LG Uplus accused of hindering data breach probe by destroying critical server SEOUL, December 10 (AJP) - South Korea’s Ministry of Science and ICT has requested a police investigation into LG Uplus over allegations that the company intentionally disposed of a key server linked to a customer data breach. The ministry said the company discarded one of two APPM servers, which are critical for managing server account access and permissions, and submitted only the remaining server to a joint investigation team. “Both servers are required for an accurate forensic analysis, but one has already been disposed of, making a thorough investigation difficult,” a ministry official said. The case follows an August report by a U.S. security magazine, Frack, which said hacking activity had been detected on LG Uplus’s internal servers. At the time, the company said it found no evidence of intrusion. However, it was later confirmed that the operating system of the APPM server had been reinstalled a day before the company issued its initial response. The case has focused on whether sensitive customer data was leaked, and whether the company obstructed investigations by modifying or disposing of key digital evidence. Investigators said they have not ruled out the possibility of intentional destruction of evidence and have formally asked police to take over the case. An LG Uplus spokesperson said it was “currently assessing the situation.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-10 16:32:06

PPP lawmaker of American descent resigns to return to medical practice SEOUL, December 10 (AJP) - Ihn Yo-han, a lawmaker from the main opposition People Power Party, announced his resignation at a press conference in Seoul on Wednesday, urging "national unity." His abrupt resignation comes amid the struggling party's internal division and conflicts in the wake of disgraced former President Yoon Suk Yeol's botched Dec. 3 martial law debacle last year. The great-grandson of American missionary Eugene Bell, who was born in the liberal stronghold of South Jeolla Province, is a naturalized South Korean citizen and former professor at Yonsei University's Severance Hospital in Seoul. He began his political career with tasks related to the conservative party's urgent reforms in 2023. Expressing his desire to leave politics, he said, "I want to end my brief political career and return to my former profession." He criticized, "Party-driven binary politics exhausts citizens and is detrimental to national progress," calling for unity beyond the current political divide." Pointing to the difficulty of overcoming the disastrous debacle, he said he decided to give up all his privileges, adding "Change requires sacrifice." He entered politics to spearhead the PPP's reforms in October 2023, but stepped down after about a month. He then secured a seat in the National Assembly the following year. 2025-12-10 16:23:07

AI entrepreneur draws S. Korean startups to Saudi Arabia with promise of scale and cheaper AI infrastructure SEOUL, December 10 (AJP) - Tareq Amin, the CEO of Saudi Arabia's state-backed AI company HUMAIN, used his keynote at COMEUP 2025, South Korea's largest annual festival held at COEX in southern Seoul, on Wednesday to make a direct pitch to South Korean startups: consider Saudi Arabia as a place to build, scale and cut costs. Amin described a country in the middle of an economic overhaul under its Vision 2030 initiative, which aims to move Saudi Arabia beyond its traditional dependence on oil and gas. He said the shift is opening space for new industries built around digital services, artificial intelligence, and large-scale data infrastructure. "It is the fastest, digitally growing economy today in the G20," he said, calling the current moment a rare opening for founders looking outside their home markets. HUMAIN itself was formed earlier this year through a consolidation of entities backed by Saudi Aramco and the Public Investment Fund. Amin characterized the company as a full-stack AI player responsible for building out national data centers, developing foundation models, creating an AI-native enterprise operating system and launching a venture arm for joint investments. The name "HUMAIN," he noted, reflects the company's intention to keep people at the center of its technology. Amin highlighted three factors he believes set Saudi Arabia apart for South Korean startups: energy, cost, and scale. He said the kingdom has enough available power to support multi-gigawatt AI data centers and is targeting as much as 6 gigawatts of AI computing capacity by 2034. According to Amin, Saudi Arabia aims to handle about 20 percent of the world's AI inferencing traffic by 2030. He also claimed that HUMAIN's cloud hosting costs are significantly lower than major markets, citing internal estimates showing roughly 47 percent lower inferencing costs. He argued that Saudi Arabia's geographic position offers another advantage. With fiber links connecting the kingdom to multiple continents, he said the country can provide service reach to up to 4.4 billion people. "Power, land, connectivity — that is what gives us the chance to build something on a global scale," he said. Amin repeatedly pointed to South Korea's strengths in hardware, memory, and engineering, saying the two countries complement each other. HUMAIN plans to open a Korean office in February to deepen its ties with South Korean AI startups and chip designers. "Korea builds amazing products, and in Saudi Arabia, we know how to build at scale," he said. He also urged founders to think beyond South Korea's domestic market. "AI is a global race," he said. "Creating an amazing technology without finding a market for it does not mean a whole lot," Amin said Saudi Arabia's young population — the average age is about twenty-nine — and the country's willingness to adopt new technologies create a space where foreign startups can test and refine their products. 2025-12-10 16:20:50

