April 20, 2019

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Kyung Nam Pharm seeks new owner

Kyung Nam Pharm, a local drug maker known for its vitamin supplement Lemona, has decided to receive letters of intent from April 22-24 to find a new owner. The company plans to pick a buyer for its newly issued shares to become the biggest stakeholder. The preferred bidder will be chosen around May 10.Some local firms, including Bio Genetics -- that intend to acquire the company -- are expected to join the bid. Bio Genetics is a condom maker that bought 11.29 percent stake in Kyung Nam in Februa

Abyo Korea hopes to redesign delivery industry

About a year ago, Dasan New Town, a gigantic new apartment complex in Gyeonggi Province, found itself at the center of a nationwide controversy. A car-free community, it faced a dispute with delivery companies because it was impossible for trucks to get past the entrance. Delivery people were expected to complete their routes on foot. Refusing to comply, the couriers left the packages at the complex entrance. The impasse was eventually resolved, but it highlighted the difficulties that the deliv

KDB forms co-investing roundtable with 6 local VCs

State-run Korea Development Bank announced on April 18 that it has formed a co-investing roundtable with six local venture capital firms to help Korean startups reach a unicorn status. KDB said it is teaming up with VCs dedicated to startup investments -- Korea Investment Partners, Smilegate Investment, Intervest, KTB Network, IMM Investment and LB Investment. KDB Vice Chairman Sung Joo-yung (fourth from left) and representatives of Korean VCs pose for a photo at a ceremony celebrating the launc

SK Biopharma signs contract with US new drug developer

SK Biopharmaceuticals, a drug development unit of South Korea’s telecom-to-energy conglomerate  SK Group, announced on April 18 that it has signed a contract with US-based biotech company twoXAR to co-develop a new drug for treating non-small cell lung cancer.Non-small cell lung cancer is the most common type of the disease accounting for around 85 percent of the total patients. In 2018, around 2 million additional patients were diagnosed with non-small cell lung cancer.The California-based comp

Legal battle looms as approval for 1st for-profit hospital gets canceled

Attempts to open a for-profit hospital in South Korea have collapsed, portending a long-drawn legal battle between Jeju Self-Governing Province and a Chinese group that feels betrayed. The approval for Greenland International Hospital, which was poised to become the nation’s first for-profit medical center, was nullified as the Jeju Island government withdrew its a permission. The cancelation came as it refused a request to extend the three-month deadline which ended March 4. “Greenland failed t

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

Mirae Asset Daewoo said on April 18 that it has invested $243 million in mezzanine debt for Goldin Financial Global Centre in eastern Kowloon Bay, Hong Kong. Courtesy of Goldin Financial Global CentreRelated:Mirae Asset to buy Majunga Tower in Paris for W1trMirae Asset Daewoo to inject US$300m to buy Hong Kong skyscraperMirae Asset to buy W500b office building from BlackstoneMirae Asset Daewoo invests W110b in Four Seasons hotel in HawaiiSingapore’s sovereign wealth fund GIC and Deutsche Bank ha

WGSN trend specialist forecasts beauty trends at ‘Make Up in Seoul’

Trend specialist Charlie Clark from global trend forecasting agency World’s Global Style Network gave a speech about “The Future of Beauty 2020” on April 15 during an event titled “Make Up in Seoul.”Clark projected in detail macro trends and five major ideas that will impact the beauty industry in 2020.She suggested that more customers will care about sustainability, so the industry will have to consider environmentally friendly and green packaging for cosmetic products. “Sheet masks will also c

CJ ENM again denies Dexter Studios acquisition rumor

Seoul-based media giant CJ ENM reiterated April 17 that it is not taking an acquisition of Dexter Studios into consideration, months after a previous denial in January. “(CJ ENM) is not pursuing an acquisition of Dexter Studios,” CJ ENM said in a regulatory filing April 17. “But (CJ ENM) is taking many options, from financial investment to strategic partnership, into account to strengthen contents production capacity (with Dexter Studios) for TV series and films.”Dexter Studios also said in a fi

Korea launches robo investing apps for 1st time

South Korea launched its mobile robo investing apps for the first time on April 17. They not only provide financial advice, but also manage customer’s investments without human intervention. Courtesy of Quarterback InvestmentsThe apps debuted on the Android platform through a joint effort by brokerage firm KB Securities and asset management firms December & Company and Quarterback Investments. It will be available on the Apple App Store in May. The artificial intelligence technology realigns a p

SoCar acquires position tracking startup Polariant

South Korea’s leading mobility platform operator SoCar has acquired Polariant, a startup that develops positional tracking technology using polarized light detection, the company said April 17. Polariant is the second startup SoCar has bought, after VCNC, which currently provides ride-sharing service Tada. Founded in 2015 by three co-founders, Polariant develops polarized light sensing solutions that allow accurate location detection where there is no GPS service, such as underground parking lot

Hyundai, Santander jointly launches consumer financing arm in Brazil

Banco Hyundai Capital Brasil has been launched with initial capital of 300 million Brazilian reais ($76.8 million) to support customers and dealers of carmaker Hyundai Motor with financial services, Hyundai Capital said on April 17. From left: Andre Novaes, CEO of Aymore Credito, a wholly owned entity of Banco Santander Brasil; Cezar Janikian, CEO of Banco Hyundai Capital Brasil; Yoono Hwang, Global President of Hyundai Capital; Angel Santodomingo, Vice President and CFO of Banco Santander Brasi

Hyundai Oilbank buys time for IPO after Aramco’s W1.4tr stock takeover

Hyundai Heavy Industries Holdings has agreed to sell its 17 percent stake in Hyundai Oilbank to Saudi Aramco for 1.4 trillion won ($1.2 billion), leaving the refiner more unlikely to opt for an initial public offering for the time being. Courtesy of Hyundai OilbankRelated:Aramco’s investment in Hyundai Oilbank aimed at maintaining hold on marketHyundai Oilbank mulls postponing W2tr IPO to next yearCapital raised through IPO lowest in five yearsAccording to a disclosure on April 15, Daegu-based H

Many foreign, domestic investors keen to acquire Skinfood

Kyung Nam Pharm seeks new owner

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

EV battery sector emerges as S. Korea’s new growth engine

Kakao Page seeks IPO, selects underwriters

SK Innovation inks supply deal for key material for EV batteries

GenBody’s proposed IPO plans this year suffer setback

Samsung investigates broken Galaxy Folds

SK hynix completes new fab line in China

Naver to beef up cloud-computing biz

Korea to help chipmakers amid slowing exports

Korea to reduce securities transaction taxes in June

Seoul requests exemption from US auto duties

Does NH's Indonesian underwriter unit underprice IPOs?

Seoul welcomes WTO’s ruling on Fukushima seafood ban

8 foreign carmakers to recall over 20,000 vehicles

LG partners with CJ Foodville to deploy robots

NeoImmuneTech’s drug candidate obtains US FDA orphan drug designation

High-emission vehicles to be restricted from downtown Seoul

Korean student-led startup Class101 fetches W12b round investment

Shinhan’s fintech innovation hub to ramp up startup support with FOF firm

Troubled media startup sellev. gears up for fresh start with new CEO

WeWork reinforces partnerships with local governments

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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