KOSPI Closes Slightly Higher Amid Foreign Profit-Taking; KOSDAQ Surges Nearly 5% The KOSPI index closed slightly higher, supported by net buying from institutions and individuals despite significant profit-taking by foreign investors. As large-cap semiconductor stocks took a breather, a rotation into growth sectors like pharmaceuticals, biotechnology, and secondary batteries propelled the KOSDAQ index to a nearly 5% surge. According to the Korea Exchange, the KOSPI finished at 7,847.71, up 32.12 points (0.41%) from the previous trading day. The index opened at 7,873.12, up 57.53 points (0.74%). Lee Kyung-min, a researcher at Daishin Securities, noted, "As the semiconductor and robotics sectors take a pause, expectations for the National Growth Fund have increased, leading to a rotation into growth stocks like pharmaceuticals and biotechnology. However, the 12 consecutive days of net selling by foreign investors and the rising won-dollar exchange rate have limited the index's upside potential." In the securities market, individuals and institutions net bought 1.5672 trillion won and 961 billion won, respectively, while foreign investors net sold 2.6556 trillion won. Among the top market capitalization stocks, SK Hynix (0.05%), SK Square (0.51%), Samsung Electro-Mechanics (11.30%), Samsung Life Insurance (2.68%), Doosan Enerbility (2.95%), and HD Hyundai Heavy Industries (1.19%) saw gains, while Samsung Electronics (-2.34%), Hyundai Motor (-1.65%), and LG Energy Solution (-0.62%) declined. The KOSDAQ index closed at 1,161.13, up 55.16 points (4.99%). It started at 1,119.43, up 13.46 points (1.22%) from the previous trading day, and expanded its gains due to strong foreign buying. At approximately 9:33:06 AM, a buy-side circuit breaker was triggered in the KOSDAQ market, halting program buy orders for five minutes. This followed a similar occurrence in both the securities and KOSDAQ markets the previous day, marking the second consecutive day for a buy-side circuit breaker in the KOSDAQ market. In the KOSDAQ market, foreign and institutional investors net bought 702.9 billion won and 287.9 billion won, respectively, while individuals net sold 969.2 billion won. Among the top stocks by market capitalization, EcoPro BM (10.77%), EcoPro (12.87%), Alteogen (3.70%), Rainbow Robotics (1.48%), JUSUNG Engineering (20.95%), Kolon TissueGene (3.59%), and Samchundang Pharm (4.79%) closed higher.* This article has been translated by AI. 2026-05-23 18:33:23

K-Bio Achieves $6.5 Billion in Technology Transfers in First Half of 2026 The South Korean biotechnology sector, which achieved record technology exports last year, is showing resilience in the first half of 2026 with a series of significant contracts. As major conferences and partnering events are set to commence in the latter half of the year, attention is focused on whether additional large deals will follow on the global stage. As of mid-May, the scale of technology transfers in the domestic biotech industry reached $6.5 billion, about half of last year's total of $13.7 billion, based on maximum milestone criteria. Although the number of technology transfer agreements stands at five—down from 14 last year—the value per contract has been substantial. Aribio and Alteogen have been at the forefront this year. Aribio secured a global licensing deal for AR1001 with China's Puxing Pharmaceutical, generating $4.7 billion. Earlier, Alteogen signed a contract worth approximately $285 million with GSK subsidiary Tesaro in January and another deal with Biogen valued at $569 million in March. An industry insider noted, "Western big pharma companies are seeking reliable platform technologies, while large Chinese pharmaceutical firms are looking for differentiated substances to aid their global expansion, leading to continued interest in South Korean biotech firms." However, investment sentiment in the biotech sector has been low in the first half of the year. Huh Hyemin, a researcher at Kiwoom Securities, stated, "The controversy over royalty rates, clinical data issues, and contract-related disputes have shaken overall confidence in the biotech sector." Nevertheless, the second half of the year presents opportunities for recovery, as major global conferences and partnering events will kick off at the end of May. Key events include the European Association for the Study of the Liver (EASL) on May 27, the American Society of Clinical Oncology (ASCO) on May 29, the American Diabetes Association (ADA) next month, the BIO International Convention at the end of June, and the European Society for Medical Oncology (ESMO) in October. These conferences are seen as more than just platforms for research presentations; they are considered practical venues for technology transfers. Promising candidate substances will have their clinical data disclosed, often leading to business development meetings with global pharmaceutical companies and accelerating licensing negotiations. Huh added, "The number of oral presentations by domestic companies at major global conferences is increasing, and this year’s focus has shifted from preclinical to clinical data. This indicates that South Korean biotech firms are moving beyond merely holding early-stage technologies to accumulating clinical data that allows for discussions on global commercialization." At ASCO, companies such as GI Innovation, VigenCell, and Lunit will present their findings. Among them, GI Innovation's GI-101A is a pipeline aimed at technology transfer, and positive data could increase the likelihood of follow-up negotiations. A pharmaceutical industry representative remarked, "If the flow of data presentations leads to actual technology transfers, it could restore and reassess the confidence that has been dampened in the biotech sector."* This article has been translated by AI. 2026-05-23 18:30:36

