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3% Rule Implementation Alters IPO Strategies for HD Hyundai and LS The final guidelines on dual listing regulations have prompted changes in the strategies of companies preparing for initial public offerings (IPOs). HD Hyundai Robotics, a subsidiary formed through a physical division of HD Hyundai, must navigate new shareholder protection procedures, while LS E6 Solutions is also required to restructure its plans to meet enhanced review standards.According to industry sources, the implementation of the '3% rule' following amendments to corporate law and the visible reform of dual listing systems have accelerated the movements of companies pursuing IPOs.HD Hyundai Robotics faces challenges as it is a prime example of dual listing, which the new guidelines prohibit. After selecting an underwriter and initiating the IPO process earlier this year, the company halted its listing efforts in March as regulatory actions against dual listings gained momentum.Industry analysts believe that the recent announcement will complicate the listing process for HD Hyundai Robotics. Even if its asset, revenue, and operating profit ratios are not significant, the fact that it is a subsidiary formed through a physical division increases the likelihood that it will need to undergo shareholder protection procedures.Notably, the absence of separate exceptions for advanced industries such as robotics and artificial intelligence means that HD Hyundai Robotics will be subject to the same standards as other subsidiaries formed through physical divisions. The ability to convincingly present the necessity of listing and strategies to enhance existing shareholder value will be critical factors in future exchange reviews.LS Group, which withdrew LS E6 Solutions' IPO in January, is another company affected by the new guidelines. With the clarification of shareholder protection principles, LS will face the burden of demonstrating enhanced shareholder protection measures and the necessity of listing if it attempts to reinitiate its subsidiaries' IPOs.However, LS E6 Solutions differs from HD Hyundai Robotics as it was incorporated through the acquisition of a foreign company rather than a physical division. Financial authorities have mandated that subsidiaries formed through physical divisions obtain shareholder consent, while acquired subsidiaries will undergo individual reviews considering the need for general shareholder protection and the specific circumstances of each company.It is likely that LS E6 Solutions will not immediately be subject to the shareholder consent requirement but will need to establish shareholder protection measures before undergoing special reviews by the exchange.Hanwha Group is also closely monitoring the situation. Hanwha Energy pursued an IPO last year and secured significant pre-IPO investments, but the tightening of dual listing regulations necessitates a reassessment of its listing strategy. However, Hanwha maintains that its subsidiary will not pursue a separate IPO after a physical division, thus not falling under dual listing regulations.Professor Hwang Yong-sik of Sejong University stated, "These guidelines do not convey a message against listing but rather demand that companies explain why listing is necessary and how they will protect existing shareholders." He added, "In the future, the ability to persuade general shareholders will become the most important competitive advantage for companies, rather than the listing structure itself."He emphasized that if the goal is to adopt a U.S.-style shareholder capitalism model, management must also establish defenses against hostile takeovers, stating, "While introducing systems that enhance shareholder rights, such as the 3% rule, it is essential to balance these with measures to protect management rights." 2026-07-06 17:56:00 -
Hyundai takes Asia's humanoid race beyond the dance floor SEOUL, July 06 (AJP) - Hyundai Motor reclaimed the 500,000-won threshold Monday, rising 2 percent even as the broader market retreated, after its growing robotics portfolio quietly stole attention from investors otherwise fixated on Samsung Electronics' earnings guidance due the following day. Boston Dynamics' Atlas humanoid robot, owned by Hyundai Motor Group, showcased a series of football-inspired celebrations during halftime of the Brazil-Norway World Cup round-of-16 match at MetLife Stadium in New Jersey on Sunday. Before nearly 80,000 spectators, Atlas recreated signature goal celebrations associated with global stars including Harry Kane, Erling Haaland, Matheus Cunha and Son Heung-min before delivering the match ball to the referees. Hyundai said the performance demonstrated the same reinforcement-learning and whole-body control technologies it is developing for industrial applications. The appearance formed part of Hyundai's "Next Starts Now" campaign. Brand marketing chief Ji Seong-won said the roughly five-year project was intended to bring advanced robotics into public view rather than simply advertise the company. Unlike many Chinese humanoid demonstrations that have gone viral for choreographed dances and acrobatic performances, Hyundai emphasized practical mobility and industrial capability over spectacle, underscoring its strategy of building robots designed