Mandatory Tender Offer '50%+1 Share'... Doosan Rides AI Boom

The U.S. Securities and Exchange Commission (SEC) has shown positive changes regarding regulations on tokenized stocks. It has approved a temporary conditional exemption for tokenized stock trading on certain on-chain platforms.

This move provides an opportunity for companies like Robinhood to expand their tokenized stock-related services. It also serves as a backdrop for crypto-related stocks to turn upward.

Similar to the impact of Kevin Warsh's past remarks on the market, the current Fed Chair's statements also drive market confidence.

The 10-year and 30-year Treasury yields are assessed to be already reflected in the market, with the Fed's policy appearing to partially limit yield increases. There is also a diagnosis that the secondary ripple effect of rising international oil prices is linked to the Fed's response.

Although international oil prices have risen, there is also a possibility that the Fed's policy credibility could act as a factor offsetting oil-driven inflationary pressure.

The interest rate differential between the two countries continues to incentivize investors to borrow JPY and invest in high-yield assets.

The possibility of reinvestment within Japan is also raised, leading to arguments that a widespread unwinding of the yen carry trade will not occur. This implies that Japanese investors can find new investment opportunities within their domestic market.

It is emphasized that the unwinding of the yen carry trade is merely a subsidiary factor in a global market downturn, not the primary cause. The perspective is that major market volatility stems from other fundamental economic indicators.

Therefore, due to the maintained interest rate differential and the potential for reinvestment within Japan, the impact of yen carry trade unwinding on the market is expected to be limited.

One of China's biggest demands on the U.S. at the U.S.-China summit appears to be the Taiwan issue. The resolution of the Taiwan issue will have significant repercussions for the East Asian and global economies.

The impact on Korean industries if the exclusion from the Chinese supply chain is eased is analyzed to be complex. Both opportunities and threats exist due to the supply chain reorganization, and Korean companies need to prepare thoroughly for this.

Warnings are also issued about the possibility of former President Donald Trump negotiating with China for his political gain. This suggests that U.S.-China relations could unfold in unexpected ways depending on the outcome of the U.S. presidential election.

This dynamic between the U.S. and China is expected to act as a significant variable in the business strategies and investment decisions of Korean companies.

This system originated from criticisms of the existing practice where major shareholders monopolized management premiums.

The tender offer price will rise by the value of the management premium, allowing minority shareholders to share in the sale profits. This is expected to strengthen the protection of minority shareholders' rights.

Counterarguments are made against concerns that the introduction of the system could shrink M&A activities. Instead, it is argued that by creating a fair market environment, it can contribute to the transparency and revitalization of the M&A market in the long term.

They cited overseas examples such as the UK, EU, Hong Kong, and Singapore, emphasizing that all shareholders should be given equal opportunities to sell. They propose a full tender offer as a way to resolve the controversy over equity between controlling and general shareholders.

Furthermore, they take a strong stance that if the current 50%+1 share system is not supplemented, it would be better not to legislate it at all. This reflects a deep concern about the effectiveness of the system and the issue of shareholder equity.

CCL, a core component that serves as the backbone of semiconductor substrates, is growing in importance due to the increasing demand for high-performance semiconductors.

This investment will be carried out in stages over three years until 2028, with operations targeted to begin in the second half of this year. This is interpreted as a proactive strategy to respond to the projected growth of the semiconductor market.

In particular, a trickle-down effect from the increase in Nvidia server demand is expected. The expansion of the AI and high-performance computing markets is driving CCL demand, and this is analyzed as an opportunity for Doosan to secure a competitive advantage in that market.

This increases the likelihood of the L-SAM, a new missile defense system beyond the Cheongung-II missile defense system, being deployed in actual combat.

Through a joint venture with the UAE, technology transfer and local production are being pursued, presenting a model for Korean defense technology's overseas expansion. Local production contributes to strengthening the UAE's defense industry capabilities.

This holds significant meaning as Korean weapon systems enter the existing U.S.-centric air defense system. This is expected to be an opportunity to internationally prove the excellence and reliability of Korean defense technology.

The UAE consistently shows a high demand for powerful air defense systems due to its frequent exposure to aerial attacks. This security environment accelerates defense cooperation with Korea.

This agreement is evaluated as an important stepping stone for Korean defense technology to solidify its position in the Middle Eastern market.

Analysis suggests that the risk of index decline has decreased, and the possibility of further increases has grown.

