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Finance

Tougher rules on duplicate listings; shareholder approval required for subsidiaries spun off

South Korea\'s financial authorities will in principle ban asymmetric duplicate listings that do not take into account the rights of ordinary shareholders in parent companies. To list a subsidiary, the parent board must prepare a shareholder impact assessment and shareholder protection measures, and in some cases obtain shareholder approval. The Financial Services Commission and Korea Exchange began public consultation on rule revisions and new guidelines, including special screening and a requirement for shareholder approval for subsidiaries created through spin-offs.

Finance

SpaceX confirms IPO to raise more than 100 trillion won, contrasting with Korea\'s big-deal drought

SpaceX is proceeding with a Nasdaq listing and confirmed an offering of 555,555,555 common shares at $135 each, implying about $75 billion in proceeds, with potential upside if an overallotment option is exercised. In South Korea, the IPO market remains subdued despite a strong stock market. New listings and fundraising are limited, with a shortage of large deals and weak post-listing share performance weighing on sentiment.

Finance

National Participation Growth Fund sells out as financial sector steps up payment ecosystem expansion

South Korea\'s National Participation Growth Fund effectively sold out on its first day of sales, with more than 87 percent of supply taken up and some online allotments closing in 10 minutes. Financial authorities are reviewing options to bring forward next year\'s supply or add more, with additional sales in the second half also discussed. Markets also saw spillover effects, while financial institutions and fintech firms moved to expand payment ecosystems and data-driven services.