to work alongside humans rather than merely entertain them. The industrial focus extends beyond humanoids. Hyundai's 1.9-kilogram battery-free wearable exosuit was deployed by Genesis Magma Racing's pit crew during June's 24 Hours of Le Mans, helping reduce shoulder strain during rapid tire changes. The device has since been introduced to a young peach farmer in Eumseong through a NongHyup support program. A state-backed study found it reduced shoulder muscle activity by an average of 33 percent during fruit-harvesting work. The demonstrations come as Hyundai targets annual humanoid production capacity of 30,000 units by 2028. Atlas is expected to begin parts-sequencing work at Hyundai Motor Group Metaplant America in Georgia that year before expanding into more complex assembly tasks by 2030. The robotics initiative forms part of Hyundai's broader 125.2 trillion won domestic investment plan through 2030, including a robotics and AI data-center cluster in Saemangeum. Investors appeared to welcome Hyundai's progress in what is increasingly described as "physical AI." While the KOSPI fell 0.46 percent, automobile stocks led the market, climbing 3.45 percent. Kia surged 5.72 percent, while Hyundai Motor rose 2.03 percent to 502,000 won. Hyundai Motor 2Woo B gained 4.44 percent and Hyundai Motor Woo advanced 3.97 percent. Auto-parts manufacturers were the market's third-best-performing sector, rising 3.27 percent. Kumho Tire soared 29.96 percent to hit the daily trading limit, although no company-specific announcement appeared to explain the move. Insurance shares also outperformed, led by Samsung Fire & Marine Insurance, which climbed 5.64 percent. Brokerages are increasingly trying to identify the long-term winners in humanoid robotics. In a June report, CLSA analyst Brian Lee projected annual global humanoid production would exceed 1 million units by 2030, with the market reaching $320 billion by 2035. CLSA ranked Tesla and Boston Dynamics well ahead of rival developers, arguing both benefit from large-scale manufacturing expertise and captive demand from their automotive businesses. Figure AI ranked a distant third. The brokerage estimated Boston Dynamics' value at roughly 161 trillion won under its base-case scenario, well above the average 86 trillion won valuation assigned by other brokerages it surveyed. Whether Hyundai's early positioning ultimately translates into a durable competitive advantage remains uncertain. South Korea boasts the world's highest manufacturing robot density, with 1,220 robots for every 10,000 workers as of 2024, according to the International Federation of Robotics. Scale, however, belongs to China. The country operates by far the world's largest industrial robot fleet, with more than 2 million units, and its collective humanoid robot output is expected to surpass Hyundai's 2028 production target as early as next year, according to industry estimates. 2026-07-06 17:55:34 -
U.S. Biotech Thrives While South Korean Sector Struggles The global biotech investment landscape is sharply diverging between the United States and South Korea. While the U.S. biotech sector continues to soar, the domestic sector in South Korea is experiencing a downturn, leading to an unprecedented decoupling phenomenon.According to the Korea Exchange, the domestic representative biotech exchange-traded funds (ETFs), 'TIGER Bio TOP10' and 'KODEX Bio,' have been unable to escape a downward trend.The 'KODEX Bio' ETF, managed by Samsung Asset Management, closed at 8,705 won, down 355 won (3.92%) from the previous trading day. This marks a staggering 42.73% drop from the beginning of the year when it was priced at 12,425 won, falling below the 9,000 won mark. Other major domestic biotech products, including 'TIGER Bio TOP10' from Mirae Asset Management, have also faced declines in July, with the KRX K-AI Biotech KOSDAQ index dropping 10.30% and the KRX Bio TOP10 index falling 2.95% this month.In contrast, the U.S. biotech ETF 'XBI (SPDR S&P Biotech ETF)' has been on a different trajectory, consistently reaching new 52-week highs. As of July 2, it closed at $160.46, a 32.04% increase from the start of the year when it was priced at $121.52, nearing its all-time high of $173.99 from February 8, 2021.During the COVID-19 pandemic, both markets experienced synchronized surges followed by corrections during the interest rate hikes of 2022. However, this strong correlation began to break down at the start of this year. Amid expectations of global interest rate cuts, the U.S. XBI hit a low and began a rally, steadily surpassing previous highs. In contrast, the South Korean biotech sector saw only a temporary rebound, with a sharp rise in March followed by a downward trend.Market experts attribute this divergence to a significant concentration of supply and demand in specific leading themes, such as semiconductors, which has eroded overall confidence in the KOSDAQ market, hindering the biotech sector's performance. An asset management official stated, 'The KOSDAQ market is currently under significant pressure due to various complex factors. For the KOSDAQ market to rebound, a recovery in the biotech sector is essential.' 2026-07-06 17:52:00
