日韓科技巨頭出現類TikTok的經營權轉讓事件
TikTok-like transfer of management rights saw between Japanese and Korean tech giants

海擇短評 Haize Comment：

類TikTok的經營權轉讓事件，正在日韓發生。近期日本政府以洩露用戶資訊為由，要求韓國科技巨頭Naver(KRX: 035420)售出相關的合資公司股份給軟銀(JP: 9984)，而該事件可能成為日韓互聯網巨頭轉讓經營權的重要判決先例。

這次政府公權力要求私企轉讓經營權的事件發生在日韓。起因是日本Line在2023年發生了超過30萬筆的用戶個人資料外洩事件，由於運營日本Line的LY Corporation(LINEヤフー株式会社, 以下稱LY)，其最大(持股65%)股東A Holdings，屬由韓國互聯網巨頭Naver與日本軟銀各持股50%的合資公司，日本總務省(Japan's Ministry of Internal Affairs)遂提出行政指導(administrative guidance)，要求LY將其股份出售給軟銀，亦即要求Naver將其在A Holdings的部份持股轉讓給軟銀。

對此，韓國的經濟部(產業通商資源部, 산업통상자원부)雖然表達將基於"不應對韓國企業採取歧視性措施"的立場，繼續與日本溝通。但與總統職權更直接相關的外交部，則直接說明“正在與Naver密切協商"，亦即總統的立場是希望Naver讓步。韓國時報(Koreatimes)則直接用"日本有效施壓(Japan effectively pressure)"來形容這次韓國官方的反應；目前Naver間接透過分析師表達不願放棄日本市場的態度，不過是否能如其所願，仍在未定之天。從海擇資本的角度來看，日本政府政治施壓加上未要求軟銀全資收購Naver在A Holdings的股份，將使Naver犧牲重要的董事權利，但又無法收回足夠的經濟利益。

若與美國此前要求TikTok轉讓經營權相比，日本政府的行政指導雖無強制權，但也未經過日本的參眾兩議院審核；而相對於TikTok的創始人張一鳴與CEO周受資都屬華人，LY的創始人兼CEO出澤剛(Takeshi Idezawa)是在日本長野縣出生長大的日本人。由於韓國總統當前態度是對日和解，甚至在聯合國第54屆人權理事會公開表達放棄對二戰時日軍的慰安婦議題追責，估計這件事不會傷害日韓交流與和解，但本次事件有可能成為日韓兩國投資領域的里程碑式事件。

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In Japan and South Korea, a TikTok-like transfer of business ownership is occurring. Recently, the Japanese government, citing user data leaks, demanded that South Korean tech giant Naver (KRX: 035420) sell its shares in a joint venture to SoftBank (JP: 9984). This case could set a significant precedent for the transfer of control between internet giants in Japan and Korea.

This governmental intervention in private business management occurred in Japan and Korea following a data breach at Japan's Line in 2023, where over 300,000 user data entries were leaked. The company operating Japan Line, LY Corporation(LINEヤフー株式会社), which is primarily（65%） owned by A Holdings (a 50/50 joint venture between Naver and SoftBank), received administrative guidance from Japan's Ministry of Internal Affairs to sell its shares to SoftBank, effectively transferring Naver's partial ownership in A Holdings to SoftBank.

In response, South Korea's Ministry of Trade, Industry and Energy, while maintaining a stance against discriminatory actions towards Korean companies, has continued dialogues with Japan. However, the Ministry of Foreign Affairs, which is more directly linked to presidential powers, has explicitly stated that it is "in close consultation with Naver," indicating a presidential preference for Naver to make concessions. The Korea Times described this response as "Japan effectively pressure" . Currently, Naver is indirectly expressing through analysts its reluctance to exit the Japanese market, but its future there remains uncertain. From the perspective of Haize Capital, the political pressure from the Japanese government, combined with not requiring SoftBank to fully acquire Naver's shares in A Holdings, may result in Naver sacrificing significant board rights without adequate economic returns.

Compared to the U.S. request for TikTok to transfer its management rights, Japan's administrative guidance lacks coercive power and has not been reviewed by both houses of the Japanese Diet. Unlike TikTok, whose founder Zhang Yiming and CEO Zhou Shouzi are Chinese, LY's founder and CEO Takeshi Idezawa is a Japanese born and raised in Japan. Given the current stance of the Korean president towards reconciliation with Japan, even expressing a willingness at the 54th session of the UN Human Rights Council to forgo pursuing accountability for WWII-era "comfort women" issues, it is estimated that this incident will not harm Japan-Korea relations. However, this event could become a milestone in the investment sectors between Japan and Korea. 

                                                                        

標籤 Label： Naver  KRX: 035420  Line  Softbank  TikTok