Journalist
Ryu Yuna류윤아
Julia37@ajupress.com
ReporterFinancial Supervisory Service (FSS) & finance, capital markets, Southeast Asian affairs
Yuna Ryu covers finance, capital markets and Southeast Asian affairs.
She is drawn to the questions that numbers raise and the stories that data alone cannot answer.
Prior to journalism, she worked at Hyundai Motor Company and the Singapore Chamber of Commerce, focusing on business strategy and international affairs. She has also hosted diplomatic receptions and international conferences as an MC.
Ryu holds a master's degree in Media and Communication from Korea University, where her research focused on neuroscience-based studies of media effects. "Beyond every statistic is a human story waiting to be heard."
She is drawn to the questions that numbers raise and the stories that data alone cannot answer.
Prior to journalism, she worked at Hyundai Motor Company and the Singapore Chamber of Commerce, focusing on business strategy and international affairs. She has also hosted diplomatic receptions and international conferences as an MC.
Ryu holds a master's degree in Media and Communication from Korea University, where her research focused on neuroscience-based studies of media effects. "Beyond every statistic is a human story waiting to be heard."
Latest by Ryu Yuna
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Foreign investors' return lifts KOSPI ahead of key big tech earnings SEOUL, July 22 (AJP) - Foreign investors extended their buying streak to a third consecutive session on Wednesday, helping lift the benchmark KOSPI higher despite caution among investors ahead of U.S. big tech earnings, which could determine whether the recent rally in artificial intelligence (AI)-related stocks can be sustained. The KOSPI rose 0.74 percent to close at 6,797.70 points after surging as much as 6 percent during the session, but gave up most of its gains in late trading. The junior KOSDAQ, meanwhile, fell 0.30 percent to 751.09. Foreign investors purchased 2.61 trillion won (US$1.9 billion) worth of KOSPI shares, bringing their net buying over the past three sessions to 3.46 trillion won, according to the Korea Exchange. The latest inflows mark a sharp turnaround in foreign investors’ stance after weeks of heavy selling. They dumped 19.8 trillion won during the week spanning late June and early July before trimming their net selling to 4.1 trillion won the following week. They then returned as net buyers last week and have further accelerated their purchases this week. The buying spree was concentrated in semiconductor and technology shares, with foreign investors purchasing a net 3.18 trillion won worth of electrical and electronics stocks over the past three trading sessions. Samsung Electronics, the key beneficiary of the inflows, rose 0.58 percent to close at 260,500 won, while SK hynix edged down 0.33 percent to 1,830,000 won as investors locked in profits following recent gains. Among other large-cap technology shares, Samsung Electro-Mechanics climbed 2.67 percent to 1,345,000 won and Samsung Electronics preferred shares gained 2.27 percent to 185,100 won, while Samsung Biologics fell 1.65 percent to 1,372,000 won. Automakers outperformed, with Hyundai Motor advancing 4.76 percent to 418,000 won and Hyundai Mobis jumping 6.99 percent to 513,000 won. Shipbuilder HD Hyundai Heavy Industries also gained 2.88 percent to 464,500 won, while Samsung C&T rose 3.06 percent to 354,000 won. On the junior KOSDAQ, robotics shares remained a bright spot despite the broader index's decline, as Samsung Electronics' newly established robotics division continued to fuel expectations for physical AI. Robotics software developer NRobotics jumped 29.89 percent to 2,390 won and service robot maker Hyulim Robot gained 9.70 percent to 6,900 won, while Lightron Fiber-Optic Devices rose 6.67 percent. The broader index, however, gave up its early gains as profit-taking spread across technology shares. The recent sell-off, which sent the KOSPI down about 20 percent this month, has made valuations more attractive, encouraging foreign investors to return to the market. Wall Street investment banks Morgan Stanley and JPMorgan have also struck a more optimistic tone on South Korean stocks. Morgan Stanley maintained its 9,000-point KOSPI target this week, saying the recent selloff has brought the market close to a bottom. JPMorgan also reaffirmed its 12-month target of 12,500, citing resilient corporate fundamentals and continued earnings momentum led by semiconductors. The positive outlook has also been driven by expectations that the AI-driven memory-chip upcycle will last longer than previously anticipated. Morgan Stanley said concerns over tighter memory supply in 2027 and 2028 have increased, describing the recent pullback in semiconductor