Shared office operator Sparkplus eyes IPO next year

Local office space sharing firm Sparkplus is gearing up for an initial public offering next year, according to company officials on Tuesday. As the company plans to make its debut on the nation’s tech-heavy Kosdaq bourse, it recently chose local brokerage firm Mirae Asset Daewoo as its leading underwriter. However, the exact size of the deal and the date of listing have not yet been decided, the firm said. Sparkplus was jointly established by Aju Hotels & Resorts and accelerator Spar

Oct. 20, 2020

Seoul shares open nearly flat amid stalled US stimulus talks

South Korean shares opened nearly flat Tuesday amid slower-than-expected progress in the new US stimulus talks. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.3 points, or 0.06 percent, to 2,348.04 in the first 15 minutes of trading. Investor sentiment remained risk-averse as negotiations for the fresh US stimulus scheme are showing meaningful progress. The Dow Jones Industrial Average fell 1.44 percent to 28,195 on Monday (New York time). The tech-heavy Nasdaq composite inde

Oct. 20, 2020

Half of credit loan users still get top rating grade: data

Nearly a half of local lenders’ borrowers have received the top credit rating as their ability to repay interest improved under the ultra-low interest rate environment, data showed Monday. As of end-September, 3.11 million, or 48 percent of the 6.46 million individual customers who borrowed money on credit were found to have received top score of the 10-level credit assessment system, according to Rep. Yoon Du-hyeon, citing data from credit rating firm NICE Credit Information Service.&nbs

Oct. 19, 2020

Card issuers, retailers team up for big data development

Big name retail chains have been recently joining forces with card companies to analyze spending patterns and cater to diverse needs of consumers. Spearheading the trend, South Korea’s largest card company Shinhan Card inked a partnership with GS Retail, the operator of convenient store chain GS25, on Monday to develop new business models by analyzing data linked to items purchased and consumer behavior. By combining a wide range of data, including items sold at convenience stores and

Oct. 19, 2020

Seoul stocks snap 4-day losing streak on bargain hunting

South Korean stocks ended a four-session losing streak Monday on investors' bargain hunting rush despite disappointing growth data from China. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 5.21 points, or 0.22 percent, to close at 2,346.74. Trading volume was moderate at about 911 million shares worth some 10.2 trillion won ($8.9 billion), with gainers outnumbering losers 442 to 394. Institutions purchased a net 297 billion won, and fo

Oct. 19, 2020

Big Hit suffers extended slide after market debut

Shares in Big Hit Entertainment, the creative nest of K-pop superstar BTS, continued to suffer an extended slump on the third day since the company's market debut as some institutional investors dumped the stocks. Big Hit shares tumbled 5.74 percent to close at 189,000 won ($165), far underperforming the benchmark Korea Composite Stock Price Index's (KOSPI) 0.22 percent gain. The company dipped to as low as 187,000 won at one point. The entertainment firm had a rollercoaster market debut on Th

Oct. 19, 2020

Ottogi, AhnLab among money-losing investors in Optimus funds

About 60 local listed firms, state-run companies and major universities had invested in the scandal-ridden Optimus funds that have lost more than 5 trillion won ($4.38 billion) so far, according to local reports Monday. The list of investors for fraudulent hedge funds operated by South Korea’s Optimus Asset Management included leading food company Ottogi, which invested 15 billion won, and Kosdaq-listed antivirus software firm AhnLab, which invested 7 billion won, according to the local K

Oct. 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 Monday. The ruling Democratic Party of Korea’s Rep. Jung Sung-ho added the investment in the pot producer is a point of contention, not only because KIC’s bet has not led to an instant success, but also because investing in marijuana makers is an &l

Oct. 19, 2020

Seoul stocks open higher on bargain hunting

South Korean stocks opened higher Monday on investors' bargain hunting rush following a drop for four straight days. The benchmark Korea Composite Stock Price Index (KOSPI) advanced 15.37 points, or 0.66 percent, to 2,356.9 in the first 15 minutes of trading. Stocks came to a strong start, led by gains in tech and bio firms. Most large caps traded higher, with top market cap Samsung Electronics adding 1.18 percent and No. 2 chipmaker SK hynix gaining 1.88 percent. Giant pharmaceutical firm

Oct. 19, 2020

PDI Seoul Forum turns virtual in 2020

London-based financial intelligence company PEI said Sunday 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 investor preferences in asset allocations and fund manager selection and monitoring processes amid challenges posed by the COVID-19 pandemic in the global capital market, PEI said. The event will feature

