YOON&YANG

Law firms in Korea, Japan and Singapore have bolstered their international arbitration practice with cross-jurisdictional hires.

Yoon & Yang has welcomed back construction and arbitration lawyer Joseph Lee as a partner from Pinsent Masons.

Hee Jae Lee, who served in several high-ranking positions at Korea’s Fair Trade Commission, has joined Yoon & Yang as a partner in Seoul.

IFLR1000, an internationally renowned law firm ranking directory specialized in banking, finance, capital markets and M&A, published its 33rd edition (2024). In the 33rd edition of IFLR1000, 24 attorneys of Yoon & Yang LLC were recognized as leading lawyers in each of their practice areas. In particular, partners Young Ho Kang, Jae Ryun Cho, Ki Man Park, and Eun Chul Choi were recognized as leading lawyers in their practice areas for the first time. IFLR1000, which publishes its 33nd edition this year, evaluates the financial and corporate pratice areas only. This year, research teams based in London, Hong Kong and New York recognized more than 21,000 leading lawyers from 250 jurisdictions worldwide. Following is the list of Yoon & Yang's leading lawyers: IFLR1000 33rd edition (2024) Leading Lawyers[Market Leader]Hoil Yoon (M&A) [Highly Regarded]Soonghee Lee (Banking, Capital markets: Equity, Capital markets: Derivatives, Financial services regulatory, M&A)Sang-Goo Han (Restructuring and insolvency, M&A)SoongKi Yi (Project Development)Sung-Jin Kim (M&A)Young Woo Park (Project finance, Real estate finance)Sung Woon Kang (Banking, Capital markets: Debt, Capital markets: Equity)Sangman Kim (Corporate and M&A)Youngkyun Yun (Private equity)Jae Ryun Cho (Banking and finance) [Notable Practitioner]Kwon Hoe Kim (Capital markets: Debt, M&A)H. K. Helen Sohn (Banking, Capital markets : Structured finance and securitisation, Project finance)Young Ho Kang (Capital markets: Debt)Zunu Lee (M&A)Hyun Suk Jung (Capital markets: Debt, M&A)Joon Oh Jo (Restructuring and insolvency)Bo Hyun Lee (Capital markets: Equity, M&A)[Rising Star Partner]Ki Man Park (Private equity, M&A)Ka Young Kim (M&A)Jung Hwan Lee (M&A)Dae Sagong (Project development)Chang Wook Shin (Banking and finance)Eun Chul Choi (Banking and finance) [Rising Star]Bora Kang (Capital markets: Equity)

Yoon & Yang's 15 lawyers have been recognized among the top legal professionials in South Korea by Who's Who Legal in their 2023 survey.The listed practitioners are nominated by peers and clients as the leaders in their relevant fields.Please refer to the following link for the full list of professionals recognized by Who’s Who Legal: Korea 2023: Who's Who Legal: Korea 2023 Hoil Yoon (Competition)Seung Soon Lim (Corporate Tax)Cholsoo Han (Competition, Trade & Customs)Soonghee Lee (Banking)H. K. Helen Sohn (Banking, Transport - Aviation)Jeongsu Park(Corporate Tax)Chul Ho Kim (Competition)Young Woo Park (Project Finance)Chan-Keun Park (Labour & Employment)Sungbum Lee (Trade & Customs)Song Ryu (Competition)Myung-Ahn Kim (Arbitration)Soo Hyeon Park (Construction & Real Estate)Sam Kim (Arbitration)Sungdo Choi (Project Finance)

Partner Zune Lee of Yoon & Yang LLC visited Hanoi as part of the economic delegation that accompanied South Korean President Yoon Suk Yeol’s state visit to Vietnam. Among 205 delegates from Korean companies and organization, including Samsung, Hyundai Motor Company, SK, LG and Hanwha which accompanied the President’s state visit, Zune Lee was the only lawyer from Korean law firms to have joined the economic delegation. Mr. Lee attended the Korea-Vietnam Trade Counseling Meeting and the Presidential dinner event with Korean and Vietnamese businessman on June 22, 2023 and also attended the Korea-Vietnam Business Forum on June 23, 2023 where the President of Korea and the Prime Minister of Vietnam made speeches. The meetings brought up the opportunity to connect with business leaders of Korea and Vietnam, expanding the firm’s potential for comprehensive understanding and legal consultancy on the matters relating to Vietnam and southeast Asia region. Sungdo Choi, a Senior Foreign Attorney stationed at the firm’s Hanoi Office, also attended the Presidential luncheon meeting with Korean residents and business leaders in Vietnam on June 22, 2023. 

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 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.