Journalist
Joonha Yoo
joonhayoo94@ajupres.com
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BTS Comeback D-23: When free meets the resale machine SEOUL, February 26 (AJP) - Standing, A-4 section, seat 3n. +15.” A Wednesday search for “BTS Gwanghwamun” on X did not just surface fan updates. It revealed a marketplace. The shorthand “+15” meant 150,000 won ($105.5) — for a ticket whose official price is zero. Dozens of similar posts appeared within hours, some already stamped “transfer completed.” The event in question — BTS Comeback Live: ARIRANG — is scheduled for March 21 at 8 p.m. at Gwanghwamun Square, a civic landmark more commonly associated with candlelight protests and World Cup gatherings than pop spectacles. Within 14 minutes of ticketing opening at 8 p.m. on Feb. 23, resale posts began circulating. To enter the resale ecosystem, one must first learn its dialect. “+10.” “Foreign OK.” “All verification possible.” Sellers frequently mention “a-om,” shorthand for account transfer. The method involves canceling a reservation during low-traffic hours so a buyer can attempt an immediate rebooking. The maneuver carries obvious risk: once released, tickets can be captured by bots or competing users. Another term, “pal-om,” refers to transferring the wristband distributed after identity verification at the venue. Though designed as a safeguard, social media accounts openly advertise wristband transfer “reservations,” typically charging around 10,000 won upfront, promising refunds if unsuccessful. Beyond individuals, a parallel micro-economy appears to be forming. Some accounts claim more than 3,000 successful wristband transfers and advertise “99.8% success rates.” Others promote real-time cancellation monitoring, offering to secure newly released tickets for a 10,000 won deposit and an additional 40,000 won upon success. These figures are self-reported and cannot be independently verified. But they reveal how resale services brand themselves: efficient, data-driven, near-guaranteed. Some accounts list multiple adjacent seats despite one-ticket-per-person rules, suggesting resale activity has in some cases evolved into semi-organized brokerage operating alongside official systems. Police have requested removal of at least 34 posts related to proxy purchasing or suspected scams. Major resale platform TicketBay has banned listings for the event. Yet most transactions unfold on decentralized social media channels, where enforcement is uneven at best. Not uniquely Seoul Ticket resale frenzies are hardly confined to Korea. When Taylor Swift launched her 2022 Eras Tour, 3.5 million fans registered for Ticketmaster’s Verified Fan presale in the United States. When tickets went live on Nov. 15, the system crashed within an hour amid surging traffic, though 2.4 million tickets were sold in a single day. Original prices ranged from $49 to $499, with VIP packages up to $899. Resale listings later climbed as high as $3,800. The backlash triggered congressional scrutiny of Live Nation, Ticketmaster’s parent company, over antitrust concerns. Seoul’s case differs in one essential respect: the face value was zero. According to the Korea Creative Content Agency, scalping cases surged from 359 in 2020 to 4,224 in 2022 as live events resumed after the pandemic. Following the launch of an integrated reporting portal in 2021, reported cases declined to 2,224 in 2024 and 1,649 in 2025. Authorities continue to warn fans against purchasing overpriced resale tickets, citing fraud risks. But private transactions conducted through messaging apps and encrypted social media channels remain difficult to police comprehensively. Some artists have experimented with aggressive countermeasures. Singer Jang Beom-june canceled an entire concert booking in 2024 after evidence of resale prices reaching six times face value. He later tested NFT-based tickets and dynamic QR codes that refresh periodically to prevent screenshot fraud. Such measures reflect a broader industry acknowledgment: traditional ticketing controls struggle in an era of instantaneous digital arbitrage. A civic square, a commercial logic Gwanghwamun Square is not merely a venue. It is a symbolic public commons capable of hosting tens of thousands — a stage for democratic mobilization and national celebration. By staging a free comeback concert there, organizers signaled a shared civic moment. Yet digital marketplaces obey a different logic. When demand is global and supply is finite, even zero acquires a shadow price. “I love musicals, so I buy tickets quite often,” said a 32-year-old Seoul resident who asked not to be named. “I don’t think resale is entirely bad. Some people simply can’t log in at the exact ticketing time because they’re at work.” She added: “Extreme markups feel uncomfortable. But if someone secured a ticket on my behalf, I can understand paying a premium. If both sides agree, I don’t see it as inherently wrong.” In the age of global fandom, free is no longer free. 2026-02-26 15:58:59 -
