Next-generation tech buoys Kakao’s $1b GDR issue

South Korean internet giant fills war chest for overseas expansion – with a focus on artificial intelligence and fourth revolution technologies.

Internet giant Kakao raised $1 billion from Asia’s largest global depositary receipt GDR sale in 11 years this week as it seeks to further its ambitious goal of developing next-generation technologies.

The South Korean company has made it clear it will use the new capital for acquisitions in the fields of global mobile content, artificial intelligence and fourth revolution technologies, extending its investment in disruptive technologies after announcing plans to develop South Korea’s first cryptocurrency exchange last year.

South Korea is the world’s third-largest digital currency market after Japan and the US, and Kakao has definitely followed the trend closely. In September it said it...

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