Lawyers Group Condemns Supreme Court Ruling on Hyundai Heavy Industries Union Negotiations The Lawyers for a Democratic Society (Minbyeon) has strongly condemned the Supreme Court's ruling that dismissed a collective bargaining request by the subcontracted workers' union at Hyundai Heavy Industries, calling it unconstitutional and outdated. On May 22, Minbyeon stated in a commentary that "the three rights of labor are specific rights that directly take effect under constitutional provisions, with the right to collective bargaining being the most fundamental." They emphasized that for this right to be guaranteed, it must be exercised against employers who effectively determine labor conditions. This criticism arises from the fact that subcontractors have historically avoided negotiations by claiming they lack authority without the approval of the primary contractor. The Supreme Court's ruling, which absolves the primary contractor of responsibility, is seen as contrary to the spirit of the constitution. Minbyeon particularly criticized Hyundai Heavy Industries for pursuing profits by employing subcontracted workers instead of regular employees while evading the responsibilities and risks that come with being an employer. They asserted, "It is a basic legal principle that where there is profit, there is responsibility," arguing that the primary contractor, which benefits from the use of subcontracted workers, has an obligation to respond to the inevitable demands for collective bargaining. Furthermore, Minbyeon stated that this ruling undermines the significance of the Supreme Court as the highest judicial body responsible for realizing constitutional values. They also claimed that the Supreme Court distorted the intent of the amended labor law. The amended law recognizes those who exercise substantial and concrete control as employers, confirming previous rulings and decisions by the Central Labor Relations Commission, yet the majority opinion of the Supreme Court treated this as a new creation of rights. Minbyeon concluded, "Strengthening the responsibilities of primary employers and recognizing their employer status is an irreversible trend of the times," pledging to stand in solidarity with subcontracted workers fighting for their labor rights and to monitor closely to prevent the recurrence of such regressive rulings. The day before, the Supreme Court's full bench, led by Justice Oh Kyung-mi, ruled in favor of Hyundai Heavy Industries, stating that there is no obligation to engage in collective bargaining in the case brought by the subcontracted workers' union in 2017.* This article has been translated by AI. 2026-05-23 18:27:26

President Lee Meets ILO Chief, Emphasizes Balance in Labor Rights and Innovation in AI Era President Lee Jae-myung met with Gilbert Houngbo, the Secretary-General of the International Labor Organization (ILO), to discuss labor policies in the age of artificial intelligence (AI). In a written briefing on the afternoon of May 22, Chief Spokesperson Kang Yu-jeong stated, "President Lee and Secretary-General Houngbo acknowledged that balancing the protection of labor rights and technological innovation is a critical challenge for the international community amid significant changes in the labor market and industrial structure due to advancements in AI technology. They discussed the role of AI in creating quality jobs." Houngbo praised South Korea's efforts to establish itself as a global AI hub and expressed expectations for the country's role in utilizing AI in the labor sector. The global AI hub is a South Korean-led initiative involving collaboration among governments, international organizations, and research institutions to build an AI cooperation framework. He also requested that President Lee attend the ILO General Conference scheduled for June next year to share the direction and achievements of South Korea's labor-respecting policies. President Lee emphasized the government's commitment to a "labor-respecting" policy framework, explaining that efforts are ongoing to ensure that the use of AI positively impacts labor. He highlighted key initiatives, including the protection of labor rights, the establishment of social safety nets, enhanced vocational training and lifelong learning, and building trust through social dialogue. Additionally, he expressed a desire to strengthen cooperation with the ILO to fulfill South Korea's responsible role in the international community. During the opening remarks, when Houngbo noted that South Korea ranks among the top ten contributors to the ILO, President Lee responded, "We have many talented individuals in South Korea, so please make good use of them in international organizations like the ILO." Houngbo agreed, stating, "That is a valid point." * This article has been translated by AI. 2026-05-23 18:24:54