shares a buying opportunity. A stabilizing South Korean won has also improved sentiment toward local assets by easing concerns over foreign capital outflows. The currency weakened slightly on Wednesday, however, with the dollar-won exchange rate rising to 1,479.50 in afternoon trading from 1,473.40 in the previous session. Still, analysts cautioned that whether foreign buying develops into a sustained trend will largely depend on earnings from U.S. technology giants, beginning with Alphabet after the U.S. market closes Wednesday. Alphabet, one of the world's four largest hyperscale cloud operators, previously projected capital spending of $180 billion to $190 billion this year, roughly double last year's level, as it expands AI infrastructure. If the company maintains or raises its spending outlook for next year, expectations for memory demand could strengthen further, providing another catalyst for Korean chip stocks. The cautious mood was reflected across Asia. Japan's Nikkei 225 erased an intraday gain of more than 2 percent to end 0.18 percent lower, while Taiwan's benchmark index rose 1.34 percent even as chipmaker TSMC slipped 0.41 percent. 2026-07-22 17:42:34 -
Busan fever sweeps Asia as Taiwanese lead new tourism boom SEOUL, July 22 (AJP) - Busan has emerged as one of Asia’s hottest urban escapes, drawing travelers with its beaches, seafood, cinematic coastal scenery and the hometown appeal of BTS members Jimin and Jungkook. Chinese can now be heard across the southern port city, but increasingly it is not the Mandarin typically associated with mainland visitors. Taiwanese travelers have become one of Busan’s largest and fastest-growing visitor groups, helping transform the city from a secondary stop after Seoul into a destination in its own right. A new expression circulating on social media in Taiwan, mainland China and Japan captures the mood: “Busan sickness.” The phrase describes the lingering longing travelers feel after leaving the city. Once commonly associated with “Seoul sickness,” the post-trip nostalgia appears to have shifted southward as Busan gains a stronger identity among young Asian travelers. The boom is visible in the numbers. Busan welcomed 1.94 million foreign visitors in the first five months of 2026, up 40 percent from a year earlier and 78.4 percent from the same period in 2019, according to the Busan Tourism Organization’s latest data. The figure represented 22.2 percent of South Korea's 8.72 million inbound visitors during the period, meaning more than one in five foreign tourists visiting Korea traveled to Busan. While nationwide inbound tourism grew about 21 percent, Busan expanded at nearly twice that pace, cementing its status as one of Asia's fastest-rising urban tourism destinations. In May alone, the city received 460,683 international visitors, a 42.9 percent increase from a year earlier and 83.7 percent above the pre-pandemic level recorded in May 2019. The most striking change has come from Taiwan. Some 84,502 Taiwanese visitors traveled to Busan in May, up 46.3 percent from a year earlier and more than four times the May 2019 level. They accounted for 18.3 percent of all foreign visitors that month, nearly matching mainland Chinese travelers, who made up 19.4 percent. Over the January-May period, Taiwan was Busan’s largest single visitor market, with 375,322 arrivals and a 19.4 percent share. Mainland China followed with 359,981 visitors, or 18.6 percent, while Japan accounted for 233,685, or 12.1 percent. Mainland Chinese tourism is also recovering rapidly. Their arrivals nearly doubled from a year earlier to 89,275 in May and were almost three times the corresponding 2019 level. But the strong Taiwanese presence has changed the linguistic and cultural complexion of Busan’s tourism districts, particularly around Haeundae, Gwangalli and popular shopping areas. The city’s broader tourism surge has also translated into heavier spending. Foreign visitors spent 132.2 billion won ($95 million) in Busan in May, more than 2.5 times January’s 51.2 billion won, according to city data. Busan retained its position as South Korea’s second-largest destination for foreign tourist spending after Seoul for a third consecutive month. The appeal is also reflected in online sentiment. An analysis by Yanolja Research of 11,270 Chinese-language travel posts on Xiaohongshu and 18,694 reviews on Ctrip ranked Busan first in overall satisfaction among eight Asian cities, ahead of Tokyo and Singapore, with an average score of 4.723 out of five. Nature accounted for 38.2 percent of Busan-related mentions, followed by food at 23.8 percent. The finding suggests that the city’s appeal comes less from the sheer number of attractions than from the concentration and intensity of the experiences it offers. Busan’s first advantage