South Korea passes cornerstone investor rules to curb IPO sell-offs South Korea’s financial authorities are moving to address recurring post-IPO short-term selling and sharp price drops by overhauling rules aimed at making IPO pricing more rational and expanding medium- to long-term investment. The Financial Services Commission said April 23 that amendments to the Capital Markets and Financial Investment Services Act, including the introduction of a cornerstone investor system, passed the National Assembly plenary session the previous day. The amendments create a new cornerstone investor framework that allows a portion of IPO shares to be allocated in advance to institutional investors on the condition they agree to a lockup of at least six months. The goal is to secure long-term oriented institutions ahead of listing, reduce large sell orders immediately after trading begins and ease price volatility. The FSC said shares allocated to cornerstone investors will be adjusted from the institutional tranche and will not affect the retail allocation ratio of 25%, seeking to minimize fairness concerns. It said it will also reflect internal control standards in subordinate rules to prevent conflicts of interest. The amendments also introduce a pre-demand forecasting system, allowing underwriters to gauge institutional demand before filing a securities registration statement — a step that had been effectively unavailable due to legal concerns. The FSC said this should help underwriters reflect market demand from the early stage of setting an initial indicative price band, improving the reasonableness of IPO pricing. Authorities said the changes target a persistent “quick-flip” pattern in the IPO market, where money seeking short-term gains has crowded into offerings, prices have surged on the first trading day and then fallen amid continued selling. IPO prices have also often been driven more by supply and demand than by companies’ medium- to long-term value, undermining market confidence, the FSC said. The amendments are set to take effect six months after promulgation. The government said it will design detailed rules after collecting views from institutional and retail investors and underwriters. Financial authorities said, “By introducing the cornerstone investor system, we expect to secure stable medium- to long-term institutional investors in advance, enhance trust in IPOs, and improve the ‘IPO horror stories’ such as steep post-listing price drops,” adding that they will “swiftly push ahead with revisions to subordinate regulations by gathering feedback from market participants.”* This article has been translated by AI. 2026-04-23 18:21:16

NH Investment & Securities posts record quarterly profit as net income jumps 128.5% NH Investment & Securities said in a regulatory filing on the 23rd that its first-quarter operating profit rose 120.3% from a year earlier to 636.7 billion won. Net income climbed 128.5% to 475.7 billion won, the company’s highest quarterly result on record. Annualized return on equity was 19.6%. Brokerage and financial products led the gains. Brokerage benefited from a surge in trading on South Korea’s stock market. First-quarter brokerage commission revenue jumped 57.4% from the previous quarter to 349.5 billion won. Domestic stock entrusted assets totaled 316 trillion won and contract value reached 850 trillion won, up 17.6% and 91.4%, respectively, from the prior quarter. Market share rose 0.5 percentage point to 10.7%, the company said, citing a jump in average daily trading value for domestic stocks to 66.8 trillion won, up 80.5% from the previous quarter. Fees from selling financial products rose 87.7% to 49.1 billion won as sales of investment products such as wrap accounts and funds increased. Total financial product assets were 173 trillion won, unchanged from the previous quarter. The number of high-net-worth clients rose to 358,000 with at least 100 million won and 24,000 with at least 1 billion won, up 15.2% and 13.6%. In investment banking, quarterly fee revenue was 97.2 billion won. The firm kept the top spot in equity capital markets underwriting with a 30.9% share and ranked first in IPO underwriting with a 37.4% share. It also maintained an industry-leading 32.0% share as lead manager for credit card and other specialty finance bonds, it said, and completed large deals including IPOs for K Bank and Inventera and refinancing for a collateralized loan tied to the Seoul International Finance Center, or SIFC. In the investment management business, investment gains and related net interest income rose 21.5% from the previous quarter to 424.2 billion won. The company reported 243.0 billion won in investment gains and 181.2 billion won in related net interest income, citing strategic asset allocation despite rising interest rates. Net interest income tied to wealth management rose 8.1% to 127.4 billion won on higher average customer deposits and average securities lending balances. Chief Executive Officer Yoon Byeong-woon said the record quarter reflected broad-based growth across the company. “We will foster IMA as a new core growth engine, while working to ensure the capital market can contribute to real-economy growth through productive finance,” Yoon said. He added that the company would strengthen enterprise-wide risk management amid uncertainty, including Middle East-driven geopolitical risks and greater volatility in interest rates and exchange rates, and “establish ourselves as a securities firm trusted by both shareholders and customers.”* This article has been translated by AI. 2026-04-23 18:19:42