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New Guidelines Halt Asymmetric Dual Listings, Protecting Parent Company Shareholders The government has effectively put a stop to asymmetric dual listings that infringe on the rights of common shareholders in parent companies. To list a subsidiary, companies must now follow stringent procedures to protect the interests of parent company shareholders. Notably, subsidiaries formed through physical division will be required to obtain shareholder approval under the '3% rule,' which limits voting rights for major shareholders. As a result, the threshold for initial public offerings (IPOs) for large corporate affiliates is expected to rise significantly.On July 6, the Financial Services Commission and the Korea Exchange released detailed guidelines on the 'principled prohibition of dual listings and exceptional allowances.' This follows the government's announcement in March of measures to advance the capital market. The guidelines aim to prevent dual listings and spin-offs, which have been cited as factors contributing to the Korea discount.According to the guidelines, the board of directors of a parent company seeking to pursue a dual listing must fulfill five key obligations: assess the impact on shareholders, establish protection measures for shareholders, communicate with shareholders and confirm their consent, conduct a vote on the listing proposal, and disclose relevant information. Additionally, to ensure compliance, an 'independent special committee' consisting of at least three directors or external experts must be formed to conduct prior reviews and decisions.The criteria for shareholder approval, which garnered significant attention for investor protection, will not follow the minority shareholder majority (MoM) model but will instead apply the '3% rule.' This means that the voting rights of the largest shareholder and related parties will be limited to 3%, and a majority of attending shareholders (at least one-quarter of voting rights) must agree for a dual listing to proceed.The criteria for shareholder approval will vary by type of subsidiary. Subsidiaries formed through physical division must obtain approval from parent company shareholders. For general subsidiaries (acquired or newly established), obtaining shareholder approval will be considered sufficient for investor protection, but those that do not receive approval will face strict scrutiny. However, 'low-weight subsidiaries,' which account for less than 10% of the parent company's revenue, operating profit, or assets, will not require shareholder approval.Market participants expect that the implementation of these guidelines will improve practices where parent company shareholders suffer due to spin-off listings. As of the end of last year, the dual listing rate in South Korea was 11.2%, significantly higher than in major countries like the United States (0.05%) and Japan (4.0%). However, there are concerns that the increased difficulty of dual listings through physical division may dampen the IPO market. Voices from the venture capital (VC) and private equity (PE) sectors suggest that recovering investment funds through IPOs may become more challenging.* This article has been translated by AI. 2026-07-06 17:52:00
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Duksan Meets Guidelines for Dual Listing; Which Companies Will Follow? On July 6, the government released guidelines for dual listing reviews, raising questions about the efforts required to pass the assessment. During a briefing, the Financial Services Commission highlighted Duksan Nepcores as a model example of compliance with these guidelines.Duksan Nepcores, a subsidiary of Duksan High Metal, aimed for a public listing in the first half of this year. In May, the company held a separate shareholders' meeting for common shareholders of its parent company to obtain approval for the listing. The major shareholders did not push the decision unilaterally. Approximately 80% of the investors, including common shareholders, participated, resulting in over 90% approval for the dual listing proposal. During this process, the company also proposed measures for shareholder protection, such as stock dividends and increased dividends. A representative from the Financial Services Commission stated, "The disclosure documents indicate that Duksan High Metal followed the board approval process, and the voting results from common shareholders met the minority shareholder majority (MoM) standard, effectively fulfilling the dual listing criteria required by the new guidelines."In the market, DTS, a subsidiary of Dasan Networks, is also cited as a leading example. This company has followed procedures mindful of the new regulations, including obtaining common shareholder consent after applying for preliminary listing review and proposing shareholder return plans.Many companies are planning to pursue dual listings after July. Major corporate affiliates such as Hanwha Energy, HD Hyundai Robotics, and LS E-Six Solutions are expected to undergo dual listing reviews in the future. Among these, HD Hyundai Robotics is anticipated to require shareholder approval, as it was established through a physical division of HD Hyundai. LS E-Six Solutions, which withdrew its domestic listing plans in January, is expected to face stringent individual reviews if it seeks to relist, although it may not need to obtain shareholder consent.Go Young-ho, a capital markets division chief at the Financial Services Commission, commented on the applicability of the guidelines to companies like CJ Olive Young and HD Hyundai Robotics, stating, "We will need to comprehensively review governance and business structures after they actually apply for preliminary listing reviews to make a determination." 2026-07-06 17:52:00