Seoul replays K-Pop Demon Hunters in pop-up Colorful displays at the Netflix K-Pop Demon Hunters pop-up store in Seoul’s Seongdong District on December 10, 2025. AJP Yoo Na-hyun 2025-12-10 16:11:02

PHOTOS: 'K-Pop Demon Hunters' immersive pop-up experience in Seoul SEOUL, December 10 (AJP) — The official pop-up store for the Netflix animated feature, “K-Pop Demon Hunters,” officially launched on Dec. 4 in the trendy Seongsu-dong district of Seoul. It is being hosted in a unique venue — a former factory building — where the entire three-story structure has been completely transformed into an immersive experience dedicated to the film’s universe. The Seoul engagement, which runs for 25 days through Dec. 28, is the initial stop of an extensive Asian tour. Following its debut in South Korea, the pop-up is scheduled to travel to major cities across the region, including Singapore, Bangkok, Tokyo, and Taipei. The exhibit’s second floor serves as a central hub for immersion, featuring diverse exhibition and interactive zones designed to allow attendees to explore the film's narrative arc. Highlights include dedicated themed spaces for popular original soundtrack tracks such as “How It’s Done” and “Soda Pop.” 2025-12-10 16:08:00

Year-end IPO buzz in Seoul preludes brisk H1 2026 SEOUL, December 10 (AJP) - South Korea’s IPO market, dormant for much of the year, is ending 2025 in a surprising burst of activity, with 10 companies going public in December alone. The pattern runs counter to the usual cycle, where listings cluster in the first half and taper off as investors and bankers wind down for the holidays. Instead, this December has emerged as the busiest in recent years, up from six IPOs in both 2023 and 2024. The reason is simple: demand is hot. Of the 12 companies that debuted on the KOSPI and KOSDAQ since October, eight more than doubled their IPO price on day one — a performance that has revived optimism across the primary market. AimedBio, which listed on Dec. 4, quadrupled its IPO price in intraday trading and briefly ranked 19th in KOSDAQ market capitalization, the highest among this year’s newcomers. As of 2:24 p.m. Wednesday, its shares were trading at 47,750 won ($32.5), placing the biotech firm 20th on the index. TeraView, which went public Tuesday, also doubled its IPO price and hit the daily upper limit of 20,800 won on Wednesday, after closing its debut session at 16,000 won — twice the offering price of 8,000 won. The Cambridge-based firm is the first British company to list on KOSDAQ, providing advanced inspection equipment used across multiple industries. Another new entrant, Pescaro, surged to 47,000 won shortly after its Wednesday debut — nearly triple its offering price of 15,500 won — and closed at 27,100 won, up 74.8 percent from its IPO price. The company specializes in integrated vehicle security platforms. More listings are scheduled this week. Aegis, a Daegu-based digital platform company that creates “digital earth” replicas of the physical world, will debut Thursday after pricing its IPO at the top of the range, 15,000 won. On Friday, Quadmedicine, a medical technology company focused on microneedle platforms for transdermal drug delivery, will enter the market. Next week brings another packed slate: TMC on Dec. 15, Acryl on Dec. 16, Naraspace Technology on Dec. 17, and Algenomics on Dec. 18. Capping the year is one of the most anticipated offerings, Semifive, slated to list on Dec. 29. The design solutions company enables clients to accelerate custom semiconductor development through automation-enabled design infrastructure and proprietary IP. Analysts expect Semifive to be among the most significant KOSDAQ debuts of 2025. Eugene Investment & Securities analyst Park Jong-seon said global demand for customized ASICs — especially for artificial intelligence — is beginning to surge, and noted that Semifive differentiates itself through design experience with major tech firms and strong platform capabilities. The momentum is likely to carry into early 2026. The pipeline includes heavyweight candidates such as Musinsa, Goodai Global, Olive Young, and K-Bank, pointing to a brisk first half as Korea’s capital markets regain their appetite for new listings. 2025-12-10 15:59:23

