The Korea Times

INTERVIEW Star analyst-turned-CEO launches his own private equity firm

Aimbridge Founder and CEO Hwang Sang-youn / Courtesy of AimbridgeBy Anna J. ParkHwang Sang-youn is a trailblazer who has not hesitated to change his life's path during the last three decades of his career. His diverse work experiences as a stellar engineer, stock analyst, CFO and CEO led the 52-year to establish a private equity company of his own, Aimbridge LLC, earlier this year.He made the decision to open his own business shortly after resigning from his previous post as a head of the private equity business at Brain Asset Management late last year. Prior to the position, he served as CEO at Chong Kun Dang (CKD) Holdings, one of the major pharmaceutical companies in Korea, and as the CFO at MDimune, a bio-therapeutics venture firm. During his career path, constant challenges in new fields have expanded Hwang's realm of expertise. The bio and finance expert started his career as a chemistry researcher back in 1995, after receiving both bachelor's and master's degrees in chemistry from Seoul National University. After working as a researcher at LG Chem for five years, he decided to

Jun 26, 2023By Anna J. Park

[INTERVIEW] Star analyst-turned-CEO launches his own private equity firm

Banking & Finance

CJ CGV's rights offer drags down other CJ unit shares

A promotional image of CJ CGV multiplexes / Courtesy of CJ CGVBy Anna J. ParkUpon the announcement of CJ CGV's 1 trillion won ($767 million) paid-in capital increase plan earlier this week, the stock prices of CJ CGV, as well as other CJ subsidiaries and holding company, have plunged this week, showing markets' deteriorated investor sentiment over the plan. According to the Korea Exchange (KRX), the bourse operator, CJ CGV's stock price closed at 9,950 won on Friday, a fall of 5.24 percent from the previous session. After the film multiplex chain announced the capital increase plan on Tuesday, its stock price logged a three-day losing streak during the remainder of the week. The price nosedived by 21.1 percent on Wednesday, shed another 8.22 percent on Thursday and hit the 5.24 percent decline on Friday. As a result, the stock price lost over 30 percent in just the last three daily sessions, hitting the all-time low level marked during the 2008 global financial crisis.As the massive paid-in capital increase plan involves the participation of CJ, the holding company of the conglomerat

Jun 23, 2023By Anna J. Park

CJ CGV's rights offer drags down other CJ unit shares

Banking & Finance

Korean insurance companies seek new growth engine in Vietnam

NH Property & Casualty (P&C) Insurance CEO Choi Mun-seob, left, stands next to Duong Thanh Danh Francois, chairman of PVI Insurance, during an MOU signing ceremony in Seoul, Tuesday. Courtesy of NH P&C Insurance market in Vietnam posts 20 percent growth annually By Anna J. ParkFaced with the limitations of an aging and shrinking population, Korean insurers are looking to the Vietnamese market and its population of nearly 100 million for expansion.Currently, seven Korean insurance companies ― Hanwha Life, Mirae Asset Life, Shinhan Life, Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, KB Insurance and Seoul Guarantee Insurance ― are operating either subsidiaries or as branches in Vietnam. Some insurance companies, yet to establish local branches in Vietnam, have instead decided to strengthen partnerships with Vietnamese insurers, seeing the potential for overseas expansion in the Southeast Asian country. NH Property & Casualty (P&C) Insurance signed

Jun 23, 2023By Anna J. Park

Korean insurance companies seek new growth engine in Vietnam

'S. Korea to work with Vietnam to counter NK threats,' says Yoon

Economy

Financial firms to adopt 'responsibilities map' to strengthen internal controls

Financial Services Commission (FSC) Chairman Kim Joo-hyun, right, speaks next to Financial Supervisory Service (FSS) Governor Lee Bok-hyun during a meeting in central Seoul, Thursday. Courtesy of FSCFinancial authorities to revise corporate governance law to reflect new principlesBy Anna J. Park Financial authorities have announced a set of new rules governing financial firms' internal controls, aiming to prevent recurring financial crimes or accidents that incur customer losses. One of the most noteworthy changes is requiring financial firms to draw up a “responsibilities map,” which is a comprehensive document clearly describing management and governance, lines of responsibility and detailed identification of which executives are accountable for which functions. CEOs are required to write the responsibilities maps, which are confirmed at board meetings. Confirmed maps will be submitted to the financial authorities.The U.K. has adopted a similar system, introduced by the Financial Conduct Authority (FCA). Financial authorities expect the responsibilities maps to clarify

