Minsu Kim: "Stock Prices Should Be Falling, But They're Rising... Chinese Capital Disrupting the Market"

Minsu Kim Voices Concerns Over Soaring Domestic Stock Market
"Risks of 'China Money'... Evidence of Artificial Intervention"
Ruling Party Responds: "Sounds Like a Cult Leader", "Embarrassing Even as a Conspiracy Theory"

Amid the recent surge in the domestic stock market, Minsu Kim, Supreme Council Member of the People Power Party, claimed, "According to experts, Chinese capital is entering the Korean stock market even through shell companies." In an interview with Channel A Radio's "Political Signal" on the 22nd, Kim stated, "Despite the lack of any clear factors to drive up stock prices, the market is soaring, which ultimately means there are a lot of buyers. That means there is a large amount of buying capital, so where is this buying capital coming from?"

Minsu Kim, Supreme Council Member of the People Power Party. Photo by Yonhap News Agency

Kim continued, "In the past, Chinese capital mainly focused on indirect investment, but since early 2020, it has been entering the market in large amounts through direct investment." He argued, "This is not just simple investment-there are clearly elements that disrupt the stock market, and currently, hostile mergers and acquisitions (M&A) and equity acquisitions targeting our companies are continuously taking place."

He emphasized, "The risks of 'China money' have already moved beyond predictions and can pose a real threat-they already have. It is not just a matter of whether stock prices rise or fall; both the industrial sector and the political sphere need to pay attention to the risks posed by 'China money.'" He added, "The United States and Europe require substantial screening of foreign capital to prevent such situations."

Kim made similar claims on the TV Chosun YouTube channel "UmTube" on the 16th. He said, "Interest rates in Korea are high, yet strangely, stock prices are rising. Even though all the conditions clearly point to a decline, stock prices are going up." He continued, "It is only reasonable to assume there has been artificial intervention. Many experts are raising suspicions that Chinese capital is illegally entering the market and acquiring Korean companies."

He added, "For example, if China were to take control of companies like Samsung Electronics, SK Hynix, or Hyundai Motor, it would no longer be our country. If they were to take over several companies related to telecommunications, such as Kakao or Naver, we would have no idea where the majority of our information would end up." However, he prefaced his remarks by stating that his comments were based on personal speculation and that no fact-checking or specific evidence had been presented.

On the 22nd, the real-time KOSPI and KRW/USD exchange rate were displayed on the electronic board in the dealing room of Hana Bank's headquarters in Jung-gu. Photo by Yonhap News Agency

There has been criticism from within the ruling party. Yongman Kim, a lawmaker from the Democratic Party of Korea, wrote on his social media on the 21st, "Supreme Council Member Kim claims that the KOSPI surpassing 3800 is due to Chinese capital. If the KOSPI hits 4000, will you claim that the moon is intervening? Please refrain from making statements that sound like something a cult leader would say."

Jumin Park also commented on social media, "I wonder if he can function in daily life. This is delusional," and added, "It's embarrassing to even call this a conspiracy theory." He said, "The reasons for the KOSPI's rise are clear economic factors such as the recovery of the semiconductor industry, increased exports, and inflows of pension funds. Now, even the rise in stock prices is being linked to anti-China sentiment. It is regrettable that someone like this is a Supreme Council Member of a major political party."