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36-866: (Redirected from Tongyang Town ) Tongyang or Tong Yang may refer to: Tongyang Group , South Korean conglomerate Tongyang Confectionery , former name of Orion Confectionery, South Korean company formerly owned by the Tongyang Group Tongyang Daegu Orions , former name of Goyang Orions, South Korean basketball team formerly owned by the Tongyang Group Tongyang Broadcasting Company , South Korean television station owned by Samsung founder Lee Byung-chul Tongyang Cup , international Go competition Tong Yang Moolsan , South Korean tractor manufacturer Tongyang, Hubei ( 通羊镇 ), town in and

72-737: A suicide note describing her guilt and regret for her sales recommendations to her customers. An investigation by the Financial Supervisory Service found evidence of fraud by Tongyang Securities, amidst accusations by individual investors that Tongyang Securities had sold them bonds of Tongyang Group companies without properly informing them of the risks. The FSS report found that Hyun had "compelled" Tongyang Securities to sell those bonds, while Tongyang Securities CEO Jung Jin-seok had lied to employees about Tongyang's financial condition in an effort to encourage them to sell more Tongyang bonds. More than 800 affected customers filed

108-627: A boom in the mid-1970s. Hyun Jae-hyun, the husband of Lee Yang-gu's eldest daughter Lee Hae-kyung, abandoned his previous career as a prosecutor to join Tongyang Cement in 1977, and oversaw the Tongyang Group's expansion from cement into a wide variety of other fields, particularly in financial services in the 1980s. He was promoted to group chairman in 1989. By 2009, financial services subsidiaries such as Tongyang Life Insurance and Tongyang Securities contributed more than seven-tenths of

144-484: A class-action lawsuit against the Tongyang Group and South Korean regulators in January 2014, seeking restitution of their losses. In July 2014, Yuanta Securities of Taiwan bought out 53.61% of Tongyang Securities from Tongyang International and Leisure. Yuanta appointed Hwang Wei-cherng as a new co-CEO alongside then-current CEO Suh Myung-suk, and indicated that Tongyang Securities would rename itself and begin using

180-592: A minority stake in Tongyang Power, with the aim of raising funds so they could carry through with the construction of the Samcheok plant. However, by late September 2013, group officials expressed their willingness to sell the entire company; one stated, "Survival of the group comes first over everything else. We will give up anything to save the group." In June 2014, POSCO Energy 's board of directors voted to acquire all outstanding shares of Tongyang Power in

216-550: A successful bid to build and operate a two million kilowatt, ₩10 trillion powerplant in Samcheok , Gangwon Province , proposing to use an abandoned mine owned by Tongyang Cement. Even before the bid was officially accepted, on news that Tongyang Power was likely to win, shares in Tongyang Inc. rose to the upper trading halt limit of 15%. During Tongyang Group's late 2013 crisis, the group had initially planned to sell only

252-485: A ₩431.1 billion deal. Tongyang Securities ( 동양증권 ; KRX : 003470 ) is a brokerage and financial services company. It was known as Ilguk Securities until 1984, when the Tongyang Group purchased it and renamed it to its present name. Within five years it had become one of the top ten securities companies in the country. Among its subsidiaries is Tong Yang Bank (formerly Orion Bank), a Bangko Sentral ng Pilipinas -licensed retail bank founded in 1997, whose primary market

288-581: Is South Korean expatriates in the Philippines . Tongyang Securities has overseas representative offices in Beijing , Ho Chi Minh City , Hong Kong , New York City , Phnom Penh , and Tokyo . In the aftermath of Tongyang Group's default in September 2013, Tongyang Securities faced massive fund withdrawals, causing its deposits to decline by 40% over a period of about two months to ₩2.3 trillion. By

324-453: Is a problematic measure of leverage, because an increase in non-financial liabilities reduces this ratio. Nevertheless, it is in common use. In the financial industry (particularly banking), a similar concept is equity to total assets (or equity to risk-weighted assets), otherwise known as capital adequacy . On a balance sheet , the formal definition is that debt (liabilities) plus equity equals assets, or any equivalent reformulation. Both

360-415: Is carved out of long-term debt and is reclassified as a current liability called current portion of long-term debt (or a similar name). The remaining long-term debt is used in the numerator of the long-term-debt-to-equity ratio. A similar ratio is debt-to-capital (D/C), where capital is the sum of debt and equity: The relationship between D/E and D/C is: The debt-to-total assets (D/A) is defined as It

396-684: Is described as the de facto holding company of the Tongyang Group. Tongyang Cement & Energy ( 동양시멘트 ; KRX : 038500 ) went into court receivership on 1 October 2013, and the Korea Exchange suspended trading of its shares. In September 2015, Sampyo Group and a Korea Development Bank private equity fund acquired a 55% stake in the company for ₩794 billion, and renamed it Sampyo Cement in April 2017. Tongyang Networks ( 동양네트웍스 ; KRX : 030790 ) went into court receivership on 1 October 2013. Observers were surprised, as Tongyang Networks

