Thanks to an increase in semiconductor sales, etc., SK overtook Hyundai Motors and climbed to the second place in the corporate group in terms of total assets. It is the first time in 12 years that the rankings of the top five business groups have changed. Dunamu, which operates Upbit, the largest virtual currency exchange in Korea, is the first virtual asset company to be designated as a business group with restrictions on mutual investment (restricted growth) and is subject to regulation by the competition authorities.
According to the data of ‘Business Groups Subject to Disclosure (Large Enterprises)’ announced by the Fair Trade Commission on the 27th, SK’s total assets amounted to 291,969 billion won, ranking second after Samsung (483.919 trillion won). Hyundai Motor, previously ranked second, was pushed down to third place with a total asset of 257.845 trillion won. It is the first time in 12 years since 2010 that the rankings of the top five corporate groups (Samsung, SK, Hyundai Motor, LG, and Lotte) have changed.
SK hynix’s assets increased by 20.9 trillion won due to the increase in semiconductor sales and the acquisition of Intel’s NAND division. The ranking rose thanks to an increase in assets such as innovation (6.2 trillion won).
The number of large conglomerates (76) with total assets of more than 5 trillion won (76 companies) and those with limited growth (47) with total assets of more than 10 trillion won increased by 5 and 7, respectively, compared to last year. New conglomerates include Dunamu, Krafton, Boseong, KG, Iljin, OK Financial Group, Shinyoung, and Nongshim. Jungheung Construction, HMM, Taeyoung, OCI, Dunamu, Seah, Hankook Tire, and E-Land were newly designated as the restricted group. This applies on the 1st of the following month. When designated as a corporate group subject to disclosure, disclosure obligations and the provision of unreasonable benefits to specially related persons are prohibited.
Dunamu was the first among the main virtual asset trading groups to be included in the limiting group as its total assets increased to 10.822.5 billion won due to the cryptocurrency craze. The Fair Trade Commission explained that Dunamu is classified as a ‘blockchain-based crypto asset trading and brokerage business’ in the information service industry, not in the finance and insurance business, and customer deposits of 5.812 trillion won are included in the asset. Kim Jae-shin, vice chairman of the Fair Trade Commission, said, “The FTC judged that customer deposits should be incorporated into assets as they are under the control of Dunamu and are receiving economic benefits from them.” (Dunamuga) has expressed to the Fair Trade Commission that there are no difficulties in operating the business.”
Despite the spread of the novel coronavirus infection (COVID-19), the total assets of large conglomerates increased by 281.3 trillion won compared to the previous year to 2617.7 trillion won, improving overall business performance. The net profit for the year was highest in the order of Samsung (19.5 trillion won) and SK (8.6 trillion won). The growth of IT companies continued. Kakao’s total assets increased from 19.95 trillion won last year to 32.216 trillion won this year as funds from public offerings flowed through Kakao Bank and Kakao Pay’s IPO. As a result, the company ranking rose from 18th to 15th. Naver also climbed to 22nd this year from 27th last year, with total assets of 19.22 trillion won this year due to an increase in retained earnings from operating activities such as search platforms. HMM’s total assets more than doubled from 8.789 trillion won (48th) to 17.767 trillion won (25th) in one year thanks to earnings improvement following the recovery of shipping demand. Coupang was designated as a ‘corporate group without a head’ following last year’s designation as the same person (head) by Chairman Kim Beom-seok, a U.S. national.
Source: 경제 by www.segye.com.
*The article has been translated based on the content of 경제 by www.segye.com. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!
*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.
*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!