Krafton’s IPO subscription draws lukewarm response from retail investors

Krafton, the South Korean game maker behind global smash hit PlayerUnknown’s Battlegrounds, has drawn lower-than-expected interest from retail investors for its initial public offering, with deposits for the stock offering at 5.04 trillion won ($4.38 billion) by its two-day public subscriptions’ deadline at 4 p.m. Tuesday, according to data compiled by its underwriters. The amount for the accumulated subscriptions was far less than SK ie technology (80.9 trillion won) and SK Bioscie

MarketAug. 3, 2021

Boryung‘s blood pressure drug Kanarb reduces risk of strokes, vascular events: report

Boryung Pharmaceutical on Tuesday disclosed clinical trial results that showed its hypertension drug Kanarb is effective in controlling the blood pressure of patients who have experienced a stroke. By keeping patients’ blood pressure under control, the drug helped reduce the risk of recurrent strokes and major vascular events, it added. The clinical study was conducted at 27 medical institutions in Korea during a 24-week period, involving 1,035 patients who previously experienced an i

TechnologyAug. 3, 2021

Korea’s IPTV operators attempt to carve out ‘tablet TV’ niche

IPTV operators in South Korea are attempting to nurture a new segment -- “tablet TV” -- to meet growing demand for another TV screen, as more people tend to stay home due to the prolonged COVID-19 pandemic. Streaming on-demand video via mobile phones and tablet computers is nothing new, as millions of Koreans already enjoy Netflix and other services. For IPTV operators that rely heavily on fixed-line networks, however, such a “cord-cutting” trend in which viewers dit

TechnologyAug. 3, 2021

Centroid eyes TaylorMade Golf IPO after $1.9b buyout deal

An investor consortium led by the Seoul-based equity firm Centroid Investment Partners has closed a $1.87 billion deal to buy a 100 percent stake in TaylorMade Golf from US private equity firm KPS Capital Partners, Centroid said Tuesday. The buyout deal will lay the groundwork for the US-based golf equipment and clothing maker to go public in the future, the Korean investor said. When TaylorMade does go public, the investor consortium will have enough room to seek a “considerable amount

MarketAug. 3, 2021

S. Korea to sharply increase imports of eggs to stabilize prices

Finance Minister Hong Nam-ki said Tuesday the country will sharply increase imports of eggs in August and September in a bid to help stabilize high prices amid a pick-up in consumer inflation. The country plans to bring in 100 million eggs in August and September, respectively, more than the 70 million eggs imported in June, according to the finance ministry. South Korea brought in 144 million eggs between January and May to ease the supply shortage caused by the outbreak of bird flu here. Hi

EconomyAug. 3, 2021

Over 10 workers at Samsung R&D facility infected with COVID-19

Over 10 workers at a Samsung Electronics Co. local research and development (R&D) center were infected with COVID-19, but there has been no shutdown of the facility, industry sources said Tuesday. Twelve employees at the R5 R&D-focused building in Suwon, just south of Seoul, tested positive for the coronavirus, and those who were in contact with them await their test results, a person familiar with the matter told Yonhap News Agency over the phone. There might be more confirmed coronav

IndustryAug. 3, 2021

Seoul stocks up for 2nd day on tech gains after choppy trading

South Korean stocks rose for a second straight session Tuesday after choppy trading, backed by strong advances by large tech companies. The Korean won increased against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 14.1 points, or 0.44 percent, to close at 3,237.14 points. Trading volume was moderate at about 643 million shares worth some 12.3 trillion won ($10.7 billion), with losers outnumbering gainers 581 to 270. Foreigners bought a net 663 billion won, whil

MarketAug. 3, 2021

Musinsa to invest W14b in fashion startups within this year

Online fashion retailer Musinsa said Tuesday it would invest a further 14 billion won in fashion startups through its venture capital Musinsa Partners to bring the total investment to 60 billion won within this year. Established in 2018, Musinsa Partners is a joint venture capital firm that has invested some 46 billion won in medium- and small-sized enterprises and startups in the fashion industry. The latest announcement is part of the company’s drive to boost the fashion industry, incl

ConsumerAug. 3, 2021

[Battery+] ‘Solid-state batteries are exaggerated’

The idea is so simple but powerful. By replacing inflammable liquid solution inside conventional lithium-ion batteries with solid materials, solid-state batteries would eliminate fire concerns, have a greater life span, support faster charging, offer a lighter weight and provide greater capacity. The race has already begun among rising solid-state battery startups and established lithium-ion players, including the South Korean trio LG Energy Solution, SK Innovation and Samsung SDI, to debut

TechnologyAug. 3, 2021

Kakao adds 13 new affiliates in Q2, the most among major conglomerates: FTC

South Korean conglomerates have added 41 new companies under their wings in the second quarter of this year, in their forage for new business territories and business restructuring, the state antitrust watchdog said Tuesday. Kakao Group, along with Sinorkor Merchant Marine, has bought in the most number of new companies at 13, as it aggressively pursued mergers and acquisitions on its path to become the country’s fifth-largest business group in terms of market capitalization in June.