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432-529: Is different from Wikidata All article disambiguation pages All disambiguation pages Tongyang Group The Tongyang Group was founded in 1957 as a cement manufacturer by Lee Yang-gu. Lee had previously used the Tongyang name in his Tongyang Confectionery Manufacturing Company, which he started after coming from his native South Hamgyong Province (in what is today North Korea ) to Seoul in 1947. His commercial success led to his being dubbed

468-401: The 1997 Asian financial crisis . Tong Yang Major acquired Hanil Synthetic Fiber in 2007. The acquisition resulted in an investigation to determine whether the ₩374.5 billion acquisition had violated laws against leveraged buyouts . Tong Yang Major had created a special purpose vehicle which issued debt to finance the acquisition of Hanil, and then used Hanil's cash reserves to repay much of

504-480: The "Sugar King", and he used his own capital to take over a cement factory in Samcheok , Gangwon Province ; its owners at the time were eager to sell due to frequent labour disputes and the poor state of the physical plant. That factory had started operations in 1942 under the ownership of Onoda Cement (now Taiheiyo Cement ) during Japanese colonial rule over Korea . Lee searched out former Onoda engineers in order to rehire them, in particular Oh Pyong-ho, "supposedly

540-540: The Americas including Argentina , Colombia , and the United States . Tongyang Cement, Tongyang Power, and Tongyang Securities were called the "key subsidiaries" of the Tongyang Group. Since then, Tongyang Power and Tongyang Securities were sold to outside acquirers. Some of the remaining major subsidiaries are described below. Tongyang Inc. ( KRX : 001520 ), known as Tong Yang Major ( 동양메이저 ) until June 2011,

576-503: The Tongyang Group's sales. Like many South Korean companies with construction interests, Tongyang Group companies were often highly leveraged; Tongyang Inc., for instance, had a debt-to-equity ratio of 12-to-1 in June 2013. The group faced a cash shortage in September 2013, leading to doubts about its ability to repay debts maturing at the end of the month; NICE Investors Service estimated that it needed to raise ₩800 billion to survive. It

612-516: The Yuanta brand name. The Orion Group, formerly a subsidiary, was spun off in 2001; its chairman Tam Chul-kon is Tongyang Group chairman Hyun Jae-hyun's brother-in-law. Among Orion's major subsidiaries is Orion (formerly Tongyang Confectionery), a major snacks manufacturer whose products include Choco Pies . The Tongyang Orions , the Tongyang Group's Korean Basketball League team based in Daegu at

648-447: The addition of Tongyang Networks and Tongyang Cement. In 2013, according to its organisational chart, the Tongyang Group had 17 South Korean subsidiaries in the field of manufacturing, seven in the field of financial services, and six offering other services. Group members also have foreign subsidiaries or representative offices in various Asian countries including Cambodia , China , Japan , Indonesia , Vietnam , and in countries of

684-557: The aftermath of the Tongyang Group's late 2013 crisis, Tongyang Life still saw an outflow of customers, and moved to decrease its remaining ties to the rest of the group. By late October 2013, Tongyang Life stated that it had sold all of its shares in Tongyang Inc.; by that point Tongyang Life had almost no shareholding ties to the rest of the group, with Tongyang Securities owning only a 3% stake in Tongyang Life and group chairman Hyun Jae-hyun owning another 1,283 shares. Tongyang Life

720-532: The balance sheet under the liabilities section. For example, often only the liabilities accounts that are actually labelled as "debt" on the balance sheet are used in the numerator, instead of the broader category of "total liabilities". In other words, actual borrowings like bank loans and interest-bearing debt securities are used, as opposed to the broadly inclusive category of total liabilities which, in addition to debt-labelled accounts, can include accrual accounts like unearned revenue . Another popular iteration of

756-538: The debt. However, the trial court disagreed with prosecutors that this was a breach of fiduciary duty by Tong Yang Major directors or that this had resulted in economic harm to Hanil. Both an appellate court and the Supreme Court of South Korea upheld the trial court's ruling. Hanil was merged into Tong Yang Major in May 2008, which resulted in a violation of South Korea's cross-investment rules on affiliates within

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792-428: The end of that period, the pace of withdrawals had slown. By January 2014, roughly 600 employees had chosen to leave the company. The Tongyang Group made efforts to sell Tongyang Securities in order to raise funds and pay back debts, but Tongyang Securities' prospects for a sale were said to be far poorer than sister company Tongyang Power, both due to decreased profitability and because Woori Investment & Securities

828-435: The only competent cement engineer in post-colonial South Korea"; Oh accepted the job offer. Lee then began repairs to the facilities with the aid of engineers from Germany's Polysius Company, resolved the labour disputes, and revamped the recruiting programmes; he hired heavily from the local Samcheok High School, and many of his new hires' fathers had worked for Onoda in the past. The South Korean cement industry experienced