South Korean director Park Chan-wook to lead jury at 79th Cannes Film Festival SEOUL, February 26 (AJP) - Korean film director Park Chan-wook will serve as jury president of the 79th Cannes Film Festival, organizers announced Thursday, marking another milestone in his long-standing relationship with the prestigious event. Park will chair the main competition jury responsible for selecting the Palme d'Or, the festival’s top prize. He is the first Korean filmmaker to preside over the Cannes jury. His ties to Cannes date back more than two decades. In 2004, the noir-thriller "Oldboy" won the Grand Prix, propelling him into the international spotlight. He returned in 2009 to receive the Jury Prize for the vampire-themed thriller "Thirst," and again in 2022, when he was named Best Director for the neo-noir romantic mystery "Decision to Leave." Over the years, Park has become one of the festival’s most closely associated auteurs. Widely regarded as one of the most distinctive voices in contemporary world cinema, Park has built a reputation for meticulous visual composition and morally complex storytelling. Beyond representing Korean film abroad, he is viewed as a global auteur whose works regularly circulate through major festivals and critical discourse. In a joint statement, Cannes president Iris Knobloch and festival director Thierry Frémaux said "Park Chan-wook's inventiveness and visual mastery have given contemporary cinema some truly memorable moments. His ability to capture the complex impulses of characters with unusual destinies has left a lasting mark." They added, "We are delighted to celebrate his immense talent and, more broadly, the cinema of a country deeply engaged with the questioning of our time." Park succeeds French actress Juliette Binoche, who led the jury in 2025. Korea previously celebrated a historic Cannes victory in 2019, when Bong Joon-ho won the Palme d'Or for "Parasite," underscoring the country’s growing influence in global filmmaking. Park’s most recent feature, "No Other Choice," is a dark satire about an unemployed family man who resorts to extreme measures to secure a new job. The film was selected as South Korea’s submission for the Academy Awards, but did not receive a nomination. The 79th Cannes Film Festival will be held from May 12 to 23 in Cannes, France. 2026-02-26 14:30:29 -
Korea's fertility rate hits four-year high in 2025 SEOUL, February 25 (AJP) - Still a far cry from the replacement-level fertility rate of 2.1, South Korea’s total fertility rate, which bottomed out in 2023, inched above the long-cited 0.70 level last year, data showed. According to the Ministry of Data and Statistics on Wednesday, the number of births in 2025 reached 254,500, up 16,100 from a year earlier, or 6.8 percent — the largest annual increase since 2007. The total fertility rate — the average number of children born to a woman over her lifetime — rose to 0.80, the highest since 2021, from 0.72 in 2023 and 0.75 in 2024. Marriage registrations increased 1 percent in 2023, 14.8 percent in 2024 and 8.9 percent in 2025. In December alone, marriages rose 13.4 percent year on year to 25,527. “Births in Korea are still overwhelmingly tied to marriage,” said Kang Hyun-young, an official in charge of birthrate policy at the ministry. “In our data, increases in marriages typically precede increases in births by one to two years,” she said. “The rise in marriages since 2023 is now being reflected in birth figures.” While declining to provide a numerical forecast for 2026, Kang said the sustained expansion in marriages was “a statistically meaningful positive signal.” Demographic timing: the early~1990s cohort Women aged 30 to 34 recorded 73.2 births per 1,000 women in 2025, the highest among all age groups. Fertility among women aged 35 to 39 rose 13.0 percent from a year earlier, reaching a record level. “Women born between 1991 and 1995 have entered their early 30s, which is the peak childbearing age group,” Kang said. “That cohort expansion has contributed to the increase in total births.” She added that the population of women in their early 30s has been rising since 2021, exerting