Korean President vows to correct housing "fantasy" in Lunar New Year message SEOUL, February 17 (AJP) -South Korean President Lee Jae Myung on Tuesday underscored his core governing goal — to correct what he called the nation’s “housing fantasy” and build a safe and peaceful society grounded in fairness, reason, growth and shared prosperity. In his Lunar New Year message posted on social media platform X, Lee said he never sought political power for personal ambition, but to gain the authority needed to confront structural injustice, widening inequality and speculative excess in the real estate market. “Power is not the goal,” he wrote. “It is the means to do what must be done.” Reflecting on his childhood in poverty, Lee said his lifelong aspiration has been to build a society in which no one is forced to bear unfair burdens or deprived of opportunity. “My wish has always been that no one — my family, my neighbors, or any citizen — would suffer from injustice,” he said. He traced this vision back to his first mayoral campaign in Seongnam two decades ago, arguing that his political career has been guided by a consistent commitment to social equity. After “crossing countless obstacles and moments close to death,” Lee said he has now been given a historic opportunity to reshape the country. “Now that I have the chance, how can I remain still?” he wrote. A central theme of the message was housing reform he has been consistently emphasizing. Lee pledged to confront what he described as a deeply rooted speculative culture that treats homes as financial instruments rather than basic necessities. He said dismantling the “housing fantasy” — the belief that property prices will endlessly rise — is essential to restoring economic balance and social mobility. “Real estate must return to its original purpose: a place to live, not a tool for enrichment,” he said.Lee also promised to pursue policies aimed at stabilizing housing prices, expanding affordable supply and curbing market manipulation, while promoting balanced national development. Beyond housing, the president outlined broader goals, including strengthening public safety, narrowing income gaps and fostering sustainable growth. “Overcoming inequality, building a safe and peaceful nation, and creating a fair and rational society — I will devote myself fully, without fear,” he said. He credited public support for enabling his rise to the presidency and pledged to govern with urgency and humility. “Thanks to the people, I have fulfilled my wish,” he wrote. “Now, only determination remains.” Lee concluded with a call for unity and collective responsibility, urging citizens to participate in building a more inclusive society. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-17 16:59:01

Hyundai, Kia Aim to Top 1 Million Cumulative EV Sales in Europe in First Half Hyundai and Kia are expected to surpass 1 million cumulative electric-vehicle sales in Europe in the first half of this year, as the region accelerates its shift to electrification. The milestone would come about 12 years after the brands launched their first EV in Europe, the Soul, in 2014. According to the European Automobile Manufacturers’ Association, battery-electric vehicle sales in Europe totaled 217,898 in December, up 51% from a year earlier. BEVs took a 22.6% market share in December, edging gasoline cars at 22.5% for the first time on record. While changes in the EU’s mid- to long-term clean-vehicle policies remain a variable, the industry expects the EV slowdown to keep easing. Hyundai and Kia said their cumulative EV sales in Europe from the 2014 launch of the Soul EV through last year reached 915,996 vehicles, putting them within reach of 1 million this year. The two brands sold 135,408 EVs in Europe in 2021, topping 100,000 for the first time. Sales rose to 143,460 in 2022 and 147,457 in 2023. In 2024, sales slipped to 121,705 as major markets such as Germany reduced EV subsidies, but rebounded last year to a record 183,912 on new-model momentum including the Ioniq 9, EV4 and EV5, up more than 50% from a year earlier. Tucson was the best-selling eco-friendly model in Europe last year with 76,101 units, followed by the EV3 (65,202), Kona (64,211), Niro (46,534), Inster (Casper Electric, 26,851) and EV6 (16,218). With Hyundai and Kia averaging about 15,000 EV sales a month in Europe, the companies are likely to reach 1 million cumulative sales in the first half, the automakers said. “As Europe’s shift to electrification accelerates, competition among global auto brands in EVs is intensifying,” a Hyundai-Kia official said. “We will expand our share by launching a wider range of EVs that meet consumer needs.”* This article has been translated by AI. 2026-02-17 16:03:00

