The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Apr. 20.
South Korea alarmed by China’s fixed platform in strategic Yellow Sea zone
South Korean authorities confirmed on Apr. 18 that China is operating a fixed, rig-style structure anchored to the seabed in the Provisional Measures Zone (PMZ) of the Yellow Sea, in addition to two large mobile platforms deployed by May of last year. China claims the mobile structures, named “Shenlan,” are aquaculture facilities and that the fixed installation, built in 2022 about 185 kilometers southeast of Qingdao, was constructed to manage them. However, the South Korean government is developing countermeasures, concerned that the installations may signal a broader Chinese strategy to expand its maritime presence in the Yellow Sea, similar to its actions in the South China Sea. Foreign Minister Cho Tae-yul raised objections to the Shenlan platforms and the fixed structure during a recent bilateral meeting with Chinese Foreign Minister Wang Yi. The fixed platform, believed to include oil drilling equipment, measures approximately 100 meters wide, 80 meters long, and 50 meters high, with one side featuring a helipad. China initially suspended operations after South Korea protested, citing a violation of the bilateral fisheries agreement, but later resumed and expanded the facility. South Korea is planning director-general-level talks with Chinese officials as early as next week.
Kurly partners with Naver to expand online sales and logistics reach
South Korean e-commerce company Kurly announced on Apr. 18 that it has entered into a strategic partnership with Naver to launch a store on Naver’s shopping platform, Naver Plus Store, within the year, selling food, daily essentials, and other consumer goods. The collaboration is seen as a joint effort to strengthen their positions in the e-commerce market and counter Coupang’s dominance. Naver, which recently launched an AI-powered shopping app, has struggled in the fresh grocery segment, an area where Kurly excels with its next-morning delivery service and proprietary logistics network. By leveraging Naver’s massive user base, Kurly aims to expand beyond its Kurly Mall platform, while Naver may benefit from Kurly’s logistics capabilities. Industry sources anticipate further cooperation, including exclusive product offerings and a potential equity investment by Naver in Kurly.
Political theme stocks rally ahead of election in South Korean markets
Sangji Construction, a little-known builder ranked 570th in South Korea’s construction capacity evaluations, saw its stock price soar from 3,165 won on Apr. 1 to 43,400 won by Apr. 17, with its market cap jumping to 172.8 billion won ($121 million), after rumors linked it to former Democratic Party leader Lee Jae-myung. The speculation stems from the company’s former outside director Lim Moo-young, who was part of Lee’s 2022 campaign but stepped down as director in 2024 and has no current ties. As the June 3 presidential election nears, politically themed stocks are surging despite poor investor sentiment. Nine of the month’s top ten gainers are linked to Lee or acting President and Prime Minister Han Duck-soo. Many, like Taekwang Group’s Heungkuk Fire & Marine Insurance or firms connected to FuriosaAI—where Lee pledged AI investment—have only loose associations with the candidates. Others, like Sigong Tech and Oriental Precision & Engineering, saw gains based on past affiliations or name confusion. In Sangji’s case, the rally intensified after Democratic Party-linked YouTuber Seon Dae-in was revealed to be acquiring shares of its largest shareholder, Jungang Advanced Materials, and receiving a third-party share allotment.
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