Korean bio names expand footprint in Japan after cracking open the toughest market in Asia SEOUL, December 10 (AJP) - South Korea's biotechnology leaders are rapidly expanding their footprint in Japan, cashing in on bold pushes into a market long viewed as one of the world's most impenetrable pharmaceutical strongholds. A series of multibillion-won deals and soaring biosimilar penetration rates now signal that Korean firms are reshaping competitive dynamics in Asia's largest and most defensive drug market. Samsung Biologics, the world's largest CDMO by production capacity, has secured its biggest annual order volume to date and is now servicing nearly half of Japan's top 10 drugmakers. "We have already signed contracts with four of Japan's top 10 pharmaceutical and bio companies, and we are in final-stage discussions with one more," CEO John Rim said on the sidelines of Bio Japan 2025 in Yokohama on Oct. 8, adding that the company will continue strengthening its pipeline of Japanese clients on the back of its global competitiveness. Rim highlighted mass-production efficiency, broad modality capabilities, and high-quality manufacturing standards as core assets enabling the company to win contracts in Japan and across Asia. Samsung Biologics has also gained exceptional regulatory traction, securing 18 manufacturing approvals from Japan's Pharmaceuticals and Medical Devices Agency — 12 of them in the last three years — an achievement that has deepened confidence among Japanese innovators. The Incheon-based CDMO's orderbook has swelled in parallel, reaching 5.6 trillion won, up fivefold from 1.16 trillion won in 2021. Recent deals include a 275.9 billion won contract extension with a European pharmaceutical partner and a 76.5 billion won agreement with an Asian client announced in early November. With its biosimilar and drug-development arm spun off, the company is now positioned to focus squarely on contract-based drug production. Celltrion, meanwhile, has achieved one of the rarest feats in global pharmaceuticals: dominating Japan's biosimilar market against originators such as Roche, Sandoz, Pfizer, and Amgen. Its breast and gastric cancer biosimilar Herzuma commands more than 75 percent of Japan's market — surpassing the original product since 2021 — according to Iqvia. Vegzelma, a biosimilar for colorectal and lung cancer introduced as a late entrant, has secured roughly 53 percent market share. The growth trajectory is steep: Herzuma rose from 2 percent market share in 2019 to 30 percent in 2020 and 50 percent in 2021, while Vegzelma tripled from 15 percent last year to over 50 percent in 2024. In autoimmune disease treatments, spanning rheumatoid arthritis to ulcerative colitis, Celltrion's Remsima holds 43 percent share and Yuflyma 15 percent — both ranking first among biosimilars in Japan. "All products currently sold in Japan are delivering overwhelming results, demonstrating Celltrion's differentiated marketing capabilities and product competitiveness," said Senior Executive Vice President Kim Ho-ung. He added that the company plans to sequentially launch follow-up products, including Remsima SC, next year to further reinforce sales and profitability. Although Celltrion does not disclose Japan-specific revenues, its local unit Celltrion Healthcare Japan recorded 62.9 billion won in sales last year, making the group the largest Korean pharmaceutical exporter to Japan. Japan, the world's third-largest pharmaceutical market, has been notoriously difficult to penetrate due to strict regulations, conservative prescription patterns, and loyalty to domestic brands. Experts say Korean players succeeded by tailoring strategies to Japan's ecosystem — local subsidiaries, customized sales operations, and alignment with government policies encouraging wider biosimilar adoption. Other Korean biopharma firms are climbing the ladder as well. SK Biopharmaceuticals' partner Ono Pharmaceutical submitted a new drug application in September for epilepsy treatment Cenobamate to Japan's PMDA, targeting approval in the second half of 2026. Japan is the world's second-largest epilepsy market after the United States, with roughly one million patients. GC Biopharma also received PMDA approval in August 2024 for a Phase 1 clinical trial of GC1130A for Sanfilippo syndrome type A, following investigational new drug approvals in both Korea and the United States. The company has already secured Japanese approval for its Hunter syndrome therapy Hunterase, based on intracerebroventricular delivery. Despite strong overseas performance, Korean biopharma valuations are facing skepticism at home. Samsung Biologics' market capitalization — now above 84 trillion won — is being compared critically with Switzerland's Lonza, given Samsung's lower revenue base and more limited capabilities in emerging modalities such as antibody-drug conjugates. Celltrion, meanwhile, has grappled with governance noise over treasury stock management and repeated shortfalls in revenue guidance. Minority shareholders have even organized a committee to seek an extraordinary general meeting after autoimmune drug Zymfentra significantly underperformed sales expectations. 2025-12-10 15:41:51

