Articles by Choi Si-young
Choi Si-young
siyoungchoi@heraldcorp.com-
Retail subscriptions open for LG Energy Solution IPO
LG Energy Solution is offering retail investors the opportunity to submit bids for its shares ahead of what could potentially be South Korea’s biggest-ever initial public offering next week, having already attracted vastly oversubscribed institutional bids to the tune of some 15,000 trillion won ($12.6 trillion). The world’s second-largest battery maker for electric vehicles is offering a little over 10 million shares -- nearly a quarter of the 42.5 million shares in total -- to ret
Market Jan. 17, 2022
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LG Energy Solution IPO may be behind stock market retreat
The benchmark Kospi and junior Kosdaq have retreated for the past month as investors offloaded a combined 9.4 trillion won ($7.8 billion) in shares in what many see as stepping up preparations for a battery maker listing, which is expected to set a record later this month. LG Energy Solution, the world’s second-largest battery maker after China’s CATL, is expected to raise 12.7 trillion won in its initial public offering set for Jan. 27, with shares priced 300,000 won each, at the t
Market Jan. 16, 2022
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Gov’t plays down EU decision to block Korean shipbuilders’ merger
The South Korean government said Thursday that a decision by the European Union to block the merger between the two local shipbuilders – Hyundai Heavy Industries and Daewoo Shipbuilding & Marine Engineering – may have a limited impact, citing a recovery in global ship orders. “The industry is seeing much better conditions than in 2019 and we will continue searching for the right ‘civilian’ operator for DSME,” the government said in a statement jointl
Industry Jan. 13, 2022
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Naver, Kakao stocks dip by double digits
Naver and Kakao, Korea’s two largest online service providers, saw their market caps shrink 7 trillion won each ($5.8 billion) for the last two weeks amid persistent market fluctuations over a potential rate hike by the US Federal Reserve and growing uncertainty over their growth and management ethics. The US Fed has hinted that it will reduce its overall asset holdings sooner than expected because of unabated inflation. But the hike speculation, which is dragging down shares of
Market Jan. 11, 2022
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LG battery arm vows to edge past Chinese rival
LG Energy Solution said Monday that it would soon outcompete its bigger Chinese rival in the global race to develop electric vehicle batteries, amid market anticipation that the South Korean battery maker’s market debut will set a record later this month. “We’ve received more orders. We'll be overtaking our rival. And the market capitalization gap between us -- LG Energy Solution and CATL -- will also shrink. I certainly see opportunities,” LG Energy
Market Jan. 10, 2022
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[Newsmaker] Woori Bank pulls back Osstem funds amid theft probe
Woori Bank, one of five major local banks, said Friday it had stopped selling funds involving Osstem Implant, whose shares were suspended from trading on the Kosdaq after an employee was arrested for having allegedly stolen funds equal to 91 percent of the company’s equity as of last year. “It’s a precautionary measure to protect our investors and we do not know at this point when we will begin selling the funds again,” a Woori Bank official said, adding five funds
Economy Jan. 7, 2022
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K Auction to make stock debut this month
K Auction, South Korea’s second-largest auction house by revenue, said Thursday that it plans to go public on Jan. 24, in what its chief said will be the first step to take on its bigger rival Seoul Auction. “A transparent platform that will maximize the positive impact of art and outcompete our rival, that’s what we have in mind,” K Auction CEO Do Hyun-soon said at an online conference. Seoul Auction began trading on the junior Kosdaq exchange in 2008. K Auction, whic
Economy Jan. 6, 2022
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Investors seek suit over Osstem theft case
Individual investors are seeking legal action for damages caused by an employee at Osstem Implant who was arrested Wednesday for having allegedly stolen 188 billion won ($156 million) from the Kosdaq-listed company. The stolen money accounted for 91 percent of the company’s equity as of last year. The shares of the implant maker, worth a little over 2 trillion won in market value, were suspended from trading Monday after the company reported the massive theft to police. “There is
Economy Jan. 6, 2022
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All-in-one banking service launched
South Korea’s financial institutions -- including banks, brokerages and credit card companies -- launched an all-in-one banking service Wednesday for customers to manage their financial data spread across financial firms in one place. Called “MyData,” the service was put on a trial run in December before 33 financial institutions officially started offering it this week to help customers make more informed financial decisions looking at their account balances, loans and insura
Economy Jan. 5, 2022
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ShinhanCard launches ‘first’ NFT service
ShinhanCard said Tuesday it had launched a nonfungible token service for clients to store their pictures using the digital assets -- a first by a local financial company. NFTs are authenticated by blockchain, a record of transactions kept on networked computers that serves as a public ledger for verifying ownership. Each NFT has a unique digital signature and digital objects, like images and videos, are traded as NFTs. “Our clients wouldn’t have to worry about making the actual tra
Economy Jan. 4, 2022
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Seoul shares kick off 2022 with investor optimism
The key benchmark Kospi and junior Kosdaq opened higher on Monday after their last trading session on Thursday, amid strong retail demand and foreign buying betting on a pandemic recovery. The Kospi, which ended at 2,977.65 for its final trading session in 2021, closed at 2,988.77, while the Kosdaq ended at 1,037.83, slightly up from 1,033.98 from the previous session. The rebound was backed by retail investors and foreigners, who snatched up a net 519 billion won ($435 million) and 266 billi
Market Jan. 3, 2022
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Tech firms’ rush into finance puts pressure on banks, regulators
Naver and Kakao -- Korea’s two largest online service providers -- are prompting financial companies to better meet fintech needs and regulators to write rules that are fair to both of them. Naver Financial, a key Naver fintech subsidiary, started offering loans last year to small businesses with Woori Bank. The Naver Financial CEO said last month that he was considering seeking a permit to oversee more banking services to issue insurance and credit cards. Meanwhile, Kakao Pay, a mo
Economy Jan. 2, 2022
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Kospi wraps up best year on strong earnings, retail demand
Upbeat corporate earnings and robust retail demand set the key benchmark Kospi and junior Kosdaq on track for their best year since trading began on the exchange decades ago. The stock market, which will open Monday after a three-day break, saw the Kospi hitting a record high of 3,305 on July 6, while the Kosdaq soared to trading around 1,000, a first in 20 years. The Kospi closed at 2977.65 on its final trading session in 2021, while the Kosdaq ended at 1033.98. Kospi-listed companies r
Market Dec. 30, 2021
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NongHyup Bank introduces antiviral pin pad
NongHyup Bank said Wednesday that it has developed a pin pad that kills germs like the coronavirus with a UV light after customers have used it to enter their passcodes. The pad, the first of its kind adopted by a local bank, will be used at NongHyup branches nationwide after a trial run at its key offices in Seoul, the bank said. It added that the pad does not pose health risks. Meanwhile, Lotte Chemical also said it has come up with an antiviral plastic to be used for credit cards issued by
Economy Dec. 29, 2021
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Experts on market 2022: Stocks to rebound, home price rise to slow
South Korean shares could recede early next year but will gradually pick up speed in robust rebound on upbeat corporate earnings and consumer sentiment, while the home price rise will slow but with room for a moderate hike, market experts here said. The benchmark Kospi -- which hit a record high on July 6 this year at 3,305 amid ample liquidity and pandemic recovery hopes -- could reach as high as 3,480 next year, though it could also dive down as low as 2,710, according to analysts citi
Market Dec. 28, 2021
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