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Weather Forecast: Rain Expected Nationwide with Highs Reaching 35 Degrees On July 7, which marks the beginning of the summer season, the weather across the country is expected to be mostly cloudy.Rain will fall in the central region until night, while Jeju Island will see rain in the morning. The southern regions may experience rain from early dawn through the afternoon.The expected precipitation for July 7 and 8 is between 30 to 80 mm in Seoul, Incheon, Gyeonggi Province, and the five islands of the West Sea. Northern Gyeonggi Province is forecasted to receive over 100 mm, and the five islands of the West Sea may see more than 150 mm.In the inland and mountainous areas of Gangwon Province, 30 to 80 mm of rain is expected, with over 100 mm in northern inland Gangwon and 5 to 30 mm along the eastern coast.Daejeon, Sejong, Chungnam, and Chungbuk are expected to receive 30 to 80 mm, while Jeonbuk is also forecasted for 30 to 80 mm. Gwangju and Jeonnam may see 20 to 60 mm, and the northwestern inland areas of Gyeongbuk are expected to receive 20 to 60 mm. Busan, Ulsan, Gyeongnam, Daegu, and Gyeongbuk (excluding the northwestern inland) are forecasted for 5 to 20 mm, with Jeju Island receiving less than 5 mm.In areas experiencing rain, heavy downpours of 20 to 30 mm per hour, along with gusts, thunder, and lightning, are anticipated, necessitating caution.The heatwave will continue, with daytime highs reaching 35 degrees Celsius. Morning lows are expected to range from 21 to 24 degrees, while daytime highs will be between 28 and 35 degrees.The expected morning lows in major cities are as follows: △Seoul 24 degrees △Incheon 24 degrees △Chuncheon 22 degrees △Gangneung 24 degrees △Daejeon 23 degrees △Daegu 23 degrees △Jeonju 24 degrees △Gwangju 24 degrees △Busan 23 degrees △Jeju 25 degrees.Daytime highs are forecasted to be: △Seoul 30 degrees △Incheon 29 degrees △Chuncheon 29 degrees △Gangneung 32 degrees △Daejeon 31 degrees △Daegu 33 degrees △Jeonju 32 degrees △Gwangju 32 degrees △Busan 29 degrees △Jeju 31 degrees.Wave heights are expected to be between 0.5 to 1.5 meters in the East Sea, 0.5 to 2.0 meters in the West Sea, and 0.5 to 1.0 meters in the South Sea.In the offshore waters (approximately 200 km from the coastline), wave heights are forecasted to be 0.5 to 1.5 meters in the East Sea, 0.5 to 3.0 meters in the West Sea, and 0.5 to 2.0 meters in the South Sea.* This article has been translated by AI. 2026-07-06 17:52:00
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Even government bonds can bite, South Korea's regulator warns SEOUL, July 06 (AJP) — South Korea's financial regulator on Monday warned that even government bonds, long regarded by many retail investors as one of the safest investments, can generate significant losses if interest rates rise. The Financial Supervisory Service (FSS) issued the warning as part of its latest investor education campaign on common investment disputes after complaints increased from investors who suffered unexpected losses after buying low-risk bonds, including Korean government bonds, on brokerage recommendations. The FSS said that while government bonds carry little default risk, their market value can fall when interest rates rise, meaning investors who sell before maturity may incur losses. A 30-year government bond with a face value of 10,000 won that pays a 3 percent annual interest rate could lose about 17 percent of its market value if market interest rates rise by one percentage point, it said. The FSS also urged investors to be cautious about buying long-term bonds, saying they should consider whether they may need access to their money before the bonds mature. Investors who want to preserve their principal or who may need cash for unexpected expenses should be particularly careful. "The longer a bond's maturity, the more its price will fluctuate as market interest rates change," it said. The regulator further cautioned investors against relying solely on sales representatives' interest-rate forecasts when making investment decisions. It noted that market interest rates do not always move in line with the central bank's policy rate, meaning bond prices can still fall even when the central bank cuts rates. The FSS also urged investors to compare prices before buying bonds directly from brokerages, as transaction costs and dealer spreads can make those bonds more expensive than similar ones traded on the Korea Exchange. Exchange-traded bonds may offer lower prices, although they can be harder to buy because of limited liquidity. "We will continue to provide timely guidance on investment risks and strengthen investor protection where necessary," the FSS said. 2026-07-06 17:41:56 -