EDITORIAL: Asia's moment written in tears — Japanese skaters' golden triumph When the scores were announced, time seemed to pause. For a brief moment, the arena held its breath. Then came the roar — and then, more quietly, the tears. On the ice of Milan, Riku Miura and Ryuichi Kihara did not celebrate like conquerors. They collapsed into each other’s arms, trembling, overwhelmed, as if the weight of years had suddenly fallen away. Their sobs were not only of joy. They were the release of doubt, of fear, of nights spent wondering whether the summit was truly within reach. It was in those tears that Asia’s golden moment was most clearly written. The Olympics has never been merely a contest of records. It is, at its heart, a festival of spirit — of fairness, perseverance and shared humanity. Yet history has been uneven. In winter sports, in swimming, in athletics, dominance has long belonged to the West, supported by capital, infrastructure and generations of accumulated advantage. Against that backdrop, the ascent of a Japanese pair to the highest step of the podium in figure skating — once considered foreign terrain for Asia — is more than a sporting achievement. It is a shift in the geography of possibility. They rose not by accident, but by resilience. After stumbling in the short program, they returned with calm intensity. Their free skate was not merely technically sound; it was composed, mature, fearless. Every jump carried intention. Every landing spoke of discipline. It was a reminder that victory is rarely decided in moments of brilliance alone, but in the character revealed after failure. In that performance, Asia announced — quietly but firmly — that it no longer stands at the margins. For decades, winter sports were seen as the privilege of cold climates and long traditions. Track and swimming were treated as Western strongholds. But globalization, scientific training and data-driven coaching have begun to loosen old hierarchies. Doors once closed are now ajar. Miura and Kihara did not merely pass through that door. They pushed it wider. Yet celebration is only the beginning. A single gold medal, however luminous, does not make a sporting culture. If Asian youth are to compete with confidence across all disciplines — from football to gymnastics, from ice rinks to swimming pools — societies must think beyond ceremonies and headlines. Sport is not an event. It is an ecosystem. It requires healthy school programs, vibrant local clubs, transparent selection systems and sustained public investment. It demands patience across generations. Medals are outcomes; integrity is the foundation. Without fairness, success corrodes. The Olympic spirit does not glorify victory alone. It honors respect for opponents, acceptance of defeat, and fidelity to rules. Shortcuts, favoritism and obsession with immediate results weaken trust. Sport, like governance, reflects a nation’s moral architecture. Only achievements built on justice endure. Sport also educates the soul. It teaches young people to endure pressure, to subordinate ego to teamwork, to rise after collapse. These virtues travel far beyond stadiums. They become social capital — shaping industries, institutions and civic life. In an age of technological rivalry and economic competition, sport still asks an ancient question: Can you discipline your body, steady your mind, and honor others in the process? Asia’s answer is still being written. Japan’s triumph belongs, in spirit, to the entire region. In Korea, in China, in Southeast Asia, in South Asia, young athletes watched that night and quietly adjusted their dreams. Borders remained, but imagination crossed them. If those dreams are nurtured — with resources, fairness and patience — this gold will not stand alone. It will become a reference point. Opportunity favors the prepared. Sweat shed on school tracks, in neighborhood gyms, on frozen rinks and empty swimming lanes is the real infrastructure of future success. Governments and societies must protect and expand that invisible network. Long-term vision, scientific support and ethical governance must move together. Only then does victory become a pattern, not an exception. The comeback of Miura and Kihara was not an ending. It was an opening chapter. Their tears were not weakness. They were testimony — to effort, vulnerability and faith in process. In them, Asia saw its own reflection: talented, striving, still unfinished. To pursue excellence without arrogance. To compete fiercely without losing grace. To build systems where talent, not privilege, determines destiny. Sport is power — the power to shape bodies, minds and societies. It is time to take that power seriously. 2026-02-17 14:38:07