upward pressure on aggregate birth totals. Survey data suggest shifting social attitudes may also be playing a role. In 2024, 68.4 percent of respondents said couples should have children after marriage, up from 65.3 percent in 2022. The share saying childbirth without marriage is acceptable rose to 37.2 percent from 34.7 percent. “Multiple factors are interacting,” Kang said. “Policy measures cannot be excluded, but their individual effects cannot be statistically isolated.” She emphasized that the recent rebound reflects “overlapping demographic, social and behavioral dynamics,” rather than any single policy intervention. Later childbirth, continued population decline Despite the improvement, structural challenges remain. The average maternal age rose to 33.8 years, while births to women aged 35 and older accounted for 37.3 percent of total births — the highest share since records began in 1981. Deaths totaled 363,400 in 2025, exceeding births by 108,900. South Korea has recorded negative natural population growth every year since 2020. Regional disparities were also evident. Seoul’s fertility rate stood at 0.63, while South Jeolla Province recorded 1.10. Kang said the trend should be monitored closely on a month-by-month basis. “The increase in marriages over the past three years provides a foundation,” she said. “But whether the trend continues depends on demographic structure and ongoing social changes.” For now, the data point to a tentative stabilization after years of decline — but not yet a reversal of South Korea’s long-term depopulation. 2026-02-25 17:46:21 -
Asian stocks rally ahead of Nvidia earnings; Nikkei hits Record, KOSPI breaks 6,000 SEOUL, February 25 (AJP) - Asian equities advanced broadly on Tuesday ahead of Nvidia’s earnings report due at February 26 at 6 a.m. (Korea time), with Japan and South Korea both closing at record levels as technology shares led gains. Nikkei Closes Above 58,000 for First Time Japan’s Nikkei 225 climbed 2.20 percent, or 1,262.03 points, to close at 58,583.12, decisively surpassing its previous high of 57,650, recorded on Feb. 10 following the lower house election. It marked the first close above the 58,000 level. The broader TOPIX index rose 0.71 percent to 3,843.16. Semiconductor-related shares led gains ahead of Nvidia’s quarterly results. Tokyo Electron rose 4.2 percent to 46,230 yen ($296.73), while Advantest also advanced. Cable manufacturer Fujikura jumped 6.5 percent to 26,825 yen ($172.18) after announcing a stock split, extending recent momentum. The rally gathered further strength around midday after reports that two dovish candidates were nominated to the Bank of Japan’s policy board. Both are viewed as supportive of accommodative monetary policy, dampening expectations for an early rate hike. The Nikkei briefly gained more than 1,500 points throughout the day, approaching the 59,000 level before profit-taking trimmed gains. KOSPI Breaks 6,000 for First Time In Seoul, the benchmark KOSPI rose 1.9 percent, or 114.22 points, to finish at 6,083.86, marking its first-ever close above the 6,000 threshold. The index touched high of 6,144.7 and a low of 5,984.3. The milestone comes less than a month after the KOSPI stood at 5,084.85 on Jan. 27, underscoring the strength of the recent rally. The tech-heavy KOSDAQ edged up 0.02 percent to 1,165.3. Institutions Offset Foreign Selling Institutional investors were big buyers with 880.3 billion won ($616 million), on the KOSPI, as well as individuals adding 232.2 billion won. Foreign investors sold 1.29 trillion won. On the KOSDAQ, individuals purchased 392.8 billion won, while foreigners and institutions sold 236.2 billion won and 130 billion won, respectively. The divergence indicates that the rally is being sustained primarily by domestic liquidity rather than foreign inflows. Chips and Autos Lead Korean Gains Heavyweight chipmakers extended gains ahead of Nvidia’s earnings, widely viewed as a bellwether for global AI demand and semiconductor supply chains. Samsung Electronics rose 1.8 percent to close at 203,500 won, while SK hynix gained 1.3 percent to 1,018,000 won. Automakers also surged. Hyundai Motor jumped 9.2 percent to 572,000 won after announcing plans to invest 10 trillion won over the next five years in the Saemangeum region, focusing on data centers and robotics production facilities. The investment signals a strategic expansion into AI-linked industrial infrastructure and advanced manufacturing, reinforcing optimism in export-oriented sectors. LG Energy Solution climbed 3.3 percent, and Samsung