is its highly photogenic landscape. Unlike the dense and relentlessly paced capital, Busan is increasingly perceived as a place that feels distinctly Korean but is less exhausting. Its geography places expansive coastlines beside urban neighborhoods, giving travelers beaches, cafés, markets and nightlife within a relatively compact area. Haeundae, Gwangalli and Gamcheon Culture Village have long appealed to social media users. More recently, attractions that let visitors experience the sea rather than merely view it have widened the city’s draw. The Haeundae Blueline Park beach train, promoted on Xiaohongshu as a “train running by the sea,” has become one of the city’s most recognizable images. Yacht tours, Skyline Luge and the X the Sky observatory have similarly helped turn Busan’s coastline into an activity-driven tourism product. Affordability is another strength. Local dishes such as pork-and-rice soup and milmyeon wheat noodles offer inexpensive alternatives to the increasingly costly dining scene in Seoul. That value has proved especially attractive to Taiwanese visitors, who can reach Busan on direct flights to Gimhae International Airport in about two hours. Travelers from parts of Japan enjoy similarly easy access, allowing Busan to function as a convenient weekend destination rather than an extension of a longer trip to Seoul. Yanolja Research said Busan was moving beyond its traditional image as a city of beaches and scenery by combining marine resources with transportation, observation decks, leisure activities and entertainment. The result, it said, was a new model of an “Asian experiential tourism city” built around the sea. The latest tourism figures suggest the model is working. Busan is no longer merely South Korea’s second city or a seaside add-on to Seoul. For a growing number of Asian travelers, it has become the Korean city they miss once they leave. 2026-07-22 16:08:54 -
S&P lifts Samsung outlook as AI memory boom gathers pace SEOUL, July 22 (AJP) — Global ratings agency S&P Global Ratings has made its call on Samsung Electronics, betting that an AI-driven memory supercycle will drive at least two more years of strong earnings growth. The agency revised its outlook on the chipmaker to positive from stable, saying favorable industry conditions, including strong demand for high-bandwidth memory (HBM) and a prolonged supply shortage, are likely to support memory prices through 2027. "The positive outlook reflects our expectation that Samsung will strengthen its technological competitiveness, expand its market share in HBM and foundry businesses, and deliver solid operating performance over at least the next two years as the memory industry continues its structural growth," S&P said. The stock rose 3.86 percent to 269,000 won in Wednesday afternoon trading following the outlook. The optimism rests on a widening gap between AI demand and chip supply. The ratings agency expects Samsung to be among the biggest beneficiaries of the AI-driven memory supercycle, as investment in hyperscale data centers continues to outpace new semiconductor capacity. Some DDR5 chip prices have already risen three- to fourfold from a year earlier. It also sees memory shortages persisting for at least two more years as AI infrastructure spending continues to accelerate. The world's four largest hyperscale cloud operators are projected to quadruple capital spending from 2024 levels to around $1 trillion by 2028, with much of the money directed toward AI infrastructure, while meaningful supply growth is not expected before then. Reflecting that outlook, the agency forecasts Samsung's annual revenue will reach a record 683 trillion won ($495 billion) in 2026 before climbing to 821 trillion won in 2027. EBITDA, a widely used measure of operating earnings, is expected to surge from around 91 trillion won in 2025 to 393 trillion won in 2026 and 502 trillion won in 2027. The agency also expects this cycle to be less volatile than previous memory booms. As shortages persist, customers are increasingly seeking long-term supply agreements lasting three to five years. The growing use of customized memory products should also give chipmakers clearer order visibility and help protect earnings when the market eventually turns. Samsung's advances in HBM technology further reinforce that outlook. According to S&P, Samsung has advanced its HBM technology by pairing its latest 1c DRAM with a 4-nanometer base die in next-generation HBM4 chips, while largely fixing the production yield issues that affected its earlier HBM3E products. The agency also sees improving prospects for Samsung's foundry business. It said yields on its most advanced manufacturing processes are beginning to stabilize. At the same time, capacity constraints at Taiwan Semiconductor Manufacturing Co. could give Samsung an opportunity to win more orders as an alternative supplier. Backing that expansion, Samsung's annual capital expenditure is projected to rise from 52 trillion won in 2025 to between 81 trillion won and 84 trillion won over the next two years. Even so, S&P expects the balance sheet to remain resilient. Strong cash generation is forecast to lift free cash flow from 33 trillion won last year to 201 trillion won this year and 288 trillion won in 2027. 2026-07-22 14:34:48 -
