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    A035420   KR7035420009

NAVER CORPORATION

(A035420)
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South Korea's Naver shifts data from Hong Kong to Singapore

07/21/2020 | 04:53am EDT

South Korea's internet giant Naver Corp has moved backup servers storing its users' personal data in Hong Kong to Singapore as China tightens its grip over Hong Kong with a new national security law.

"We are currently shifting our backup data servers in Hong Kong to Singapore to better manage and protect our user data," Naver said in a statement, adding that the company has deleted all data stored in Hong Kong in early July.

The South Korean company said its IT infrastructure subsidiary, Naver Business Platform, managed data stored in Hong Kong and it had not received any requests to hand over its data.

Naver did not mention the law as a reason for its decision to relocate its backup servers.

This month, U.S. tech giants including Facebook, Alphabet Inc's Google and Twitter Inc suspended processing government requests for user data in Hong Kong following China's imposition of the national security law on the semi-autonomous city.

China's parliament passed the legislation for Hong Kong in June, setting the stage for the most radical changes to the former British colony's way of life since it returned to Chinese rule 23 years ago.

The law punishes crimes of secession, subversion, terrorism and collusion with foreign forces with up to life in prison, will see mainland security agencies in Hong Kong for the first time and allows extradition to the mainland for trial.

China's parliament adopted the law in response to sometimes violent protests last year triggered by fears that Beijing was stifling the city's freedoms, guaranteed by a "one country, two systems" formula agreed when it returned to Chinese rule.

Beijing denies that accusation and says the security law is needed to ensure stability and preserve prosperity.

(Reporting by Heekyong Yang; Editing by Robert Birsel)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -1.96% 2816 Delayed Quote.60.67%
FACEBOOK INC -2.24% 364.72 Delayed Quote.33.52%
NAVER CORPORATION 0.25% 403000 End-of-day quote.37.78%
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Analyst Recommendations on NAVER CORPORATION
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Financials
Sales 2021 6 774 B 5,73 B 5,73 B
Net income 2021 16 605 B 14,0 B 14,0 B
Net cash 2021 2 122 B 1,80 B 1,80 B
P/E ratio 2021 3,89x
Yield 2021 0,11%
Capitalization 59 999 B 50 860 M 50 759 M
EV / Sales 2021 8,54x
EV / Sales 2022 6,85x
Nbr of Employees 4 124
Free-Float 90,6%
Chart NAVER CORPORATION
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NAVER Corporation Technical Analysis Chart | A035420 | KR7035420009 | MarketScreener
Technical analysis trends NAVER CORPORATION
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 31
Last Close Price 403 000,00 KRW
Average target price 535 666,67 KRW
Spread / Average Target 32,9%
EPS Revisions
Managers and Directors
Seong-Sook Han Chief Executive Officer & Director
Sang-Jin Park Chief Financial Officer
In-Hyuk Choi Chief Operating Officer & Director
Yeon-Ah Jeong Head-Legal Affairs & Compliance Support
Hae-Jin Lee Global Investment Officer
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