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The Korea Herald

Finance

May 25, 2020
IBK fined $86m in US over mishandling anti-money laundering program

State-run lender Industrial Bank of Korea and its New York branch have been fined $86 million by the Attorney General’s Office for allegedly failing to manage their anti-money laundering program, documents and local reports showed Monday. The bank’s apparent decision to delay the upgrade of the ...
May 21, 2020
Kospi briefly above 2000 points on coronavirus vaccine news

South Korean stocks opened higher on May 21 on encouraging news about another candidate vaccine for the new coronavirus, or COVID-19, in the US. Extending gains for the fifth consecutive day, the nation’s main bourse Kospi crossed the 2000-point mark in early morning trading for the first time s...
May 21, 2020
Doosan Bobcat faces credit pressure on US unit’s $300m leveraging plan

South Korea’s construction equipment maker Doosan Bobcat is under credit pressure as its US subsidiary Clark Equipment is looking to leverage $300 million via five-year senior secured notes in May, filings showed on May 21. Clark Equipment’s leveraging plan is adding a financial burden to Doosa...
May 20, 2020
Hana Financial to set up digital insurance unit in June

Hana Financial group, South Korea’s third-largest banking group will launch a digital insurance unit next month through its newly-acquired subsidiary, The-K NON-Life Insurance, according to industry sources on May 20. Branded as Hana General Insurance, the group’s new affiliate, previously a ge...
May 19, 2020
Cross-selling of public funds in APAC to kick off in May

Cross-border transactions of public funds will kick off this month in South Korea and four other Asia-Pacific countries, to expand corporate and individual investors’ portfolios, according to the Financial Services Commission on May 19. The scheme named Asia Region Funds Passport system enables ...
May 18, 2020
Banking groups add momentum to digital financing amid coronavirus fallout

Reacting to the untact market trend triggered by the COVID-19 outbreak, South Korea’s financial groups are scrambling to gain an upper hand in digital financing. Untact, or non-face-to-face, has become a new standard in the local financial industry as consumers are increasingly turning to contac...
May 13, 2020
Shinhan’s investment in HK’s K-pop fund faces redemption delay

Shinhan Investment has received a request to delay K-pop related private equity fund redemption from a Hong Kong-based asset management firm due to underperformed entertainment business, according to industry sources on May 13. The brokerage unit of the Shinhan Financial Group invested 20 million ...
May 12, 2020
Brokerages downgrade CJ CGV over capital increase plan

South Korea’s securities firms cut their target prices for CJ CGV on May 12, raising concerns that the company’s decision to issue new shares worth 250 billion won ($203.66 million) could dilute the shares’ value. Hit by the pandemic, the cinema chain recorded a net loss of 118.6 billion won i...
May 11, 2020
FTC to finalize penalty against Mirae Asset over intra-unit trading

South Korea’s antitrust watchdog is set to decide this month on the level of sanctions against companies that carried out illegal business transactions between affiliates, according to news reports on May 11. Under the fair trade law, internal trading among affiliates of large companies controll...
May 08, 2020
‘Korean New Deal’ to attract foreigners to stock market

South Korea’s latest economic stimulus measures -- known as the “Korean New Deal” -- will likely attract foreign investors to the local stock market, local brokerages said on May 8. “Offshore investors have been posting a net sell-off in the local stock market since March. However, they have ...
May 06, 2020
Tech firms gear up for IPOs in H2

Twenty firms have submitted preliminary applications for initial public offerings to the Korea Exchange in April, five times higher than the previous month, a report by a local brokerage showed on May 6. “With the number of confirmed COVID-19 cases sharply declining and the continued stock index...
May 06, 2020
BTS label Big Hit Entertainment on bumpy road to public offering

Big Hit Entertainment, one of the largest music labels in South Korea and home to K-pop darlings BTS, has been preparing to go public on the nation’s main Kospi bourse this year on the back of the boy band’s worldwide popularity. The K-pop band’s latest album, “Map of the Soul: 7,” sold 422,...
April 29, 2020
KRX ditches 30% market cap rule

South Korea’s securities exchange operator, the Korea Exchange, said on April 29 that it had removed a market cap limit on the nation’s main bourse, Kospi, lifting a regulatory rule meant to prevent excessive reliance on a single stock. The 30 percent market cap rule requires securities funds, ...
April 29, 2020
US-based Psomagen eyes at least W57.5b IPO in Korea

Psomagen, a US company dedicated to genome sequencing technology and DNA testing, said on April 29 it looks to raise at least 57.5 billion won ($47.2 million) in an initial public offering on the Korean bourse. Under the plan to be listed on Kosdaq, Psomagen seeks to issue 4.2 million new common ...
April 27, 2020
Tmon’s planned IPO gathers steam

Tmon, a leading Korean e-commerce company, is gearing up to go public in earnest, as it has recently chosen local investment firm Mirae Asset Daewoo as its leading underwriter. The move came after the IPO plan faced a number of hurdles in finding underwriters earlier this year due mainly to negativ...

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