Kim Si-woo Ties for Fourth on First Day of The CJ Cup Kim Si-woo made a strong start at The CJ Cup Byron Nelson, part of the PGA Tour, with a solid performance on the first day of the tournament, which has a total prize purse of $10.3 million. On May 22, in McKinney, Texas, at TPC Craig Ranch (par 71), Kim recorded eight birdies and one bogey, finishing with a score of 7-under 64. He is tied for fourth place with Keith Mitchell, Michael Thorbjornsen (both from the U.S.), Emiliano Grillo (Argentina), Stephan Jaeger (Germany), and Hirata Gensei (Japan). Kim trails the leader, Tyler Moore (U.S.), by two strokes, as Moore shot a remarkable 9-under 62. Despite drizzly weather, Kim's shot accuracy stood out. He played alongside top competitors, including world No. 1 Scottie Scheffler (U.S.) and 2018 tournament champion Brooks Koepka, yet maintained his composure throughout the round. Starting on the 10th hole (par 4), Kim made a long birdie putt from about 20 meters on his first hole. He added birdies on the 12th (par 5) and 14th holes (par 4), finishing the front nine with four birdies. The momentum continued on the back nine. On the 2nd hole (par 4), he placed his second shot just 70 centimeters from the hole for another birdie, and he sank a 2-meter birdie putt on the 3rd hole (par 4). On the 5th hole (par 5), he used a mini driver to reach the green and followed up with a precise approach to score another birdie. Although he had a disappointing three-putt bogey on the 7th hole (par 3), he redeemed himself with a birdie on the final 9th hole (par 5), finishing the round on a high note. After the round, Kim said, "It was a good round. My putting was excellent. My shots were a bit shaky, but I'm satisfied with the result. The greens were trickier than I expected, but my putting helped me have a good round." Brooks Koepka (U.S.), who made eight birdies without a bogey, recorded an 8-under 63, tying for second place with Jesper Svensson (Sweden). Returning to the PGA Tour after joining LIV Golf, Koepka achieved his personal best score of the year in this tournament. He remarked, "It was my best round of the year. My putting felt good, and it was a big confidence boost to see my feelings align with the actual results." Defending champion Scottie Scheffler finished tied for 16th with a score of 5-under 66. He noted, "I had some good plays, but I was a bit short with my iron shots, which limited my birdie opportunities. Overall, it was a positive day." Among other South Korean players, Noh Seung-yul finished tied for 32nd with a score of 4-under 67, while Kim Joo-hyung, Im Sung-jae, and Bae Yong-joon all scored 3-under 68, tying for 47th. Lee Kyung-hoon finished tied for 74th with a score of 2-under 69.* This article has been translated by AI. 2026-05-23 18:22:13

Elon Musk's Starship V3 Test Flight Canceled 40 Seconds Before Launch Elon Musk's SpaceX canceled the first test flight of its next-generation spacecraft, Starship V3, just before launch. The countdown was halted less than a minute before liftoff due to a problem with the launch pad equipment. According to Reuters and other sources on May 21, SpaceX called off the 12th test flight of the Starship at its Starbase facility in Texas. The launch was stopped approximately 30 to 40 seconds before takeoff. Reports indicate that the issue was caused by a hydraulic pin on the launch tower arm not folding correctly. This test was intended to be the first integrated flight of the Starship V3 and the upgraded Super Heavy booster. The Starship V3 is a massive launch vehicle that features improvements in its propulsion system, fuel tanks, and re-entry design compared to previous models. For this test, SpaceX planned to carry 20 model Starlink satellites instead of actual ones to assess the deployment capabilities. The spacecraft was expected to orbit the Earth before landing in the Indian Ocean. SpaceX aims to attempt another launch during a 90-minute window starting at 5:30 PM Central Time on May 22, pending resolution of the issues. CEO Musk stated, "We may retry the next day depending on the repair situation."* This article has been translated by AI. 2026-05-23 18:19:38