KOSDAQ gains new life from robotics jolt SEOUL, July 22 (AJP) - Robotics stocks jolted the lethargic KOSDAQ market awake on Wednesday as investors bet that Samsung Electronics’ newly elevated robotics ambitions, military demand and Nvidia’s physical AI vision could turn South Korea’s equipment supply chain into the next major technology theme. Industrial robotics and automation company T-Robotics hit the daily ceiling, surging 29.95 percent to 12,540 won and leading gains on the secondary market. The main KOSDAQ index advanced 2.8 percent to 774.54 as of 11:30 a.m. The buying swept through nearly every corner of the robotics chain. Actuator and precision-gear supplier SPG jumped 23.33 percent to 81,400 won, automation equipment maker Coses climbed 23.02 percent to 26,450 won and Samsung-backed humanoid robot developer Rainbow Robotics advanced 19.81 percent to 493,000 won. Motion-control component maker Samhyun rose 16.19 percent to 32,650 won, while industrial robot manufacturer Robotstar gained 15.11 percent to 67,800 won. Robot actuator and platform developer Robotis added 14.72 percent to 226,000 won, robot software company Clobot climbed 13.98 percent to 26,500 won and home-service robot maker Everybot rose 11.42 percent to 14,050 won. The spark came from Samsung Electronics which on Tuesday said it had established the RX, or Robotics eXperience, Division to take charge of robotics strategy, core technology development and business execution as it seeks to build the sector into a new growth engine. The move marks Samsung’s most significant organizational push into robotics since it began expanding the business in 2021 and raised expectations that the country’s largest technology company could pull a wider network of parts suppliers, software developers and equipment makers into the physical AI race. Investors also found a more immediate trigger in the military. Rainbow Robotics and Hyundai Rotem are expected to begin deploying the RB-01K military robot dog with the South Korean Army later this year. Rainbow Robotics manufactures the quadruped platform, while Hyundai Rotem equips it with military sensors, remote-control systems and weapons-related technology for combat use. The project has put suppliers such as SPG under the spotlight because actuators — the motorized joints that allow the robot’s four legs to bend, balance and move — are among the most critical components in a quadruped system. The army could eventually deploy as many as 1,000 units. The robot dogs are expected to patrol bases, enter hazardous areas before soldiers and respond to terrorist threats, allowing the military to carry out more missions with fewer personnel. The image of four-legged machines moving ahead of troops is no longer confined to demonstrations or science fiction. Since Russia’s full-scale invasion in 2022, Ukraine has expanded the use of unmanned ground vehicles to move supplies, evacuate wounded soldiers and inspect dangerous terrain. The U.S. military has tested robot dogs for patrol, surveillance and explosive detection, while China has showcased armed quadruped robots in military exercises as part of its AI-driven modernization campaign. Nvidia Chief Executive Jensen Huang’s remarks during his Seoul visit last month also continued to reverberate through the market. Huang described robotics as South Korea’s next major growth industry, arguing that the country’s position as a global manufacturing powerhouse gives it an advantage in deploying physical AI across factories, logistics networks and other industries. His comments helped reinforce the idea that South Korea could become not merely a user of industrial robots but a broader production base for the sensors, actuators, software and machine intelligence needed to make them operate autonomously. Wednesday’s rally also carried the force of a rebound after months of steep losses. According to IBK Investment & Securities, the combined market value of major domestic robotics companies more than tripled from about 16 trillion won in August last year to 49 trillion won in early June, only to collapse to 23 trillion won as of July 20. Samsung’s latest move has restored some of the excitement, but the brokerage cautioned that the sector’s next leg higher will depend less on organizational announcements and futuristic demonstrations than on whether investment produces commercial products, repeat orders and tangible earnings. 2026-07-22 11:26:23 -