A long ride back to Seoul as holiday winds down SEOUL, February 17 (AJP) -Heavy traffic clogged major highways across South Korea on Tuesday as millions of holiday travelers began returning to Seoul as the long Lunar New Year holiday ends on Wednesday. According to the Korea Expressway Corp., travel times to Seoul as of noon had lengthened sharply, with trips from Busan taking up to 10 hours, Ulsan 9 hours and 40 minutes, Daegu 9 hours, Mokpo 9 hours and 20 minutes, Gwangju 8 hours and 50 minutes, and Daejeon 4 hours and 40 minutes. Return trips were running two to three hours longer than estimates made earlier in the morning. Southbound traffic from Seoul was comparatively lighter but still slowed, with travel times of about 7 hours to Busan, 6 hours and 40 minutes to Ulsan, 6 hours to Daegu, 4 hours and 40 minutes to Mokpo, 4 hours and 30 minutes to Gwangju, 3 hours and 10 minutes to Gangneung, and 3 hours and 10 minutes to Daejeon. Major bottlenecks were reported on the Gyeongbu Expressway toward Seoul, including sections near Yangsan Junction, Geumho Junction, Daejeon–Jukam Service Area, Cheongju, and Cheonan–Anseong, where traffic moved at a crawl. Congestion was also seen in the Busan-bound lanes near Singal Junction, Manghyang Service Area, and parts of Daejeon. On the Seohaean Expressway, slowdowns were reported in multiple stretches toward both Seoul and Mokpo, while the Jungbu Naeryuk Expressway also experienced heavy congestion on northbound sections. The expressway operator forecast that about 6.15 million vehicles would be on the roads nationwide on Tuesday, more than 1 million higher than the previous day. An estimated 470,000 vehicles were expected to travel from regional areas to the capital region, while about 440,000 were heading in the opposite direction. Traffic congestion on return routes was projected to peak between 3 p.m. and 4 p.m. and ease gradually from around 3 a.m. to 4 a.m. the following day. Outbound traffic was expected to be heaviest between 1 p.m. and 2 p.m., with conditions improving after 8 p.m. 2026-02-17 14:04:50

ASIA INSIGHTS: India's AI summit and Asia's quiet inflection point Global leaders and technology executives gathering in New Delhi this week for India’s artificial intelligence summit are not simply attending another diplomatic forum. They are meeting at a moment when the direction of technological change feels unusually consequential. The summit, attended by more than 20 heads of state including Emmanuel Macron and Luiz Inácio Lula da Silva, and hosted by Indian Prime Minister Narendra Modi, reflects how deeply artificial intelligence has entered the domains of economic policy, industrial strategy and national security. Earlier AI gatherings focused primarily on safety and ethics. Those questions remain important. But the conversation has broadened. Manufacturing capacity, supply chains, talent pipelines and regulatory design are now central to the discussion. AI is no longer treated solely as software innovation; increasingly, it is viewed as infrastructure. India’s Strategic Positioning For India, hosting the summit carries symbolic and practical weight. As the world’s most populous country and one of its fastest-growing digital markets, India has sought to position itself as a bridge between advanced economies and the Global South. Its experience building large-scale digital public infrastructure — national identity systems, payment platforms and broadband connectivity — has demonstrated that technology can be deployed at scale and relatively low cost. Now New Delhi is looking to extend that model to AI. By convening executives from Google, Microsoft and OpenAI, India signals its intention to participate not just as a consumer market, but as a contributor to the evolving AI ecosystem. The aim is not to replace existing centers of innovation, but to ensure that the benefits and standards of AI development are shaped more broadly. The next phase of artificial intelligence is likely to extend well beyond chatbots and data analytics. Increasingly, attention is turning to what some describe as “physical AI” — systems embedded in robots, manufacturing equipment, logistics networks, vehicles and medical devices. In this realm, intelligence must interact with materials, sensors and real-world constraints. Software remains crucial. But industrial context matters just as much. Here, countries with deep manufacturing experience may find themselves better positioned than is often assumed. AI-driven factories require not only code, but decades of accumulated process knowledge. Autonomous systems must be trained in real production environments. Industrial robots must integrate seamlessly with supply chains and safety standards. Korea’s industrial development since the 1960s — spanning steel, shipbuilding, automotive production, semiconductors and batteries — has produced more than economic growth. It has generated institutional memory and engineering expertise that are difficult to replicate quickly. These assets may become increasingly valuable as AI moves