Seoul's 24-hour FX market tests local banks' staffing capacity SEOUL, July 06 (AJP) - South Korea began round-the-clock foreign exchange trading on Monday, but while the country's largest lenders are relying on overseas dealing desks to cover the new hours, smaller regional banks say they are scrambling to find enough people to stay awake. "We need more staff, but there are limits to how quickly we can hire people for this," one foreign-exchange official at a regional bank told AJP on condition of anonymity. "We will probably introduce rotating shifts internally." Another regional-bank official said recruitment was not a near-term solution. "For now, we are looking at two options: rotating shifts and new hiring," the official said. "Because recruitment takes a lot of time, we are thinking of responding first through rotating shifts." The new framework, launched Monday, allows dollar-won spot trading to run from 6 a.m. Monday to 6 a.m. Saturday during U.S. daylight-saving time. The opening and closing times will shift to 7 a.m. during U.S. winter time. The launch marks the final step in South Korea's transition to a near 24-hour onshore foreign-exchange market. Trading hours had already been extended in July last year from the previous 9 a.m.-3:30 p.m. schedule to 9 a.m.-2 a.m. the following day. The immediate challenge for banks is covering the four-hour gap between the previous 2 a.m. market close and the start of the regular Seoul business day. Korea's five major lenders—KB Kookmin, Shinhan, Hana, Woori and NH NongHyup—have spent the past year preparing by expanding staffing, reorganizing overseas operations and strengthening London dealing desks, according to multiple industry sources. Some are expected to use capital-markets teams in Singapore, London and New York, while others will rely primarily on London because Korea's early morning overlaps with London's trading day. Regional banks, however, face a different reality. Unlike the country's largest lenders, their foreign-exchange business is centered on customer transactions, trade finance and liquidity management for local exporters and importers. Most lack extensive overseas dealing operations in financial centers such as London and New York. "Even if we automate the process, it is ultimately people who have to look at it and make judgments," the first official said. "We need people to conduct the final checks, but that is not easy at this point." "It is true that we are stretched compared with other banks that have branches in places such as London and New York," the official added. Trading volumes have so far remained subdued as foreign banks appear to be observing how the new system settles in. "So far, foreign banks are closely watching market moves after the opening, and we do not see trading volume exploding," the second official said. "But if trading volume increases later, we will have to expand the number of rotating staff or hire new employees." The staffing challenge extends beyond banks' existing non-deliverable forward (NDF) operations. While NDF desks can monitor offshore won movements, the new 24-hour onshore dollar-won market requires banks to support deliverable spot transactions, settlement, price-making, risk management and operational supervision throughout the trading session. Some lenders are expected to redeploy FX derivatives dealers or rely more heavily on automated hedging systems, but bankers say additional manpower remains unavoidable. Foreign-exchange brokers have also adjusted staffing plans, introducing overnight shifts and rotating schedules ahead of the launch. The Ministry of Economy and Finance and the Bank of Korea said banks, securities firms, brokers and exporters had prepared for the new framework through changes to internal rules, staffing, systems and test trading. The 24-hour regime applies to the interbank dollar-won market rather than all retail foreign-exchange services. Customer remittances, currency exchange and corporate FX transactions during overnight hours will continue to depend on each institution's staffing, systems and risk-management policies. Market participants say the longer trading window could strengthen South Korea's case for inclusion in MSCI's developed-market index, although success will ultimately depend on offshore liquidity, tighter bid-ask spreads and sustained foreign participation rather than trading hours alone. 2026-07-06 17:40:02 -
Korea's Air Force, SNU launch AI initiative to reshape aerospace warfare SEOUL, July 06 (AJP) - Seeking to accelerate its digital frontline transformation, the South Korean Air Force has partnered with Seoul National University (SNU) to develop three key AI technologies that can be directly deployed in military operations. The projects will focus on tracking mobile missile launchers, automatically identifying targets and generating combat plans for aerospace operations. Each project will be carried out by a joint team consisting of SNU researchers and a participating private company. The initiative is part of efforts to establish the Air Force AX Cooperation Center, a joint military-academic-industry hub designed to accelerate the Air Force’s adoption of artificial intelligence. AX refers to AI transformation. The Air Force plans to establish an AX base at the Industrial AX Innovation Center within the Seoul AI Hub in August, with support from the Ministry of National Defense. SNU will oversee the cooperation center, while Air Force personnel will be stationed there to identify operational