4 base dies; Q3 HBM4 revenue expected >3× QoQ with HBM4 >60% of 2H HBM revenue.
Hard constructive Samsung foundry + HBM4 mix/ASP — also competitive share pressure vs SKHY HBM leadership (joins prior Samsung HBM-share overtake tape).
tweet
mixed / tape@citrini · 2026-09-22 10:21 HKT · PRIOR
Citrini: AI agents will monetize unused friction — loyalty points, insurance, sticky deposits
Long thesis: agent adoption turns prior friction profit pools (unused flight credits/loyalty, insurance phone-trees, unmoved savings→NII) into cost centers for non-adapters; paradigm-shift investing frame.
Soft mixed — constructive agent/AI adoption narrative (joins Muse/DRAM demand tape); soft caution for high-friction consumer finance/insurance/loyalty models. No ticker print; not a sentiment flip.
tweet
down / tape@jukan05 · 2026-09-22 06:42 HKT · PRIOR
Jukan: China smuggling South Korean-made HBM through Malaysia (not EMIB)
Pushes back on SemiAnalysis Chipbook EMIB framing — attributes China HBM access to smuggling KR-made HBM via Malaysia.
Soft bearish leakage/competition overlay for 000660/SKHY HBM scarcity premium — narrative risk, not a verified customs print.
tweet
mixed / tape@jukan05 · 2026-09-22 06:40 HKT · PRIOR
Jukan/DigiTimes: CXMT↔YMTC turning hostile — YMTC into LPDDR5, CXMT into NAND
DigiTimes: prior DRAM/NAND split breaking; YMTC trial LPDDR5 by end-2026; CXMT expanding into NAND; head-to-head expected ~2028. YMTC already at 270 layers.
Competitive China memory pressure — soft mixed/bearish long-run share overlay for SKHY; near-term ASP tightness still the offset.
tweet
up / tape@jukan05 · 2026-09-22 05:49 HKT · PRIOR
Jukan: Congrats to AMD holders — Intel’s next?
Follows overnight AMD $1tn print; floats Intel as next CPU momentum name.
Soft constructive CPU sleeve (AMD→INTC color) — joins prior Goldman CPU>GPU tape; still not an AJ Y.
tweet
up / tape@zephyr_z9 · 2026-09-22 00:55 HKT · PRIOR
Zephyr: Meta skipped Muse on WhatsApp — not enough CPU/GPU/DRAM/SSD for 2B users
Hardware scarcity (CPUs, GPUs, DRAM, SSDs) as the binding constraint on personal-agent rollout at Meta scale.
Hard constructive for DRAM/NAND + CPU demand narrative under agent adoption — supports 000660/SKHY/MU sleeve.
tweet
up / tape@zephyr_z9 · 2026-09-21 23:00 HKT · PRIOR
Zephyr: Engram→DRAM offload up to +50% perf on H200/B200/B300/GB300
Quotes upstream work (vLLM ROCm Engram DRAM offload; NVIDIA/AMD/SemiAnalysis recipe updates) showing large perf gains from DRAM offload.
Direct constructive DRAM attach / capacity demand for AI inference stacks — soft bullish for memory names.
tweet
up / tape@jukan05 · 2026-09-21 22:17 HKT · PRIOR
Jukan: $AMD now officially a trillion-dollar company
Flags AMD crossing $1tn market-cap print overnight.
CPU/accelerator momentum color — constructive AMD sleeve; reinforces selective semi risk-on.
tweet
mixed / tape@alojoh · 2026-09-22 01:07 HKT · PRIOR
AJ: NASDAQ only today back at June 1st level
Macro tape note — NASDAQ reclaiming early-June level for first time.
Soft mixed US index color — no new AJ Y ticker; standing watchlist unchanged.
tweet
up / tape@zephyr_z9 · 2026-09-21 22:09 HKT · PRIOR
Zephyr: “CPU fever” — doubles down on parabolic CPU demand
US-hours reinforcement of weekend/Mon CPU squeeze tape.
Soft constructive for INTC/AMD CPU + server chain.
tweet
up / tape@zephyr_z9 · 2026-09-21 20:18 HKT · PRIOR
Zephyr: Goldman CPU > GPU in short-dated capex; personal agents = next Claude Code
Lip-Bu ~50% Frontier CPU supply; Goldman short-dated CPU>GPU capex.
Hard constructive CPU/VM tape for INTC/AMD.
tweet
up / tape@jukan05 · 2026-09-21 09:43 HKT · PRIOR
Jukan: NAND blended ASP outlook raised — 3Q/4Q/1Q27 +21%/+17%/+15% QoQ
TrendForce/eSSD breakout — NAND demand much stronger on U.S. CSP AI eSSD.
Hard constructive NAND ASP for 000660/SKHY/MU Solidigm sleeve.
tweet
down / tape@jukan05 · 2026-09-20 12:43 HKT · PRIOR
Jukan: Samsung should surpass SK hynix in HBM market share next year — $SKHY
Explicit share-overtake estimate vs SK hynix.
Direct competitive caution for Hynix HBM leadership premium.
tweet
down / tape@alojoh · 2026-09-20 12:18 HKT · PRIOR
AJ: Tesla’s Permanent Bubble — 176x “True” PE caps upside
TSLA True forward PE richness caps upside framing.
TSLA caution↑↑ — still not a long; no new AJ Y.
tweet
