May 12, 2021

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EDITOR'S PICKS

• Markets 
  

  Resumed short selling’s impact ‘limited’

  The partial reactivation of short selling in South Korea, which kicked off last week, weakened investor sentiment among day traders, but the overall impact on the market was limited, according to industry sources on May 10. The key stock index maintained its upward trend. Short selling is a trading tactic where investors immediately sell borrowed stocks on a bet that share prices will fall, allowing them to profit by later repurchasing the stocks and returning them to the lender.  In Feb

• Markets 
  

  Jeju Beer, first Korean craft brewer to go public

  The Jeju Beer Company, based on the southern resort island of Jeju in South Korea, said May 10 that it plans to become the first local craft brewer to go public. Its planned market debut on the nation’s tech-heavy Kosdaq this month is set to raise 24.2 billion won ($21.70 million) worth of fresh funds. The homegrown craft brewer seeks to issue some 8.36 million shares in a price band of 2,600-2,900 won, with Daishin Securities as the lead underwriter. “Taking the Kosdaq listing as

• Markets 
  

  Bank association raises red flag over growing altcoin influence

  South Korea’s bank association has recently advised its members to beware of the number of altcoins in order to gauge the trading capacity of an exchange, in an apparent move to reduce exposure to the risks that minor cryptocurrencies are witnessing, industry sources said May 10. “One of the criteria that we recommend is the safety of digital assets and that can be measured by the number of digital coins on an exchange. If an exchange deals with too many digital assets, it takes on

• Markets 
  

  Korean companies increase exposure to digital assets

  　A growing number of South Korean companies are exposing themselves to cryptocurrencies, financial reports filed last year showed, as experts expect the trend to continue and gain traction. 　At least 23 companies reported they were holding various types of cryptocurrencies as intangible assets as of the end of last year, according to financial reports filed with the Financial Supervisory Service, the country’s financial regulator. 　Those with the most cryptocurrency was Dunamu, the opera

• Markets 
  

  Citibank Korea vows to stay committed to local market

  Citibank Korea, the South Korean unit of Citigroup, has pledged to continue its role in supporting the country’s financial system, regardless of its parent company’s plan to withdraw retail banking operations in the nation, the lender said May 6. Last month, the US banking giant announced that it would exit its consumer banking units in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan and Thailand, as part of its global busi

• Markets 
  

  Ex-PM suggests anti-takeover measures for VCs, startups

  Former Prime Minister Chung Sye-kyun on May 6 suggested implementing measures to protect management rights at local venture capital firms and startups, before expanding it to bigger companies. “Korea still lacks institutionalization of anti-takeover measures. I believe the country’s relatively short corporate history is the key reason behind the absence of a poison pill system and dual-class share system,” Chung said at a meeting with chief executive officers of listed firms

• Markets 
  

  Dunamu steps up efforts to protect crypto investors

  Dunamu, an operator of cryptocurrency exchange Upbit, said on May 6 that it will spend 10 billion won ($8.9 million) to set up a unit to protect crypto coin investors. The planned launch of the in-house unit, tentatively named Upbit Protection Center for Digital Asset Investors, is part of the company’s efforts to join the environment, social and governance trend, which has been gaining traction worldwide recently. In addition to the establishment of the investor protection center this ye

• Markets 
  

  Altcoins back in rally mode after pull-back

  　 Cryptocurrencies have been rallying again with some digital coins, like Dogecoin and Ethereum, hitting record highs recently. The prices of coins tumbled last month as governments around the world hinted that they would strengthen regulations on cryptocurrencies, which have no intrinsic value. Ethereum, the world’s second-largest cryptocurrency, spiked to an all-time high of 4,527,000 won ($4,038) on May 4, up 7.12 percent, according to local crypto exchange Upbit The European Inves