dailypro2020

I think the fact that the line started forming before the market opened tells you something about the mood right now. Not for a concert or a new iPhone, for a government-backed equity fund. South Korea's National Participation Growth Fund launched on May 22 and sold out in 10 minutes at Mirae Asset Securities, the lead distributor. KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup all exhausted their allocations, both online and branch channels, within the morning session. My view is the structure is clever from a policy design standpoint. Retail investors put up 600 billion won. The government kicks in 120 billion won as a first-loss buffer, meaning the state absorbs the first 20% of any losses before retail capital takes a hit. The combined 720 billion won flows into a master fund that allocates across 10 sub-funds targeting semiconductors, secondary batteries, biotech, and robotics, Korea's designated strategic industries. Investors can contribute up to 100 million won ...