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The Korea Herald

Markets

November 11, 2020
Kakao Bank’s IPO plan picks up speed

South Korea’s leading online bank Kakao Bank has launched a procedure to pick lead underwriters for its public initial offering, according to industry sources on Nov. 11. The affiliate of mobile messenger firm Kakao has sent a request for proposal to domestic and global brokerages to explain the...
November 11, 2020
SK’s bio, chemical units, Doosan Heavy join MSCI Korea Index

Morgan Stanley Capital International announced on Nov. 11 that it has added three large- and mid-cap South Korean stocks -- SK Biopharmaceuticals, SK Global Chemical and Doosan Heavy Industries & Construction -- to its global and regional equity index, as part of November rebalancing. As anticipa...
November 10, 2020
Proxy advisers oppose KB’s union-recommended outside directors

South Korea’s largest proxy adviser, alongside Institutional Shareholder Service and Glass Lewis, has urged KB Financial Group shareholders against the appointment of two outside directors apparently recommended by the firm’s labor union, industry sources said on Nov. 10. The Korea Corporate Go...
November 09, 2020
State-owned firms plan to build W4tr data center park

State-owned companies, including land developer Korea Land & Housing Corp. and Korea Data Center Council, an organization that promotes the local data center industry, have signed an agreement to spend approximately 4 trillion won ($3.6 billion) to build a data center park powered by green energy s...
November 09, 2020
Weak dollar triggers 15 month-high foreigner stock investment

The weakening US dollar against South Korean won has invited the highest amount of foreign investment in Korean stocks in 15 months, data showed on Nov. 9. Foreign investors net bought Korean listed stocks worth 1.36 trillion won ($1.22 billion) in October, the highest monthly figure since Augus...
October 27, 2020
Kakao’s financial subsidiaries gear up for 2021 IPOs

Two financial subsidiaries of South Korean mobile messenger giant Kakao are taking a step toward initial public offerings next year, picking up an additional underwriter and securing investments from a global private equity fund, according to local investment banking sources on Oct. 27. Kakao Pay,...
October 27, 2020
Hanwha Asset gains PFM license for mainland China

Hanwha Asset Management said on Oct. 27 its wholly owned Chinese unit has been granted a private fund management license for mainland China. A PFM license, approved by the Asset Management Association of China, allows foreign asset managers to create and sell funds investing in onshore stocks an...
October 26, 2020
Woori Financial’s Q3 net profit drops 1.13%

Woori Financial Group said on Oct. 26 that its third-quarter net profit dropped 1.13 percent on-year to 479.8 billion won ($425 million). The figure was calculated based on the respective sizes of the stakes Woori holds in its units. Under the premise that Woori holds 100 percent stake in all of ...
October 26, 2020
NH NongHyup sets up Myanmar branch

NH NongHyup Bank said on Oct. 26 it has launched its branch office in Yangon, the largest city of Myanmar to expand its presence in the Southeast Asian country. The establishment of Yangon-based branch came after the lender had obtained final approval from the country’s central bank in late June...
October 22, 2020
Shinhan Financial, Grab partner on digital finance services in Vietnam

Shinhan Financial Group said on Oct. 22 that it had signed a memorandum of understanding with the Vietnamese subsidiary of Singapore-based ride-hailing giant Grab to jointly develop new digital financial services. Under the agreement, Shinhan’s startup accelerator unit, Shinhan Future’s Lab Vie...
October 19, 2020
KIC under fire for investing in money-losing marijuana stocks

South Korea’s sovereign wealth fund Korea Investment Corp. was seeing a stock price fall in Ontario-based marijuana maker Canopy Growth, as its $18 million bet on the company lost glitter in the first half of 2020, a lawmaker said on Oct. 19. The ruling Democratic Party of Korea’s Rep. Jung Su...
October 19, 2020
PDI Seoul Forum turns virtual in 2020

London-based financial intelligence company PEI said Oct. 19 it planned to hold PDI Seoul Forum Virtual Experience on Nov. 10. The virtual event, organized by PEI’s publication Private Debt Investor, is expected to offer participants a glimpse of private debt investment strategies, debt investo...
October 16, 2020
IMM PE looks to exit from Taihan Electric Wire

South Korea’s buyout firm IMM Private Equity is looking for a buyer for Taihan Electric Wire starting November, five years after it invested 300 billion won ($261.7 million) in the then-debt-saddled company for a controlling stake, according to sources on Oct. 16. Shares of Taihan, the nation’s...
October 16, 2020
Bit Hit shares slide after stellar IPO

Share price of Big Hit Entertainment, an entertainment agency behind K-pop boy band BTS, slid for two straight days right after the high profile initial public offering on Oct. 15. The company’s stock price traded 19.77 percent lower at 207,000 won ($180.6) in intraday trading Friday. After soar...
October 15, 2020
Economic powder keg remains despite Korea‘s virus containment: S&P

Despite the containment of the coronavirus pandemic nationwide, South Korea, Asia’s fourth-largest economy, is still sitting on an economic powder keg, high-ranking officials of credit rating agency S&P Global Ratings said on Oct. 15. While Korea and other Asia-Pacific economies are seeing a rela...

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