IndustryAug. 3, 2021

Extreme weather, pandemic fuel rising inflation

South Korea’s consumer prices gained a higher-than-expected 2.6 percent on-year in July, data showed Tuesday, with the government citing shortage of livestock and agriculture goods due to worsening climate condition as a key catalyst. The consumer prices grew at more than 2 percent for the fourth consecutive month in July, continuing to exceed the Bank of Korea’s 2 percent inflation target and hitting a record high since beginning of the year, according to Statistics Korea. The pri

EconomyAug. 3, 2021

Overheated housing market, IPO draws foil efforts to curb household debt

Taking impact from the panic buying trend in the local real estate market as well as explosive interest in a series of mega initial public offerings, South Korea’s household debt surged at a rapid pace in July.  Household debt gained more than 6 trillion won ($5.2 billion), despite government measures to tighten bank lending, industry data showed Tuesday.  The outstanding balance of household debt -- the total of financial loans plus credit card-based payment services extend

MarketAug. 3, 2021

K bank sees first-ever quarterly profit

K bank, South Korea’s first internet-only bank, announced Tuesday that the company saw a quarterly profit for the first time since its launch four years ago. The net profit in the second quarter came to 3.9 billion won ($3.39 million) on the back of an increase in both interest and noninterest incomes, the company said. Combined with the first quarter’s loss of 12.3 billion won, the loss in the first half of the year stood at 8.4 billion won, a dramatic decrease from last year&

MarketAug. 3, 2021

Manta aims to become ‘Netflix of webcomics’

Manta, a global webcomic subscription service launched by South Korean digital content firm RIDI, is fast gaining a foothold in the North American market, the company said Tuesday. Three months after its November launch, Manta had become the most popular app in the free cartoon chart of Google’s app store in the US. After six months, it achieved the milestone of 1 million downloads, the firm said. It is now available in 175 countries.  The early success of Manta comes amid the grow

TechnologyAug. 3, 2021

Samsung’s QLED TVs receives carbon foot print certification

Two Neo QLED TVs from Samsung Electronics were carbon footprint certified by the Carbon Trust, a UK-based global climate change consultancy, the company announced Tuesday. The models -- the 75-inch Neo QLED 8K and 65-inch Neo QLED 4K -- are the first TV products with resolutions higher than 4K to receive recognition from the British organization. The Carbon Trust certificate is awarded to products that reduce carbon footprint over the product’s entire life cycle.  Samsung said it

TechnologyAug. 3, 2021

Online lender K-Bank logs 1st quarterly profit in 4 years

K-Bank, South Korea's first internet-only bank, said Tuesday it turned a profit for the first time since its inception in the second quarter of the year on robust growth in customers and deposits. Net profit stood at 3.9 billion won (US$3.4 million) in the April-June period, a sharp turnaround from a net loss of 12.3 billion won three months earlier, K-Bank said in a regulatory filing. It represents the online lender's first quarterly profit since its launch in April 2017. In the first half o

MarketAug. 3, 2021

Woori Financial Group CEO buys W54m of treasury stocks

Woori Financial Group Chairman and CEO Son Tae-seung has acquired 5,000 treasury stocks worth over 54 million won ($46,800) to enhance its corporate value, the banking group said Tuesday. Son bought the stocks at a price of 10,875 won per share. Since the chairman took office in March 2018, he has bought treasury stocks 14 times. With the latest purchase, he now holds a total of 93,127 shares. The financial services holdings firm plans to implement a more active set of shareholder return

MarketAug. 3, 2021

41 firms added to antitrust watch list

The number of South Korean companies affiliated with large business groups under tight supervision rose by 41 in the May-July period, data showed Tuesday, as conglomerates expanded their business scopes to search for new growth engines. The total number of affiliates on the Korea Fair Trade Commission's (KFTC) list reached 2,653 as of end-July, compared with 2,612 three months earlier, according to the data compiled by the antitrust regulator. Major business groups newly launched or acquired 1

EconomyAug. 3, 2021

Kolon Industries net more than quadruples in Q2

Kolon Industries Inc., South Korea's top textile and chemical materials maker, said Tuesday its second-quarter earnings more than quadrupled from a year earlier on brisk demand for its products. Net income stood at 77.7 billion won ($67.5 million) in the April-June period, up 358 percent from a year earlier, the company said in a regulatory filing. Sales rose 25.7 percent on-year to 1.18 trillion won, with operating income surging some 182 percent to 103.6 billion won. It marks the first time

IndustryAug. 3, 2021

[Graphic News] Instant noodle exports hit new high in H1 amid pandemic

　South Korea's instant noodle exports touched an all-time high in the first half of the year amid the coronavirus pandemic, data showed. 　Asia’s fourth-largest economy exported $319.68 million of instant noodles in the January-June period, up 5.8 percent from a year earlier, according to the data from the Korea Customs Service. 　The amount was above the previous first-half record of $302.08 million set a year earlier. 　Yet the first-half growth rate was well lower than the 37.4 perc

BusinessAug. 3, 2021