Finance

SpaceX tops Amazon three days after listing, market cap hits $2.66 trillion to rank fifth globally

SpaceX closed up 4.83 percent at $201.80 on June 16, after briefly hitting $225.64, a new 52-week high, and rose further in after-hours trade. Its market value reached $2.66 trillion, about $8 billion above Amazon, making it the world’s fifth-largest company, Bloomberg and other foreign media reported. The surge is attributed to tight float and early MSCI index inclusion rather than a re-rating of fundamentals.

Industry

SKC wins 1.17 trillion won rights offering to speed glass substrate investment

SKC said on May 18 its 1.17 trillion won rights offering drew strong demand, with an existing shareholders’ subscription rate of 113 percent and an employee share plan rate of 131.4 percent. It said expectations for earnings improvement and a shift toward semiconductors supported demand. SKC will allocate 589.6 billion won to Absolics, its glass substrate investment unit, and use 577.5 billion won to repay borrowings. It expects its debt ratio to fall to about 129 percent.