Biologics added 0.3 percent. Trade Uncertainty Remains in Focus Market participants also weighed remarks from U.S. President Donald Trump. His state address offered limited immediate signals for Asian markets but underscored lingering uncertainty surrounding trade policy. Separately, Korea’s Ministry of Trade, Industry and Energy set a 2026 export target of $740 billion at its first public-private export strategy meeting of the year. Exports totaled $709.7 billion last year, placing the country among the six economies globally to surpass the $700 billion mark. The government aims to enter the top five global exporters by diversifying products and markets beyond semiconductors and heavy reliance on the United States and China. Eight strategic sectors were designated, including semiconductors, defense, nuclear power, autos, shipbuilding, steel, power equipment and consumer goods. Expanded trade financing measures were also unveiled. While the initiatives are intended to strengthen medium-term competitiveness, their immediate impact on equities appeared limited. Regional Gains Follow Wall Street Advance Elsewhere in Asia, China’s Shanghai Composite rose 0.7 percent and Hong Kong’s Hang Seng Index gained 0.5 percent. The regional rally followed overnight gains on Wall Street, where the Dow rose 0.8 percent, the Nasdaq climbed 1.1 percent and the S&P 500 advanced 0.8 percent. The Korean won strengthened to 1,430.0 per dollar, gaining 12.5 won, or 0.9 percent, from the previous session. 2026-02-25 17:23:25 -
BTS Comeback D-24 : Less hype over BTS' 'ARIRANG' tour concert live cinema booking SEOUL, February 25 (AJP) - The last-resort seats for the first round of BTS comeback concerts are now open, but unlike the stampede over the group’s free open-air performance in central Seoul, the rush has been muted, suggesting many fans still prefer the atmosphere of sharing the same physical space with their idols. Advance bookings for the live cinema screenings of BTS’ “ARIRANG” tour opened Wednesday at 10 a.m. (KST) across South Korea’s three major multiplex chains — CGV, Megabox and Lotte Cinema. The screenings will broadcast two concerts live: the April 11 performance in Goyang and the April 18 show in Tokyo. Each event will run for about 180 minutes, delivering the energy of on-site performances to movie theaters nationwide. Globally, the live viewing is scheduled to take place in more than 3,500 theaters across 75 countries and regions. Some locations will offer delayed broadcasts due to time zone differences, with additional venues expected to be announced. In South Korea, the event will be shown at 26 Megabox theaters, 45 CGV locations and 28 Lotte Cinema sites. Ticket prices are set at 59,000 won per seat, about one-third of the minimum 198,000 won required for in-person attendance at the Goyang concert. By contrast, demand for BTS’ free performance at Gwanghwamun Square on March 21 was overwhelming. More than 100,000 fans rushed to secure 15,000 seats on Feb. 23, selling out the allocation within seconds. Early figures for the cinema screenings, however, point to more moderate interest. As of 10:14 a.m. Wednesday, 243 of 298 seats had been sold for the April 11 screening at the COEX complex. In Mokdong, 45 seats remained available out of 318. Sinchon showed 32 seats unsold, while Sangbong and Hongdae also recorded sizable vacancies. Overseas markets showed a similar pattern. At an AMC Theatres location in Burbank, California, only five tickets had been sold by late afternoon local time. In Malaysia, two TGV Cinemas branches reported minimal or zero early sales for the April 18 broadcast. Industry observers say the figures reflect fans’ continued preference for live, in-person concerts, even as alternative viewing options expand. “With BTS returning as a full group after nearly four years, many fans still place the highest value on being there in person,” a local distributor said. “Cinema screenings are viewed as a secondary choice.” With the April concerts approaching, ticket sales for both on-site performances and theater broadcasts remain ongoing, leaving room for a possible late surge in demand. 2026-02-25 13:54:04 -
