State-backed AI fund draws cooler demand in second offering amid loss concerns

A government-backed AI fund began its second retail offering in Seoul on Wednesday with softer demand than the first round. Banks had sold about 10 percent of their allocations by midmorning, while the first offering sold out within five business days. The Financial Services Commission said the 600 billion won offering runs through Oct. 15 and is part of a 1.2 trillion won retail raise backed by the National Growth Fund program.

The second retail offering totals 600 billion won, and the government will add 240 billion won in subordinated capital for a combined pool of 1.44 trillion won.

The first offering was launched in May and sold out within five business days after first-day subscriptions reached about 87 percent of total allocations.

As of Tuesday, the first funds run by Mirae Asset, Samsung and KB Asset Management had net asset values of about 1,005 won to 1,006 won, barely above the initial 1,000 won.

The Kosdaq index fell from 1,161.13 on May 22 to 806.79 on Sept. 14, then closed Wednesday at 855.91.

The Financial Services Commission reserved 300 billion won, or half of the second offering, for lower-income investors during the first week, compared with 120 billion won in the first offering.

Published Sep 30, 2026 4:16 pm KST

First-offering fund barely above initial value after losses

Financial Services Commission Vice Chairman Kwon Dae-young subscribes to the second retail offering of the National Growth Fund at NH NongHyup Bank’s Government Complex Seoul branch, Wednesday. Courtesy of Financial Services Commission

A government-backed fund investing in emerging industries, including artificial intelligence (AI), began its second retail offering of 600 billion won ($443 million) Wednesday, with banks selling about 10 percent of their allocations by midmorning.

Demand was more subdued compared to the first offering , when some banks exhausted their allocations within two hours. The slower start appears to reflect losses suffered by the first fund and revised subscription rules that exclude previous participants.

The Financial Services Commission (FSC), the country’s top financial regulator, said investors can subscribe through banks and securities firms on a first-come, first-served basis until Oct. 15.

Designed to give individuals access to the government’s National Growth Fund program, the retail product aims to raise a combined 1.2 trillion won across two offerings. The government will contribute another 240 billion won in subordinated capital, which absorbs losses before retail investors’ capital, creating a total pool of 1.44 trillion won.

The National Growth Fund program was launched late last year as one of President Lee Jae Myung’s key economic initiatives to foster advanced industries, including AI, semiconductors, biotechnology, robotics and rechargeable batteries.

By 10 a.m., major banks had sold around 10 percent of their allocations. KB Kookmin Bank had sold about 9 percent of its 65 billion won allocation, the largest among the banks. Shinhan and Woori had each sold about 12 percent, while Hana’s sales rate was reportedly around 10 percent. NH NongHyup Bank, which had a smaller allocation, had sold 55 percent of its online allocation by about 9:40 a.m.

During the first offering in May, all allocations at the five major banks were snapped up on the opening day. Including subscriptions through securities firms, first-day sales accounted for about 87 percent of the total. The entire offering sold out within five business days.

That initial enthusiasm, however, has yet to translate into substantial investment gains. As of Tuesday, the first funds run by Mirae Asset, Samsung and KB Asset Management had net asset values of around 1,005 won to 1,006 won, barely above their initial value of 1,000 won in June.

Even those gains followed a difficult stretch. The stock market downturn drove net asset values as much as 3.9 percent below their initial level before a recent recovery brought them back above it. With early subscribers having experienced losses, distributors have held back from extensively promoting the second offering.

The losses were attributed mainly to a sharp retreat in the Kosdaq market, one of the fund’s main investment targets. The index reached 1,161.13 on May 22, the first offering’s opening day, but dropped to 806.79 on Sept. 14.

On Wednesday, it closed at 855.91, up 6.11 points, or 0.72 percent. Although it has regained some ground, it remains far below its level at the initial launch. KOSPI, meanwhile, ended the session at 6,838.04, down 32.77 points, or 0.48 percent.

Changes to eligibility and allocation may also explain the slower uptake in the second offering. Previous subscribers cannot invest again, while greater emphasis is being placed on attracting lower-income and younger participants.

The FSC reserved 300 billion won, or half of the total offering, for lower-income investors during the first week. That compares with 120 billion won, or 20 percent, in the first offering.

To qualify, investors must have annual earned income of 50 million won or less, or comprehensive income of 38 million won or less. Any portion left unsold after the first week will become available to all eligible investors in the second week.

Nevertheless, banks and regulators expect the offering to sell out, although it may take longer than the first offering. They also caution against assessing the fund’s performance over such a short period, saying its investments require a longer horizon.

“The fund would offer individuals a meaningful opportunity to share in the growth of future strategic industries while supplying companies in advanced strategic sectors with capital for expansion,” FSC Vice Chairman Kwon Dae-young said after subscribing to the fund.

