Mixsoon Draws 95% of Sales Abroad, Reaches 100 Countries

* Editor's note: AI PRISM (Personalized Report & Insight Summarizing Media) is an artificial intelligence-based personalized news recommendation and summary service developed with support from the Korea Press Foundation. It selects and provides six tailored news items for each reader type.

1. "Mixsoon, Driven by Centella and Soybean Essence, Now Earns More Than 95% of Sales Abroad"

- Key summary: Hwang Joo-up, CEO of Paquet, which operates the beauty brand Mixsoon, said the share of overseas sales has surpassed 95%. Launched in July 2020, Mixsoon saw demand centered on the U.S. rise from 2022 on the back of the popularity of Korean content. Led by its soybean essence, which draws its viscosity from fermented soybean ingredients rather than thickening agents, the brand trades directly with about 80 countries, and counting sales through partner companies, it has entered more than 100 countries. Hwang said the company is maintaining annual growth of 60% to 70% in Latin America, and that expected annual sales this year of 130 billion to 140 billion won ($94 million to $101 million) would mark its first move past the 100 billion won mark.

2. [Exclusive] Musinsa Converts All RCPS Into Common Shares, Shedding Financial Risk Ahead of IPO

- Key summary: Musinsa, which is targeting an initial public offering in the first half of next year, has converted all of the redeemable convertible preferred shares (RCPS) it previously issued into common shares. Musinsa raised more than 560 billion won through six issuances of three types of RCPS from 2019 to 2023. With the conversion, all 204,629,016 shares outstanding now consist of common shares. On a consolidated basis at the end of the second quarter this year, redeemable convertible preferred share liabilities and liabilities for conversion rights reached 849.9 billion won, and the debt ratio had climbed to 812%. The industry expects the conversion to bring the debt ratio down to around 130% to 140%.

3. Persona AI: "Robot Partnerships With Korean Shipbuilding and Steel, to Expand Into Energy and Construction"

- Key summary: Persona AI, a U.S. startup developing humanoid robots specialized for heavy industry, is expanding its partnerships in Korea beyond shipbuilding and steelmaking into energy and construction. Michael Perry, head of business strategy, said at COEX in Seoul on the 22nd that Korea is a country with many opportunities related to humanoid robots. Persona AI is conducting proof-of-concept (PoC) tests on welding robots and steel logistics robots with HD Hyundai (267250) and POSCO DX (022100), and POSCO DX has invested $2 million. According to PW Consulting, the global industrial humanoid robot market is projected to grow about sixfold, from $900 million last year to $5.5 billion in 2030.

4. IonQ's Latest Quantum Computer Coming to Korea, With Medical Data Analysis and a Manufacturing Base

- Key summary: U.S. quantum computing company IonQ has teamed up with domestic quantum startup SDT to introduce its latest quantum computer, Superion 256, to a Korean medical institution for the first time. SDT said on the 22nd that it had signed a strategic partnership with IonQ for quantum computing manufacturing and system integration in the Asia-Pacific and Japan (APJ) region. Superion 256 will be used for medical data and biomedical research at a cancer center to be newly established in Korea, and SDT will also be supplied with silicon vacancy (SiV) quantum memory modules. SDT, IonQ, North Gyeongsang Province and Gumi City also plan to sign a four-party memorandum of understanding (MOU) to build a quantum manufacturing and system integration facility in Gumi.

5. Investment Cap for Online Lending Platforms to Rise to 50 Million Won

- Key summary: Financial authorities will raise the total investment cap for retail investors in online investment-linked finance, known as P2P lending, to 50 million won from the current 40 million won. The Financial Services Commission held a meeting on the 22nd chaired by Vice Chairman Kwon Dae-young, saying the aim is to expand funding for loans to individuals and sole proprietors and thereby increase the supply of funds to borrowers with low and mid-tier credit. Cumulative lending in the industry passed 20 trillion won in August, but the share of credit loans averaged just 11.6% over the past five years. Authorities will introduce a program for high-performing operators, raising the cap on investment of their own funds in credit loans to low- and mid-credit borrowers to 40% of the amount raised from 20%. Meanwhile, some in the industry say the increase in the retail investment cap is too small.

6. Robotaxis Head for Seoul [Rotary]

- Key summary: Robotaxi companies that have expanded commercial operations in the U.S. and China are eyeing Seoul as their next stage. Waymo, Google's autonomous driving unit, set up a Korean entity in July this year and is pursuing Level 4 autonomous driving technology cooperation using Hyundai Motor's (005380) Ioniq 5. China's Pony.ai plans to bring 200 Level 4 robotaxis into Korea by 2028. In Seoul, operation of Level 4 self-driving taxis with no one in the driver's seat will begin in the Sangam area in November this year, while the number of late-night self-driving taxis in Gangnam was increased to 19 from seven in August. The global robotaxi service market is expected to grow to $168 billion by 2035.