April 26, 2019

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L&K Biomed at risk of being delisted by KRX

L&K Biomed is at risk of being delisted by bourse operator Korea Exchange, according to industry sources on April 24.The South Korean health care company’s stock trading has been suspended, as an external accounting auditor has issued a “disclaimer of opinion” on its internal accounting control system. The auditor said that its foreign sales were recorded falsely. According to the auditor, L&K Biomed had considered products moved to a foreign unit as sales, though the related amount can only be

Asiana Airlines credit placed on negative watch despite relief package

Asiana Airlines, South Korea’s distressed No. 2 carrier, was placed on a watchlist for a possible downgrade by a Korean credit rating agency on April 23, despite its creditors’ plan to extend a 1.6 trillion won ($1.4 billion) relief package the same day.Related:Asiana share price soars on Kumho’s decision to sellKumho Asiana creditors demand asset sell-off, solid loan repayment planCorrected audit report weighs on Asiana AirlinesSeoul-based credit rating agency NICE Investors Service put the com

Envisaging homegrown unicorn, Korea seeks to fend off foreign investor-led round funding

Venture capitalists in the global startup scene have to pay a hefty price -- hundreds of millions of dollars -- to take part in a later-stage round of investment. In South Korea, one of the nations riding the up cycle in the startup ecosystem, domestic venture investment in startups has mainly been concentrated in small- and midsized investment rounds with a risk-averse stance. Startups lose out on early-stage seed funding and larger-scale investment rounds. FSC Chairman Choi Jong-kuYonhapRelate

Anchor Equity Partners acquires Burger King Japan

Hong Kong-based global private equity firm Anchor Equity Partners, which owns Burger King Korea, has acquired Burger King Japan from Lotte GRS, according to industry sources on April 24.Although the PEF did not disclose the acquisition price, industry sources estimate the amount to be around 10 billion won ($8.7 million). Currently, there are 84 Burger King outlets in Japan. Among these stores, the PEF is acquiring 50 to 60 outlets, excluding those suffering severe losses, sources said.Burger Ki

OliPass plans to go public this year

South Korean bio company OliPass is preparing to go public by the end of the year, according to sources on April 23.Preparing to start the initial public offering process, the company has picked Mirae Asset Daewoo and Kium Securities as IPO managers. According to sources, OliPass will file for preliminary screening at the Korea Exchange on April 22. The company plans to apply under the special standards of the bourse operator, which allows the listing of promising companies that have not yet pos

Boryung Pharmaceutical establishes new production facility in Yesan

South Korean pharmaceutical company Boryung Pharmaceutical announced on April 23 that it has established a new production facility in Yesan, South Chungcheong Province.The new site in Yesan, which started construction in March 2017, spans around 145,097 square meters. Boryung Pharmaceutical has injected around 160 billion won ($140.12 million) to establish the facility.According to the company, it decided to establish the site in Yesan to assist its expansion overseas. “In our new Yesan producti

Hana’s Lotte Card acquisition to leverage economies of scale: analysts

Hana Financial Group, South Korea’s third-largest commercial bank-led financial holding company, has emerged as the top candidate for a projected 1.5 trillion won ($1.3 billion) acquisition of Lotte Card, according to analysts and industry watchers. Other contenders such as Hanwha Group and IMM Private Equity have reportedly walked away from the bid to acquire the 98.37 percent stake in Lotte Card. Bid manager Citigroup Global Markets Korea Securities will choose a preferred bidder by early May.

Netmarble stock price jumps as BTS hits another Billboard No. 1

Stock prices of South Korean mobile game giant Netmarble Games soared after K-pop boy band BTS topped the main Billboard 200 album chart for the third time in less than a year.The company’s stock price, which once dropped to near 100,000 won ($87.60) at the beginning of the year, closed at 133,000 won on April 19. As of today, the game maker’s stock price jumped further by 2.26 percent to 136,000 won.  Bang Jun-hyuk, founder of NetmarbleNetmarble is closely cooperating with Big Hit, the entertai

MitoImmune Therapeutics secures funds worth W12b

South Korean bio startup MitoImmune Therapeutics announced on April 22 that it has closed its series A round after raising 12 billion won ($10.5 million). Four investors -- the state-run Korea Development Bank, KB Investment, BNH Investment and SL Investment -- participated in the investment round.MitoImmune Therapeutics was established in August last year by founder and CEO Kim Soon-ha, who worked in the bio sector in South Korea’s top chemical firm LG Chem. According to sources, investors saw

Global tech firms face-off over foldable mobile displays

What was once a Samsung-Apple battle is now seeing many global rivals.The seven-year patent dispute between smartphone giants Samsung Electronics and Apple has thrown the spotlight on intellectual property rights -- the big elephant in the room that will likely determine the fate of market front-runners.The next big buzzword now is “foldable smartphones,” kick-started by Samsung, which is slated to roll out its first-ever foldable smartphone model Galaxy Fold on April 26.Samsung Electronics' mob

Greenpeace calls on Hyundai to hasten shift to carbon-neutrality

Activist urges tech firms to reduce e-waste by ending ‘planned obsolescence’ in their productsSouth Korea’s largest automaker Hyundai Motor should speed up its efforts in changing its business portfolio toward carbon-neutral in order to avert a major blow in the global market within a year or two, according to senior Greenpeace activist Jude Lee.Globally, countries are setting stricter climate targets in response to growing environmental concerns. The European Union, which aims to be climate neu

JYP chief becomes top stock-rich K-pop agency owner

JYP Entertainment founder and Chief Communications Officer Park Jin-young topped the list of stock-rich entertainment agency owners in Korea, data showed on April 21, amid the industry’s struggle to recover from an ongoing sex scandal involving multiple K-pop stars. The value of JYP stocks held by Park had increased 1 percent, or 1.9 billion won ($1.7 million), from the end of 2018, to 192.2 billion won as of April 18, according to conglomerate research firm Chaebul.com. Park is the largest shar

Seoul’s commercial realty transactions jump 68% in Q1, Seoul Square deal takes up half

Asiana Airlines credit placed on negative watch despite relief package

Anchor Equity Partners acquires Burger King Japan

Netmarble stock price jumps as BTS hits another Billboard No. 1

[EXCLUSIVE] CJ to shut down Bibigo in China by August

[INTERVIEW] Korea awaits shifting sands in M&A market: Bae, Kim & Lee lawyers

JYP chief becomes top stock-rich K-pop agency owner

S. Korea mobile carriers admit shaky 5G network in early stage

Nexon to host big gaming convention NDC 2019

Samsung investigates broken Galaxy Fold

SK hynix completes new fab line in China

FSS calls on financial institutions to forge long-term ties with SE Asia

Mirae Asset invests in $243m mezzanine debt for grade A office building in HK

Kakao Page seeks IPO, selects underwriters

Korea launches robo investing apps for 1st time

CheongKwangJang launches new red ginseng brand

Many foreign, domestic investors keen to acquire Skinfood

Kyung Nam Pharm seeks new owner

GenBody’s proposed IPO plans this year suffer setback

KDB forms co-investing roundtable with 6 local VCs

Abyo Korea hopes to redesign delivery industry

SoCar acquires position tracking startup Polariant

Korean student-led startup Class101 fetches W12b round investment

Why birth order is a big deal at LG

New thinking needed on GM Korea

Fall of the ‘Angel of Death’?

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