from the cloud into the factory floor. Korea’s digital infrastructure offers another advantage. Following the 1997 financial crisis, the country invested heavily in nationwide broadband and mobile networks. Today, high-speed connectivity is nearly universal. This provides a practical foundation for deploying AI systems across logistics, mobility and manufacturing. Often summarized as “ppalli-ppalli” culture, Korea’s emphasis on rapid implementation reflects experience navigating industrial transitions under time pressure. In technology cycles that evolve quickly, the ability to align policy, capital and research in short order can be a meaningful strength. None of these factors guarantee leadership. But they create optionality. The broader AI race remains dominated by the United States and China. American firms control much of the global platform infrastructure, advanced chips and cloud computing capacity. China combines state-backed investment, large-scale data and industrial coordination. For many Asian countries, the challenge is not overt competition with these powers, but avoiding technological dependence. History suggests that industrial revolutions often create hierarchies. Countries that set standards and control core technologies shape the ecosystem. Others adapt within it. The current AI transition presents both risks and opportunities. Cooperation as Leverage In this context, regional cooperation could be more consequential than headline rhetoric. India brings software talent and scale. Korea contributes manufacturing expertise and hardware integration capabilities. Together, they could explore complementary strengths in robotics, smart factories and mobility systems. Such cooperation need not be framed as a bloc or counterweight. It could instead focus on joint research, shared testing environments and alignment on technical standards. Fragmentation would likely weaken Asia’s position in the long term. Coordination, even if incremental, could strengthen it. Artificial intelligence also raises legitimate concerns — about employment displacement, security vulnerabilities and ethical boundaries. International efforts, including at the United Nations, are attempting to build consensus on risk management. Researchers such as Yoshua Bengio have warned of systemic risks in advanced systems. The regulatory challenge is to avoid extremes. Overregulation may discourage experimentation. Underregulation may erode trust. Stable rules, transparency and accountability frameworks can help markets develop sustainably. The question is less whether to regulate than how to do so in ways that preserve innovation. India’s AI summit may not produce binding agreements. Most such gatherings conclude with non-binding declarations. Yet the symbolism is meaningful. The geographic rotation of AI summits — from the United Kingdom to Korea, France and now India — reflects a gradual diffusion of influence in global technology governance. Asia’s role in this process is still evolving. For Korea, the opportunity lies not in dramatic gestures but in steady investment: in research, in industrial integration and in regional partnerships. Manufacturing depth, digital infrastructure and operational agility provide foundations. Whether they translate into durable influence will depend on consistency rather than rhetoric. The summit in New Delhi is unlikely to define the future of AI on its own. But it does highlight a broader shift: artificial intelligence is becoming a core element of economic strategy. Countries that approach it as such — pragmatically, cooperatively and with institutional patience — may be better positioned in the years ahead. The question is not whether Asia will participate. It is how deliberately it chooses to shape its participation. *The author is a columnist for AJP. 2026-02-17 13:36:48

Hedge funds pile into Asia as memory boom powers Korean rally SEOUL, February 17 (AJP) -Global funds are ramping up bets on Asian equities, led by tech-heavy South Korea and Japan, as a historic shortage in memory chips fuels one of the strongest regional rallies in decades. According to a client note from Goldman Sachs, hedge funds bought a record amount of Asian stocks in the week to Friday, targeting both developed and emerging markets. Inflows were concentrated in Korea, Taiwan and China, while India saw modest selling. Exposure to Asian equities reached its highest level since at least 2016. The surge came despite renewed global volatility driven by concerns over massive investment in artificial intelligence and its impact on corporate earnings. While major world indices fell sharply on Friday, Asian markets remained resilient. Japan’s Nikkei and Taiwan’s benchmark index each gained about 5 percent last week, while South Korea’s KOSPI jumped more than 8 percent. The S&P 500 was down 0.19% so