Singaporean e-commerce firm Qoo10's Korean units face probe due to payment delays to merchants [TechCrunch]
Coupang, Inc. Class A (CPNG)
Company Research
Source: TechCrunch
On Thursday, South Korea's Fair Trade Commission announced that it had launched an investigation into two major South Korean e-commerce platforms owned by Qoo10 —Ticketmonster ( TMON ) and WeMakePrice —for failing to pay out funds to merchants. South Korean officials said that some 60,000 merchants are collectively owed $123 million (170 billion KRW). Both companies have cash liquidity problems, so to shore up operations, they have also stopped issuing refunds to consumers. Meanwhile, South Korean banks have also temporarily halted loan services to TMON and WeMakePrice, due to payment delays, according to local media reports. The situation underscores the delicate and competitive state of the market in the country. Naver, Coupang, and SSG currently are the largest players in the country's e-commerce market, but together as of 2022, they accounted for a market share of only 45%. In a business where profitability is highly dependent on economies of scale, there are many others dukin
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News
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- Coupang, Inc. (NYSE: CPNG) was upgraded by analysts at CLSA from a "hold" rating to an "outperform" rating. They now have a $31.00 price target on the stock, up previously from $18.00.MarketBeat
- Coupang: Growth In South Korea To Decelerate [Seeking Alpha]Seeking Alpha
- South Korea e-commerce market to surpass $170bn mark in 2028, forecasts GlobalData [Yahoo! Finance]Yahoo! Finance
CPNG
Earnings
- 8/6/24 - Beat
CPNG
Sec Filings
- 8/23/24 - Form 4
- 8/21/24 - Form 4
- 8/19/24 - Form 144
- CPNG's page on the SEC website