New boy band CHASER to release debut album ROUTE 01: Burning Point SEOUL, February 25 (AJP) - South Korean boy band CHASER is scheduled to make its official debut on Wednesday with the release of its first mini album. The five-member group, consisting of Kangbin, Caseke, Ren, Yoonsung, and Sihun, will launch ROUTE 01: Burning Point at 6 p.m. (0900 GMT) across global streaming platforms including Spotify and YouTube Music. The album serves as the introductory chapter to the group's planned narrative universe, focusing on themes of energy and ambition. The nine-track record is led by the title track "INVINCIBLE," an uptempo pop-rock song characterized by a heavy guitar riff and prominent bass lines. The track is designed to showcase the group's vocal harmonies and high-intensity performance style. CHASER preceded the launch with a series of promotional materials, including concept photos and a highlight medley of the tracks. A music video teaser for the lead single featured the members in a vintage setting before transitioning to imagery of motorcycles and smoke, intended to reflect the song's themes of resilience. The album explores several genres beyond pop-rock. The tracklist includes "Sweet Like Sugar," a synth-pop song; "Criss Cross," a hip-hop trap track; and "Dreamers," described as a youth anthem. Other songs include the mid-tempo jazz-inspired "Knock Knock," the motivational "MATCH POINT," and "Yagwangun," a track centered on the concepts of growth and hope. The release of ROUTE 01: Burning Point marks the formal entry of the rookie group into the South Korean music industry. 2026-02-25 11:25:04 -
Why The King's Warden reigns over Korea's box office SEOUL, February 24 (AJP) - The mix of tragedy and humor, family and community affection, and grass-roots patriotism has long been a reliable formula for box-office success in South Korea. Audiences have found that combination in unusually polished form in The King’s Warden. Korean box office is no longer built for monopolies. Streaming platforms fragment attention. Mid-budget films struggle for screens. Audience loyalty has grown increasingly fickle. And yet, for three weeks running, The King’s Warden has behaved like a film from another era — one that gathers viewers not through spectacle or algorithms, but through the quiet accumulation of trust. The historical drama has topped the domestic box office for three consecutive weeks and has now surpassed 6 million cumulative viewers. As of its 20th day in theaters on Feb. 23, the film had drawn about 6.02 million moviegoers and generated 58.3 billion won ($43 million) in revenue. Over the Feb. 20–22 weekend alone, more than 1.41 million people visited theaters to see the film, accounting for 73 percent of total box office sales. Even as its screen count declined from more than 2,100 to around 1,700, the film has maintained clear market dominance. On Feb. 23, it captured 73.0 percent of total revenue while occupying just 29.6 percent of screens. In most competitive release cycles, revenue share tends to track screen share. The wide gap points to unusually strong demand consolidation around a single title. This is not a seasonal spike. It is consolidation. What distinguishes The King’s Warden from recent hits is that its success has been built less on marketing saturation than on accumulated credibility. In an industry increasingly driven by opening-weekend numbers and short attention cycles, the film has advanced at an older, steadier pace. Viewers are not rushing in out of fear of missing out, but returning with recommendations. Its dominance reflects not hype, but confidence — the sense that this is a film that can be trusted with time, emotion and attention. “I really enjoyed The Face Reader. In that film, the story revolved mainly around Grand Prince Suyang. This time, the narrative centers on Danjong. It feels connected, yet completely different. After watching the movie, I found myself wanting to learn more about Danjong," said Cho Hyun-chul, a 34-year-old office worker in Seoul. Bae Ji-hoon, a 32-year-old office worker living in Jeju, saw it out of curiosity after the news report about the president praising it. "Honestly? I enjoyed it more than I expected. Historical films often feel repetitive, but this one felt warm like a family movie while still carrying a serious tone.” In a market shaped by streaming algorithms and franchise branding, such patience-driven momentum has become increasingly rare. The film’s commercial trajectory reinforces that reading. After cresting during the Lunar New Year holidays, when daily admissions topped 650,000 on Feb. 17–18, most releases would normally settle into predictable decline. The King’s Warden did not. Weekday attendance stabilized at 200,000 to 260,000 viewers, before rebounding to 581,167 on Feb. 21 and 568,306 on Feb. 22. Even after the holiday period ended, market share remained above 70 percent. Over the Feb. 20–22 weekend, the film generated more than 13.8 billion