Democratic Party Names Song Young-gil, Kim Nam-jun as Incheon Strategic Candidates The Democratic Party said it will make strategic nominations in Incheon for the by-elections being held alongside the June 3 local elections, naming Song Young-gil for Yeonsu A and Kim Nam-jun for Gyeyang B. The party’s Strategic Nomination Management Committee made the decision at a meeting held Thursday afternoon at the National Assembly. Senior spokesperson Kang Jun-hyeon told reporters after the meeting, “The committee decided to strategically nominate former party leader Song Young-gil in Incheon’s Yeonsu A and former presidential office spokesperson Kim Nam-jun in Gyeyang B.” Kang underscored the importance of Yeonsu A, calling it “a difficult district for our party and a core strategic area we must defend.” He said Song was placed there strategically, citing his political weight as “a valuable asset” who has served as a five-term lawmaker, Incheon mayor and party leader. Kang added that Song “had to endure an unjust sacrifice due to excessive targeted investigations by the Yoon Suk Yeol prosecution government,” but left the party temporarily, proved his innocence and returned. “We judged him to be the most competitive candidate in Yeonsu A,” Kang said. On Kim, Kang said he “deeply understands President Lee Jae-myung’s governing philosophy,” and has strong knowledge of the district after assisting Lee since Lee’s time as a lawmaker for Gyeyang B. Kang also cited Kim’s communication skills as a former journalist and spokesperson. Kang said Kim is a candidate who can “accurately grasp the president’s intentions” and address local issues quickly, calling him the right person to help the district move forward and to advance the party’s goals of winning the local elections and ensuring the success of the Lee Jae-myung government. The party also explained why it did not select former Incheon Mayor Park Nam-chun, who had sought the Yeonsu A nomination. Secretary-General Cho Seung-rae said Park is “a valuable asset” and “a regrettable loss” from the party’s perspective, but said that after considering the overall situation, the party concluded Song was the more appropriate choice. Cho said the committee plans to meet nearly every day to wrap up strategic nominations quickly. “We have to finish by the first week of May,” he said, adding that the party will narrow down the remaining districts through frequent meetings.* This article has been translated by AI. 2026-04-23 18:18:51

Kakao Pay Securities Says Client Deposits Top 15 Trillion Won, Up 31% YTD Kakao Pay Securities said on April 23 that its client deposit assets topped 15 trillion won as of April 17, up 31.2% from the start of the year. The company cited strong inflows. Net inflows in the first quarter totaled 3.668 trillion won. Growth was led by Korean stocks: related assets rose 94% to 6.5323 trillion won from the point when they first exceeded 10 trillion won. The share of Korean stocks in total deposits increased to 44.2% as of April from 33.6% over the same period. Tax-advantaged accounts also helped lift deposits. Pension savings assets rose 58% from January, and assets in individual savings accounts, or ISAs, launched in November last year, grew about fourfold over the same period. The combined share of pension savings and ISAs in total deposits increased to 7.6% from 5.5%. The user base also expanded. Monthly active users rose to 4.02 million in March from 3.65 million in January. Kakao Pay Securities said it plans to upgrade its portfolio so users can meet a range of investment needs on one platform, including pension savings, ISAs and RIA accounts, which it described as accounts for returning to the domestic market. CEO Shin Ho-cheol said the company aims to reach 20 trillion won in client deposit assets within this year, adding it will continue to strengthen investment experiences and product competitiveness tailored to users’ asset-building stages.* This article has been translated by AI. 2026-04-23 18:16:20