far this year, while the Nasdaq has fallen 2.77%, according to data from the Financial Supervisory Service (FSS). The KOSPI has emerged as one of the world’s strongest-performing equity markets in 2026. The benchmark is up 30.68 percent year to date, far outpacing the Nikkei 225's 13.12 percent, Taiwan’s 16.03 percent, and the MSCI Emerging Markets Index's 11.83 percent. The KOSPI has more than doubled since the end of 2024, driven largely by surging semiconductor stocks. Samsung Electronics and SK hynix have rallied about 51 percent and 35 percent, respectively, this year as they are expected to continue with red-hot earning streak fueled by AI boon. Compared with the beginning of 2025, SK hynix's stock is 5 times more expensive and Samsung Electronics' more than tripled. Once-in-Four-Decades Memory Shortage A key driver behind Korea’s rally is what semiconductor research firm SemiAnalysis describes as a “once-in-four-decades” memory shortage. In a recent report, SemiAnalysis said memory prices are doubling again and that the current supercycle is larger and longer than previous booms, driven by structural supply constraints and explosive AI-related demand. Unlike past cycles, today’s memory industry is no longer able to expand supply rapidly. Physical limits have slowed DRAM scaling, making further cost reductions increasingly difficult and expensive. At the same time, building new fabs requires multi-billion-dollar investments and multi-year timelines. As a result, bit output per wafer is no longer rising fast enough to offset demand growth. Supply growth is being constrained not only by capital discipline, but by physics and process complexity, the report said. As each new generation of accelerators requires substantially more DRAM and high-bandwidth memory, creating a persistent supply-demand mismatch that is expected to last through at least 2027, it predicted. Samsung Electronics and SK hynix together control much of the global supplies of DRAM and high-bandwidth memory powering AI accelerators and hyperscale data centers. SK hynix leads the market for high-bandwidth memory used in AI accelerators, while Samsung remains a key supplier of advanced DRAM nodes. Overall, overseas investors have sold a net 13.5 trillion won worth of KOSPI shares so far this year and 10.0 trillion won in February alone, according to FSS data. Still, multinational investment banks are bullish on further gains. Goldman Sachs raised the KOSPI target to 6,400, or 20 percent upside. 2026-02-17 13:10:55

KakaoPay Data: Most Middle and High Schoolers Got 100,000 Won in New Year’s Money Middle and high school students’ “standard” New Year’s cash gift is rising. The most common amount given to teens last year increased from 50,000 won to 100,000 won, according to KakaoPay data. With grocery prices also climbing, many consumers say holiday spending feels burdensome ahead of the Lunar New Year. KakaoPay said Monday that its analysis, released through the finance brand journal PayAttention, found 100,000 won was the most frequently received amount among middle and high school students, at 42%. Through 2024, 50,000 won had been the top amount at 39%, but last year 100,000 won surpassed 50,000 won (37%), signaling a shift toward larger gifts. Holiday allowances for parents also averaged more than 200,000 won. In the same analysis, users in their 20s to 40s sent an average of 227,000 won to their parents’ generation. By age group, the averages were 190,000 won for people in their 20s, 220,000 won for those in their 30s and 230,000 won for those in their 40s, edging up with age. The analysis was based on “remittance envelopes” sent via KakaoPay around the Lunar New Year holiday. KakaoPay also released results from a survey conducted alongside the data review. Respondents most often cited “New Year’s money and other holiday expenses” as the biggest burden during the Lunar New Year. KakaoPay said the findings show that, despite the holiday’s focus on family, many people feel real financial pressure. Separately, KakaoPay is running a Lunar New Year-themed promotional event, “Surviving Seollal,” based on the data. Users who join quiz content based on holiday situations can earn points, and those who complete service experiences and collect stamps can receive additional points through a drawing. The event runs through Tuesday in the KakaoPay app and on KakaoPay Home within KakaoTalk. A KakaoPay official said the company aimed to address “realistic concerns felt during the holiday” with entertaining content and benefits, adding that it plans to expand user engagement with more content linking finance and everyday life.* This article has been translated by AI. 2026-02-17 12:03:00