Jo Eung-cheon Calls for Yang Hyang-ja to Clarify Stance on GTX Suspension Jo Eung-cheon, the Gyeonggi governor candidate from the Reform Party, urged Yang Hyang-ja, the People Power Party candidate, to clarify her position regarding the suspension of the GTX-A construction at Samsung Station, which was recently mentioned by Jung Won-o, the Democratic Party's candidate for Seoul mayor.During an emergency press conference at the National Assembly on May 22, Jo asked, "Do you agree with Jung's statement about halting the GTX-A construction at Samsung Station?"He emphasized that the GTX Samsung Station is crucial as it connects the GTX-A and C lines, affecting over 6 million residents in nearby areas. He stated, "Both lines link northern and southern Gyeonggi Province, which is vital for all Gyeonggi residents. Jung's unilateral decision to halt the construction is a reckless statement that would cut off access for Gyeonggi residents."Jo criticized the previous Moon Jae-in administration's promise of 'transportation first, housing later,' questioning the fate of Gyeonggi residents who had invested in new towns based on that assurance. "What happens to their dreams?" he asked.He further described Jung's remarks as an imperial mindset, suggesting that the mayor of Seoul can do anything, and accused him of betraying the promises made by their former president. Jo also suggested that Jung's comments might be an attempt to divert attention from his political troubles stemming from a past assault incident.Addressing Yang, Jo noted, "In a recent media interview, you stated that the omission of rebar is 'unacceptable,' yet you have remained silent on Jung's suspension of the GTX construction. Are you really a candidate for Gyeonggi governor? Are you part of the opposition? Or are you perhaps on the same team as Jung?"He questioned the rationality of overturning the entire project based on some errors, asking, "What is the reason for your silence in the face of such ignorance and excess? Do you know nothing about issues outside of semiconductors and have no position on them?"Jo concluded by stating, "If you continue to remain silent, it would be an admission that you are not the People Power Party candidate, but rather assisting Jung and effectively acting as the Democratic Party's campaign chair, which is why people refer to you as 'Jang Dong-hyuk's avatar.'"* This article has been translated by AI. 2026-05-23 18:18:00

Second Round of High Oil Price Relief Fund Applications Exceeds 60% The government reported that the application rate for the second round of the high oil price relief fund surpassed 60% within four days. The total number of applicants for both rounds approached 23 million. According to the Ministry of Interior and Safety, as of midnight on May 22, the cumulative number of applicants for the first and second rounds of the relief fund reached 22,914,804, accounting for 63.8% of the total eligible recipients, which stands at 35,929,596. The total amount disbursed so far is 4.3817 trillion won. Among these, the first round of relief funds, prioritized for low-income households, single-parent families, and other vulnerable groups, saw 3,051,000 applicants, achieving a 94.4% application rate. The total disbursed amount for this round is 1.7324 trillion won. The second round of relief funds, which began accepting applications on May 18, has recorded 19,863,000 applicants to date, with an application rate of 60.7% and a total disbursement of 2.6493 trillion won. This round is aimed at the bottom 70% of income earners. Those who missed the opportunity to apply for the first round can also apply during the second round. In terms of payment methods, the majority of applicants, totaling 15,692,326, opted for credit and debit cards. This was followed by 3,696,819 applicants for mobile and card-type local love gift certificates, 3,099,965 for prepaid cards, and 425,694 for paper-type local love gift certificates. Regionally, Jeollanam-do had the highest application rate at 67.39%, followed by Gwangju at 66.26%, Busan at 66.19%, Daegu at 65.77%, and Daejeon at 65.67%. Seoul recorded an application rate of 62.83%, while Jeju had the lowest at 61.01%. The government prioritized the first round of relief funds for socially vulnerable groups from April 27 to May 8, and the second round of applications will continue until July 3. Both rounds of relief funds must be used by August 31, and any remaining balance not used by the deadline will be automatically forfeited.* This article has been translated by AI. 2026-05-23 18:15:22