Jun 22, 2023By Anna J. Park

Financial firms to adopt 'responsibilities map' to strengthen internal controls

Economy

Korea still faces 5 investor-state dispute cases pending at tribunals

gettyimagesbankKorean gov't receives 7 more letters of intent for arbitrationBy Anna J. ParkA five-year legal battle between the Korean government and activist fund Elliott Investment Management over a controversial merger of two Samsung Group affiliates has finally reached a conclusion following a ruling by an international tribunal. But the Korean government faces five other similar disputes at international courts.On Tuesday, the Permanent Court of Arbitration (PCA) ordered the Korean government to pay about $53.59 million plus interest in compensation to the U.S.-headquartered hedge fund.The Ministry of Justice explained that the amount the government must pay is about 7 percent of the $770 million that Elliott originally sought as damage compensation. The tribunal's decision requires the Korean government to pay 5 percent interest on the compensation as well. As a result, the Korean government needs to pay approximately $108.5 million in total to Elliott. The Permanent Court of Arbitration at the Peace Palace in the Hague, Netherlands / Courtesy of PCAAlthough the ruling ended t

Jun 21, 2023By Anna J. Park

Korea still faces 5 investor-state dispute cases pending at tribunals

Will Samsung shoulder gov't payment of $108.5 million to Elliott?

Economy

Special listing track rules for tech firms to be eased to spur investment

Financial Services Commission (FSC) flag stands between Korean flags in this file photo. Courtesy of FSCBy Anna J. ParkThe Korean government plans to overhaul requirements for the special listing track, which applies to exceptional tech innovators and startups, aiming to stimulate active investment into the venture capital sector.According to the Financial Services Commission (FSC) and the Korea Exchange (KRX) on Tuesday, the government has been holding a weekly taskforce meeting with associations of the venture capital industry and the bio industry, along with other related scholars, to draw up measures to improve the current special listing track allowed for tech firms by the end of July. The taskforce is currently reviewing measures to eliminate unnecessary requirements, including a mandatory technology assessment under certain conditions, that guarantee a firm's holding of top-rated technologies. The team also examines measures to streamline listing procedures so that innovative startups in need of the special track could effectively raise capital through a public offering. Rules

Jun 20, 2023By Anna J. Park

Special listing track rules for tech firms to be eased to spur investment

Banking & Finance

Seoul Guarantee Insurance kicks off IPO process

Seoul Guarantee Insurance (SGI) headquarters in central Seoul / Courtesy of SGIKDIC-owned insurer's IPO to accelerate retrieval of remaining public fundsBy Anna J. ParkSeoul Guarantee Insurance (SGI) has officially entered a listing process and is expected to become the first state-run company to debut on the main benchmark KOSPI since 2010. According to the Korea Exchange (KRX), the bourse operator, it received an application earlier this week from SGI for a preliminary evaluation ― the first official step to follow when a company aims to go public. Given the usual timeline it takes following the application for the preliminary evaluation, SGI will likely be listed within the fourth quarter of this year. Currently, state-run Korea Deposit Insurance Corporation (KDIC) holds a 93.85 percent stake in SGI, as the result of 10.2 trillion won ($7.9 billion) of public funds injected into the firm to salvage massive payments for corporate bonds it guaranteed during the Asian financial crisis in the late 1990s. So far, 5.6 trillion won of public funds remains outstanding, while 4.6 trillion