Winter Holiday Road-Trip Checklist: Tires, Battery and Emergency Towing Tips With cold snaps and heavy snow continuing this winter, drivers face greater need to check key vehicle components. With large day-to-night temperature swings, road conditions can change quickly, making thorough preparation important before long-distance travel. Reborncar, a non-face-to-face, directly operated certified used-car platform, released a “safe drive checklist” on Tuesday with Lunar New Year holiday vehicle-care guidance and driving tips. ◆From tires to brakes: What to check first For safer holiday travel, Reborncar said drivers should first inspect tires and braking systems. In winter, black ice can form in shaded curves and near tunnel entrances and exits. On black ice, drivers should avoid sudden acceleration and hard braking and keep a longer following distance. To improve traction on icy roads, the company said winter tires that stay flexible at low temperatures can help. It also advised keeping tire pressure at the manufacturer’s recommended level and checking tread wear regularly. As a simple guide, it suggested inserting a 100-won coin upside down into the tread; if more than half of Adm. Yi Sun-sin’s hat is visible, drivers should consider replacing the tire. Because calcium chloride used on winter roads can contribute to corrosion, Reborncar recommended regular car washes and checking brake pads and discs in advance. It also urged drivers to check battery condition, as heater and heated-seat use increases power consumption in winter. Reborncar advised topping off windshield washer fluid because slush can reduce visibility, and replacing wiper blades if they make noise. It also said drivers should confirm that lights, including headlights, are working properly. ◆If trouble hits on the highway: Emergency response tips On return trips that often involve long hours and congestion, Reborncar said it is important to know what to do in emergencies. If a vehicle breaks down or a crash forces a stop on an expressway, the risk of secondary accidents rises. The company recommended using the Korea Expressway Corp.’s “expressway emergency towing service,” which provides free towing to a nearby safe area such as a rest stop or drowsy-driving shelter. If a vehicle catches fire while driving, it said to pull over, shut off the engine, move to a safe distance and call 119. If the fire is inside the engine compartment, it warned drivers not to open the hood because oxygen can increase the risk of an explosion. It advised leaving the key inside, not locking the doors and evacuating quickly. Keeping a fire extinguisher in the vehicle can help with initial response, it added. Reborncar also said drivers should check their auto insurance coverage before departure in case they need to switch drivers during a long trip. By adding a short-term driver expansion rider through an insurer’s app or call center, family members or acquaintances can be covered, it said. To reduce fatigue, it recommended taking a break at least every two hours, stretching and ventilating the vehicle. ◆Used-car checks: Diagnostics and direct operations For consumers considering buying a used car around the holiday, Reborncar said vehicle condition should be reviewed more carefully to prepare for long-distance driving. The company said it operates RTC (Reborncar Trust Center), which it described as the country’s largest reconditioning center, and that it has received certification from global quality certification body TÜV SÜD for six consecutive years. It said it conducts detailed diagnostics using its patented RQI (Reborncar Quality Inspection) standards to secure safety before delivery and to reduce potential risks during long trips. Reborncar said it also runs a structured delivery process, rechecking key safety-related parts such as tires and engine oil through its “安心 출고 서비스” just before handover. It also offers an “extended warranty service” that guarantees repair or replacement of major parts for 180 days with no mileage limit. “During holiday periods, long-distance driving becomes more common, so basic inspections and knowing emergency response steps in advance can be a big help,” a Reborncar official said. “Based on our direct-operation system, we will create an environment where customers buying used cars can travel with greater peace of mind.” 2026-02-17 10:03:29