won in revenue. Its cumulative gross reached 58.3 billion won by its 20th day. Such post-holiday resilience suggests limited substitution toward competing titles — another indicator that audiences are actively choosing the film rather than drifting toward it. Released on Feb. 4, the film reached the 6 million mark in just 20 days and is now widely expected to surpass 10 million viewers in a nation of about 52 million people. On paper, the subject matter looks forbidding. The film revisits the exile and death of King Danjong, dethroned as a teenager after his uncle’s coup in the mid-15th century and sent to remote Yeongwol before being executed. It remains one of the bleakest chapters in Joseon history. Even today, Yeongwol is part of the so-called “BYC” region — Bonghwa, Yeongyang and Yeongwol — regarded as one of the country’s most remote inland areas. Rather than presenting the story as a court thriller, The King’s Warden refuses the usual grammar of palace intrigue. Power remains largely offscreen. The court is distant. Violence is implied rather than staged. Instead, the camera stays in kitchens, fields and small courtyards, where a deposed boy-king learns to live as an anonymous adolescent among villagers. What distinguishes this film from earlier portrayals of Danjong is not new information, but new attention. Rather than presenting him as a national symbol, the screenplay treats him as a teenager navigating isolation, shame and dependence. His relationships with ordinary townspeople form the narrative spine. They feed him. Protect him. Pretend, at times, not to know who he is. In doing so, the film reframes tragedy as intimacy. The drama unfolds through accumulation — shared meals, hesitant conversations, small gestures of loyalty. Humor surfaces quietly, never as release, but as survival. It is this tonal balance — grief without melodrama, warmth without sentimentality — that gives the film its emotional credibility. Cultural critic Kim Heon-sik attributes the film’s success to its cross-generational accessibility and reinterpretation of history. “There have been few films recently that families across generations could watch together,” he said. “During the Lunar New Year, audiences were looking for that kind of option.” Kim noted that the film reshapes Danjong’s image. “He has traditionally symbolized sacrifice and tragedy,” he said. “This film overlays his story with hope and positivity. It adds imagination without distorting historical facts.” He also pointed to the evolution of director Jang Hang-jun. “His trademark wit remains, but this is not merely a comedy,” Kim said. “It is grounded in history and has strong character construction.” With sustained market concentration, post-holiday resilience, broad generational appeal and unusually strong audience loyalty, The King’s Warden has emerged as one of the most closely watched theatrical phenomena of the year that may finally put an end to a yearlong drought in K-movie blockbusters. 2026-02-24 17:42:55 -
YG Plus to open BLACKPINK 'Deadline' pop-up in Seoul SEOUL, February 24 (AJP) - YG Plus announced that it will operate pop-up stores themed around BLACKPINK’s upcoming release “Deadline” from Feb. 28 to March 8 at Musinsa Store Myeongdong and Musinsa Standard Seongsu. The pop-up will unveil a range of official merchandises commemorating the new album. Items include apparel and lifestyle products reflecting the album’s concept, as well as limited-edition exclusive goods will be available at the pop-up. Following the kick off in Seoul, the “Deadline” pop-up is scheduled to expand sequentially to major global cities, including Hong Kong and Macau. YG Plus said “It is a pop-up designed to allow fans to experience BLACKPINK’s global influence in an offline space." adding "It will provide a special opportunity for fans around the world to directly experience the message and mood of ‘Deadline.’” The four-member K-pop heavyweight girl group BLACKPINK — Rosé, Jisoo, Jennie and Lisa — recently surpassed 100 million subscribers on its official YouTube channel, becoming the first artist in YouTube history to reach the milestone with an official artist channel. 2026-02-24 15:49:46 -
