The Korea Times

Do Samsung smartphones have a chance in China?

People walk by a Samsung store at a main shopping area in downtown Shanghai, China, Feb. 21. Reuters-YonhapNo. 1 global smartphone vendor renews strategy for market of 1.4 billion consumersBy Kim Bo-eunHONG KONG ― Attention is growing over whether Samsung Electronics will be able to regain its foothold in China's smartphone market, which it reigned over a decade ago, as the tech giant takes a renewed focus on the world's second largest economy.Samsung accounted for almost 20 percent of China's market for smart handsets in 2013, but its share has fallen to less than 1 percent, as of the fourth quarter of last year, according to data from market tracker Counterpoint Research. The mere 0.6 percent share was backed by shipments of Samsung's latest foldable handset models to China last year.The world's largest smartphone vendor was dethroned in China amid the rise of local competitors such as Xiaomi, Oppo and Vivo, which have catered to Chinese consumers' preference for lower pricing and particular mobile operating systems, while Samsung became irrelevant due to higher prices and a failur

Mar 3, 2022By Kim Bo-eun

Do Samsung smartphones have a chance in China?

World

What's driving China's fintech prowess?

China's digital currency, known as the e-yuan, has undergone several pilot programs, including at the Winter Olympics. South China Morning Post Simon SongDespite tech crackdown, experts say China's fintech sector looks to remain competitiveBy Kim Bo-eunHONG KONG ― China carved out a lead in fintech services over the past decade, with big tech firms having taken the lead on the back of deregulated government policies and surging public demand for electronic payment options.As a result, the world's second-largest economy is largely cashless, and mobile payments via private-sector platforms are ubiquitous in commerce.Meanwhile, Beijing has been rolling out a central bank digital currency that has undergone several pilot programs throughout the country, including being used by foreign visitors during the recent Winter Olympics.And China has become a magnet for fintech investments, with the total growing from $900 million in the second half of 2020 to more than $1.3 billion in the first half of 2021, according to an analysis by accounting firm KPMG.However, uncertainties have arisen as Be

Mar 1, 2022By Kim Bo-eun

World

Regulations put Chinese tech firms' US listing in limbo

The New York Stock Exchange is seen in this photo. AP-Yonhap Meihua makes successful IPO in US, first Chinese listing in monthsBy Kim Bo-eunHONG KONG ― China's medical equipment maker Meihua made a successful debut on the Nasdaq in New York on Wednesday, the first Chinese initial public offering (IPO) on a U.S. market in seven months. The IPO comes after Beijing stated it is introducing tougher rules for companies seeking overseas listings. More small companies in China's non-tech sector have made filings for listings in the U.S. Some analysts say that the firms gearing up for their IPOs in the U.S. are speeding up efforts to get listed before regulatory restrictions are clarified. But Meihua's IPO also comes at a time when U.S. and Chinese authorities are seemingly making progress in setting up a compatible regulatory framework for Chinese firms.Uncertainty still prevails over major Chinese tech companies after the country strengthened its crackdown on platform gia

Feb 18, 2022By Kim Bo-eun

Regulations put Chinese tech firms' US listing in limbo

World

Outlook bright for China's carbon neutrality, chip stocks

A man walks past Alibaba's building in Beijing in this file photo. Reuters-YonhapUncertainty lingers over internet stocks amid regulatory stanceBy Kim Bo-eunHONG KONG ― China's internet stocks had been popular among global investors up until 2020, when the companies had been achieving rapid growth. But 2021 was tough for platform giants' stocks, as authorities' strengthened crackdowns put them on a downward trajectory.The Nasdaq Golden Dragon China Index is down year-on-year by nearly 60 percent as of Feb. 15. The fall of stocks including Tencent and Alibaba was contrary to the movements of U.S. tech stocks, such as Alphabet, Apple and Netflix, which rose to new highs in the same period. While uncertainty continues to linger over China's internet stocks, analysts offer brighter projections for China's semiconductor and green energy sectors this year."Growth will be better in tech industries that China wants to develop, such as semiconductor equipment and wind and solar technologies," Herald van der Linde, the head of equity strategy for Asia-Pacific at HSBC Holdings, said via email.G

Feb 16, 2022By Kim Bo-eun

Outlook bright for China's carbon neutrality, chip stocks

World

China faces tough years ahead for growth

A woman walks at Evergrande city plaza, next to its apartment buildings, in Beijing, China, Sept. 22, 2021. The government is facilitating financing for the country's troubled developers, after foreign investors cut off funding amid rising defaults, but uncertainty prevails over the sector this year. EPA-YonhapMajor countries set to be hit by No. 2 economy's slowdownBy Kim Bo-eunHONG KONG ― The Chinese economy is facing a slowdown in 2022 due to the aftermath of government regulatory policies and structural challenges amid the unrelenting spread of the COVID-19 pandemic, experts said Friday. China made a rebound in 2021, with its economy growing 8.1 percent from the previous year, backed by the base effect. China's GDP growth rate has steadily fallen over the last decade, from 10.6 percent in 2010, to 6 percent in 2019 prior to the pandemic. This drop is attributed to structural problems, including declining productivity, as the country's population ages.But this year, China faces additional headwinds, such as woes arising from the coronavirus and the real estate sector. The Internat