Seoul steps in as ETF crash takes toll on retirees and minors SEOUL, July 21 (AJP) - A crash inevitably leaves collateral damage, and the nearly 50 percent plunge in leveraged exchange-traded funds (ETFs) linked to chip behemoths Samsung Electronics and SK hynix has hit some of South Korea's most vulnerable investors, wiping out retirement savings and money invested on behalf of minors. "Were we guinea pigs?" one investor wrote after watching losses mount in the newly launched single-stock leveraged ETFs. "Will anybody help?" another asked. The outpouring of anger quickly shifted toward the government, which approved the products near the peak of the semiconductor rally. Surely, investors knew the risks. But many ants, as retail investors are known in South Korea, took the government's approval as an endorsement, believing products cleared by regulators could not be excessively dangerous. Their jitters intensified after Bae Jae-kyu, chief executive of Korea Investment Management and widely regarded as the pioneer of Korea's ETF industry, publicly urged investors to stop buying single-stock leveraged and inverse ETFs. Although his company manages the products, Bae warned that sharp daily price swings can destroy returns through daily compounding. Unlike conventional ETFs, leveraged and inverse funds are designed to deliver twice a stock's daily return rather than twice its cumulative performance over time. When prices repeatedly rise and fall, gains and losses are calculated on a constantly changing investment base, causing value to erode regardless of the longer-term direction of the underlying shares. As a result, both leveraged and inverse ETFs can lose money even when the underlying stock ends little changed. Bae illustrated the effect using SK hynix-related ETFs. Between May 27 and July 16, SK hynix shares fell 17.9 percent. A 2x leveraged ETF theoretically should have declined about 35.8 percent, but instead plunged 47.5 percent, extending losses by another 11.7 percentage points because of volatility drag. A 2x inverse ETF should theoretically have gained 35.8 percent over the same period. Instead, it lost 31.1 percent as repeated daily swings steadily eroded returns. His warning came only after retail investors had already poured unprecedented sums into the products. Demand exploded after Korea introduced its first single-stock leveraged ETFs in late May, attracting investors across virtually every age group—including retirees and minors. According to data submitted by the Korea Institute of Financial Investment (KIFIN) to Rep. Kang Myung-gu of the opposition People Power Party, 1.16 million investors completed the mandatory basic leveraged ETF course during the first half, nearly 19 times more than a year earlier and already six times last year's total. Seoul has made a three-hour mock-trading session in addition to online basic course mandatory for trading high-risk products like leveraged ETFs. Despite the hassle, nearly 690,000 investors also completed the additional education required to trade single-stock leveraged ETFs between April and June. Investors in their 40s accounted for the largest group with 210,745 participants, followed by those in their 50s with 189,308 and those in their 30s with 176,488. More than 70,000 investors aged 60 or older also completed the training, along with 5,596 minors who obtained parental consent. The enthusiasm translated into massive inflows. Between May 27 and July 16, investors poured a net 13.4 trillion won ($9.6 billion) into 16 leveraged and inverse ETFs linked to Samsung Electronics and SK hynix. SK hynix leveraged products alone attracted 8.5 trillion won, while Samsung Electronics leveraged ETFs drew another 4.7 trillion won. Inverse products received only 146.6 billion won. The reversal in chip fortunes proved devastating. The KODEX SK hynix Leveraged ETF, the most heavily purchased product, lost 47.5 percent from launch through July 16, while its Samsung Electronics counterpart dropped 41.7 percent. Products designed to profit from falling prices fared little better. The SOL SK hynix Futures Single Stock Inverse 2X ETF lost 31.1 percent over the same period, while the PLUS Samsung Electronics Futures Single Stock Inverse 2X ETF fell 8.9 percent. Wild swings across the broader market compounded the damage. According to the Korea Exchange, the KOSPI's average intraday fluctuation reached 6.75 percent between July 1 and July 16, the highest since comparable records began in 1987, surpassing the peaks recorded during both the 2008 global financial crisis and the 1997 Asian financial crisis. Three of the 10 highest monthly average intraday fluctuations over the past two