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Shinsegae chairman's potential meeting with Trump boosts Emart shares

Published: 20 Dec. 2024, 13:24 Updated: 20 Dec. 2024, 17:06

CHO YONG-JUN
[email protected]

A photo of Shinsegae Chairman Chung Yong-jin and Donald Trump Jr. posted on Chung's Instagram in January. [SCREEN CAPTURE]

The possibility of Shinsegae Group Chairman Chung Yong-jin meeting U.S. President-elect Donald Trump has boosted investor sentiment for the long-underperforming stock of Emart, the supermarket chain led by Chung.

Emart shares closed at 65,800 won ($45) on Friday, 2.81 percent higher than the previous session following reports that Chung extended his stay at the Mar-a-Lago resort in Florida.

Emart shares, which closed at 75,000 won on Jan. 2, experienced a steady decline throughout the year, as it recorded 54,800 on June 27 and remained in the 60,000 won range for the remainder of the year.

Chung is currently at Mar-a-Lago, the primary residence of Trump, after being invited by Donald Trump Jr. The invitation was reportedly arranged months ago. Originally scheduled to stay for four days starting Monday, Chung extended his visit twice — first to Friday and then again to Saturday.

During his stay, Chung and Trump Jr. have reportedly dined together at least three times, solidifying their relationship and continuing their business discussions.

Tesla’s Elon Musk is reportedly staying at the Florida resort too. However, it remains unclear whether Chung had the chance to meet Musk, who, like Chung, is known for being outspoken on social media.

This December visit marks the fourth time this year that Trump Jr. and Chung have met, either publicly or unofficially. Their previous meetings occurred during Trump Jr.’s visits to Korea.

In January, Chung shared photos of their meetings on his personal Instagram, which garnered attention from the Korean public in recent months. The two executives first met in New York three to four years ago, when Chung was scheduled to meet with President-elect Trump but instead met Trump Jr. due to last-minute schedule changes, sparking their ongoing business relationship.

BY CHO YONG-JUN [[email protected]]