Aron to Offer Free Mobile EV Charging at Honam Expressway Rest Stops for Lunar New Year Travel EV charging solutions company Aron said Tuesday it will provide a free mobile EV charging service at expressway rest stops during the Lunar New Year holiday, in partnership with hy Mobility. The program, promoted by the Ministry of Climate, Energy and Environment and the Korea Automobile Environmental Association, places mobile EV charging vehicles at major highway rest stops nationwide to ease charging inconvenience during peak long-distance travel. Aron will oversee operations in the Gwangju-Jeolla region, deploying 10 mobile charging vehicles to five rest stops: Gimje (Saemangeum-bound), Gimje (Jeonju-bound), Gochang Dolmen (Mokpo-bound), Gunsan (Mokpo-bound) and Hampyeong Cheonji (Seoul-bound). The service uses charging vehicles equipped with large-capacity battery packs to charge EVs on site. Aron will offer free charging at designated locations at each rest stop from the 13th through the 18th, a total of six days. EV drivers can receive 20 kWh of charging at no cost. Service hours are 9 a.m. to 6 p.m. CEO Nam Jae-hyeon said mobile charging facilities can respond flexibly to temporary spikes in demand during holidays. He said Aron will operate the service to help ensure drivers can travel safely without inconvenience from charging issues on Lunar New Year return and outbound trips. * This article has been translated by AI. 2026-02-17 10:03:00

Kbank up for retail subscription Fri ahead of March 5 IPO, 30% discounted vs online peer SEOUL, February 17 (AJP) -Kbank, South Korea’s first online-only lender, will open retail subscriptions from Friday to Monday ahead of its March 5 debut on the main board, seeking to capitalize on a strong rally in the KOSPI with a relatively conservative valuation as the first Korean IPO for 2026. The lender has set its offering price at 8,300 won ($5.75), the bottom of its indicative range of 8,300 to 9,500 won, following institutional bookbuilding earlier this month. Kbank will begin trading on March 5 in its third attempt to go public, after withdrawing previous listings in 2022 and 2024 over valuation concerns. Institutional demand forecasting was conducted from Feb. 4 to 10, drawing participation from 2,007 investors and posting a competition ratio of 198.5 to 1. Total orders reached about 58 trillion won. Despite the strong headline demand, many institutions reportedly bid at or below the lower end of the range. Based on the final price, the total offering size stands at about 498 billion won, with post-listing market capitalization estimated at roughly 3.37 trillion won. At the offer price, Kbank is valued at around 1.38 times price-to-book (PBR), positioning it at a discount to both its online peer and major traditional lenders. Rival KakaoBank closed last trading session on Friday at 27,400 won, trading at a PBR of 1.94. Meanwhile, banking sector heavyweight KB Financial Group ended at 167,900 won with a PBR of 1.02. The valuation gap suggests potential room for rerating if Kbank narrows the spread with KakaoBank by demonstrating sustained earnings growth and improved business diversification. “Kbank’s pricing is not excessive in a rising banking sector,” said a Seoul-based IPO analyst. “But the market is still demanding a risk premium.” Overhang and Lock-up Concerns A key investor downside is the scale of potential selling pressure after listing. About 35.34 percent of outstanding shares, worth roughly 1.1 trillion won at the offer price, will be freely tradable on debut. Nearly half of the offering consists of shares sold by existing investors, reflecting strong exit demand. In addition, only 12.4 percent of participating institutions agreed to lock-up periods, raising the likelihood of near-term supply pressure. Kbank’s earnings structure is another focal point for investors. As of end-2025, about 30 percent of its fee income was generated through partnerships linked to Upbit, South Korea’s largest digital asset platform. The partnership agreement is set to expire in October 2026, making renewal negotiations a major earnings variable. Founded in 2016, Kbank had 15.53 million customers as of end-2025. It posted net profit of 128.1 billion won in 2024 and 103.4 billion won in the first three quarters of 2025. Management expects the IPO to strengthen capital buffers and expand lending capacity. Once listed, about 725 billion won from past capital injections will be newly recognized in equity calculations, translating into close to 1 trillion won in effective capital expansion. This is expected to support more than 10 trillion won in additional loan capacity. Growth priorities include loans to self-employed workers and small and medium-sized enterprises, expansion of Banking-as-a-Service (BaaS) partnerships, and development of digital asset-related services, including stablecoin-linked payment and remittance infrastructure. “We appreciate investors who share our long-term vision,” said Chief Executive Officer Choi Woo-hyung. “After listing, we will continue to grow alongside customers and shareholders while delivering differentiated value.” Retail subscriptions will be conducted on Feb. 20 and 23 for up to 30 percent of the total offering, or about 18 million shares. Investors can participate through lead managers NH Investment & Securities and Samsung Securities, as well as co-underwriter Shinhan Securities. 2026-02-17 09:48:57