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Asia
S&P Upgrades LG Electronics to BBB+ on Segment Growth
S&P Global Ratings has upgraded LG Electronics' (KRX:066570) long-term issuer and issue credit ratings to BBB+ from BBB, according to a recent release.The group will lessen its debt and boost its financial base through the growth in home appliances and solid gains from subsidiary LG Display, S&P said.The company will see better profitability over the next one to two years as LG Display transitions toward high-end OLED panels, the rating agency said.The company has a robust lineup among premium products in its home appliance solution division, diversified services within its subscription segment, and rising penetration in its higher-margin business to business (B2B) division, S&P said.LG Display will also further develop through an enhanced product mix, according to S&P.The outlook is stable, stemming from S&P's belief that the company's core business competitiveness will anchor credit strength, yield solid free cash flow, and lessen debt.Notable shifts in the company's debt-to-EBITDA ratio driven by its TV or home appliances businesses or market position across core segments could lead to future rating actions.
$KRX:066570
Asia
Hong Kong Court Orders Stay in Case Against Wai Chun, Wai Chun Bio-Technology
Wai Chun (HKG:1013) said the Hong Kong High Court ordered a stay on the proceedings of a lawsuit requiring the firm and unit Wai Chun Bio-Techn ology (HKG:0660) to pay HK$2.7 million plus interest and costs each to Island Sky.An appeal to present new findings was also dismissed, while future hearings have been cancelled, according to a Wednesday Hong Kong bourse filing.The ruling came after the parties reached an agreement in May, with Wai Chun and Wai Chun Bio-Technology agreeing to pay HK$4.2 million to settle the lawsuit.
$HKG:0660$HKG:1013
Asia
Haohai Subsidiary Gets China Nod for In-Eye Lenses for Cataract Patients
China's drug administrator approved Shanghai Haohai Biological Technology (SHA:688366) subsidiary Henan Saimei Vision Biotechnology's trifocal intraocular lens.The product is indicated for vision correction in adult cataract patients and helps improve, near, intermediate, and far vision, according to a Wednesday filing with the Shanghai bourse.
$SHA:688366