Korea’s ‘Million-Won’ Stocks Jump to 9 as KOSPI Rally Lifts High-Priced Shares A new era of so-called “million-won stocks” is taking shape in South Korea as a market rally pushes more shares above 1 million won. In less than five months, the number of such stocks has grown to nine from four, and the pipeline of potential newcomers is also expanding. The Korea Exchange said the KOSPI closed Thursday up 57.88 points, or 0.90%, at 6,475.81, extending its run of three straight record closes. The index briefly topped 6,500 in intraday trading. The gains came despite external uncertainty over stalled ceasefire talks between the United States and Iran, as buying concentrated in sectors seen as beneficiaries of the postwar environment, including semiconductors and defense. As the rally accelerated, more stocks joined the million-won club based on closing prices: Hyosung Heavy Industries (3,268,000 won), Korea Zinc (1,674,000), Samsung Biologics (1,514,000), Doosan (1,442,000), Hanwha Aerospace (1,425,000), Samyang Foods (1,344,000), SK hynix (1,225,000), Taekwang Industrial (1,217,000) and HD Hyundai Electric (1,129,000). The count has more than doubled from four at the end of last year. A day earlier, LIG Defense & Aerospace closed at 1.02 million won, putting it on the verge of becoming the 10th member. Hyosung Heavy Industries has been at the center of the surge. Its share price, 1,781,000 won at the end of last year, climbed to a closing 3,058,000 won on April 13, breaking above 3 million won. It is now the highest-priced stock among listed Korean companies. A close above 3 million won was the first in 11 years since Amorepacific and the third such case on record. Brokerages have raised targets accordingly, with Yuanta Securities setting a target price of 4.2 million won. Targets for other high-priced stocks have also been moving higher. Shinhan Investment raised its target for Korea Zinc to 1.9 million won, forecasting further gains. Hana Securities lifted its target for LIG Defense & Aerospace by 56.3% to 1.11 million won. Hana said expectations for exports of the Cheongung-II air defense system could persist because shortages of Patriot interceptor missiles continue and rapid production increases are difficult in the short term. The next tier is also growing. Nine stocks closed above 500,000 won, including Samsung Electro-Mechanics (774,000 won), SK Square (728,000), HD Hyundai Heavy Industries (641,000) and Samsung SDI (630,000). Still, some in the market are wary of what is sometimes called the “million-won stock curse.” Past cases show that after reaching the milestone, some stocks have faced pullbacks as liquidity thins and valuations look stretched. An industry official said, “Whether they settle in at these levels will ultimately be decided by earnings and the order pipeline.”* This article has been translated by AI. 2026-04-23 18:15:19

South Korea Says Lee’s Vietnam Trip Deepens Energy, Infrastructure Cooperation The presidential office said Thursday (local time) that President Lee Jae-myung’s state visit to Vietnam produced agreement to upgrade cooperation in areas including infrastructure and energy. National Security Adviser Wi Sung-lac said at a briefing at a press center in Hanoi that Lee and To Lam, Vietnam’s Communist Party general secretary and state president, shared the view at their summit the previous day that the two countries are each other’s most reliable partners in driving development. ​​​​​​​Wi said the trip expanded exchanges into future-oriented areas and helped raise the quality of bilateral cooperation. To Lam was reported to have welcomed participation by South Korean companies in Vietnam’s energy transition, including nuclear power plant construction. Asked about specific projects such as the Ninh Thuan nuclear power plant project in central Vietnam, Wi said discussions remain at an early stage and both sides are reviewing feasibility and risks. Doosan Enerbility was reported to have signed an MOU with two Vietnamese state-owned companies to cooperate on nuclear power projects. The leaders also discussed supply chains for critical minerals. Wi noted Vietnam ranks fifth to sixth globally in rare earth reserves and said the two sides would broaden cooperation through efforts such as a “Korea-Vietnam Critical Minerals Supply Chain Technology Cooperation Center.” On defense industry cooperation, Wi said there were no “overwhelming” results, but the two sides agreed to explore expanding technology cooperation, joint production and joint development. Wi said the leaders also exchanged views on international affairs, including the Iran war. He said both sides recognized that supply chains have faced disruptions and that Vietnam is also experiencing difficulties related to oil, adding that the two countries would pursue ways to support each other on such issues. Wi said the leaders agreed to strengthen joint efforts for peace and prosperity in the international community and shared the view that peaceful coexistence on the Korean Peninsula serves the common interest of the international community. 2026-04-23 18:13:00

