[THE INVESTOR] The French cultural platform Pompidou Centre is set to open a Seoul branch in March 2017 in a move that could help revitalize the Korean economy that is increasingly becoming more diverse. However, there are also doubts and concerns surrounding the plan due to the rumored royalty payment, which is expected to reach 1.5 million euros (2 billion won). The amount would be paid annually to the Paris Pompidou Centre. The Korean art industry is questioning whether the branch’s contribut

Chinese government regulation to impact Chinese pharma market Over Jun 16~17, Hanmi Pharm’s Chinese subsidiary—Beijing Hanmi—invited analysts to a site visit for the first time in seven years. According to IMS data, the Chinese pharma market was worth RMB1.1tn in 2015 (grew at a 2011~2015 CAGR of 16.0%), and the market (according to IMS estimates) will grow at a 2016~2020 CAGR of 6.9%. Growth factors for the Chinese pharma market: expanding health insurance coverage; growing private healthcare e

[THE INVESTOR] Chinese auto parts manufacturer Rothwell International, which took orders from retail investors for its initial public offering on Korea’s tech-heavy KOSDAQ next week, was 328 times oversubscribed with deposits totaling 3.15 trillion won (US$2.71 billion won), the company said on June 20. “As a listed Chinese firm, we will take the lead in resolving China discount and creating premium,” said Zhou Xiangdong, the company’s chief executive. Rothwell International started taking subsc

BUY and 6M TP of W33,000 maintained- The target price is derived by applying the target P/B of 0.4x to the 2016E BPS of W77,857.- Over the last three months, Hana Financial Group’s foreign ownership gained nearly 0.9%p. This compares with most of its peer banks (other than Woori Bank), which saw their foreign ownership decline considerably.-There are two reasons why foreign investors are buying Hana Financial Group. First, its exposure to large company loans is forecast to decrease a whopping 7.