Asia Digest: KKR buys Hyundai Global stake, Kyulux bags $34.3m, LINE’s ‘smartphone bank’

Photo by Andrea Natali on Unsplash

KKR has acquired a 38% stake in Hyundai Global Service. Separately, Japan-based OLED materials firm Kyulux has raised $34.3 million Series B, while LINE and Mizuho Financial Group are investing more in a Japanesse smartphone bank.

KKR buys 38% in Hyundai Global Service for $723m

Private equity giant KKR & Co has acquired a 38% stake in Hyundai Global Service for 800 billion won ($723 million), according to an announcement by Hyundai Heavy Industries (HHIH).

Hyundai Global Service (HGS) was spun out of HHIH and established as the latter’s after-sales marine services arm in 2016. The company is a one-stop consulting, engineering, and maintenance provider in marine services.

KKR’s investment translates to a pre-IPO valuation of around 2 trillion won ($1.8 billion). The PE giant expects to make the investment in HGS from its Asian private equity fund.

Since 2009, KKR has invested or committed close to $2 billion of equity in the South Korean market.

Japan’s Kyulux raises $34.3m Series B

Japan-based OLED materials firm Kyulux has finalised a Series B prime funding round, raising 3.625 billion yen ($34.3 million) from several venture capitalists and companies.

Kyulux will use the funds to accelerate the development of OLED materials for smartphones, strengthen its IP portfolio, and build a mass production system by cooperating with affiliated chemical companies, it said in a statement.

The company also intends to promote business development with customers by integrating sales and development and updating its governance system to match its global goals, Kyulux added.

Kyulux had previously raised 5 billion yen in Series A and Series B financing rounds.

Zou Jun, the investment director of Shanghai Pudong Science and Technology Investment, has joined Kyulux’s board as an outside director, according to the company.

LINE, Mizuho invest in future “smartphone bank” in Japan

Japan-based LINE Corporation and Mizuho Financial Group announced on Tuesday that their respective subsidiaries, LINE Financial Corporation and Mizuho Bank, have agreed to make an additional investment in LINE Bank Preparatory Company.

LINE Financial and Mizuho Bank are taking these steps as they proceed with establishing a “smartphone bank” connected to the LINE app, within fiscal year 2022.

“In order to accelerate system development prior to launching the banking service, LINE Financial and Mizuho Bank will make an additional 12 billion yen ($114.16 million) investment in LINE Bank Preparatory Company, increasing its capital reserve to 16.5 billion yen,” it said.

Following the successful launch of LINE BK in Thailand last year, LINE has further plans in 2021 to expand banking services to other countries, including Taiwan and Indonesia, it added.

Established in May 2019, LINE Bank Preparatory Company strives to provide financial services via smartphones. It plans to build on LINE’s 86 million users in Japan, its easy-to-use user interface and focus on user experience, and Mizuho Bank’s extensive know-how in banking.

LINE Bank Preparatory Company will also get a co-CEO management structure. A co-CEO will be appointed by Mizuho Bank, with the remainder of the board comprising four directors and auditors appointed by LINE Financial and four by Mizuho Bank.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.