Business - The Korea Times

Big tech, secondary battery and game stocks increase presence in Korean stock market in 2021

gettyimagesbankBy Anna J. ParkMajor shifts took place in the top 10 largest market cap companies on the benchmark KOSPI as well as secondary Kosdaq this year, as big tech companies, secondary battery manufacturers and game companies particularly grew their market presence.According to the Korea Exchange (KRX), two major big tech companies Naver and Kakao both grew their market cap this year, with Naver moving up two notches to become the fourth largest firm by this measure on the KOSPI this year. Its main competitor Kakao also moved to fifth largest by market cap, up from ninth last year. Naver's market cap increased to 63.1 trillion won ($53.2 billion), a 30 percent jump from 48.4 trillion won a year ago, while Kakao's soared to 52.3 trillion won, a 52 percent jump from 2020's 34.4 trillion won. The two companies fought for the third highest position a few months ago, but their stock prices fell during the second half of the year amid concerns over heightened regulations on big tech platform companies.While the two internet companies' stock prices underwent a correction, Samsung Bio

Dec 20, 2021By Anna J. Park

Big tech, secondary battery and game stocks increase presence in Korean stock market in 2021

Hyundai Oilbank to make third attempt at an IPO

A gas station operated by Hyundai Oilbank / Courtesy of Hyundai OilbankBy Anna J. ParkHyundai Oilbank is making its third attempt to go public after two failures, filed for a preliminary examination listing process with Korea Exchange earlier this week. The result is expected in February as the process usually takes about 45 business days.If it passes the preliminary round, the company is expected to submit a prospectus in March or April, based on fourth quarter earnings of this year. If everything goes as planned, the oil refining company could go public within the first half of the year, maybe as early as May. Hyundai Oilbank's first attempt to go public was in 2012 ― the company finished the preliminary review, but withdrew the listing due to a plunge in oil prices amid the U.S.-Iran conflict and weakened investment sentiment. The second attempt in 2018 failed due to strengthened auditing criteria and accompanying delays in related procedures.The company, founded in 1964 as the first private oil refiner in Korea, has an estimated value of up to 10 trillion won ($8.5 billion). Its

Dec 18, 2021By Anna J. Park

Hyundai Oilbank to make third attempt at an IPO

Who will become KB's next chairman?

From left are three vice chairmen of KB Financial Group ― Yang Jong-hee, Hur Yin and Lee Dong-cheol. YonhapShinhan recommends first female CEO for IT affiliateBy Lee Min-hyungKB Financial Group promoted the CEOs of two key affiliates to vice chairmen and the focus now is on who will become the lender's next leader after incumbent Chairman Yoon Jong-kyoo's term ends in late 2023.In a yearend reshuffle of the top brass, the nation's largest financial holding firm promoted KB Kookmin Bank CEO Hur Yin and KB Kookmin Card CEO Lee Dong-cheol to group vice chairmen. Former KB Insurance CEO Yang Jong-hee secured the No. 2 spot in the group last year.Yang, Hur and Lee are expected to compete fiercely over the next two years for the chairmanship of KB Financial.Details of their assigned tasks have not yet been revealed, however, each of them could navigate specific sets of group-wide strategies by utilizing their expertise.Hur, who led the banking arm of the group for the past four years, has ample experience in the digital sector. One of his major achievements was KB Kookmin Bank's digital tr

Dec 17, 2021By Lee Min-hyung

Woori launches marketing team for MZ generation

The headquarters of Woori Bank in central Seoul / Courtesy of Woori BankBy Anna J. ParkWoori Bank, the flagship unit of Woori Financial Group, said Wednesday that it had created an MZ Marketing Team in a bid to attract young customers and secure a sustainable customer base. The new team, launched a few weeks after the bank's privatization, is focused on developing products and services that appeal to younger people. The team consists of MZ Generation employees, including its manager. MZ Generation refers to both Millennials (born 1981-1995) and Generation Z (born 1996-2005)The move is part of the group's strategy to attract customers in their 20s and 30s. The financial group said earlier it will invest more than one trillion won ($840 billion) in developing new comprehensive digital platforms tailored to the needs of the MZ Generation. Group Chairman Son Tae-seung stressed the importance of getting the attention of MZ customers, in his first official message after privatization. Woori was again privatized ― 23 years after receiving 13 trillion won in government funding amid the Asian

Dec 15, 2021By Anna J. Park

Woori launches marketing team for MZ generation

Will K Auction's listing to threaten Seoul Auction's bullish run?

K Auction's headquarters in southern Seoul / Courtesy of K AuctionBy Anna J. ParkWith K Auction set to go public next month, market watchers are paying attention as to whether its competitor, Seoul Auction, which has been enjoying a bullish run throughout the past year, will be affected by the listing. According to K Auction's prospectus submitted to the Financial Supervisory Service (FSS), the auction house plans to offer 1.6 million shares in an initial public offering (IPO) to raise up to 32 billion won ($27 million) on the secondary Kosdaq market. As the target offering price is set between 17,000 won and 20,000 won, the company's market cap is estimated to be around 151 billion won and 178 billion won. The company is scheduled to confirm the IPO price next month, after a two-day subscription survey among institutional investors in early January. Shinyoung Securities is the main underwriter of the IPO. Launched in 2005, the auction house started off the country's very first online fine arts auction house in 2006. “Based on auction system established by K Auction, we hope to

Dec 15, 2021By Anna J. Park

Will K Auction's listing to threaten Seoul Auction's bullish run?

Reporter's Notebook For whom did Kakao Pay go public?

