YOON&YANG

In-House Community featured Yoon & Yang's hire of two Senior Foreign Attorneys to strengthen its cross-border capabilities.

Asian Legal Business published an article on Yoon & Yang's hire of two Foreign attorneys.

Law.com International Asia Pacific published an article on Yoon & Yang's new recruitment of lawyer Elayne Heeseung Sung.

Nineteen lawyers of Yoon & Yang were recognized as “Litigation Star” and “Future Star” in their respective practice areas by 2023 edition of Benchmark Litigation Asia-Pacific. Benchmark Litigation Asia-Pacific identifies the most distinguished dispute resolution and litigation attorneys in the Asia-Pacific region. This year, Benchmark Litigation Asia-Pacific announced the rankings and leading attorneys for 10 practice areas in South Korea.  List of Yoon & Yang’s recognized lawyers in each practice areas is as below (in alphabetical order): Seong HongLabor and employment (Future Star) Kyung In JungConstruction (Litigation Star)Chul Ho KimCompetition/antitrust (Litigation Star) Daeyeon KimLabor and employment (Future Star) Myung-Ahn KimInternational arbitration (Litigation Star) Sam KimInternational arbitration (Litigation Star) Wonil KimIntellectual property (Litigation Star)Junsang LeeInternational arbitration (Litigation Star) Sang-Pil LeeConstruction (Litigatioin Star)Tae Hwan OhLabor and employment (Litigation Star)​Chan-Keun ParkLabor and employment (Future Star)Sang Hoon ParkLabor and employment (Litigation Star) Soo Hyeon ParkConstructioin (Future Star)Song RyuCompetition/antitrust (Future Star)Sue Yeon WooCommercial and transactions (Future Star)Seung Nam YooCommercial and transactions (Litigation Star) Hee Sik YoonWhite-collar crime (Litigation Star)Hoil YoonCommercial and transactions (Litigation Star)Byeong Cheol YunCommercial and transactions (Litigation Star)

On March 21st, Mr. Junsang Lee (Managing Partner), Mr. Jong-moon Choi (Senior Advisor / former Deputy Minister of Foreign Affairs), and Ms. Yonsoo Kim (Senior Foreign Attorney) were invited to speak at the “UAE-Saudi Arabia Investment Environment and Potential Industry Forum” that was held at the Trade Tower in Gangnam-gu, Seoul. Mr. Lee gave the welcoming remarks and Mr. Choi was the keynote speaker, and Ms. Kim presented on the theme of “Strategy for Participation in Saudi Arabia’s Naom City Development Project and Review of Relevant Laws” and “UAE’s Imposition of Tax on Newly Established Corporations and Procedures for Establishment of Corporation.” For the purpose of sharing information on the development projects underway in Saudi Arabia and UAE as well as legal knowledge on ways to tap into the relevant countries, Yoon & Yang LLC jointly held this Forum with the Korea International Trade Association (KITA), the Korea-Arab Society and the Saudi Arabia & UAE Embassies in Korea.

On February 7, 2023, SM ENTERTAINMENT (“SM”) resolved to issue new shares valued at around KRW 111.9 billion and convertible bonds amounting to around KRW 105.2 billion to KAKAO via a third-party allotment. In response, Mr. Lee Soo Man, SM’s former executive producer, filed for a provisional injunction against SM’s issuance of these new shares and convertible bonds, asserting that the resolution by SM’s current management was made in an unlawful attempt to influence the company’s control and governance.Indeed, Mr. Lee Soo Man’s motion for provisional injunction garnered significant attention both domestically and worldwide as it revealed the possibility of a management dispute between SM and KAKAO.Yoon & Yang, the legal counsel for Mr. Lee Soo Man, vigorously argued in its motion for the provisional injunction as follows: (i) The issuance of new shares and convertible bonds via a third-party allotment must be legitimately in line with the company’s managerial objectives; and (ii) the issuance should only be permitted if it is considered unavoidable even though it would infringe upon the preemptive rights of existing shareholders. However, (iii) SM’s issuance failed to satisfy the foregoing requirements.In particular, Yoon & Yang maintained that, given SM’s ample cash liquidity, SM lacked any compelling managerial need to raise funds from a third party in violation of the proportional interests of existing shareholders.  Further, Yoon & Yang asserted that SM lacked a valid basis for issuing such substantial amount of new shares and convertible bonds, which represent nearly 9.5% of SM’s total stake, through a third-party allotment.On March 3, 2023, the Seoul Eastern District Court accepted most of Yoon & Yang’s arguments and granted Mr. Lee Soo Man’s provisional injunction against SM’s issuance of new shares and convertible bonds. Specifically, the Court endorsed the arguments put forth by Yoon & Yang on the following grounds: (i) Considering SM’s managerial objectives, such as securing urgent funds, expanding business operations, and forming strategic partnerships, it cannot be readily concluded that SM had a compelling managerial need to allocate and issue new shares and convertible bonds to KAKAO in disregard of the preemptive rights of existing shareholders; and (ii) there is considerable cause for concern that issuing new shares and convertible bonds in a seemingly unfair manner or in violation of the Korean Commercial Code and SM’s Articles of Incorporation may adversely influence existing shareholders by potentially infringing upon their proportional interests or diluting their control in SM. Yoon & Yang now has successfully amassed a record of accomplishment in management disputes related to the issuance of new shares and convertible bonds allocated to third parties. In 2020, Yoon & Yang successfully defended Hanjin KAL against the motion for preliminary injunction by activist fund KCGI to prohibit Hanjin KAL from issuing new shares through a third-party allotment to the Korea Development Bank for the purpose of participating in the paid-in capital increase of Korean Air to acquire Asiana Airlines. 

