[Newsmaker] Investors flock to unicorns after Coupang's IPO jackpot

The race to bid for unlisted companies‘ next initial public offering bonanza among South Korean investors is intensifying, data showed Sunday, as the recent high-profile deals including Coupang’s $4.6 billion US IPO whet investor appetite. Krafton, which develops and publishes battle royale game PlayerUnknown’s Battlegrounds, saw its trading price spike on over-the-counter platforms here. The game developer is the country’s largest unicorn -- a term used to describe a

March 14, 2021

[Weekender] Step closer to new economy -- shopping with crypto

Near Cheonggye Plaza, Seoul’s iconic recreational area along the Cheonggye Stream, top coffee brands from Starbucks to Blue Bottle Coffee compete toe-to-toe, luring coffee lovers with distinctive flavors, brand images and cozy sofas for a relaxing moment. While coffee giants engage in an invisible war, one lesser-known coffee franchise is taking a different tactic, with a signboard that reads, ”Get a free cup of coffee if paying with the cryptocurrency Paycoin.” A 40-somethi

March 13, 2021

Seoul stocks tipped to trade higher next week on US relief package, IPO event

South Korean stocks are likely to continue choppy trading through next week but under a higher ceiling, following the recent passing of a US relief package and the injection of ample liquidity for a big initial public offering event set for next week, analysts said Saturday. The benchmark Korea Composite Stock Price Index closed at 3,054.39 points Friday, up 0.93 percent from a week ago. The KOSPI retreated for five sessions in a row through Wednesday as investors turned risk-averse on concern

March 13, 2021

[Newsmaker] Coupang’s stellar NYSE debut hoists related stocks in Korea

The landmark debut of Coupang Inc., the parent company of South Korean e-commerce giant Coupang Corp., gave a boost to stocks that have business ties with the firm here on Friday. Following its strong first day of trading on the New York Stock Exchange on Thursday, related firms enjoyed a ripple effect as their shares surged. KEC Holdings, a company that offers business management and consulting services, saw its shares spike by the daily permissible limit of 29.96 percent to reach 1,735 won

March 12, 2021

Woori Card issues $200m worth of ESG bonds in Taiwan

Major South Korean card issuer Woori Card Co. said Friday it has floated $200 million worth of environment, social and governance (ESG) bonds in Taiwan to help support small member stores. The five-year Formosa bonds carry an annual interest rate equal to the yield on five-year US Treasurys plus a spread of 1 percent, and will be listed simultaneously on the Singapore Exchange and the Taipei Exchange. Formosa refer to bonds issued in Taiwan but denominated in a currency other than the Taiwanes

March 12, 2021

Seoul stocks open higher on US stimulus, ECB intervention

South Korean stocks opened higher Friday as investor sentiment was boosted by the passing of the$1.9 trillion US stimulus package and the European Central Bank's move to slow the early rise in long-term borrowing costs.  The benchmark Korea Composite Stock Price Index (KOSPI) rose 30.5 points, or 1.01 percent, to 3,044.2 points in the first 15 minutes of trading. Samsung Electronics added 1.1 percent, and No. 2 chipmaker SK hynix added 2.19 percent. Top automaker Hyundai Motor moved up

March 12, 2021

Lotte Card launches new financial services

Credit card firm Lotte Card said on Thursday that it has launched LOCA MONEY, a group of financial services covering short-term and long-term loans and “over-the-limit,” credit card services. The company said the brand focused on financial services is the first of its kind in the credit card industry. All of the newly launched services are branded under the LOCA MONEY name, including the LOCA MONEY-short term loan, and LOCA MONEY-long-term loan. With LOCA-prime, the card issuer w

March 11, 2021

Bitcoin trades near all-time highs

Bitcoin, the world’s most popular cryptocurrency, surpassed the 65 million won ($57,200) level once again Thursday, continuing a rally that started earlier this week. The digital coin, which has been on an upward trend since March 7, hit 65.15 million won Thursday morning, according to crypto exchange operator Upbit. It is the cryptocurrency’s second-highest level, after the historic high of 65.98 million won recorded Feb. 20. On Bithumb, a local crypto trading platform, one bi

March 11, 2021

Seoul stocks make steep rebound on massive foreign buying

South Korean stocks bounced back nearly 2 percent to recover above the 3,000-point threshold Thursday as foreign buying increased amid eased inflation concerns. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 55.58 points, or 1.88 percent, to close at 3,013.7 points. Trading volume was moderate at about 1.3 billion shares worth some 15.8 trillion won ($13.9 billion), with gainers outnumbering losers 664 to 193. Foreigners bought a ne

March 11, 2021

Coupang’s market value jumps to $63b

Coupang Inc., the parent company of South Korean e-commerce giant Coupang Corp., said it will offer shares of its US initial public offering at $35 apiece, raising its market value to around $63 billion. Based on the fixed share price, the firm will raise $4.55 billion in funding, and it would start trading from Thursday there. Coupang said it has submitted a regulatory filing to the US Securities and Exchange Commission and has received approval from the commission. The company‘s estima