KOSPI extends rally despite global headwinds and profit-taking SEOUL, February 24 (AJP) - Korean stocks extended their upward momentum Tuesday despite a choppy start, shrugging off overnight losses on Wall Street driven by tariff uncertainty and rising Middle East tensions. Seoul’s benchmark KOSPI advanced 1.42 percent to a fresh all-time high of 5,929.14 as of 11:15 a.m., while the KOSPI 200 gained 1.66 percent to 880.21. Overnight in the United States, the Dow Jones Industrial Average fell 1.7 percent, the Nasdaq dropped 1.1 percent and the S&P 500 declined 1.0 percent, reflecting caution over trade frictions and concerns about AI-driven industry disruption. Despite the pullback, most Asian markets remained resilient. Institutional investors led the rally, piling into large-cap shares as foreign and domestic investment banks raised their targets for the main index. Nomura Securities recently projected the KOSPI could climb to 8,000. Domestic institutions bought more than 1 trillion won worth of shares, offsetting net retail selling of 945.2 billion won. Semiconductor heavyweights remained firm. Samsung Electronics rose 0.7 percent to 194,400 won, while SK hynix advanced 2.1 percent to 971,000 won, sustaining momentum in memory-related stocks. Sector performance was mixed. Telecommunications equipment led gains, climbing 5.8 percent. Hanwha Vision surged 23.9 percent on expectations that its semiconductor equipment subsidiary would benefit from continued high-bandwidth memory investment. CJ ENM also gained 5.75 percent. In contrast, petrochemical shares weakened. Hanwha Solutions fell 2.3 percent amid uncertainty over the government’s upcoming restructuring package for the sector. Risk-off sentiment was evident in commodities. Gold jumped 2.84 percent to $5,225.6 per ounce, while silver climbed 5.13 percent to $86.6, reflecting safe-haven demand following former U.S. President Donald Trump’s renewed deadline to Iran over its nuclear program. In currency markets, the won weakened slightly, with the dollar up 0.5 won to 1,446.5 won. Across Asia, markets were mixed. Hong Kong’s Hang Seng Index fell 1.6 percent, while China’s Shanghai Composite rose 0.7 percent. Japan’s Nikkei 225 added 0.6 percent. 2026-02-24 11:29:41 -
Kbank draws $7.3 bn in pre-IPO deposits ahead of planned KOSPI debut SEOUL, February 24 (AJP) - Kbank, South Korea’s first internet-only lender, has attracted more than $7 billion in pre-initial public offering deposits as it prepares to become the first major IPO of 2026 on the KOSPI, the world’s best-performing equity market this year. The bank wrapped up a three-day pre-IPO offering to retail investors on Monday, posting a subscription competition ratio of 136 to 1. About 9.85 trillion won ($7.3 billion) in deposits were raised, with 836,599 subscription accounts recorded. Kbank priced its shares at 8,300 won, the lower end of its indicative range of up to 9,500 won during institutional bookbuilding. The band was lowered by about 20 percent from the 12,000 won level set during its second failed IPO attempt in September last year. The listing is being led by NH Investment & Securities and Samsung Securities, with Shinhan Securities participating as a co-underwriter. Under agreements with its financial investors tied to a capital increase, Kbank is required to go public by July at the latest. Failure to do so would trigger put option clauses, exposing the bank to potential repurchase obligations. Kbank’s long-term performance remains uncertain despite the heated demand on the main bourse. Concerns center on potential share dilution by major shareholders and the bank’s heavy dependence on Korea’s largest cryptocurrency exchange, Upbit, whose exclusive partnership with Kbank expires in October. More than 90 percent of Kbank’s loan portfolio is concentrated in household lending, reinforcing criticism that the bank remains largely confined to a “non-face-to-face retail lender” model. Its earnings structure also remains vulnerable. About 84 percent of operating revenue in 2024 came from net interest income, reflecting heavy reliance on lending margins. Fee-based income — a key pillar of non-interest revenue — remains weak, with around 35 percent generated through its partnership with Upbit and its operator Dunamu. Investor sentiment has also been dampened by the weak performance of industry peer KakaoBank. Brokerage firms have recently lowered their target prices for KakaoBank. Daishin Securities, for instance, cut its target to 26,000 won, reflecting a more cautious outlook for the sector. Market analysts warn that the sluggish performance of the industry’s flagship player is undermining the broader appeal of internet-only banks. KakaoBank shares closed Monday at 28,250 won, up about 29 percent so far this year, underperforming gains of roughly 37 percent for banking heavyweight KB Financial Group and about 40 percent for the benchmark KOSPI over the same period. 2026-02-24 09:57:37