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韩国政府支持的人工智能基金周三在首尔启动第二轮零售发行，需求较第一轮有所放缓。截至上午，各银行已售出约10%的配额，而第一轮发行在五个工作日内便售罄。韩国金融服务委员会表示，此次规模为6000亿韩元的发行将持续至10月15日，是国家增长基金计划支持的1.2万亿韩元零售融资项目的一部分。

第二轮零售发行总额为 6000 亿韩元，政府将追加 2400 亿韩元的次级资本，使总资金池达到 1.44 万亿韩元。

首批产品于 5 月推出，首日认购量达到总配额的约 87%，五个工作日内便售罄。

截至周二，未来资产、三星和KB资产管理公司运营的首批基金的净资产值约为1005韩元至1006韩元，略高于最初的1000韩元。

韩国创业板指数从 5 月 22 日的 1,161.13 点跌至 9 月 14 日的 806.79 点，周三收于 855.91 点。

金融服务委员会在第一周为低收入投资者预留了 3000 亿韩元，即第二轮发行总额的一半，而第一轮发行中预留的金额为 1200 亿韩元。

发布于2026年9月30日下午4:16（韩国标准时间）

首次发行基金在亏损后仅略高于初始价值

韩国金融服务委员会副委员长权大荣周三在NH农协银行首尔政府大楼分行认购了国家增长基金的第二期零售份额。图片由韩国金融服务委员会提供。

一个由政府支持、投资于包括人工智能（AI）在内的新兴产业的基金于周三启动了其第二次零售发行，规模为 6000 亿韩元（4.43 亿美元），截至上午，各银行已售出约 10% 的配额。

与首期基金相比，此次需求较为疲软，首期基金部分银行在两小时内便认购完毕。此次需求放缓似乎反映了首期基金的亏损以及修订后的认购规则（该规则将之前的参与者排除在外）。

该国最高金融监管机构金融服务委员会（FSC）表示，投资者可以通过银行和证券公司按先到先得的方式认购，截止日期为10月15日。

该零售产品旨在让个人投资者参与政府的国家增长基金计划，目标是通过两期发行共募集1.2万亿韩元。政府还将投入2400亿韩元的次级资本，用于在散户投资者资金投入前吸收损失，最终形成1.44万亿韩元的总资金池。

国家增长基金计划于去年底启动，是李在明总统为促进人工智能、半导体、生物技术、机器人和可充电电池等先进产业发展而推出的关键经济举措之一。

截至上午10点，各大银行已售出约10%的配额。其中，KB国民银行售出了约9%的配额（总配额为650亿韩元），是各银行中售额最高的。新韩银行和友利银行分别售出了约12%，而据报道，韩亚银行的售出率约为10%。配额较小的NH农协银行截至上午9点40分左右已售出55%的线上配额。

在5月份的首次发行中，五大银行的所有配额在开售首日即被抢购一空。包括通过证券公司认购的份额在内，首日销售额约占总销售额的87%。所有配额在五个工作日内售罄。

然而，最初的热情尚未转化为实质性的投资收益。截至周二，未来资产、三星和KB资产管理公司联合管理的首批基金的净资产值约为1005韩元至1006韩元，仅略高于6月份1000韩元的初始值。

即便如此，这些收益也是在经历了一段艰难时期后取得的。股市下跌导致净资产值较初始水平下跌了3.9%，直到近期反弹才使其回升至初始水平以上。由于早期认购者遭受了损失，分销商并未大力推广第二期产品。

亏损主要归因于韩国创业板市场（Kosdaq）的急剧下跌，而Kosdaq正是该基金的主要投资目标之一。该指数在5月22日（基金首次发行首日）达到1161.13点，但到9月14日已跌至806.79点。

周三，该指数收于855.91点，上涨6.11点，涨幅0.72%。尽管有所回升，但仍远低于开盘时的水平。与此同时，韩国综合股价指数（KOSPI）收于6838.04点，下跌32.77点，跌幅0.48%。

资格和分配方式的改变也可能是第二期认购速度放缓的原因之一。之前的认购者无法再次投资，而此次发行则更加注重吸引低收入和年轻参与者。

韩国金融监督管理委员会（FSC）在首周预留了3000亿韩元（占总发行额的一半）给低收入投资者。相比之下，首轮发行中预留的资金为1200亿韩元（占总发行额的20%）。

符合资格的投资者年收入须低于5000万韩元，或综合收入低于3800万韩元。第一周结束后剩余的份额将在第二周向所有符合资格的投资者开放。

尽管如此，银行和监管机构预计此次发行将售罄，但售罄时间可能比首次发行更长。他们还提醒投资者不要在如此短的时间内评估该基金的业绩，称其投资需要更长的观察期。

“该基金将为个人提供一个有意义的机会，让他们能够分享未来战略产业的增长，同时为先进战略领域的公司提供扩张所需的资金，”FSC副会长权大荣在认购该基金后表示。

国家增长基金将加大对实体人工智能领域的投资

韩国仍在享受人工智能投资超级周期，但风险正在增加。

政府大力投资人工智能，计划在2027年预算中投入芯片，以在全球科技竞赛中竞争