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The Korea Herald

Markets

June 01, 2020
SCM Lifescience lowers IPO price in second attempt

South Korea’s biotech firm SCM Lifescienc said on June 1 it has decided to lower its initial public offering price range to attract more investors for its market debut this month on the tech-heavy Kosdaq. By issuing 1.8 million new common shares, each at a price between 14,000 won ($11.40) and 1...
June 01, 2020
Retrieval rate of bailout funds up 0.1% in Q1

The rate of bailout funds recouped from companies that borrowed from the government since the 1997 Asian financial crisis rose 0.1 percent in the first quarter to 69.3 percent, the country’s financial regulator said on June 1. As of end-March, the government had retrieved a total of 116.8 trilli...
May 29, 2020
BTS label Big Hit gears for IPO

The South Korean music label behind K-pop sensation BTS has filed for a preliminary review for an initial public offering, according to the nation’s stock market operator Korea Exchange (KRX) on May 29. Founded in 2005 by music producer Bang Si-hyuk, Big Hit Entertainment houses BTS and other K-...
May 29, 2020
Samsung SDI injects capital into JV for EV battery materials

South Korean battery maker Samsung SDI said on May 29 it has started injecting capital into EcoPro EM, a joint venture with EcoPro BM, a supplier of electric vehicle battery materials to Samsung. According to Samsung SDI, it will fund a total of 120 billion won ($96.9 million) with EcoPro BM into...
May 29, 2020
FTC approves Hyundai Oilbank-SK Networks merger

South Korea’s antitrust watchdog has approved Hyundai Oilbank’s plan to take over SK Networks’ gas station business, officials said on May 29. Upon the approval, Hyundai Oilbank has become the second-largest in the industry in terms of the number of gas stations as it has acquired 306 SK Netwo...
May 28, 2020
Listed firms' dividends dip 1.9% in 2019

South Korean listed companies‘ dividend payouts slipped nearly 2 percent in 2019 from a year earlier amid a business slump, data showed on May 27. Cash dividends paid out by 1,094 firms listed on the country’s main and secondary stock markets totaled 22.6 trillion won (US$18.3 billion) last ...
May 27, 2020
Local telecom firms bid for fifth-largest cable TV operator Hyundai HCN

South Korea’s three major telecommunications firms have submitted nonbinding indicative offers to acquire Hyundai HCN, the nation’s fifth-largest cable TV operator owned by Hyundai Department Store Group, according to industry sources on May 27. The three local firms -- KT, SK Telecom and LG Up...
May 27, 2020
[Market Close-up] S. Korean stock market recovers faster than other markets

Buttressed by the buying spree of retail investors and expansion of liquidity, South Korea’s stock market recovered to the psychologically important 2,000-point mark, rebounding faster than other major stock markets around the world. According to the Korea Exchange, the Kospi reached 2,029.78 po...
May 27, 2020
Mirae Asset fined for illegal internal trading, avoids prosecutorial probe

South Korean financial giant Mirae Asset Group is likely to resume its drive to launch a mega-sized investment bank as authorities on May 27 decided not to request a prosecutorial probe for conducting illegal intra-unit trading and instead chose to slap a light penalty. The nation’s antitrust w...
May 27, 2020
One Equity Partners to unload Celltrion Healthcare stake at discount

One Equity Partners, a spinoff of JPMorgan dedicated to middle market investment, is reportedly looking to unload part of its stake in South Korea’s drug distributor Celltrion Healthcare through a block trade for roughly 350 billion won ($283.6 million). The price of some 4 million Celltrion Heal...
May 25, 2020
Acleda Bank lists on KRX-invested Cambodian stock exchange

Acleda Bank, the biggest commercial bank in Cambodia, said Monday it was listed on the Cambodia Securities Exchange in which the Korea Exchange (KRX) has invested. The Cambodian bank had assets of $6.18 billion as of the end of last year. Its market capitalization marked $1.75 billion -- nearly th...
May 25, 2020
IBK fined $86m in US over mishandling anti-money laundering program

State-run lender Industrial Bank of Korea and its New York branch have been fined $86 million by the Attorney General’s Office for allegedly failing to manage their anti-money laundering program, documents and local reports showed Monday. The bank’s apparent decision to delay the upgrade of the ...
May 21, 2020
Kospi briefly above 2000 points on coronavirus vaccine news

South Korean stocks opened higher on May 21 on encouraging news about another candidate vaccine for the new coronavirus, or COVID-19, in the US. Extending gains for the fifth consecutive day, the nation’s main bourse Kospi crossed the 2000-point mark in early morning trading for the first time s...
May 21, 2020
Doosan Bobcat faces credit pressure on US unit’s $300m leveraging plan

South Korea’s construction equipment maker Doosan Bobcat is under credit pressure as its US subsidiary Clark Equipment is looking to leverage $300 million via five-year senior secured notes in May, filings showed on May 21. Clark Equipment’s leveraging plan is adding a financial burden to Doosa...
May 20, 2020
Hana Financial to set up digital insurance unit in June

Hana Financial group, South Korea’s third-largest banking group will launch a digital insurance unit next month through its newly-acquired subsidiary, The-K NON-Life Insurance, according to industry sources on May 20. Branded as Hana General Insurance, the group’s new affiliate, previously a ge...

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