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Samsung Union Insists on Strike, May Cause USD3 Billion Sales Loss; XL2CSOPSMSN (07747.HK) Slumps 14%
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Samsung Electronics proposed to South Korean unions to unconditionally resume wage negotiations, but the union will proceed with its planned strike starting next week, sending the companys share price in South Korea down by as much as 10% at one point. In Hong Kong, XL2CSOPSMSN (07747.HK) slumped 14.2% to HKD133.5, with trading volume of 15.8481 million shares and turnover of HKD2.194 billion. Samsung and the union, under mediation by the South Korean government this week, failed to reach an agreement on wage and bonus proposals. The union said it is willing to hold new negotiations after June 7, but still plans to stage an 18-day strike starting from May 21. Samsung management urged the union to resume talks and apologized to the public and the government for the disputes arising from the labor conflict. The company emphasized that it will negotiate with an open attitude and continue efforts to reach an agreement. JPM said the impact of the strike on Samsungs production could be greater than previously expected, as more workers are anticipated to participate. It estimated the strike could affect Samsungs operating profit by between USD14.08 billion and USD20.79 billion, while sales losses may reach about KRW4.5 trillion (approximately USD3 billion). (mn/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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