Do not go gentle into that good night, old age should burn and rave at close of day; Rage, rage against the dying of the light, though wise men at their end know dark is right, because their words had forked no lightning they, do not go gentle into that good night.
Mirae Asset founder aims to expand presence in SE Asia
Mirae Asset Financial Group founder Park Hyeon-joo
By Jhoo Dong-chan
By Jhoo Dong-chan
For Mirae Asset Financial Group founder Park Hyeon-joo, 2019 has been a milestone year as its vision to make the group a global player has been taking shape.
The group has not only strengthened its foothold abroad but also gained recognition in the global initial public offering by organizing the listing of foreign firms on overseas stock exchanges.
Against this backdrop, Mirae Asset Daewoo, the group's brokerage arm that has already boasted its presence in overseas markets on a solid earnings streak, is eyeing Vietnam and other Southeast Asian markets as future growth engines, the brokerage said.
The securities firm said its local unit in Vietnam raised 60 billion won ($51.92 million) worth of capital by issuing new stocks on the bourse there this month.
Thanks to the recapitalization, Mirae Asset Daewoo Vietnam has become the country's largest securities firm with gross capital of 272.8 billion won. It also posted an 8.1 billion won net profit in the first half of the year, up 76 percent from a year ago.
“We expect even more rapid growth in earnings there next year reflecting Vietnam's rapid economic growth,” a Mirae Asset Daewoo official said.
“The Hanoi bourse is expected to be included in the Financial Times Stock Exchange Emerging Index next year. This will help attract more foreign investors to the market.”
Mirae Asset Daewoo's presence in overseas markets has been second to none among domestic financial firms.
Mirae Asset Daewoo posted a 36.6 billion won net profit from its overseas activities between July and September this year, accounting for about 17.5 percent in the brokerage's entire earnings.
Under Park's leadership, the firm has worked hard to boost its presence in overseas markets. Park also stepped down from the group's chairman post to appoint himself as the firm's global investment strategy officer in May last year.
The firm currently operates 12 corporate bodies overseas with 894 workers as of the end of September, the largest overseas workforce among the nation's securities firms.
“The importance of the global market will be greater as an increasing number of customers want diversified financial products,” Park said in his in-house letter to employees.
“Mirae Asset Daewoo's entry to overseas markets isn't temporary just to overcome the nation's saturated financial market but rather another business pillar to drive the firm's growth.”
Mirae Asset Daewoo also boasted of its presence in the overseas initial public offering (IPO) market this month.
Mirae Asset Daewoo Hong Kong concluded German bio firm BioNTech's IPO on the U.S. Nasdaq Nov. 4 as a co-organizing brokerage. BioNTech reportedly raised about $150 million won via the IPO.
The securities firm's corporate body in Hong Kong was also named as a co-organizing securities firm for the Asia's largest logistics platform provider ESR's IPO.
ESR also raised a total of $1.6 billion won by listing itself on the Hong Kong bourse. It was also the second-largest IPO of the year for the bourse.