From left, Kakao Pay Chief Business Officer Lee Jin, Chief Financial Officer Chang Ki-joo, CEO Ryu Young-joon, Chief Strategy Officer Shin Won-keun, and Chief Product Officer Lee Seung-hyo. The five executives, along with three other key management members, are being criticized for hastily exercising their stock options just a month after the firm's listing in early November. / Courtesy of Kakao PayIPOs aimed at easy money-making for executivesBy Anna J. ParkJust slightly over a month after Kakao Pay's KOSPI debut in early November, the company's key management figures cashed out with billions of won by recently exercising their stock options. Although the exercise of stock options is completely legal, the collective stock option selling by all members of management a month following the firm's listing has raised investors' eyebrows. In the history of the KOSPI, it has been very rare to see management vesting their stock options just a month after a firm's listing. According to the Financial Supervisory Service's (FSS) electric public disclosure system, DART, eight executive members,

Dec 15, 2021By Anna J. Park

[Reporter's Notebook] For whom did Kakao Pay go public?

JB Financial Group CEO's tenure extended for 3 years

JB Financial Group Chairman and CEO Kim Ki-hong will have his term extended for another three years, after taking office in 2019. Korea Times file By Yi Whan-wooJB Financial Group Chairman and CEO Kim Ki-hong will have his term extended for another three years, the banking group said Wednesday.The company said its CEO recommendation committee decided Tuesday to retain Kim in recognition of his management expertise, which pushed JB Financial Group to become the country's most profitable banking institution.Kim took office in 2019 and his tenure will be extended officially once the committee's choice is approved by board directors and shareholders in their regular meeting scheduled for March.“The committee members unanimously selected Kim as the most suitable CEO,” a JB Group official said. In particular, the committee ― comprised of both outside directors and non-executive directors ― interviewed the CEO to find out his strategies concerning the changing financial en

Dec 15, 2021By Yi Whan-woo

JB Financial Group CEO's tenure extended for 3 years

KakaoBank's plan to widen loans for bad-credit customers hits snag

KakaoBank CEO Yoon Ho-young speaks during a press conference in Seoul, July 20. YonhapBy Lee Min-hyungKakaoBank's plan to expand its loan portfolio targeting customers with medium and bad credit scores has hit a snag amid toughening market competition and regulatory pressure.According to data from the Korea Federation of Banks, the portion of the lender's loans provided to those with credit scores below 820 points reached 13.4 percent of its total unsecured loan offerings as of the end of September this year.This falls far below its earlier target of 20.8 percent which the bank expected to accomplish by the end of this year. The figure inched up by 1.2 percentage points to 14.6 percent as of the end of October, but chances appear slim that the company will be able to achieve its earlier goal within this year.This was due mainly to escalating competition from existing banks, most of which seek to maximize their earnings from the loan-to-deposit margin by launching more loan products with mid-range interest rates of 6 percent to 10 percent.Unprecedentedly tough regulations imposed by f

Dec 14, 2021By Lee Min-hyung

KakaoBank's plan to widen loans for bad-credit customers hits snag

Dunamu open to Nasdaq listing

Dunamu CEO Lee Sirgoo speaks during a press conference held through the company's 2ndblock metaverse platform, Tuesday. Courtesy of DunamuUpbit operator wants to affiliate with Woori BankBy Park Jae-hyukDunamu, the operator of Upbit cryptocurrency exchange, did not rule out the possibility of going public on the Nasdaq market, emphasizing the company's ambitious plan to expand its presence in the United States and other countries by 2025.“Although we had never prepared for the Nasdaq listing, representatives from multiple investment banks and accounting firms visited us, following the news earlier this year that we would go to the U.S. stock market as Coupang and Coinbase did, so we had meetings with them,” Dunamu CEO Lee Sirgoo said in Tuesday's press conference held through the company's 2ndblock metaverse platform. “For our investors, we will go public someday.”The CEO added that his company has yet to make any specific plans about the potential initial public offering (IPO), but the likelihood of Dunamu's U.S. listing has increased, considering that he men

Dec 14, 2021By Park Jae-hyuk

BNY Mellon to strengthen investment consulting in Korea

BNY Mellon's New York office / Courtesy of BNY Mellon By Lee Min-hyungThe American bank, The Bank of New York Mellon Corp., plans to focus more on consulting and other financial services in Korea, even after its recent decision to shut down its corporate trust operations here, the company said Monday.Confirming the approval by the regulatory Financial Services Commission (FSC) to cancel the firm's corporate trust business license in Korea, BNY Mellon said that it will continue to strengthen its business portfolio and form a wider client base here for sustainable growth.“While BNY Mellon returned its corporate trust license this time, the bank is actively expanding its business franchise into strategic focus areas, including investment management, asset servicing, treasury services and other investment solutions,” the company said in a statement.BNY Mellon entered the Korean market back in 1988 and has since established a wide client base with Korean partners.

Dec 13, 2021By Lee Min-hyung

Banking & Finance

Banking & Finance

Big tech, secondary battery and game stocks increase presence in Korean stock market in 2021

Hyundai Oilbank to make third attempt at an IPO

Who will become KB's next chairman?

Woori launches marketing team for MZ generation

Will K Auction's listing to threaten Seoul Auction's bullish run?

Reporter's Notebook For whom did Kakao Pay go public?

JB Financial Group CEO's tenure extended for 3 years

KakaoBank's plan to widen loans for bad-credit customers hits snag

Dunamu open to Nasdaq listing

BNY Mellon to strengthen investment consulting in Korea

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