June 22, 2018

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Big Hit investor SV Investment to make KOSDAQ debut next month

[THE INVESTOR] Korean venture capital firm SV Investment that is enjoying juicy earnings growth on its investment in Big Hit Entertainment, the agency behind global sensation BTS, will make its KOSDAQ debut early next month, according to industry sources on June 21.The firm, established in 2006, has invested in diverse sectors ranging from IT, contents and more recently bio and health care. It is also seeking a US$100 million fund along with US-based VC Kensington Capital Ventures.  BTSStill, th

CJ considers IPO of Schwan’s after acquisition: report

[THE INVESTOR] CJ CheilJedang is considering an initial public offering of Schwan’s Co., the US food processor that it is seeking to acquire for a whopping 3 trillion won (US$2.80 billion), according to The Bell on June 21.The report said the IPO is aimed at attracting financial investors like private equity firms to join the bid -- the largest-ever purchase by the Korean food giant. Related:CJ out to acquire US food processor Schwan’sThe firm recently participated in a preliminary bid to acquir

Hyundai Card's new app cuts overseas money transfer costs

[THE INVESTOR] Hyundai Card said on June 21 it has launched a new mobile app that will help cut down on costs for transfering money overseas. The commission for wiring money with the credit card firm's new app is set at 3,000 won (US$2.70), almost one-tenth of the industry average at conventional banks. Up to US$3,000 can be transferred at a time and the annual limit is US$20,000. It's also faster, as it takes up to three business days for the transfer, comparing with the usual one to five days.

CJ Freshway signs MOU with Golden Gate for more biz in Vietnam

[THE INVESTOR] CJ Group’s food distribution and catering subsidiary on June 20 announced that it will further broaden its business in Vietnam with local restaurant brand operator Golden Gate.Golden Gate is the biggest restaurant franchise operator in Vietnam, managing 20 different brands and over 250 franchise outlets, including Korean restaurants like Gogi House and K-pub. CJ Freshway and Golden Gate said they will launch a new business together under the theme “K-Food Culture.”“Through this MO

L’Oreal completes acquisition of Style Nanda

[THE INVESTOR] French cosmetics giant L’Oreal said on June 21 it has completed the acquisition of one of Korea’s leading online retailers amid a rise in the global popularity of K-pop and Korean beauty items.　Last month, L’Oreal announced it will wholly purchase the makeup and fashion company Nanda, famous for its brand Style Nanda. It's the French firm’s first takeover of a Korean firm. The transaction price was undisclosed.　“After obtaining the necessary authorizations from the relevant author

Gov’t probes W35b hacking attack on Bithumb

[THE INVESTOR] The Korean government on June 21 launched a probe into the latest hacking attack on Bithumb, the country’s largest cryptocurrency. 　The Ministry of Science and ICT and Korea Internet & Security Agency sent officials to Bithumb’s Seoul headquarters to collect records and data from computers to investigate the incident in which the exchange lost 35 billion won (US$31.50 million) worth of cryptocurrencies. The government will also check the security system and whether Bithumb is taki

Jin Air CEO quits over alleged concealment of engine problem

[THE INVESTOR] The head of Jin Air has quit over allegations that he forced a pilot to go ahead with a flight last year despite an engine problem.　The budget carrier unit of Korean Air said Kwon Hyuk-min resigned on June 19 for personal reasons.　The resignation came four weeks after employees of Korean Air claimed that the No. 1 engine of a B777-200 jet would not shut down despite a pilot’s efforts to turn it off after landing at Guam on Sept. 19 last year.　The plane, however, left for Incheon a

Kakao eyes acquiring Fund Online Korea

[THE INVESTOR] Kakao Pay, Korea’s top mobile messenger firm’s payment service, is joining the race to purchase Fund Online Korea, a local fund supermarket operator, in an attempt to expand its financial service offerings, according to industry sources on June 20. Six firms have shown interest in taking over Fund Online Korea, including Kakao Pay, KG Inicis and other fintech firms. The approximate deal size is unknown. Fund Online Korea is planning to receive letters of intent by early next month

Snow acquires startup Heart it for W2.08b

[THE INVESTOR] Korean IT giant Naver’s affiliate Snow, which operates a camera app, on June 19 announced that it has acquired the entire stake in shopping platform startup Heart it for 2.08 billion won (US$1.87 million).“We acquired Heart it to strategically cooperate, so we will not intervene in its daily operations. Heart it CEO Seo Su-Ah will retain his position in the firm,” a Snow spokesperson told The Investor.Heart it, established in 2015, provides information about influencer’s fashion i

LG Electronics CEO to talk about AI vision at IFA

[THE INVESTOR] LG Electronics CEO Cho Seog-jin, and Park il-pyeong, CTO of the firm, will deliver opening keynote speeches at the IFA electronics trade fair to be held from Aug 31 to Sept. 5 in Berlin, according to the Korean tech giant on June 20.It will be the first time for top LG executives to take the stage at the trade show to give opening remarks.RELATED:LG CEOs to gather to discuss future strategyUnder the theme of “Think Wise. Be Free: Living Freer with AI,” Cho’s speech will be focused

Samsung BioLogics awaits final ruling in accounting fraud case

[THE INVESTOR] The Securities and Futures Commission is wrapping up over a month-long review of Samsung BioLogics’s controversial accounting practices that could put the 27 trillion won (US$24.30 billion) company at risk of delisting. The SFC, auditing and decision-assisting arm of the country’s top financial regulator Financial Supervisory Commission, convened the third round of meetings with Samsung BioLogics and its auditors KPMG and Deloitte Anjin on June 20 before a final ruling is announce

Samsung will ‘most likely’ turn around in Q3: analysts

[THE INVESTOR] Samsung Electronics’ shares have dropped in the past week due to the negative outlook on its lower-than-expected profits in the second quarter caused partly by the slowing sales of its premium smartphone Galaxy S9.Some analysts said, however, the tech giant will “most likely” make a turnaround in the third quarter thanks to several factors, including improving DRAM demand, launch of Galaxy Note 9 and Apple’s new iPhones during the July-September period. Samsung supplies mobile OLE

Samsung to miss 350 million smartphone shipment goal

CJ considers IPO of Schwan’s after acquisition: report

Fantagio stocks slump as Gold Finance Korea offloads stake

SK chairman’s wife under fire for allegedly abusing chauffeurs

Samsung BioLogics awaits final ruling in accounting fraud case

Jin Air CEO quits over alleged concealment of engine problem

Lotte Duty Free mulls acquiring JR Duty Free

Samsung beefs up R&D staff

LGD bets on OLED to address mounting challenges

Foxconn to launch first Sharp smartphone in Korea

[EQUITIES] ‘SK hynix remains strong’

[EQUITIES] ‘CJ E&M clears M&A uncertainties’

[EQUITIES] ‘LG Chem’s earnings to meet market consensus’

[EQUITIES] ‘POSCO to remain strong in H2’

Hahn & Co. kicks off sale of Woongjin Foods

Daewoong gets EU GMP for Nabota plant

GC Pharma, Yuhan to collaborate for Gaucher’s disease therapy

SK Group plans to spin off 11st

JobPlanet launches big data analytics team

Toss gets US$40m funding from GIC, Sequoia

Pearl Abyss sets up new VC arm

[INTERVIEW] WeWork Labs opens first Asian operation in Seoul

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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