Two Seoul-based private equity firms have been selected as the most preferred bidders for the respective acquisition of South Korean-Japanese conglomerate Lotte Group’s nonbanking financial arms Lotte Non-Life Insurance and Lotte Card, according to industry sources on May 3. South Korean PEF Hahn & Co. was the surprising pick for Lotte Card, topping other banking group rivals such as Hana Financial Group and Woori Financial Group-MBK Partners consortium. Hahn & Co. has reportedly v

Market May 3, 2019

Silicon Valley-based startup accelerator Plug and Play Tech Center plans to launch operations in South Korea by the first half of 2020, according to company officals.Despite the rapid growth in Korea’s startup ecosystem, Plug and Play, which is widening its presence in Asia -- with offices in China’s eight cities including Beijing and Shanghai, as well as Tokyo, Jakarta and Singapore -- has not yet started an office here.“(Plug and Play Tech Center) is preparing to launch in Korea between the fo

Technology May 2, 2019

Venture capitalists in the global startup scene have to pay a hefty price -- hundreds of millions of dollars -- to take part in a later-stage round of investment. In South Korea, one of the nations riding the up cycle in the startup ecosystem, domestic venture investment in startups has mainly been concentrated in small- and midsized investment rounds with a risk-averse stance. Startups lose out on early-stage seed funding and larger-scale investment rounds.Now, the Korean government appears to

Market April 24, 2019

Seoul-based media giant CJ ENM reiterated April 17 that it is not taking an acquisition of Dexter Studios into consideration, months after a previous denial in January. “(CJ ENM) is not pursuing an acquisition of Dexter Studios,” CJ ENM said in a regulatory filing April 17. “But (CJ ENM) is taking many options, from financial investment to strategic partnership, into account to strengthen contents production capacity (with Dexter Studios) for TV series and films.”Dexter Studios also said in a fi

Industry April 17, 2019

Shinhan Futures Lab, a South Korean innovation hub owned by Shinhan Financial Group, said on April 11 it is poised to ramp up support for startups by teaming up with Korean fund of funds management firm Korea Growth Investment Corp. Shinhan Financial has signed a memorandum of understanding with the state-led FOF manager, also known as K-Growth, to foster investments in startups dedicated to fintech, according to the banking group.Under the agreement, the two will share information about fintech

Market April 11, 2019

Debt-ridden Kumho Asiana Group called on its creditors to inject 500 billion won ($439.17 million) to address its liquidity crisis through a business revamp plan it submitted to the state-led Korea Development Bank, according to the KDB on April 10. Ex-chairman of Kumho Asiana Park Sam-kooRelated:Kumho Asiana creditors demand asset sell-off, solid loan repayment planCorrected audit report weighs on Asiana AirlinesIn the recovery plan, submitted April 9, the family-owned conglomerate agreed to se

Industry April 10, 2019

Real-time in-app digital messaging is increasingly becoming the norm. On-demand mobility app users can exchange text messages with drivers to get a ride to deliver food. While watching live-streamed videos of a sports game, you can also send cheers or share thoughts about an athlete or a team. Couples, meanwhile, can enjoy private conversations on dating apps. Those buying a product online can place an inquiry directly to sellers on an e-commerce platforms, while sellers can interact with thousa

Technology March 28, 2019

For decades, lawyer Yoon Hee-woong has built his career providing legal advice for corporations. Since joining the South Korean law firm Yulchon in 2000, he has been paving the way for large business groups to take over financial companies, especially in the wake of the global financial crisis in 2007-2008.A big deal he helped close in 2007 was retail giant Lotte’s purchase of Daehan Fire & Marine Insurance. A year later, Yoon was involved in Hyundai Motor’s takeover of Shinheung

Market March 19, 2019

LG Electronics CEO Jo Seong-jin recently conceded that as a newcomer in the mergers and acquisitions market in 2015, the firm had a tough time acquiring a stake in family-owned Austrian headlight maker ZKW Group. After years of negotiations, the tech giant and its holding firm LG Corp. were finally able to purchase shares worth 1.1 billion euros ($1.25 billion) in April 2018. It marked the largest acquisition in its 70-year history. Before that, it was focusing on research and development. (Hera

Technology March 18, 2019

South Korea is riding the global trend of high liquidity in the startup scene. Money is pouring into the sector, and investors are looking for the next big thing to invest in. However, concerns linger that the upcycle is being maintained by government spending, and not a real appetite for startups.   In 2018, venture capital investment surged 43.9 percent on-year to 3.4 trillion won ($3 billion), according to latest data by the Ministry of SMEs and Startups. However, of that amount, 20 percent a

Industry Jan. 31, 2019

The thick glass ceiling in the finance industry of South Korea got a few more cracks in the last month, with the latest reshuffles in the country’s leading banking and securities brokerage companies having nominated women leaders to the top posts.The nomination of Park Jeong-rim as the co-CEO of KB Securities on Dec. 19 marked another leap forward, as she is set to become the first female CEO of a brokerage firm in Korea. Her nomination awaits approval in the upcoming general shareholders&

Market Jan. 1, 2019

After hours of strenuous waiting, standing against the wicked winter winds, those who have flocked to scenic viewpoints stare in awe at the sea’s horizon.On South Korea’s west coast, the gleaming yellow sun in the ruddy sky inches closer to the horizon. Hues spread along the horizon get overwhelmingly richer, creating more dazzling reflections off the waters of the Yellow Sea. Soon, the blinding glare gives way to red-tinged dusk, as the sun goes out of sight, down the horizon.It was worth the h

Travel Dec. 27, 2018

South Korea’s stock market indexes in 2018 are set to mark the largest yearly slump in a decade since the global financial crisis hit Asia’s fourth-largest economy in 2008.As of the Wednesday session’s close, the main bourse index Kospi fell 17.8 percent since Jan. 2 this year, while the second-tier market benchmark Kosdaq slid 16.6 percent, according to data from the Korea Exchange on Thursday. Both figures indicate the largest gap since 2008, when the Kospi plunged 40.7 perce

Market Dec. 27, 2018

South Korea’s stock market indexes drifted lower Wednesday on prevailing risk-averse investor sentiment due to uncertainties in the United States. The main bourse benchmark Kospi closed at 2,028.01, down 1.3 percent, while the second-tier benchmark Kosdaq slid 0.6 percent to close at 665.74.  Both markets suffered strong net sales from retail investors. They net sold stocks worth 468.1 billion won ($415.8 million) on the main bourse and shares worth 348.7 billion won on the second-tie

Market Dec. 26, 2018

South Korean engineering and construction services provider Hyundai Engineering said Wednesday that it donated five units of modular homes to residents of aged buildings vulnerable to risks of natural disasters on Friday. Modular homes refer to prefab buildings for residential purposes. Such buildings involve a construction method in which sections of a house are manufactured away from a construction site, then delivered to the site and installed there.Representatives of Hyundai Engineering, Hop

Industry Dec. 26, 2018