decades have occurred this year. The VKOSPI volatility index, often referred to as Korea's "fear gauge," climbed to 96.94 on June 29, its highest level since the index was introduced in 2009. Analysts said fragile investor sentiment, widespread use of leveraged products and weak institutional buying had amplified volatility, allowing even modest negative news to trigger indiscriminate selling. The growing investor angst has reached the highest government level. President Lee Jae Myung on Tuesday ordered financial authorities to draw up "swift and thorough" stabilization measures for controversial single-stock leveraged ETFs, saying the government must not neglect retail losses. Speaking at a Cabinet meeting, Lee said the products had helped keep domestic capital from flowing overseas but had also amplified market volatility. "They nonetheless have become a source of grievance for investors, haven't they?" he said, instructing regulators to review additional investor protection measures while reassessing the role of high-risk investment products. Opposition lawmakers have been ratcheting up attacks on the government for encouraging excessive speculation by approving the products, arguing that older and underage investors could not have fully understood the risks they were taking. 2026-07-21 16:50:39 -
Lee orders review of leveraged chip ETFs after retail investor losses SEOUL, July 21 (AJP) — President Lee Jae Myung on Tuesday ordered financial authorities to draw up "swift and thorough" stabilization measures for controversial single-stock leveraged exchange-traded funds (ETFs), saying the government must address mounting losses suffered by retail investors who piled into the products after regulators approved their launch. Speaking at a Cabinet meeting, Lee pointed to the divided views over leveraged ETFs linked to Samsung Electronics and SK hynix, which were introduced in late May when both semiconductor giants were enjoying a powerful rally that had helped propel the benchmark KOSPI to record highs. The president said the products had helped keep domestic capital from flowing overseas but had also amplified market volatility. Financial Services Commission Chairman Lee Eog-weon defended the products, saying similar single-stock leveraged ETFs are widely available in overseas markets and were introduced as part of efforts to advance South Korea's capital market. "They nonetheless have become a source of grievance for investors, haven't they?" President Lee replied. He said public criticism was increasingly being directed at the government because the ETFs were launched near the peak of the semiconductor rally before sharp declines inflicted heavy losses on retail investors. Calling for authorities to consider "various factors," Lee instructed regulators to prepare comprehensive measures to stabilize the market and better protect investors while reviewing the role of such high-risk investment products. 2026-07-21 16:06:29 -
New AI rules take effect in South Korea SEOUL, July 21 (AJP) - Stricter regulations on the use of artificial intelligence (AI) took effect across industries on Tuesday, requiring businesses to disclose the use of generative AI and label AI-generated content. Under the regulations as part of the so-called "AI Basic Act," the country's first legal framework for artificial intelligence, companies developing or operating AI services must notify users when generative AI is used and label AI-generated content. Those whose systems could significantly affect people's rights or safety must also assess potential risks and impacts and put internal governance and risk management systems in place. To avoid discouraging innovation under the stricter rules, the government, however, is also rolling out incentives to help foster the domestic AI industry. Verified AI products and services will receive preferential treatment in public procurement as well as bonus points in bid evaluations. Other measures include funding for startups, job training, broader access to public data for AI development, and subsidies aimed at improving access to AI services for older adults, people with disabilities, job seekers and other underserved groups. Major South Korean tech companies including Kakao, KT, LG Uplus, Naver, SK Telecom, as well as AI startup Upstage have already strengthened their AI governance and expanded labeling of AI-generated content to comply with the new law. But some industry workers say uncertainty still remains over how much generative AI must be used before content-labeling requirements apply, and whether the same standards apply when AI-generated content is edited or reviewed by humans. They also say that the lack of clear definitions for AI with high potential impact could increase costs for assessment and delay product launches, particularly for startups with fewer resources than large tech companies. These debates come as major economies take different approaches to AI-related regulation. The U.S. and Japan have focused on promoting innovation, while the European Union has adopted a risk-based framework that imposes different obligations depending on the potential risks posed by AI. A one-year grace period will be given to businesses before full enforcement, allowing authorities to gather industry feedback and establish more detailed guidelines. 2026-07-21 11:28:01 -