KB Securities Q1 Operating Profit Jumps 101.7% to 453.1 Billion Won KB Securities said Wednesday that its first-quarter operating profit rose 101.7% from a year earlier to 453.1 billion won, based on preliminary results. Revenue climbed 179.5% to 8.3509 trillion won, and net profit increased 92.8% to 350.2 billion won. The company said market volatility has persisted as domestic and overseas uncertainties have increased, but it has continued to lead the market on the back of steady performance centered on investment banking. It said its competitiveness in the global debt capital markets has continued to expand, citing lead management of foreign exchange stabilization fund bonds and “Kimchi bonds.” It also said it strengthened its position through four domestic refinancing deals for high-quality acquisition financing. KB Securities added that its wealth management business also grew, saying individual clients’ assets under management increased as it provided timely products and content in response to gains in the domestic stock market.* This article has been translated by AI. 2026-04-23 18:12:17

Friday Forecast: Highs Near 77 Degrees, Big Day-Night Temperature Swings Friday the 24th is expected to be mostly sunny nationwide, with daytime temperatures rising to around 25 degrees Celsius, bringing a taste of early summer. The Korea Meteorological Administration said Thursday that morning lows will range from 4 to 11 degrees Celsius, with daytime highs of 15 to 25 degrees. That is similar to, or slightly higher than, seasonal averages of 5 to 11 degrees for lows and 18 to 22 degrees for highs. Forecast morning lows by major city are: Seoul 8C, Incheon 10C, Chuncheon 5C, Gangneung 7C, Daejeon 8C, Daegu 6C, Jeonju 8C, Gwangju 8C, Busan 11C and Jeju 12C. Forecast highs are: Seoul 24C, Incheon 22C, Chuncheon 24C, Gangneung 17C, Daejeon 24C, Daegu 22C, Jeonju 24C, Gwangju 23C, Busan 20C and Jeju 18C. A KMA official said the clear weather will be driven by a high-pressure system moving from near China’s Shandong Peninsula toward the East Sea. The official warned that inland areas could see day-night temperature differences of around 20 degrees, urging people to dress accordingly. Fine dust levels are expected to range from “good” to “moderate” across the country due to smooth atmospheric circulation.* This article has been translated by AI. 2026-04-23 18:11:32