The semiconductor sector leads the surge, with all stocks, including Nasdaq, showing an upward trend. Technology-driven growth is injecting vitality into the overall market.

The decline in the U.S. 10-year Treasury yield acts as a factor providing relief to the market. Lower interest rates alleviate companies' financing costs and improve investment sentiment.

The Bank of England (BOE)'s decision to freeze interest rates also contributed to resolving market uncertainties. While the interest rate policies of major central banks have a significant impact on the market, the BOE's decision is interpreted as a positive signal.

The Fed's bond holdings, which once grew to $9 trillion, have recently recovered to around $6.64 trillion.

This suggests that the Fed has policy leeway to adjust its tightening stance by injecting liquidity into the market. Selling bonds has the effect of absorbing money from the market.

The cessation of bond sales by global central banks, including the UK, is raised as a possibility to induce a fall in U.S. Treasury yields. This is interpreted as a sign that a global trend of easing tightening may spread.

Consequently, the end of the Fed's bond sales, coupled with changes in the global liquidity environment, could have a positive impact on the market.

This is because various systems, such as reverse trading, credit margin, and CB/BW collateral loans, are applied based on the closing price at 3:30 PM.

Confusing after-market trading prices with official closing prices can lead to problems in investment decisions. The 3:30 PM closing price becomes the final benchmark for that day's trading, while after-market trading refers to off-hours trading after that.

Such off-hours trading can have low liquidity and high price volatility, so investors should approach it cautiously. It is important to clearly understand its connection with other systems that use the regular session's closing price as a benchmark.

Discussions to prevent the decoupling of artificial intelligence (AI) systems are likely to emerge as a major agenda item at high-level U.S.-China talks. Both countries have indicated openness to dialogue to prevent a complete separation in AI systems.

Existing semiconductor trade disputes are expected to shift to a stable management mode. This suggests that both countries may pursue controlled competition rather than complete decoupling in key technological areas.

Former President Donald Trump's summoning of key tech executives is also linked to the importance of this AI competition. This reflects the U.S. government's all-out effort to secure leadership in AI technology.

The U.S. and China are expected to hold high-level talks on preventing the decoupling of AI systems, with existing semiconductor trade disputes likely to move to a stable management mode. This also reflects the U.S. government's efforts to secure leadership in AI technology.

This implies that investor fatigue can increase as the process of absorbing selling pressure lengthens.

Institutional investor supply and demand act as a key variable determining the market's direction. Institutional trading trends have a decisive impact on ending index sideways movement and forming new trends.

It is assessed as a phase of energy accumulation for a rebound after sufficient correction. The current sideways trading range is interpreted as a preparatory stage for the next uptrend, where selling pressure absorption and investor sentiment recovery are underway.

As this index sideways movement has already lasted quite a while, investors need a cautious approach to the next direction. It is also considered that the market's energy is accumulated, so the subsequent movement could be strong.

Hyundai Motor's chart is currently in the early stages of an inverse arrangement, and technical analysis rates it as a zone with high downward pressure.

Naver also continues to move within a box range, requiring a meaningful trend reversal. Investor sentiment is expected to improve only if it breaks through a specific price level and creates a new trend.

Technical analysis is useful for identifying entry points, but emphasis is placed on cool-headed evaluation and position sizing for investment decisions. The intrinsic value of the company and market conditions should be considered comprehensively.

Based on the chart analysis of major stocks, the opinion is that investors should maintain a cautious attitude in the current market and keep a close eye on the movements of individual stocks.

Difficulty in understanding process steps persists.

Amidst this complexity, companies with niche process strengths (processes specialized in specific fields) are expected to benefit. Analysis suggests that companies with technological capabilities in specific areas can secure competitiveness in the market.

In the past, when semiconductor manufacturers like Samsung Electronics and SK Hynix rose, the entire sector rose together and then fell together. This reflected a market structure heavily linked to the manufacturers' performance.

However, there is now a continuous, unprecedented scale of AI-related demand, suggesting a potential shift in this cycle. The explosive growth of the AI market is providing new investment momentum.

If the AI cycle does not end, the stock prices of semiconductor manufacturers may continue to rise, but after that, materials, parts, and equipment (SooBuJang) companies are likely to rise even more dynamically. There is an expectation that the rise in manufacturers' stock prices will lead to improved performance for SooBuJang companies.

