송경호
Paul Song
Paul KH Song

I've spent my career in Korean markets. Capital markets banker, governance pioneer, professor, independent voice.

Everything I do comes back to one question: how do you close the information gap between the Koreas and the rest of the world?

Seoul · Hong Kong · New York · London · Pyongyang
The Story
35 years of Korea,
from every angle

I joined Dongsuh Securities in Seoul in 1988. In late 1991, right before the Korean stock market liberalisation to foreign investors, ABN AMRO hired me in Hong Kong as the first Korean on a Western institutional desk. I became the first regular Korean market commentator on Asia Business News (now CNBC), going on air monthly and ad hoc to explain a market most global investors couldn't access yet.

That experience shaped everything that followed. Global investors were hungry for Korean insight, yet almost nobody was bridging the language, the culture, and the market structure. The gap wasn't analytical, it was often translational.

I spent the next decade in London building that bridge through HSBC, Samsung Securities, and Daewoo Securities. After completing an MBA at Bayes Business School focused on corporate governance, I initiated what became the earliest shareholder activism campaigns in Korean history, working with prominent global investors on KT&G, SK Corp, and Samsung C&T in addition to cancellation of NVPS (Non-Voting Preferred Shares). We helped write the first chapter of Korea's value investment revolution.

Then I did something people didn't expect. In 2016, I moved to Pyongyang. My own children had all benefitted from incredible educations, and I'd come to feel strongly that education is a real privilege, one worth sharing. For seven and a half years I taught banking, finance, and economics at Pyongyang University of Science and Technology, the only internationally-run university in North Korea. I served as Academic Dean, headed the Centre for Economic and Financial Research, and gained a perspective on the Korean Peninsula that nobody in finance has.

Now I'm back in London, splitting my time between Seoul and the rest of the world, running Korea Premium Facilitators and building The Korea Bridge. The mission hasn't changed since 1991, I've just decided to double down and close the gap. The tools are different, but my conviction is the same.

2024 – Present
Korea Premium Facilitators (KPFL)
London & Seoul · The Korea Bridge
2016 – 2024
Professor & Academic Dean, PUST
Pyongyang, North Korea
2007 – 2015
Managing Director, Terosa Consultant
Hong Kong · Yanji, China
2004 – 2007
Executive Director, Daewoo Securities
London · Governance & activism
2001 – 2004
Executive Director, Samsung Securities
London · Pioneer activism campaigns
2000 – 2001
Director, HSBC Investment Banking
London · Korea & Taiwan
1999 – 2000
MBA, Bayes Business School
Corporate Governance focus
1991 – 1999
ABN AMRO, Dongsuh, Tong Yang, Sinopac
Hong Kong · New York · London
1988 – 1991
Dongsuh Securities
Seoul · Where it started
The Work
Two vehicles, one mission

Korea Premium Facilitators

KPFL works to turn the Korea Discount into the Korea Premium through direct engagement. Corporate brokering, forensic research, and friendly shareholder activism with quality Korean companies.

The emphasis is on constructive engagement with well-managed SMEs to enhance enterprise value, supported by stock ideas, M&A deal flow, and alternative investment strategies for institutional clients.

The Korea Bridge

Independent weekly analysis on Korean markets, governance reform, and geopolitics, written from native Korean sources that never reach English-language research.

For portfolio managers, analysts, and allocators who need conviction, not consensus.

Read more about The Korea Bridge →
"The Korea Discount is dead. Most global allocators haven't read the obituary yet, because it was written in Korean."
PAUL SONG
Point of View
Korea is re-rating structurally.
Most global investors are still reading about it in translation.

The information asymmetry in Korean markets isn't about access to data. Bloomberg works in Seoul the same as it works in London. The asymmetry is linguistic, cultural, and structural.

Regulatory filings happen in Korean. Legislative committee discussions happen in Korean. The domestic media narrative, which often leads the market by weeks, happens in Korean. By the time it reaches English-language sell-side research, it's history.

The domestic press has shifted from 코리아 디스카운트 to 코리아 프리미엄.
AI memory leadership, corporate governance reform, geopolitical repositioning, and, more importantly, the phenomenal 'K-Series' soft power are converging into a structural re-rating unlike anything Korea has experienced.

The investors who understand this early, from the original sources, will be positioned for what comes next. That's what I'm here to provide.

"When the narrative changes in Korean before it changes in English, it is a leading indicator. That is the bridge."
Paul Song
The Korea Bridge · Newsletter
Independent intelligence,
every Sunday evening

Every Sunday evening, The Korea Bridge delivers a structured analysis of the prior week in Korean markets. What happened, what it means, and how to position. Written from primary Korean-language sources, with conviction calls that don't hide behind consensus.

Subscribe on Substack →
01
The Lead
The conclusion first. The positioning call. Actionable in 60 seconds.
02
The Bridge 🌉
Korean-language intelligence unavailable anywhere else in English.
03
The Signal
Four positioning implications. The section people screenshot for Monday meetings.
04
Deep Dives
Long-form structural analysis on governance, re-ratings, and supply chains.
Connect
Let's talk Korea

Advisory, institutional enquiries, media, speaking engagements, or simply to talk Korean markets.

I'd love to hear from you.

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