Oct. 19, 2020

Retail investors perplexed as BTS agency stocks decline

Retail investors who bet on Big Hit Entertainment, the agency of K-pop group BTS, face high volatility, as foreign and institutional investors dumped shares to take profits on the new stock. The company’s stock price closed at 200,500 won ($175.45) per share Friday, plunging 57,500 won, or 22.29 percent, from the previous session’s close, South Korea’s sole bourse operator Korea Exchange said Sunday. On its market debut on the main bourse Kospi a day earlier, the stock price

Oct. 18, 2020

Foreigners scoop up W350b worth of Naver, Kakao shares in October

 Foreign investors purchased over 350 billion won ($306 million) worth of South Korean internet giants Naver and Kakao’s shares in October amid their strong preference for growth stocks in emerging markets due to unfavorable factors in the US market, data showed Sunday. According to data from the nation’s sole bourse operator, the Korea Exchange, offshore investors had purchased a net 187.4 billion won and 164 billion won worth of Naver and Kakao shares, respectively, as of Fri

Oct. 18, 2020

More firms in queue for IPOs in Q4

A number of South Korean companies are in the process of going public in the fourth quarter this year, in a bid to ride on the latest successful initial public offering (IPO) rush, data showed Sunday. After suffering a pandemic-caused market crash in the first half, the local stock market rebounded to the pre-pandemic level, wooing more firms to tap the IPO market during the remainder of the year. Some mega-scale deals, such as Kakao Games and Big Hit Entertainment, raised some tens of trilli

Oct. 18, 2020

Seoul shares likely to move in tight range in coming week; US election in focus

South Korean shares are likely to move in a tight range in the coming week amid rising uncertainties from the presidential election and stimulus talks in the United States, analysts said on Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,341.53 points on Friday, dropping 2.11 percent from the previous Thursday, the last session before the holiday weekend. Local analysts attributed the KOSPI's weekly decline to the resurgence in COVID-19 outbreaks at home. South K

Oct. 17, 2020

Car sharing startup Socar becomes 12th unicorn in S. Korea

Car sharing firm Socar said Friday that it has newly attracted 60 billion won of funding from investors, achieving unicorn status with a corporate value of 1 trillion won ($872.6 million). With Socar’s latest addition to the unicorn list, South Korea now has 12 unicorn companies, including ecommerce firm Coupang, fintech company Viva Republica and accommodation booking services operator Yanolja. Socar is Korea’s first mobility unicorn. “As Socar has received a combined 6

Oct. 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 Thursday. The company’s stock price traded 19.77 percent lower at 207,000 won ($180.6) in intraday trading Friday. After soaring by 30 percent to 351,000 won on its Thursday debut on the main bourse Kospi, the stock closed at 258,000 won, down 4.4 percent from the opening price of 270,000 won. BTS’ offering price s

Oct. 16, 2020

Seoul stocks down for 4th consecutive day on virus concerns

South Korean shares retreated for a fourth consecutive session Friday, largely on concerns that the COVID-19 resurgence in major economies may hurt exports. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 19.68 points, or 0.83 percent, to close at 2,341.53. Trading volume was moderate at about 908 million shares worth some 11 trillion won ($9.6 billion), with losers outnumbering gainers 622 to 240. Foreigners sold a net 173 billion wo

Oct. 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 Friday. Shares of Taihan, the nation’s No. 2 power transmission wire maker, rose sharply on the Korea Exchange’s main bourse Kospi on Friday. At 12:30 p.m., Taihan shares were trading 9.8 percent higher than the previous day&rs

Oct. 16, 2020

Seoul stocks open lower on COVID-19 jitters

South Korean shares opened lower Friday as a resurgence of the new coronavirus could dampen hopes of a global economic recovery. The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.3 point, or 0.01 percent, to 2,360.91 in the first 15 minutes of trading. Stocks traded bearish after the KOSPI lost for a third consecutive day the previous session. The Dow Jones Industrial Average went down 0.07 percent, to close at 28,494.2 on Thursday (New York time), with the Nasdaq Composite and

Oct. 16, 2020

BTS' label becomes Korea's largest entertainment company in strong market debut

Shares of Big Hit Entertainment, the management agency of K-pop sensation BTS, nearly doubled as the company made a strong market debut on South Korea’s main bourse, Kospi, Thursday, becoming the biggest entertainment company by market capitalization here. With the opening price set at 270,000 won ($235.80) per share, twice the offering price, Big Hit shares spiked by the daily permissible limit of 30 percent to 351,000 won soon after the bell rang. But the stock closed at 258,000 won,

Oct. 15, 2020