Hanwha Solutions rights issue cut to $810 million after 21% discount SEOUL, July 21 (AJP) -Hanwha Solutions has bowed to regulatory scrutiny by finalizing on Monday a scaled-back 1.17 trillion won ($810 million) rights offering, less than half the 2.4 trillion won it originally planned to raise. The final fundraising reflects months of regulatory intervention and investor backlash that forced repeated revisions to one of South Korea's largest equity offerings this year, before a slide in the company's share price further reduced the proceeds through a lower issue price, its disclosures showed. The Hanwha Group energy and chemicals unit set the final subscription price at 22,100 won per share, about 21 percent below the preliminary issue price of 27,900 won announced last month. The company will issue 53 million new shares, raising 1.1713 trillion won through a shareholder rights offering. Any unsubscribed shares will be offered in a public subscription on July 27-28, with the new shares scheduled to begin trading on Aug. 11. The final amount compares with the 1.48 trillion won expected under the preliminary pricing and is less than half the 2.4 trillion won fundraising plan unveiled in March. Shares on Tuesday opened nearly 2 percent lower from Monday's close at 26,250 won. The company also revised how it will use the proceeds. Investment in facilities will remain unchanged at 907.7 billion won, while funds earmarked for debt repayment have been reduced to 263.6 billion won from the previously planned 571 billion won. Hanwha Solutions said it will bridge the funding gap through internal financing, including additional liquidity secured in the United States. The rights issue has been under unusually close scrutiny since its announcement in March. The Financial Supervisory Service twice ordered Hanwha Solutions to revise its securities registration statement, saying the filing lacked sufficient disclosure on matters material to investors' decision-making. The regulatory action delayed the offering and forced the company to provide more detailed explanations of its financing plans and capital allocation. The original proposal called for raising 2.4 trillion won, with 1.5 trillion won allocated to debt repayment and 900 billion won for investments in its solar and other growth businesses. The scale of the issuance, equivalent to roughly 42 percent of outstanding shares, triggered an immediate market backlash, sending Hanwha Solutions shares down more than 20 percent over two trading sessions. Minority shareholders criticized the transaction as placing the burden of balance-sheet repair on existing investors through substantial dilution despite the group's aggressive expansion strategy. The offering was subsequently reduced to about 1.7 trillion won during the review process before the continued decline in the company's share price lowered the final issue price and trimmed the proceeds further to 1.17 trillion won. The transaction also renewed scrutiny of the Hanwha Group's broader capital-raising strategy. Earlier this year, Hanwha Aerospace was forced to revise its record 3.6 trillion won rights offering after investors objected to the scale of dilution despite the defense company's strong cash generation. The company eventually cut the offering to 2.3 trillion won and replaced part of the financing with capital from group affiliates. The repeated pattern of announcing large equity offerings, suffering sharp share-price declines and subsequently restructuring the fundraising has intensified debate over the group's capital allocation and treatment of minority shareholders. To bolster confidence in the latest fundraising, Hanwha Corp., which owns about 36.7 percent of Hanwha Solutions, committed to fully subscribe to its allotted shares and purchase an additional 20 percent through oversubscription, investing about 843.9 billion won. Employee shareholders will subscribe on July 22, followed by existing shareholders on July 22-23. Any remaining shares will be offered to the public on July 27-28, with payment due on July 30. 2026-07-21 09:29:37 -
