July 18, 2018

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Kakao Friends gets new name Kakao IX after takeover

Following an inter-subsidiary acquisition, Kakao Friends, a character licensing subsidiary of mobile software giant Kakao, changed its name to Kakao IX on Wednesday. Kakao IX is short for Kakao Innovative eXperience. Other than selling goods that use Kakao’s intellectual property for characters, Kakao IX will serve as a documentary magazine publisher, food and beverage brand owner and real estate developer, the company said. (Kakao IX)This came after Kakao Friends on July 2 took over Joh & Co.,

Kolon Life Science signs W230b deal to spply Invossa to China

[THE INVESTOR] Kolon Life Science said on July 18 that it has entered an agreement with a Chinese health care provider to export Invossa, an injectable cell gene therapy for osteoarthritis in a deal worth 230 billion won (US$203.50 million). Under the deal, Kolon Life Science will supply Invossa to Hainan, an island province of China that the government is pushing to turn into a medical tourism destination, while China Life Medical Centre will be in charge of regulatory approval, sales and marke

Why Korea is the world’s hottest place for ICOs, blockchain

[THE INVESTOR] Despite the latest boom and bust in Korea’s cryptocurrency market, industry experts believe the tech-savvy nation is still the hotbed for testing and developing blockchain projects, and to advertise initial coin offerings. “We don’t live in a single country, but within a global network. This means, if a project has great value, it can raise capital from all over the world,” Simon Kim, CEO and founding partner of Hashed, Korean blockchain project accelerator and investor, said in h

[Q&A] SoCar CEO Lee Jae-woong hints at aggressive investments

[THE INVESTOR] Lee Jae-woong is Korea’s first generation of entrepreneurs. The 50-year-old founded internet giant Daum Communication, now Kakao Corp. After stepping down as Daum CEO in 2007, he has focused on investing in startups and social ventures. In April, while announcing that SoCar secured an investment of 60 billion won (US$53 million) from Private equity firm IMM PE, Lee made a comeback as CEO by heading Korea’s largest car-sharing platform. He is also the largest shareholder of the com

YD Global Life Science files IND for diabetic retinopathy drug

[THE INVESTOR] YD Global Life Science said on July 17 that it filed an application with the US Food and Drug Administration for phase 2a clinical trials of its diabetic retinopathy drug candidate YD-312. Diabetic retinopathy is the most common eye disease that affects millions of people with diabetes and a leading cause of vision loss. “YD Global Life Science’s YD-312 has achieved an increase in potential for global market entry by nearly completing filing patent applications in major markets li

Education startup Yanadoo picks Korea Investment & Securities as IPO manager

[THE INVESTOR] Korean online English and Chinese education startup Yanadoo selected Korea Investment & Securities as its initial public offering manager, according to industry sources on July 16.According to sources, Yanadoo selected IPO manager without going through the official procedures of sending out a request for proposal documents and conducting a presentation about the firm. The selection was reportedly based on the personal relationship between a top executive of the startup and Korea I

JB Financial’s full ownership of Kwangju Bank a boon for investors: analysts

[THE INVESTOR] JB Financial Group’s full ownership of Kwangju Bank will be a boon for its stock price, which has struggled to gain traction despite the banking unit’s upbeat earnings in recent years, according to local analysts on July 16.　 JB Financial, the largest shareholder of Kwangju Bank with a 56.97 percent stake, said on July 13 it will acquire a remaining 43.03 percent stake in a share swap deal in October. Following the deal, the bank will become the group's fully owned subsidiary.　 “J

KRX chief hints at ‘Pyeongyang Exchange’

[THE INVESTOR] Jung Ji-won, CEO of the Korea Exchange, on July 16 hinted that the South Korean bourse operator could play a role in launching a stock exchange in North Korea, the last untapped capital market in Southeast Asia, like it did for Vietnam decades ago. “Amid prospects for inter-Korean reconciliation and the possible resumption of business exchanges, we need to consider a partnership with the North on capital market infrastructure,” he told reporters in a news conference in Seoul. “It

Daewoong Pharma meets foreign investors to promote Nabota

[THE INVESTOR] Daewoong Pharmaceutical has hold its first ever non-deal roadshow to promote its botulinum toxin which is expected to be the first Botox biosimilar to hit the US market. The roadshow was held between July 10-13 in Singapore and Hong Kong.Although Daewoong is a leading drug maker here with nearly 60 years of operation, foreign investors’ awareness of the company is far lower than other Korean biotech firms that are developing botulinum toxin products, according to NH Investment & S

E-mart set to open cosmetics store in Saudi Arabia

[THE INVESTOR]  E-mart announced that it is set to launch its first cosmetics outlet Scentence in Saudi Arabia on July 22. “The fast-growing cosmetics industry in Middle East is an attractive market, and we are expecting stable growth there due to boom of K-beauty,” E-mart official Jung Kyung-Ah, who works in Health& Beauty sector, said in a statement.Established in 2016, Scentence is the Korean retail giant’s cosmetics specialty store that focuses on scents. The new Scentence store will be loca

Korean Air chairman accused of embezzling corporate funds to buy stocks for children

[THE INVESTOR] Korean Air and Hanjin Group Chairman Cho Yang-ho is accused of using embezzled company funds to buy stocks for his children as part of their succession in the conglomerate. The prosecution on July 16 said it found new evidence that Cho, who is under investigation for alleged embezzlement, tax evasion and breach of trust, may have used unfair profits earned through awarding contracts to companies controlled by family members to purchase shares for his three children: Hyun-ah, Won-t

Inside the FSC ruling on Samsung BioLogics

[THE INVESTOR] A long-standing controversy over Samsung BioLogics’ accounting practices has concluded for the time being as the country’s financial watchdog ruled that it clearly violated related rules. The decision, however, only touched upon a relatively minor issue that the company “intentionally dropped” a regulatory filing.The authorities are expected to make another decision to address the heavier charges involving its change of accounting methods for its stake in Samsung Bioepis, which in

Lotte Mart to expand further in Mongolia

Daewoong Pharma meets foreign investors to promote Nabota

Ministop Korea denies rumors of closing shop

Korean Air chairman accused of embezzling corporate funds to buy stocks for children

[NORTH KOREA] KRX chief hints at ‘Pyeongyang Exchange’

Inside the FSC ruling on Samsung BioLogics

BOE to supply OLED for Huawei’s Mate 20

Kakao’s character licensing arm gets new name

Samsung Electronics ready to become ‘first-mover’ in global 5G equipment business

Samsung to pay record high incentives to partners

Kakao affiliate Hasys plans to raise W6b funds

Asiana Airlines shares take a roller-coaster ride on buyout rumors

[EQUITIES] ‘Ottogi to gain from governance restructuring’

[EQUITIES] ‘Lotte Shopping needs more time to recover’

[EQUITIES] ‘SK Networks to improve in H2’

Janssen to test JNJ-64565111 as treatment for severe obesity, diabetes

Unlikely alliance: Workers from rival airlines protest scandal-hit ownership families

Korea’s EV sales top 10,000 units in H1

Samsung BioLogics deliberately broke accounting rules: FSC

SoCar invests in self-driving technology firm RideFlux

CareLabs acquires dating app operator BNK Lab for W11b

Recruitment platform Wanted acquires Kreditjob.com

[INTERVIEW] Timing is secret to startup success: Refactor Capital founder

Why birth order is a big deal at LG

New thinking needed on GM Korea

Fall of the ‘Angel of Death’?

Wherever you end up going