Ruling Party Emphasizes Local Elections as Support for Lee's Administration The Democratic Party emphasized on May 22 that the upcoming June 3 local elections are crucial for supporting the administration of President Lee Jae-myung and judging the ineffective local governments of the People Power Party. They also questioned why candidates Oh Se-hoon and Kim Du-gyeom, who have recently faced allegations of missing rebar and involvement in a private organization, are so vocal in their campaigns. During a press briefing at the National Assembly, Secretary General Cho Seung-rae stated, "It has already been two days since the official election campaign began. As the local elections progress, there are inquiries about the nature of this election." He explained, "This election is taking place in the first year of President Lee Jae-myung's administration. It holds significance in terms of how we will support the president's governance from the central government down to the local level." Cho added, "While the first political judgment against insurrection forces was made during the last presidential election, we must now carry out a secondary judgment through these local elections. In the previous local elections, 12 regional heads from the People Power Party were elected. This election also serves to judge the ineffective local leaders from the People Power Party who only engage in negative campaigning." He continued to express concerns regarding Oh and Kim, who have been embroiled in controversies over the recent allegations of missing rebar in the GTX-A project and accusations of profiting through a private organization. Cho criticized Oh's response to the rebar allegations, stating, "This is a clear example of incompetence, showing that he is neglecting critical municipal management duties as the mayor of Seoul. His complacent attitude, suggesting that 'nothing has happened, so it’s not a concern,' is even more serious." Cho emphasized that preparing for various disasters is one of the primary responsibilities of local leaders, questioning, "How can Oh be so vocal when he is failing to fulfill such an important duty?" Regarding Kim, who faces allegations of assaulting a journalist, Cho stated, "He lacks the qualifications to hold public office. Public officials should not evade questions posed by the media on behalf of the public. Kim must clearly apologize for the violent incident."* This article has been translated by AI. 2026-05-23 18:12:52

Expansion of Residency Exemption for Housing with Tenants to Take Effect on May 29 The South Korean government is set to implement an expansion of the residency exemption for purchasing homes with tenants in land transaction permission zones. On May 22, the Ministry of Land, Infrastructure and Transport announced that a revised enforcement decree of the Real Estate Transaction Reporting Act, which broadens the scope of the residency exemption to include all homes with tenants, will be published and take effect on May 29. This revision follows the announcement made on May 12 regarding the expansion of the residency exemption for homes with tenants. The focus is on reducing transaction difficulties for homes with tenants while limiting speculative demand. In land transaction permission zones, the principle is that homeowners must reside in the property after acquisition; however, there have been instances where transactions were hindered due to existing rental contracts preventing immediate occupancy by buyers. To qualify for the residency exemption, applicants must submit their land transaction permission requests by December 31 of this year. Sellers must be owners of homes that were rented out or had lease rights established as of May 12. Buyers must have maintained a status of being without a home since May 12, with the criteria assessed on a household basis. After receiving permission, they must acquire the property and complete registration within four months. The exemption period lasts until the end of the initial lease contract established on May 12, but buyers must move in for residency by May 11, 2028, at the latest. Sellers and buyers wishing to apply for the residency exemption while trading homes with tenants can do so by meeting these requirements and submitting their land transaction permission requests to the relevant authorities starting May 29. Minister Kim Yoon-deok stated, "This measure aims to resolve equity issues arising from the residency exemption implemented on February 12. We will address the fact that the previous measures only applied to certain multi-homeowners." He added, "We are implementing the residency exemption under the principle of prohibiting gap investments. Similar to the measures from February 12, we are maintaining policy consistency by limiting buyers to those without homes and allowing a maximum residency exemption period of up to two years from the announcement date."* This article has been translated by AI. 2026-05-23 18:10:07