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The Korea Herald

Markets

August 18, 2020
KB acquires Amazon-owned distribution facility in Edinburgh

Local brokerage firm KB Securities has acquired a distribution warehouse operated by US ecommerce giant Amazon in Edinburgh, Scotland for some 100 billion won ($84 million), according to news reports on August 18. In partnership with local investment firm LB Asset Management, the subsidiary of KB...
August 13, 2020
MSCI index adds 3 Korean biotech stocks

Morgan Stanley Capital International announced on August 13 it has added three South Korean biotechnology stocks to its MSCI Korea Index. This comes as the technology prowess of the companies has come under the limelight during the novel coronavirus outbreak and subsequently drove up their stock ...
August 11, 2020
Gen2 Partners fund freeze headache for brokerages, banks

South Korean financial institutions associated with Hong Kong-based hedge fund manager Gen2 Partners are in a predicament as they struggle to ensure the investment -- sold by them -- could be redeemed later on. Brokerage firms here that sold Gen2 Partners’ funds, invested in the funds or issued d...
August 11, 2020
Talks for HDC-Asiana deal likely to prolong

Both HDC Hyundai Development Company and Kumho Industrial said on Tuesday that arrangements for face-to-face negotiations over the acquisition of Asiana Airlines are ongoing, which may effectively go on after the Wednesday’s deadline. One official at Kumho confirmed that the deadline no longer h...
August 05, 2020
Kakao Bank outruns traditional banks in monthly active users

South Korea’s largest internet-only bank said on August 5 that its number of monthly active users in June surpassed 11 million — the highest in the nation’s entire bank industry. Kakao Bank’s increasing number of users also boosted its earnings in the first half with its net profit standing a...
August 04, 2020
K bank ups ante with online mortgage service after capital raise

In its first step since resuming operation, internet-only lender K bank unveiled a mobile mortgage loan service on August 4, which allows customers to borrow money without visiting brick-and-mortar banking branches. Utilizing data scraping technology to gather customers’ credit information onlin...
August 04, 2020
Kakao Games pushes for September IPO

Kakao Games, the games unit of Korea’s mobile giant Kakao, has submitted a registration statement to the Financial Services Commission, hoping to get listed on the nation’s tech-heavy Kosdaq market in September. By issuing 16 million new common shares, at a price between 20,000 won and 24,000 w...
July 31, 2020
Global X lists telemedicine, digital health ETF on Nasdaq

The New York-based provider of exchange-traded funds Global X has listed its ETF -- which invests in global telemedicine and digital health companies -- on the Nasdaq, parent company Mirae Asset Global Investments said on July 31. The product -- the Global X Telemedicine & Digital Health ETF -- t...
July 30, 2020
Korea allows large firms to hold venture capital units

South Korea will allow holding companies of conglomerates to run corporate venture capital units in order to boost investment in startups and invigorate the economy, officials said on July 30. The government said it will also prepare tools to quell concerns of side effects, such as the excessive ...
July 29, 2020
Shinhan chosen as preferred bidder for Doosan’s VC unit

Shinhan Financial Group, a major banking group in South Korea, has been selected as the preferred bidder for the acquisition of a venture capital company under cash-strapped conglomerate Doosan, sources said on July 29. Shinhan, a financial giant that has no venture capital unit, has been eyeing ...
July 28, 2020
Stock transactions driven by retail investors jump in H1

Stock trading transactions on mobile platform Stockplus more than doubled in the first half of the year, mainly due to retail investors, platform operator Dunamu said Tuesday. The transaction volume between in the January-June period rose 117.5 percent on-year, with the accumulated transactions e...
July 28, 2020
K bank eyes IPO in 3 years with new funding

South Korea’s first internet-only bank K bank plans to go public in three years, according to industry sources on July 29. The company recently raised new funds worth some 400 billion won ($334.5 million) by issuing new stocks and convertible preferred stocks with its capital increasing to 900 b...
July 27, 2020
Samsung Asset delays merger with hedge fund arm

Samsung Asset Management disclosed Sunday it has put a merger plan with its wholly owned hedge fund subsidiary on hold. The Seoul-based asset manager that oversees 26.9 trillion won ($22.3 billion) in assets -- the most in Korea -- added it would make an announcement once the date of merger is re...
July 23, 2020
Watchdog accuses Optimus hedge fund of fraud, embezzlement

The nation’s financial watchdog said on July 24 its probe revealed that scandal-ridden hedge fund Optimus Asset Management faked the fund portfolio to its investors, misappropriated their money and obstructed the authorities’ investigation. “Optimus misguided fund investors to pool their money,...
July 23, 2020
Jeju Air pulls plug on Eastar Jet with nowhere to go

After months of negotiations and trading barbs, Jeju Air finalized its decision on July 23 to scrap its plans to purchase Eastar Jet -- a decision that may have been inevitable for Jeju amid uncertainties, but was detrimental to some 1,500 budget airline employees who may now lose their jobs. “D...

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