General News

Homeplus store sale proceeds spark fresh clash over operating funds and debt recovery

Homeplus, facing possible bankruptcy after a decision to scrap its rehabilitation procedure, has become embroiled in another dispute over how to use proceeds from the sale of closed stores. The retailer is pursuing a sale worth about 170 billion won for 2 stores. It wants to use part of the money as emergency operating funds, but its largest creditor, Meritz Financial Group, is said to favor debt recovery. The Democratic Party has urged MBK Partners and Meritz to secure funding and is seeking a hearing.

Industry

China\'s top DRAM maker CXMT launches $4.3 billion Shanghai IPO, test for AI memory push

ChangXin Memory Technologies (CXMT), China’s largest DRAM maker, is launching a Shanghai IPO worth about $4.3 billion as AI data centre demand drives a surge in memory needs. Subscriptions on the STAR Market are set to begin on July 16. The company plans to raise 29.5 billion yuan by selling about 6.69 billion shares, around 10 percent of total shares after listing, with an overallotment option also secured.