Celltrion Starts Patient Dosing for Three ADC Cancer Drug Candidates Celltrion begins patient dosing for all three ADC cancer drug candidates Celltrion said April 23 that all three of its antibody-drug conjugate (ADC)-based cancer drug candidates have entered the patient-dosing stage. The candidates now being dosed are CT‑P70, CT‑P71 and CT‑P73. All three received U.S. Food and Drug Administration approval last year for investigational new drug (IND) applications for Phase 1 trials, the company said. Patient dosing for CT‑P70 and CT‑P71 began in the second half of last year, and CT‑P73 dosing began in the first quarter of this year. Celltrion said preclinical studies confirmed the candidates’ mechanisms of action and safety. In Phase 1, it plans to evaluate dose-by-dose safety and pharmacokinetic characteristics. The company is also developing a multispecific antibody candidate, CT‑P72. It is currently recruiting patients and could begin dosing the first patient as early as next month. Korea Pharmaceutical and Bio-Pharma Association adds hands-on training on U.S. life sciences patents The Korea Pharmaceutical and Bio-Pharma Association said April 23 it will launch a practical training course on responding to U.S. life sciences patent issues on June 12 at the association’s fourth-floor auditorium. The association said the program is designed to strengthen companies’ ability to manage U.S. patent risks that can arise during global expansion, including technology licensing, partnering and overseas clinical trials. It cited cases in which negotiations collapsed after businesses moved forward without freedom-to-operate (FTO) analysis, or deals were delayed during due diligence because of intellectual property issues. The course will have three sessions: the reality of U.S. life sciences patent disputes and core FTO concepts and practical considerations; U.S. patent avoidance strategies and global dispute trends; and global IP strategy and commercialization preparation at the research and development stage. The lecture will be led by attorney Nam In-young, a New York and California-licensed lawyer and U.S. patent litigation specialist, the association said. The program is aimed at R&D and IP staff, business development and corporate planning personnel, and executives and decision-makers at life sciences companies considering or pursuing entry into the U.S. market. Enrollment will be capped at 50 participants. Handok holds plogging cleanup campaign in Busan with employees Handok said April 23 that it held an environmental cleanup “plogging” volunteer event with employees on April 22 around Busan Citizens Park. The company said the campaign, titled “Pick up for me, pick up for Earth,” was organized with the Busan Volunteer Center to mark Earth Day on April 22. It also aimed to spruce up the area ahead of the 20th National Para Student Sports Games and the 55th National Youth Sports Games. About 30 Handok employees, including sales staff working in Busan, took part, the company said. It plans to continue individual plogging through May 24 using the Busan Volunteer Bank application. Chong Kun Dang Gochon Foundation names three artists for 2026 program, expands support The Chong Kun Dang Gochon Foundation said April 23 it selected three artists — Kim Myeong-chan, Park Geurim and Yeom Ji-hee — as this year’s artists and held a certificate presentation ceremony April 22 at Chong Kun Dang’s headquarters in Chungjeong-ro, Seoul. The foundation said the artists were recognized for experimentation and growth potential within contemporary painting. The selections were made through a closed review by a panel of art experts. Each artist will receive 10 million won a year in creation grants for three years, and in the final year will be given an opportunity to present results through a curated exhibition, the foundation said. The “Chong Kun Dang Gochon Art Award” is a cultural and arts social contribution program launched at the suggestion of Chairman Lee Jang-han to support emerging artists with growth potential. Since 2012, it has been run with Chong Kun Dang Holdings, the Korea Mecenat Association and Art Space Huga, and has discovered and supported a total of 45 artists, the foundation said.* This article has been translated by AI. 2026-04-23 18:10:18

South Korea Requests Police Probe Into Illegal Vehicle Software Changes South Korea’s Ministry of Land, Infrastructure and Transport has asked police to investigate cases in which vehicle software was altered without authorization. In a press note released on the 23rd, the ministry said unauthorized software changes have continued to occur and it has requested a probe by the National Police Agency. The police agency plans to begin an investigation after receiving related materials from automakers, the ministry said. The ministry said it had already warned last month that illegally modifying software that affects safe vehicle operation is prohibited, and it has been monitoring for violations. Automakers are also responding under the vehicle cybersecurity certification system, known as CSMS, and are taking steps to immediately disable vehicles remotely if users alter software without authorization, the ministry said. As vehicles shift to connected cars and software-defined vehicles, safety oversight of automotive software is being strengthened internationally, the ministry said. It added that under Article 35 of the Automobile Management Act, unauthorized changes to software that affects safe operation are strictly restricted. * This article has been translated by AI. 2026-04-23 18:09:19