This cycle change also affects investment strategies, and this period is evaluated as one where the growth potential of the SooBuJang sector is highlighted. A new market trend, different from the past, needs to be analyzed.

Analysis suggests a decline in preference for high-end consumption, particularly luxury goods. While economic indicators show positive signs, the prevailing opinion is that ordinary consumers find it difficult to feel an improvement in the economy.

This trend is evidenced by China's retail sales figures and changes in luxury brand market capitalization. Indicators of slowing luxury consumption are observed in various places.

As individual consumers experience economic stagnation, a trend towards recession-proof consumption has begun to attract attention. The tendency to prioritize value for money or focus on essential consumer goods is strengthening.

Legacy companies in sectors such as cosmetics are seen adapting to the recession-proof consumption trend through structural improvements. These companies are adjusting their products and marketing strategies to match the changing consumption environment.

KOSPI companies tend to react more strongly to global economic conditions than to domestic policies.

Conversely, due to its market size and the characteristics of its constituent stocks, the KOSDAQ market is relatively more dependent on government policies. With a higher proportion of small and venture companies, it is sensitive to government support policies or regulatory changes.

Recently, a shift in the market's nature has been observed in the KOSDAQ market with an increase in the proportion of materials, parts, and equipment (SooBuJang) companies. This is a phenomenon where the KOSDAQ market's growth momentum is intertwined with changes in the industrial structure.

Therefore, investors should formulate investment strategies considering these differences in policy sensitivity between the KOSPI and KOSDAQ markets. Understanding the characteristics of each market is crucial.

While Securitize methods and similar are permitted, if an intermediary such as DTCC is involved and a third party issues tokens, conditional approval is granted.

The condition is that if a third party issues tokens, the company can exercise its right of refusal if it does not give written consent within 30 days. This is to strengthen corporate control and prevent unauthorized token issuance.

This regulation will be in effect temporarily for 5 years, accompanied by restrictions on the number of tokenizable assets and trading volume regulations. The SEC plans to adjust regulations gradually while monitoring market conditions.

This conditional approval reflects the SEC's intention to foster the healthy growth of the tokenized stock market while not undermining the stability of existing financial markets.

The main factor currently limiting Bitcoin's price increase is analyzed to be short-selling pressure.

It is assessed that there is sufficient room for further Bitcoin increases if short liquidations and institutional investors reduce their hedging short positions. This suggests that buying pressure in the market could strengthen.

Negative opinions are voiced regarding concerns about the nullification of regulatory guidelines upon a change of government. Institutional discussions on Bitcoin have already progressed significantly, making it unlikely that a change in government will lead to a rapid policy reversal.

Therefore, the Bitcoin market may show significant volatility depending on short-selling trends and institutional investor movements, while maintaining a positive long-term outlook.

An incident occurred where 26 domestic users of Polymarket were booked, and 18 of them were sent to the prosecution. The police are investigating Polymarket betting as gambling.

However, investors point out that Polymarket's service is a prediction market, and its definition as gambling is unclear. There is no clear legal standard for gambling, causing confusion among investors.

In countries like the US and Japan, there is a tendency to focus on policy discussions regarding prediction markets rather than booking Polymarket users. This contrasts with the domestic investigative approach.

This controversy has heightened concerns among domestic digital asset investors about legal uncertainty and regulatory direction.

This bill stipulates that the federal government will hold confiscated bitcoins for up to 20 years without selling them, through criminal or civil procedures.

If the period exceeds 20 years, it allows for the sale of up to 10% over two years, upon the recommendation of the Secretary of the Treasury. This aims to prevent market disruption due to sudden, large-scale government sales.

New Bitcoin purchases are set as a research phase using a fiscally neutral approach, rather than immediate implementation. This reflects the intention to carefully approach new Bitcoin purchases to avoid tax waste.

This bill is evaluated as a first step towards increasing transparency in government management of confiscated assets and recognizing the long-term value of Bitcoin.

There is a movement to improve the past practice of taxing network fees as asset disposals.

However, certain parts, such as service providers who act as intermediaries for network fees, may be an exception. This appears to be a detailed provision considering the complex digital asset trading environment.

The detailed clarification of US tax law raises the need for benchmarking in establishing domestic digital asset taxation policies. The intention is to rationally revise the domestic tax system by referring to overseas cases.

This tax clarification is expected to reduce confusion among digital asset investors and increase market predictability.