Samchundang Pharm shares surge on hopes for diabetes generic SEOUL, July 20 (AJP) - KOSDAQ-listed drugmaker Samchundang Pharm saw its shares soar on Monday amid expectations that its diabetes drug would move a step closer to entering the U.S. pharmaceutical market. Its shares surged 29.82 percent to close at the daily trading limit of 239,000 won after the drugmaker said it had received a written response from the U.S. Food and Drug Administration (FDA) regarding its oral semaglutide generic, a pill for Type 2 diabetes, although the approval process remains far from complete. The FDA feedback came before the filing of an abbreviated new drug application (ANDA), which is required to market generic medicines in the U.S. However, it is only part of the early process and does not involve an assessment of the drug itself. Samchundang has yet to file its ANDA, meaning regulators have not begun reviewing the application for approval and could still request additional studies or documentation, or reject the submission. The FDA identified Danish drugmaker Novo Nordisk's Rybelsus, an oral semaglutide treatment for Type 2 diabetes, as the reference listed drug (RLD) for Samchundang's generic version. Samchundang said the FDA's response itself marked an important step in the development of its drug and its future commercialization efforts. Investors seem overly excited, as the drug is still a long way from approval as Samchundang has yet to file its ANDA, and the FDA has not begun a formal review of the application. Another key question is whether Samchundang's existing bioequivalence (BE) data will be sufficient. BE studies determine whether a generic drug is absorbed by the body at a similar rate and to a similar extent as the reference medicine. Even after a formal review begins, regulators can still require additional clinical studies, potentially delaying approval. Jordan-based drugmaker Hikma Pharmaceuticals, for example, received an FDA Complete Response Letter (CRL) for its generic version of Advair Diskus, a widely used asthma medication, and had to conduct another clinical trial before resubmitting its application. 2026-07-20 17:49:48 -
Bio, fashion IPOs seek to inject life into subdued KOSDAQ SEOUL, July 20 (AJP) — South Korea's KOSDAQ, which turned 30 this month but has fallen 14 percent this year while the KOSPI has surged more than 60 percent, will look to a handful of biotechnology and fashion IPOs this week to revive its subdued listing market. The listings come as the KOSDAQ's fundraising market remains sluggish. Only 25 companies debuted on the exchange in the first half, down from 37 a year earlier, while total IPO proceeds fell to 740 billion won ($534 million) from more than 1 trillion won, according to the Korea Exchange. The second-half IPO calendar begins with strong investor demand for HL Genomics, a manufacturer of active pharmaceutical ingredients (APIs) used in medicines for chronic diseases. Founded in 2000, the company supplies pharmaceutical ingredients for cardiovascular, allergy, diabetes, obesity and neuropsychiatric treatments. It is scheduled to begin trading on Friday. Institutional investors subscribed 714.5 times the shares on offer during bookbuilding, enabling the company to price its IPO at 21,500 won, the top of its target range. Retail investors also showed robust demand, subscribing 667.2 times the shares available and depositing about 4.6 trillion won. The offering raised about 55.1 billion won, giving HL Genomics a market capitalization of roughly 167.3 billion won at the offer price. The company has posted operating profits for 19 consecutive years, supported by stable demand from its parent, Hanlim Pharmaceutical, while steadily expanding sales to external customers. Revenue rose 2.5 percent to 28.9 billion won ($20.8 million) in 2025, while operating profit increased 3.3 percent to 9.3 billion won. It has maintained an average operating margin of 32.3 percent over the past three years. Next in the waiting is Ingenia Therapeutics, a U.S.-based biotechnology company developing treatments for eye and kidney diseases, which is conducting institutional bookbuilding this week for a KOSDAQ listing through depositary receipts (DRs), allowing overseas companies to trade on the Korean exchange. Its lead drug candidate, MK-8748, is a late-stage treatment for retinal diseases. The asset became part of U.S. drugmaker Merck's pipeline after its acquisition of British biotech company EyeBio in 2024. Ingenia plans to list 5 million DRs at a target price of 12,000 won to 14,500 won apiece. Its retail subscription has been postponed to July 30-31 from the originally scheduled July 23-24. Delicious, the operator of K-fashion wholesale platform ShinSangMarket, will also begin institutional bookbuilding from July 23 to 29 ahead of its IPO. The company plans to offer 2.2 million shares at a target price of 5,000 won to 7,000 won, with retail subscriptions scheduled for Aug. 3-4. 2026-07-20 14:05:27