March 11, 2021

Foreigners remain net sellers of S. Korean stocks in February

Foreign investors remained net sellers of South Korean equities in February, extending their selling spree for a third consecutive month, the central bank said Thursday. Foreigners sold a net $2.86 billion worth of local stocks last month, compared with net selling of $2.39 billion in January, according to the Bank of Korea (BOK).   Offshore investors, however, remained net buyers of Korean bonds worth $8.99 billion last month, the BOK said. Meanwhile, volatility in South Korea's

March 11, 2021

Seoul stocks open higher on eased inflation woes

South Korean stocks opened higher Thursday on eased inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) rose 26.93 points, or 0.91 percent, to 2,985.05 points in the first 15 minutes of trading. The KOSPI rebounded after losing ground for the fifth session in a row as foreigners and individuals bought on bottom fishing. The yields of the benchmark 10-year US Treasury stabilized just above the 1.5 percent mark, soothing investor concerns over fast post-pandemic inflat

March 11, 2021

BlackRock increases 1% stake in KB Financial

US investor BlackRock said Wednesday it has increased its stake in South Korea‘s largest banking group KB Financial Group to 6.02 percent, from 5.01 percent in May 2014. According to the disclosure, BlackRock Fund Advisors and 14 specially related entities had net bought a combined 314.8 billion won ($275.4 million) worth of shares in KB Financial over the past seven years. As a result, BlackRock was holding some 25 million shares out of KB Financial’s total 415.8 million outstandi

March 10, 2021

SK Bioscience’s IPO attracts record subscription bids

South Korean investors have showed heated interest in the imminent market debut of SK Bioscience as they poured nearly 64 trillion won ($56.06 billion) of deposits in the two-day public subscription period for the local vaccine maker’s stocks. Reflecting investors’ thirst for financial income and high market liquidity, retail traders bought about 63.62 trillion won in deposits by the deadline at 4 p.m. on Wednesday. The amount surpassed not only one of the last year’s biggest

March 10, 2021

[Top Bankers] Head of bankers’ club in South Korea calls for stricter regulation on big tech

This is a part of series of interviews and analysis of South Korea’s top bankers, policymakers and investors leading the financial industry here. This is the first installment. -- Ed. Banks are facing ever intensifying competition from IT companies as consumers gravitate toward digital financial services tailored to their needs. Korea Federation of Banks Chairman Kim Gwang-soo, however, believes lenders have a distinctive competency that could overcome challenges posed by fintech

March 10, 2021

Seoul stocks fall for 5th straight session on slump in techs and autos

South Korean stocks fell for the fifth consecutive session Wednesday, led by a decline in techs and autos, as foreigners and institutions attempted to lock in profits amid lingering concerns of inflation. The Korean won fell against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index (KOSPI) fell 18.00 points, or 0.60 percent, to close at 2,958.12, after rising as high as 3,013.95 points. Trading volume was moderate at about 887.07 million shares worth around 1

March 10, 2021

Hana Financial declares carbon neutrality vision

Hana Financial Group on Wednesday unveiled its vision to go carbon neutral by 2050 to support the nation’s transition toward a sustainable economy. Under the goal of achieving “coal-free finance,” the banking giant will launch an internal committee in charge of halting financial support -- including project financing and underwriting of bonds -- for businesses that have adverse environmental and social impacts, as early as during the first half of this year, officials said.

March 10, 2021

NPS to remain neutral over embroiled Posco chief’s second term

The National Pension Service said Wednesday it would engage in voting for Posco Chairman and CEO Choi Jeong-woo’s new term as a Posco board member in a way that does not affect the result of the shareholders’ vote on Friday. The decision not to vote against Choi comes as a series of workplace accidents, the company‘s involvement in a coal-fired project and alleged ties to Myanmar‘s military coup piled pressure on Choi, who served as chief of the steel-to-chemicals congl

March 10, 2021

Coupang raises target price range ahead of NYSE listing

Coupang Inc., parent company of South Korean e-commerce giant Coupang Corp., has raised its initial public offering target price range of $32 to $34 apiece, according to a regulatory filing submitted to the US Securities and Exchange Commission on Tuesday. With the revised range, Coupang looks to raise its proceeds by 16 percent more than previously anticipated. The earlier prospectus submitted on March 1 showed the shares were marketed at $27 to $30. As it has planned to offer 120 million sh

March 10, 2021

Seoul stocks open sharply higher on Wall Street gains

South Korean stocks opened sharply higher Wednesday, tracking overnight gains on Wall Street led by tech shares on eased inflation concerns. The benchmark Korea Composite Stock Price Index (KOSPI) rose 36.3 points, or 1.22 percent, to 3,012.42 points in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq Composite surged 3.7 percent to 13,073.82, its largest one-day gain since Nov. 4, after the yield on the US 10-year Treasury note fell. The S&P 500 advanced 1.4 percent to 3,

March 10, 2021