requirements, conduct security reviews and help connect research results to military acquisition and deployment programs. The Artificial Intelligence Research Institute has also been commissioned to provide specialized AI education and support the operation of the SNU-Air Force AX Cooperation Center. “The Air Force AX center is not simply a research space,” said Zhang Byong-tak, head of SNU’s defense AI talent development program. “It is a hub for practical civil-military cooperation where technologies the Air Force actually needs are developed with companies and then directly applied and fielded in military operations.” A project led by Zhang will focus on tracking mobile missile launchers. His team is developing an AI system that combines various data sources with maps to predict where these launcher vehicles will go after firing a missile. By showing these paths on a digital map in real time, the system will help analysts find moving targets much faster. To identify targets automatically, Kwak No-jun’s team is building a system that analyzes both military photos and written text together. It will compare new images with older data to spot similar activities, while also checking past reports and records. This will help analysts pinpoint targets with greater speed and accuracy. Another project, led by Yu Young-jae, applies AI to planning air and space combat. The team is creating a tool that helps assign troops, select targets, and recommend the best weapons based on official guidelines. This system aims to cut down planning time and help commanders make smarter, more accurate decisions. Companies with AI capabilities, including startups, small and medium-sized enterprises and defense contractors, may apply to participate from July 6 to 17. Applicants will first undergo a document review, with a shortlist of up to three candidates for each project. A committee led by SNU will then select the participating companies. The selection and partnership agreements are expected to be completed in late July, with research scheduled to begin in early August. 2026-07-06 17:39:19 -
Korean Appraisers Association Opposes Patent Attorney Law Amendment The Korean Appraisers Association has expressed strong opposition to a proposed amendment to the Patent Attorney Act currently pending in the National Assembly, calling it a "toxic provision that legally permits conflicts of interest." The association stated on July 6 that it has continuously communicated its objections and suggestions for amendments to the Intellectual Property Office since discussions began in March, but has only received generic responses. The primary concern raised by the association is Article 7-5, Section 1, Subsection 1 of the amendment, which allows patent attorneys to conduct appraisals of patents, utility models, designs, and trademarks for which they have directly represented clients. The association criticized this provision as permitting "self-appraisal," where a patent attorney evaluates their own represented patents, undermining the objectivity and fairness that are vital to the appraisal market. They warned that this could send a dangerous signal that encourages fraudulent patent applications and inadequate evaluations, ultimately causing significant harm to the national economy. In fact, major professional qualification systems in South Korea, including those for appraisers (Article 25 of the Appraisal Act), lawyers (Article 51 of the Attorney Act), and certified public accountants (Article 21 of the Certified Public Accountant Act), strictly prohibit any work that poses a conflict of interest or raises concerns about unfair practices. The association argues that the proposed amendment is regressive, allowing typical conflict-of-interest situations that other professions are prohibited from engaging in. The association has consistently proposed amendments and collaborative solutions to the Intellectual Property Office to resolve the conflict, but claims the office has maintained a "no amendments" policy and has only engaged in a superficial consultation process. They also dismissed claims made by the head of the Intellectual Property Office in March that sufficient consultations with relevant organizations had taken place as inaccurate. Furthermore, the association emphasized the need for a strict national oversight system to be explicitly stated in the law, including significantly strengthening the disciplinary provisions for patent attorneys to prevent a recurrence of past cases of inadequate patent value assessments. Yang Gil-soo, president of the Appraisers Association, cautioned against viewing the issue as merely a turf battle among professional qualifications, stating, "The valuation of intellectual property rights requires collaboration between the expertise of appraisers and the technical expertise of patent attorneys, and the amendment should not become a source of conflict." An industry insider remarked, "Valuations must be determined objectively and independently from clients, but this amendment effectively legitimizes conflicts of interest by allowing patent attorneys to appraise their own represented items, creating a structure that encourages evaluations tailored to client preferences and risks promoting illegal activities."* This article has been translated by AI. 2026-07-06 17:36:00