864-617: The preferred shares. When used to calculate a company's financial leverage , the debt usually includes only the Long Term Debt (LTD). Quoted ratios can even exclude the current portion of the LTD. The composition of equity and debt and its influence on the value of the firm is much debated and also described in the Modigliani–Miller theorem . Financial economists and academic papers will usually refer to all liabilities as debt, and

900-412: The purchase actually went through, Vogo acquired only an additional 44.05% of the company, with Atinum Partners CEO Lee Min-joo purchasing the remainder of the amount that Vogo had originally agreed to purchase. Afterwards, it was less closely connected to the Tongyang Group than other group members, though it continued to use the Tongyang name, and also held 4.25 million shares in Tongyang Inc. However, in

936-459: The ratio is simply debt divided by equity. However, what is classified as debt can differ depending on the interpretation used. Thus, the ratio can take on a number of forms including: In a basic sense, Total Debt / Equity is a measure of all of a company's future obligations on the balance sheet relative to equity. However, the ratio can be more discerning as to what is actually a borrowing, as opposed to other types of obligations that might exist on

972-452: The ratio is the long-term-debt-to-equity ratio which uses only long-term debt in the numerator instead of total debt or total liabilities. Total debt includes both long-term debt and short-term debt which is made up of actual short-term debt that has actual short-term maturities and also the portion of long-term debt that has become short-term in the current period because it is now nearing maturity. This second classification of short-term debt

1008-407: The ratio may also be calculated using market values for both, if the company's debt and equity are publicly traded , or using a combination of book value for debt and market value for equity financing. Preferred stock can be considered part of debt or equity. Attributing preferred shares to one or the other is partially a subjective decision but will also take into account the specific features of

1044-688: The same business group: Tong Yang Magic held a 1.05% stake in Hanil, and failed to divest its holdings within a six-month grace period after a November 2009 warning, due to which Tong Yang Magic was fined ₩173 million by the Fair Trade Commission in March 2010. Tongyang Power ( 동양파워 ) is an electricity generation company. In September 2013, it was owned 55.02% by Tongyang Cement, 19.99% by Tongyang Corp., and 24.99% by Tongyang Leisure. In January 2013, Tongyang Power made what would ultimately be

1080-613: The seat of Tongshan County, Hubei , China Tongyang, Jiangsu (潼阳镇), town in Shuyang County, Jiangsu, China Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title Tongyang . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Tongyang&oldid=801843407 " Category : Disambiguation pages Hidden categories: Short description

1116-407: The statement that equity plus liabilities equals assets is therefore an accounting identity (it is, by definition, true). Other definitions of debt to equity may not respect this accounting identity, and should be carefully compared. Generally speaking, a high ratio may indicate that the company is much resourced with (outside) borrowing as compared to funding from shareholders. In a general sense,

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1152-564: The time, also came under Orion Group ownership, and officially dropped the "Tongyang" from their name starting from the 2003–04 season . Tongyang Life Insurance ( 동양생명보험 ; KRX : 082640 ) is a life insurance company with the Tongyang brand name. The Vogo Fund, a private equity fund, reached a deal to increase its stake in Tongyang Life Insurance from 13.5% to 60% in November 2010 for ₩900 billion. In March 2011, when

1188-460: Was also being sold and so competed with it for potential acquirers. Deloitte Anjin supervised Tongyang Securities' sales efforts, but in early January 2014, KB Financial Group withdrew from bidding. Tongyang Securities also faced accusations of misconduct in selling Tongyang Group company bonds to individual investors, an issue which was drawn to widespread public attention when a female employee committed suicide on 2 October 2013 and left behind

1224-486: Was also reportedly seeking to change its name. Debt-to-equity ratio A company's debt-to-equity ratio ( D/E ) is a financial ratio indicating the relative proportion of shareholders' equity and debt used to finance the company's assets. Closely related to leveraging , the ratio is also known as risk , gearing or leverage . The two components are often taken from the firm's balance sheet or statement of financial position (so-called book value ), but

1260-413: Was considered one of the group's best-run companies and a "cash cow". Its June 2013 audit report stated that it had cashable assets of ₩57.8 billion. It had a half-year operating loss of ₩2.9 billion, but had nearly its doubled sales revenue from ₩159.9 billion in 2011 to ₩319.2 billion in 2012. Hanil Synthetic Fiber ( 한일합섬 ), a textiles company, was founded in 1964, but went into court receivership after

1296-416: Was reported that the group would issue securities backed by the assets of key subsidiaries, and then liquidate them. On 30 September 2013, Tongyang Group failed to pay back more than ₩100 billion in debt, and officially filed for court receivership for three of its subsidiaries: Tongyang Corp., Tongyang International, and Tongyang Leisure. The list of subsidiaries in receivership soon expanded to five with

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