This week also Korean e-commerce startup Coupang’s IPO success is making news in the domestic and international media. Learn some lessons from Coupang’s success and check which Korean startups are getting boost for their stock market debut. Also, ESG management becoming an important part for Korean companies and a government body, a new government directive for companies dealing in virtual asset trading including cryptocurrencies and could there be new voting rights for startup boards in Korea?
Goodwater Capital’s Eric Kim: 3 Key Lessons from Coupang that Global Entrepreneurs Can Learn
Source: The Asia Tech Daily
A guest post by Eric Kim, Co-Founder and Managing Partner of Goodwater Capital. Eric has been a key early-stage investor and board member of South Korea’s major star unicorn companies, including Kakao, Coupang and Toss. Goodwater Capital has invested in over 12 countries and is now one of the largest consumer internet investing platforms in the world. Eric shares lessons learned from Coupang.
Yanolja, Market Kurly, Krafton stocks soar on OTC market
Source: The Korea Times
The unlisted stock prices of Korean unicorn companies are soaring on expectations of their looming public offerings, after Korean e-commerce giant Coupang made its successful debut on the New York Stock Exchange (NYSE) last week. Mobile-based hotel and motel reservation app Yanolja’s unlisted stock price skyrocketed more than five times in less than six months. Market Kurly, a Korean e-commerce unicorn specializing in the grocery delivery business, also saw its unlisted stock price nearly double in just around six months. Video game developer and publisher Krafton, globally known for its online shooter game “PlayerUnknown’s Battlegrounds,” is enjoying a price jump in unlisted stocks.
Businesses dealing with virtual assets including cryptocurrencies must report their transactions to a government body and abide by anti-money laundering requirements, the Financial Services Commission (FSC) announced. https://t.co/GJH51bj30H pic.twitter.com/KWhD43RMEQ
— Korea JoongAng Daily (@JoongAngDaily) March 16, 2021
Korea mulls introduction of multiple voting rights for startups
Source: Korea Herald
South Korea is mulling whether to introduce multiple voting rights for shareholders as a way to help local startups attract large-scale investment and maintain stable management, according to public officials and politicians. Vice Minister of SMEs and Startups Kang Sung-cheon said the government was working on ways to legalize differential voting rights, which are popular among countries with many unicorn startups.
NCSoft Becomes First Gaming Company to Employ ESG Strategies
NCSoft Corporation, a video game developer and distributor, announced it had established the ESG (Environmental, Social, and Governance) Management Committee. Since ESG is an advancing standard within companies, NCSoft created the ESG Management Committee to support sustainable business activities further, becoming the first company in the gaming industry to form a dedicated ESG committee.