The international investors are being flocked towards Kakao Corporation, South Korea’s top messaging app, on the brighter prospect of the online banking after the heat created as K Bank started the service of country’s first online bank leaving Kakao bank behind.
K Bank made by a group belong to the Kakao Talk corporation, Woori Bank, including 19 other firms opened over 60,000 accounts this Monday, stepping ahead of the mortar banks whose openings for each month are not more than 12,000 averagely.
The international investors purchased almost 1.15 million shares of Kakao or 1.7% of the entire outstanding shares in the net income this Tuesday, which is the largest purchase done on stock in a day during two and a half years. Kakao Bank remained allowed to start the project by the financial authorities in June 2016. Kakap closed Wednesday with a little rise of 0.23% at winnings of 85,900. The profit made by other banks brought the shares down on Thursday reaching the winnings to 84,900.
The foreign investments of the Kakao stock presently show 24% rise than the previous 22% level during 2016. This the biggest foreign investment level achieved by Kakao in September 2016. The net purchase was 79.3 billion in recent records.
The company is also catching the attention due to its IPO plan. Since 2016, Kakao has turned the mobile content off, as well as rolling off the artificial intelligence and payment service providing businesses as the subsidiaries. Kakao’s stake in the firms can help in increasing the worth of its name over the Never corporation, which got benefits in the mobile messaging app subsidiary over LINE Corporation as the later entered in the Nasdaq stock exchange 2016. The Kakao’s game making subsidiary while Kakao games are also on the way to IPO on Nasdaq stock exchange for next year.
The foreign investors are concerned about the Kakao’s O2O (online to offline) business, which integrates with the numerical and practical markets by using the web markets and features. The company is hailing the app service of Kakao Talk, and Kakao Driver is yet to make more money for the company but is predictable to reach even bigger levels once they have entered the zone of the market.
Meanwhile, one of the investors for Naver seems to slow down as the foreign investments of Naver reached to 61.3% since 2012 as the company seemed to be more impressed the AI-powered companies.