Coupang

New York Stock Exchange-listed South Korea-founded e commerce platform dominating the Korean online retail market with fast delivery services.

"The dominant ecommerce platform in Korea, with a growing presence in Taiwan, saw its share price halve during the quarter following a data breach attributed to a disgruntled former employee, not a systemic failure of Coupang's internal systems. The breach appears contained and, notwithstanding the sustained negative headlines, we believe the long-term impact on the business will be benign. This stark disconnect between market price and fundamental value presented a compelling opportunity to increase our position meaningfully."