RaymondsIndex

In February 2026, Jollibee Foods Corporation (PSE: JFC) told its investors it was buying Korea's largest hot pot chain. The announcement was precise in a way acquisition announcements often are not. All Day Fresh, operator of Shabu All Day, would be acquired by Jolli-K — 70% JFC, 30% Korean private equity firm Elevation Equity Partners Korea — for approximately USD 87 million (roughly KRW 127 billion), at about 4x EV/EBITDA. The release named the unit economics that made the price work: a two-to-three-year payback period, approximately 40% ROIC, high double-digit EBITDA and EBIT margins, and a "capital-efficient, highly franchised business model." It named the store base: 169. It told shareholders that on completion, global store count would rise by roughly 1% — those 169 stores. Korea's Fair Trade Commission cleared the transaction in April. On 19 August 2026, the Korean business daily Etoday reported that the chain had closed 23 outlets. Store count, which the pap...

On August 18, 2026, a small Korean security-software company approved a modest financing that will not make international news. SSR, listed on KOSDAQ, resolved to issue 1,902,173 new shares at ₩3,680 each — about ₩7.0 billion — entirely to its controlling shareholder, Jiran Jigyo Security, and an affiliate, Jiran Jigyo S&C. Payment is due October 6. The shares are locked up with the Korea Securities Depository for one year. Several details deserve credit before anything else. The issue price carried a 0% discount to the ₩3,683 reference price — third-party allotments in Korea commonly price at a discount, and the controlling shareholder here chose not to take one. In March 2026, both companies cancelled their entire treasury holdings (400,000 shares and 382,090 shares respectively) and committed future repurchases to cancellation. As capital discipline, these are real signals, and they should be read as such. What interests me is a different line in the same filing. Two answe...

On August 4, 2026, Mitsui & Co. resolved to repurchase up to 60 million of its own shares, for up to ¥200 billion, between August 5, 2026 and January 29, 2027. That much is an ordinary buyback. What made the resolution unusual came next in the same document: the board also resolved to cancel every share it buys, and named the date — February 5, 2027. Seven days after the buying stops, the shares stop existing. The stated reason was "to enhance shareholder returns and to improve capital efficiency." Eight days later, a Korean listed company disclosed that it was terminating a ₩10bn treasury share acquisition trust ahead of schedule, because the buying was complete. The 656,972 shares acquired under it would be delivered into the corporate securities account. Treasury holdings before termination stood at 1,342,123 shares — 8.19% of the 16,393,260 shares outstanding. Nowhere is there a cancellation date. Five days earlier, another Korean issuer resolved to buy ₩6bn and sai...

On August 12, the Korea Exchange designated 36 listed companies as management issues. It was the first cohort to complete the 30-trading-day test under a listing rule that took effect on July 1: a closing price below ₩1,000, or a market capitalisation below ₩20bn on KOSDAQ and ₩30bn on KOSPI. Two more names were added on the 13th, one on the 14th. The running count is 39, and eight more were flagged as designation-risk during the week of August 10–15. Industry estimates reported by Yonhap put the eventual figure near 100 delistings within the year — an estimate, not a count. The dominant reading is that a long-delayed cleanup has finally begun. It probably has. But there is a second number in the same reporting, and it points somewhere else entirely. The response, not the rule Between February 12 — when the Financial Services Commission and the Korea Exchange announced the delisting reform — and August 12, when the first designations landed, 276 reverse stock splits were initiated ...

On 11 August 2026, the Korea Exchange's KOSDAQ Market Division announced it was lifting the trading halt on Syswork, a small-cap medical and precision instruments company. The lift was not a reprieve. It opened the liquidation trading window that precedes delisting: trading from 13 August through 24 August, seven trading days in total, with the listing formally ending on 25 August. The disclosure cited KOSDAQ Listing Regulation Article 18 and Enforcement Rule Article 19. The reason was a disclaimer of audit opinion arising from material uncertainty about the company's ability to continue as a going concern. Read that as a document about time rather than about one company, and something odd stands out. Two clocks, two resolutions Every step after the verdict is measured in days and published in advance. Investors knew beforehand the exact date trading would resume, how many sessions the window would run, and the exact date the security would cease to exist. The governing rul...

On 14 August 2026, Korea's Fair Trade Commission published its routine quarterly disclosure of affiliate changes across the country's 102 largest business groups. The number that travelled was small and reassuring: affiliates fell from 3,538 on 1 May to 3,534 on 3 August. Four fewer companies. Coverage framed it as discipline — groups shedding non-core businesses and tightening up. The net figure is arithmetically true and structurally misleading. It is the residue of 154 separate events: 75 companies entering the perimeter across 35 groups, 79 leaving across 28. Forty-nine of the 102 groups changed composition in a single quarter. The network held its size and rebuilt its shape, and a net figure is precisely the statistic that cannot distinguish those two things. The mechanism: how the additions happened The FTC's release breaks the 75 additions down by cause. Fifty-two were newly incorporated companies. Nine were share acquisitions. The remaining fourteen are not itemi...