Feb 11, 2022By Kim Bo-eun

China faces tough years ahead for growth

World

China uses Olympics to take lead in digital currency race

This photo shows the e-CNY app, center, on a smartphone screen. Foreign visitors to the Beijing Winter Olympics are able to make payments with the digital yuan via the wallet app. YonhapAttention growing on potential influence of e-CNY against US dollarBy Kim Bo-eunHONG KONG ― China is at the forefront of a race among major economies to develop a centralized digital currency, launching its digital yuan for use at the ongoing Beijing Winter Olympics for foreign athletes and visitors. While the introduction came amid muted fanfare due to the strict control of overseas visitors and local residents to shield the Games from the COVID-19 pandemic, all eyes are on Beijing as it spearheads the central bank digital currency (CBDC) as monetary authorities around the world prepare to launch their own versions.The People's Bank of China (PBOC) is the official banking partner of Beijing Winter Olympics, and the digital yuan is one of three available payment options for foreign visitors, in addition to cash and visa cards, according to media reports.“China appears to be moving forward with C

Feb 9, 2022By Kim Bo-eun

China uses Olympics to take lead in digital currency race

Banking & Finance

Hana Bank faces partial business suspension for mis-selling of funds

The photo shows a branch of Hana Bank / Yonhap By Kim Bo-eunA partial business suspension is looming over Hana Bank, as financial authorities determined the lender should become subject to the penalty for mis-selling funds to investors from 2017 to 2019.The Financial Supervisory Service's (FSS) sanctions review committee decided the bank should become subject to a partial business suspension for three months, in addition to a fine and penalties imposed on executives and employees who were involved. The proposed punitive measure will undergo further reviews until the Financial Services Commission reaches the final conclusion.The FSS sanctions committee, however, did not review penalties for Hana Financial Group's Vice Chairman Ji Sung-kyoo, who was then-Hana Bank CEO. This is because lawsuits are currently ongoing between other former bank CEOs and the FSS over sanctions that have been imposed holding them accountable for their lenders' respective mis-selling of inve

Jan 28, 2022By Kim Bo-eun

Hana Bank faces partial business suspension for mis-selling of funds

Banking & Finance

Will Samsung Life object to punitive measure for cancer insurance?

Samsung Life Insurance's headquarters in southern Seoul / Yonhap By Kim Bo-eunSamsung Life Insurance appears to be mulling its next steps after financial authorities slapped 155 million won ($128,655) in fines and an “institutional warning” on the insurer earlier, for violating regulations in refusing to cover costs for cancer policyholders.The Financial Services Commission (FSC) gave notice of a punitive measure to be taken against the insurer, Jan. 26, in the form of an institutional warning which prevents the company and affiliates from launching new businesses over the next year that need approval from authorities.Policyholders of Samsung's cancer insurance earlier called for the insurer to cover costs of being treated at nursing homes, after being treated at hospital, but Samsung had refused, stating these expenses are not covered under the policy.Yet the FSC concluded that 496 out of 519 cases that Samsung refused to pay for, affected policyholders who had bee

Jan 28, 2022By Kim Bo-eun

Will Samsung Life object to punitive measure for cancer insurance?

Economy

Korean stocks plunge on US rate hike, Omicron fears

A signboard at Hana Bank shows the KOSPI closing at 2,614.49, Thursday, down 3.5 percent from the previous day's close, after the U.S. Federal Reserve stated it would hike its benchmark rate in March. YonhapWon-dollar exchange rate climbs above 1,200 levelBy Kim Bo-eunKorean stocks took a heavy beating and dipped to the lowest level in 14 months Thursday as foreign investors dumped local shares after U.S. Federal Reserve Chairman Jerome Powell signaled a rate hike in March, while the Omicron variant spreads rapidly here.The benchmark KOSPI closed at 2,614.49, down 94.75 points or 3.50 percent from a day before. The previous low was 2,591.34 on Nov. 30, 2020. The tech-laced Kosdaq dipped 32.86 points or 3.73 percent to end at 849.23.The plunge came in the wake overnight declines in Wall Street as the hawkish remarks by Powell sparked a global investors' sell-off of local shares, particularly large-cap technology stocks.Driven by a foreign sell-off of local stocks, the Korean won lost further ground against the U.S. dollar, with the exchange rate climbing above the psychologically-impo

Jan 27, 2022By Kim Bo-eun

Korean stocks plunge on US rate hike, Omicron fears

Economy

PEF market forecast to continue growth in coming years

MBK Partners' exit from Doosan Machine Tools second-largest deal in 2021By Kim Bo-eun The local market for mergers and acquisitions (M&A) has grown over the years, and so has private equity firms' (PEF) role in related deals. The market for PEFs is projected to continue to expand in coming years, backed by continuous opportunities in the M&A market, the emergence of new PEF players and the government's market-friendly stance.Data from consulting firm Bain & Company shows PEFs were involved in 85 percent of the 20 largest M&A deals in the local market last year, up from 65 percent in 2019. The exit value of PEFs also reached the highest yet in 2021, standing at $21.2 billion.MBK Partners' sale of Doosan Machine Tools to DTR Automotive was the second-highest value deal in the local M&A market last year. This was followed by Kohlberg Kravis Roberts & Co. (KKR)'s investment in SK E&S' redeemable convertible preferred stock. SoftBank Investment Advisors becoming Yanoljia's second-largest shareholder was the fifth-la

Jan 25, 2022By Kim Bo-eun

Kim Bo-eun

Read more

Do Samsung smartphones have a chance in China?

What's driving China's fintech prowess?

Regulations put Chinese tech firms' US listing in limbo

Outlook bright for China's carbon neutrality, chip stocks

China faces tough years ahead for growth

China uses Olympics to take lead in digital currency race

Hana Bank faces partial business suspension for mis-selling of funds

Will Samsung Life object to punitive measure for cancer insurance?

Korean stocks plunge on US rate hike, Omicron fears

PEF market forecast to continue growth in coming years

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