Korea Today.zip Nov 9: Baemin and Coupang Fined KRW 631.9 Billion as KOSPI Slips

Regulation set the tone in Seoul on Monday, November 9. Korea's competition watchdog handed the country's two biggest food delivery apps a combined KRW 631.9 billion (about $469 million at 1,347.1 won per dollar) in provisional fines, a U.S. drug pricing rule knocked 16% off KOSDAQ's largest company, and a cyber incident at Mirae Asset Securities drew an on-site inspection. The benchmark KOSPI rallied more than 2% in the morning but closed lower. Here is what happened, what the numbers mean, and what to watch next.

Key numbers for the day, converted at 1,347.1 won per dollar:

- Delivery app fines: KRW 631.9 billion in total, about $469 million (provisional)

- Alteogen: down 16.01% to KRW 168,400, about $125 per share

- Samyang Foods operating profit: KRW 196.2 billion, about $146 million, up 49.9%

- KOSPI: 5,018.85, down 0.81%

- Mirae Asset Securities leak: about 3,800 client account numbers

Why did the KOSPI give up its morning rally?

The KOSPI, Korea's main stock index, opened about 0.5% lower, turned positive as institutional investors bought, and reached 5,172.93 in the morning. It could not hold the gain. The index closed at 5,018.85, down 40.84 points or 0.81%, just above the 5,000 mark. The KOSDAQ, the smaller tech-heavy market, fell 0.82% to 638.97.

The close sat about 3% below the intraday high, a wide swing for one session. Market commentary pointed to lingering worries about tighter rules on AI data centers after the U.S. midterm elections. Foreign and retail investors were net sellers, while institutions were the only net buyers. Battery makers were weak, with Samsung SDI down 11.32% and LG Energy Solution down 5.78%, according to reports. The won strengthened, with the dollar at 1,347.1 won at 3:30 p.m., down 9.5 won.

Why were Baemin and Coupang fined KRW 631.9 billion?

The Korea Fair Trade Commission (KFTC) said it will fine Woowa Brothers, the operator of Baedal Minjok (Baemin), KRW 331.1 billion (about $246 million) and Coupang KRW 300.8 billion (about $223 million). Both amounts are provisional. Reports described the total as the largest ever imposed on delivery app operators.

The central issue is what the agency called most-favored-nation demands. Coupang required restaurants on its Eats service to offer prices and terms at least as good as on other apps, and stores that refused lost access to its WOW member discount section. Baemin ran a similar condition for its in-house delivery stores through its Baemin Club program. According to the KFTC, the share of Coupang WOW stores meeting the condition rose from about 13% to about 94%.

Most-favored-nation (MFN) clause: a requirement that a seller give a platform terms at least as good as those offered to any rival. On delivery apps, it stops restaurants from selling more cheaply on a lower-fee competitor.

Why does this matter? Baemin held 58.45% of the market by order value in 2025 and Coupang 34.44%, more than 90% combined. The KFTC said that when the top two players demand the same conditions at the same time, smaller apps cannot win restaurants by charging lower fees, which has an effect similar to a cartel. It also noted that Baemin raised its in-house delivery commission from 6.8% to 9.8% in August 2024.

Baemin's fine has three parts: KRW 160.2 billion for the MFN demands, KRW 155.4 billion for pushing restaurants from store-run delivery into its pricier in-house delivery, and KRW 15.4 billion for misleading delivery time estimates (the parts do not add up exactly because of rounding in the official release). Coupang's total fine is roughly 1.9 times Baemin's MFN portion; a line-by-line breakdown for Coupang was not in the public release. Reports said Coupang's impact on market competition and its record of past violations were reflected in the fine. Coupang said the penalty violates the principle of fairness and that it will respond through legal procedures, and Baemin said its conduct was not illegal.

Why did Alteogen fall 16%?

Alteogen licenses technology that lets drugmakers turn intravenous (IV) medicines into injections given under the skin. It is the largest company on the KOSDAQ by market value. Its shares closed at KRW 168,400, down 16.01%.

The trigger was a final rule on Medicare drug price negotiation published by the U.S. Centers for Medicare & Medicaid Services (CMS) on November 5, U.S. time. Under the rule, some combination products that convert an IV drug into an under-the-skin version are treated as the same drug as the original. Reports read that as making it harder to delay negotiated price cuts by switching formats. CMS will select up to 20 drugs for negotiation by February 1, and the negotiated prices take effect in 2029. Alteogen said demand for under-the-skin versions and the competitiveness of its technology remain intact.

Why did Samyang Foods drop after a profit jump?

Samyang Foods, the maker of Buldak spicy noodles, reported third-quarter revenue of KRW 791.8 billion, up 25.3%, and operating profit of KRW 196.2 billion, up 49.9%. Net profit, however, fell 18.9% to KRW 89.2 billion, which reports tied to valuation losses from the stronger won. The stock closed at KRW 1,152,000, down 5.57%.

Our math: operating profit equals about 24.8% of revenue, while net profit equals about 11.3%. The gap shows that the core business earned more, while currency effects on the books cut the bottom line. For exporters, that is a reminder to look at operating profit and net profit separately.

What is the regulator checking at Mirae Asset?

The Financial Supervisory Service (FSS) sent an inspection team to Mirae Asset Securities on November 9. On November 4, an outside attacker accessed a mobile web login service and obtained the account numbers of about 3,800 clients. On November 5, an intrusion into an internal groupware system exposed data on 35,255 current and former staff and contractors. Reports said four group affiliates, including Mirae Asset Life and Mirae Asset Global Investments, were attacked within about a month, and the FSS plans to check whether the incidents share entry points or weaknesses. Earlier, the Financial Services Commission announced a security review of about 580 financial firms and virtual asset operators.

Bottom line

November 9 was a day when rules and supervision, not earnings alone, moved Korean stocks. The next items to watch are the responses from Baemin and Coupang, CMS's list of drugs selected for negotiation, and the outcome of the FSS inspection.

Sources: Korea Fair Trade Commission, Korea Exchange, Samyang Foods, Mirae Asset Securities