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Finance

KOSPI slumps more than 6 percent to 6,800; semiconductor shares sold off again

South Korea\'s benchmark KOSPI fell more than 6 percent on Thursday as semiconductor shares were sold off and foreign and institutional investors sold in tandem. The Korea Exchange triggered a sell-sidecar curb on program sell orders in the main market, lifting this year\'s count to 19. The Kosdaq also fell and triggered a sell-sidecar. The won strengthened against the dollar despite the market slide after the central bank raised rates.

Industry

Shinhan Investment Securities, Sierra Investment, Hyundai Commercial to create 50 billion won mobility cooperation fund

Shinhan Investment Securities, Sierra Investment and Hyundai Commercial will create a 50 billion won fund to ease funding difficulties among domestic mobility industry partner companies and improve supply chain stability. Shinhan said it will set up the Shinhan-Sierra Mobility cooperation finance institutional private equity fund on July 14. Shinhan Investment Securities and Sierra Investment will jointly manage the fund and raise capital, while Hyundai Commercial will participate as an investor.

Finance

Shinhan Financial forms 100 billion won venture fund of funds to invest in future growth industries

Shinhan Financial Group has formed a 100 billion won private venture fund of funds and will expand investment in advanced industries and regional innovative companies. The group said it completed the formation of Shinhan Venture Nexus Fund of Funds No. 1. Shinhan Bank, Shinhan Card, Shinhan Investment Corp and Shinhan Capital jointly contributed to the fund, which will be managed by Shinhan Venture Investment. Shinhan plans to attract additional private capital to build feeder funds totalling 1 trillion won.