Yoon & Yang has been named “IHC 2022 Firm of the Year” for South Korea in six practice areas at the IHC 2022 Firms of the Year announced by In-House Community eMagazine. In addition, Yoon & Yang was honored to be chosen as the “Most Responsive Firm of the Year in South Korea” for serving the clients best and having been most responsive to their needs.Following is the list of Yoon & Yang’s winning categories in the IHC 2022 Firm of the Year. Antitrust/competition Capital market Corporate and M&A Employment Real estate/Construction Restructuring & Insolvency  Most Responsive Domestic Law Firm  In-House Community eMagazine is a legal magazine for over 20,000 corporate in-house counsel across Asia, Africa, the Middle-East. The magazine surveys in-house counsel and buyers of legal services from 11 jurisdiction including South Korea, China, Hong Kong, Singapore and UAE asking which legal services providers made the most significant impression over the past year, in terms of responsiveness and their satisfaction with the work done.

Yoon & Yang LLC successfully provided legal advice to Bionote with respect to its new listing on the Korea Composite Stock Price Index (KOSPI). Bionote, a company that produces bio-contents and animal diagnostics, submitted the application for preliminary listing eligibility review on June 15, 2022, obtained approval for preliminary listing on October 7, 2022, and, after the stock offering process, completed its listing on KOSPI as of December 22, 2022. The initial public offering (IPO) value stood at KRW 93.6 billion, which is the largest amount of funds procured in the IPO market for domestic pharmaceutical and bio industry in 2022. As the legal advisor for the lead underwriters, NH Investment & Securities and Korea Investment & Securities, Yoon & Yang fully utilized its extensive experience to conduct the legal due diligence and advised on overall legal issues that arise during the listing process.

Yoon & Yang LLC provided comprehensive legal services and contributed to successful closing of Doosan Enerbility’s sale of 100% share of Doosan Babcock, a power generation/chemical engineering subsidiary in Europe, to Altrad, a leading French industrial services company. Doosan Babcock, a London-based company established in 1895 with more than 2,000 employees across UK, Europe and Middle East, is highly regarded for its original technologies for making boilers for power plants. Based on extensive experience and expertise in cross-border M&As, Yoon & Yang delivered robust and effective legal services throughout the transaction shuttling back and forth between the UK and Korea, including conducting onsite and remote due diligence, advising on the transaction structure, negotiating the terms and conditions of the transaction, preparing and executing the share purchase agreement and ancillary documents, and providing closing assistance. In 2021, Yoon & Yang also successfully advised Doosan Enerbility on its USD 60 million investment in NuScale Power, a US company, as a part of Doosan Enerbility’s expansion of its small modular reactor (SMR) business.

Yoon & Yang LLC has been invited to present at the Korea Anti-Corruption Forum organized by Asian Legal Business at JW Marriott Hotel on March 29th. Yoon & Yang’s partner Dong Eon Cha will give a presentation on the Korea’s anti-corruption investigations and the heightened anti-corruption standards under the Improper Solicitation and Graft Act.

Yoon & Yang LLC sponsored 2020 In-House Community eCongress Vietnam and South Korea, hosted by In-House Community.

Yoon & Yang LLC participated in In-House Congress (IHC) Ho Chi Minh City 2019 as a panelist of the Plenary Session and as speakers at the Workshop Session.