SSG.com, the e-commerce arm of South Korean retail giant Shinsegae Group, said Wednesday it has selected managers for its initial public offering with a goal to make a market debut in 2022. According to the officials, the company chose Mirae Asset Securities and Citigroup Global Markets Korea Securities as the lead underwriters of its IPO deal, with Morgan Stanley and JPMorgan Chase & Co. also joining as members of the underwriter group. The exact size of the deal and the date of listing

Descendants of South Korea’s conglomerate founders have inherited more shares and strengthened their control on the companies in recent years, data showed Wednesday, indicating a generational power transfer within the family-controlled businesses. According to local corporate tracker CEO Score, of all family-owned shares from 60 conglomerates, the percentage of the children’s shares in value surged to 43.6 percent as of October, up 9.7 percentage points from 33.9 percent in 2019. T

South Korean stocks retreated Wednesday as investors attempted to cash in gains amid concerns that the corporate earnings may wane after a strong third quarter. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 23.59 points, or 0.77 percent, to close at 3,025.49 points. Trading volume was moderate at about 598 million shares worth some 10.1 trillion won (US$8.6 billion), with gainers outnumbering losers 626 to 232. Foreigners sold a net 2

Mortgage loans surge by 200 trillion won since 2017

Global credit rating agency S&P Global Ratings said Wednesday it raised the credit outlook of Hanwha General Insurance from negative to stable, citing its prospects for future high earnings. The agency kept the insurance company’s credit rating at A, the same as estimates from last year. “We project Hanwha General Insurance, together with Hanwha Life Insurance, to strengthen their abilities to pay off debt through high earnings in the next two years. The affiliates will be abl

The market capitalization of K-pop powerhouses S.M. Entertainment and JYP Entertainment are anticipated to reach 2 trillion won ($1.7 billion) for the first time at the closing bell, amid growing hopes of resuming in-person performances under the “living with COVID-19” scheme. At Wednesday’s closing, S.M. Entertainment’s market value stood at 1.97 trillion won, while JYP Entertainment came to 1.9 trillion won. The entertainment firms refreshed their 52-week high closings

Fundraising activities via a company’s initial public offering rose sixfold by volume in South Korea‘s capital market during the first three quarters of this year over investors’ growing appetite for debutants on the stock market here, data showed Wednesday. The combined IPO proceeds of Korean companies, including special purpose acquisition companies, through the newly-issued shares between January and September came to 11.9 trillion won ($10.2 billion), up 478.3 percent fro

South Korean stocks opened lower Wednesday as investors attempted to cash in gains. The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.81 points, or 0.26 percent, to 3,041.27 points in the first 15 minutes of trading. The KOSPI got off to a lackluster start amid losses in tech and chemicals, while bio and auto stocks performed well. Top cap Samsung Electronics lost 0.98 percent to 70,400 won, and No. 2 chipmaker SK hynix traded flat at 102,000 won. Leading chemical firm LG Chem

Kakao Pay, which is expected to go public on Nov. 3, attracted more than 5 trillion won ($4.2 billion) during the two-day public subscription for its initial public offering, according to its IPO managers on Tuesday. Based on the subscription number of 1.82 million, each subscriber is expected to obtain at least one stock and up to three depending on the brokerage firm they used. The new stocks available for retail investors number 4.25 million, or 25 percent of the 17 million new shares.

South Korean stocks advanced for a second consecutive day Tuesday, backed by expectations for strong corporate earnings. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) advanced 28.54 points, or 0.94 percent, to close at 3,049.08 points. Trading volume was moderate at about 547 million shares worth some 9.2 trillion won ($7.9 billion), with gainers outnumbering losers 574 to 271. Foreigners bought a net 106 billion won, while retail investors

South Korean stocks opened higher Tuesday, tracking overnight gains on Wall Street that stemmed from expectations for strong corporate earnings. The benchmark Korea Composite Stock Price Index (Kospi) rose 14.33 points, or 0.47 percent, to 3,034.87 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite added 0.9 percent, and the Dow Jones Industrial Average gained 0.18 percent. Market bellwether Samsung Electronics added 0.43 percent to 70,500 won, and No. 2 chipmaker

The stock value of South Korea’s top wireless carrier SK Telecom could go up if the company’s nontelecom spinoff and 5-for-1 stock split plans take effect in November, analysts of major brokerage houses said Monday. “The spinoff plan will boost SK Telecom’s corporate value. Its affiliated companies’ values will likely be reevaluated as well. ... We highly recommend investors to buy the stock before the trading suspension” ahead of the spinoff, Ahn Jae-min, a

South Korean stocks snapped its three-day losing streak Monday amid expectations of strong quarterly earnings. The Korean won rose sharply against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 14.38 points, or 0.48 percent, to close at 3,020.54 points. Trading volume was moderate at about 782 million shares worth some 10.3 trillion won ($881 billion), with gainers outnumbering losers 552 to 286. Foreigners bought a net 36 billion won, while retail investors sol

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