Jun 20, 2023By Anna J. Park

Seoul Guarantee Insurance kicks off IPO process

Economy

Financial authorities to ease regulations on overseas business expansion

Financial Services Commission (FSC) Vice Chairman Kim So-young speaks during a meeting in central Seoul, Monday. Courtesy of FSCComprehensive regulatory improvement for overseas business to be announced in JulyBy Anna J. ParkThe Financial Services Commission (FSC), the country's top financial regulator, vowed to ease regulations related to financial companies' overseas operations, aiming to raise the Korean financial sector's global competitiveness. The move is the result of a series of seminars hosted this year by the FSC and financial firms on the theme of improving the strength of the local financial sector globally. “The FSC will broadly ease regulations related to the establishment of overseas subsidiaries by financial companies to support their global competitiveness in acquisition and expansion in overseas markets,” FSC Vice Chairman Kim So-young said during a roundtable meeting on Monday afternoon. In attendance at Monday's meeting were representatives of financial authorities, including the Financial Supervisory Service (FSS), as well as business associations of

Jun 19, 2023By Anna J. Park

Financial authorities to ease regulations on overseas business expansion

Banking & Finance

ABL's whole life insurance plan offers additional death benefit

Promotional image of “ABL The Dream Whole Insurance Policy” by ABL Life Insurance / Courtesy of ABL Life InsuranceBy Anna J. ParkABL Life Insurance's “ABL The Dream Whole Insurance Policy” guarantees an additional death benefit, once insurance premiums are fully paid. The insurance policy plan was launched in August 2021. According to the insurer, when holders of the whole insurance policy complete payment for a certain period of time stipulated in their main contract, the increased death benefit is guaranteed from the first day of the next coming monthly contract day. The amount of the increased death benefit is determined by multiplying the total amount of premiums paid up by a completed payment bonus rate of 9 percent when the premium payment period is five years, or 10 percent when the premium payment period is seven years or more. Thus, whenever an ABL The Dream Whole Insurance Policy holder completes payment of monthly premiums for a pre-determined payment period, they will be subject to an increased death benefit during the remainder of their life. Peop

Jun 19, 2023By Anna J. Park

ABL's whole life insurance plan offers additional death benefit

Banking & Finance

Korean content production firms to debut on Nasdaq via SPAC merger

A scene from “A Taxi Driver,” a Korean film starring Song Kang-ho. The film garnered over 10 million viewers at theaters after its release in August 2017. NewsisSPAC merger between Global Star and K Enter Holdings expected to attract U.S. investors By Anna J. ParkSeven Korean content production companies, including The Lamp, which produced one of Korea's highest-grossing films, “A Taxi Driver,” are set to make their U.S. stock market debuts on the Nasdaq via a SPAC merger as early as the fourth quarter of this year, according to the companies involved. This is the first time for Korean content production companies to be listed on the U.S. stock market.A SPAC, or special purpose acquisition company, is a publicly traded shell company serving as a vehicle for a private business to go public.The IPO process will be the result of a merger with Global Star, a SPAC listed on the Nasdaq. A public listing via a SPAC merger such as this usually takes less time than a traditional IPO process. Companies choose to use this path in order to have more certainty in raising c

Jun 18, 2023By Anna J. Park

Anna J. Park

Read more

INTERVIEW Star analyst-turned-CEO launches his own private equity firm

CJ CGV's rights offer drags down other CJ unit shares

Korean insurance companies seek new growth engine in Vietnam

Financial firms to adopt 'responsibilities map' to strengthen internal controls

Korea still faces 5 investor-state dispute cases pending at tribunals

Special listing track rules for tech firms to be eased to spur investment

Seoul Guarantee Insurance kicks off IPO process

Financial authorities to ease regulations on overseas business expansion

ABL's whole life insurance plan offers additional death benefit

Korean content production firms to debut on Nasdaq via SPAC merger

Top 5 stories