Mortgage lending loses momentum in South Korea after tighter rules SEOUL, December 10 (AJP) - Growth in South Korea’s mortgage lending slowed to its weakest pace in 20 months in November, as tighter bank lending standards and easing demand for rental deposit loans weighed on household borrowing, central bank data showed on Wednesday. According to the Bank of Korea’s financial market trends report, outstanding household loans at deposit-taking banks, including policy mortgages, rose by 1.9 trillion won in November to 1,175.6 trillion won. Mortgage loan balances increased by 7 trillion won to 935.5 trillion won, marking the smallest monthly rise since March 2024. BOK official Park Min-cheol said total household lending across banks and non-bank financial institutions edged down to just over 4 trillion won, indicating continued deceleration in mortgage growth. He added that stricter loan management at banks had pushed some borrowing demand toward non-bank lenders. In contrast, corporate lending accelerated. Bank loans to companies rose by 6.2 trillion won to 1,372.2 trillion won in November. Loans to large corporations increased by 2.4 trillion won to 296.9 trillion won, while lending to small and medium-sized enterprises (SMEs) rose by 3.8 trillion won to 1,075.3 trillion won. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-10 15:38:58

South Korea weighs fines of up to 10 percent of revenue for major data breaches SEOUL, December 10 (AJP) - South Korea’s National Assembly is considering legislation that would allow regulators to fine companies up to 10 percent of their revenue for serious data breaches, as lawmakers seek tougher penalties following a series of large-scale leaks. The proposed amendment to the Personal Information Protection Act, introduced by Park Beom-kye of the ruling Democratic Party and Kim Sang-hoon of the main opposition People Power Party, would raise the current cap on administrative fines from 3 percent of revenue to 10 percent in cases of major violations. The move follows high-profile incidents involving major companies, including a leak of 33.7 million customer records at Coupang and previous breaches at SK Telecom, Lotte Card and LG Uplus. Under the bill, the higher penalty rate would be applied as a punitive measure in cases involving intent or gross negligence, breaches affecting more than 10 million people, or situations in which companies failed to comply with regulatory corrective orders. If enacted, the legislation would expand victim protection and compensation. Park’s proposal would require companies to notify customers of potential leaks and would allow collective damage claims, rather than limiting class actions to injunctions, as is currently the case. Kim’s proposal would make business owners or top executives ultimately responsible for data protection and require the reporting of designated data protection officers. It would also make security certification mandatory, rather than voluntary. The bill is scheduled for review at a National Assembly subcommittee on Dec. 15. Park’s office said momentum is building in favor of stronger economic penalties, noting growing bipartisan support for the 10 percent cap. The government has also backed tougher enforcement. President Lee Jae Myung said stronger, more realistic fines were needed following the Coupang incident, and previously urged tougher penalties and punitive damages at a cabinet meeting on Dec. 2. Business groups, however, have warned of potential unintended consequences. A fine of 10 percent of revenue could translate into trillions of won for large companies. Industry representatives argue that steep penalties could burden firms even for relatively minor security lapses. Critics have also said the government is placing excessive responsibility on companies while failing to address structural weaknesses in national cybersecurity frameworks, calling for stronger public-sector security governance and more effective certification systems. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-10 15:20:30

South Korea lodges protests against China, Russia over aircraft incursions SEOUL, December 10 (AJP) - The Ministry of National Defense on Wednesday lodged a strong protest with China and Russia after their military aircraft buzzed South Korea's air defense identification zone (KADIZ) the previous day. The ministry said it protested through a phone call to the defense attachés of China and Russia and vowed, "We will actively respond to any flybys in KADIZ in line with international law." The protest comes just a day after two Chinese and seven Russian aircraft entered the KADIZ at around 10 a.m. the previous day and left about an hour later. They were bombers and fighter jets involved in the two big powers' regular military maneuvers in the region. The air defense identification zone does not constitute territorial airspace but is established in order to identify air traffic. It is common protocol for aircraft to obtain prior permission before entering another country's air defense identification zone. But Russia does not recognize South Korea's KADIZ, citing a lack of international legal basis. The KADIZ over the submerged shelf of Ieodo overlaps with the airspaces of both South Korea and China. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-10 15:19:43