Samsung’s crown prince is back

[Bloomberg]( Today’s top tech news: - The U.S. will require all Chinese companies to [expand their risk disclosures]( - Hackers released a data trove from Belarus in [a bid to overthrow the regime]( there - [Meme stocks posted their best day]( since June Free Lee Jay Y. Lee, the de-facto leader of Samsung Electronics Co., is back again from prison and quietly shaking South Korea’s largest conglomerate out of a period of stasis. Although Korean law barred him from working in an official capacity, Lee has been visiting Samsung offices and receiving briefings from top executives since his release on Aug. 13, local media has reported. Lee’s lieutenants are treating his parole as an opportunity to expedite approvals on projects that have been piling up for months. On Tuesday, the company [unveiled a commitment]( to bolster the nation’s economy by spending 240 trillion won ($205 billion) and expanding hiring plans to 40,000 people over the next three years. Samsung is also expected to soon finalize a plan to invest $17 billion in the U.S. Sitting on a record amount of cash, Samsung is hunting for deals in artificial intelligence, 5G and automotive technology. A lot has happened [since Lee was sentenced]( in January to two and a half years. There were global chip shortages that choked Samsung’s supply and a major snowstorm in Texas, where Samsung has a plant, that exacerbated the crisis. Rivals were emboldened. While Samsung’s U.S. expansion plan stalled, Intel Corp. outlined a chipmaking strategy that would directly compete. In smartphones, Samsung’s monthly share of the market was briefly overtaken by Apple Inc. and then China’s Xiaomi Corp. Samsung’s stock is down 7% this year. Calls from business leaders and the public to release Lee intensified in recent months. The episode shows how Samsung’s ability to prosper is, to some extent, at the whims of public and political sentiment, and how the populace can be swayed by Samsung. Koreans have a long and contentious relationship with their country’s powerful family businesses, known as [chaebol](. The group includes LG and Hyundai, but Samsung—under the direction of Lee’s late father, Lee Kun-hee—emerged as the biggest. The elder Lee was convicted twice for corruption and tax evasion, received pardons and in between, took a company that churned out a lot of junk into a premium electronics brand. It now accounts for more than a fifth of the value on Korea’s main stock market index. Criminal convictions, followed by public acts of contrition, have become a Lee family tradition. The current leader was first sent to prison over corruption charges and then released after a year in 2018. Lee, 53, made a rare public apology, participated in events led by the president’s office at various Samsung plants and even flew with officials to Pyongyang for the inter-Korean summit. In his final hearing for the bribery trial, Lee shed tears and vowed to build a “new Samsung” that brings value to society. This year’s sentencing was a shock to the company. Samsung had tried fruitlessly after Lee’s first jailing to implement changes that would prevent a leadership vacuum from forming. The company has an army of executives, but there’s still no one with the agency to sign off on multibillion-dollar projects like the U.S. plant or a major acquisition. Lee was widely expected to take charge of Samsung after his release this month, despite a five-year employment restriction. The justice minister said last week that Lee wasn’t violating the stipulation because he’s not getting paid by the company or registered as an executive. The comment appeared to be a veiled admission that Lee could be involved in the company’s management, and it sparked some backlash. A progressive group, the People’s Solidarity for Participatory Democracy, condemned Samsung’s “vulnerable” corporate governance, and another group, the Citizens’ Coalition for Economic Justice, said it plans to file a complaint against Lee claiming he’s violating the employment ban. Lee has plenty of defenders as well. A columnist cheered him on in the Maeil Business Newspaper, saying he should serve the nation by reviving Samsung. Lee has pledged to only do so by following the law, but he hasn’t explained exactly what his involvement will be. Meanwhile, Lee is in court every week related to a merger between Samsung units that helped solidify his control over the group. And he’ll face a trial next month over his alleged use of the anesthetic propofol (the drug that helped kill Michael Jackson). The cases raise the prospect that freedom for Lee could be temporary. In that light, perhaps the biggest task for Lee is setting up a system to ensure continuity at the country’s most valuable company. —[Sohee Kim](mailto:skim847@bloomberg.net) in Seoul If you read one thing Shield AI, a U.S. military startup inspired and propelled by the country’s war in Afghanistan, is valued at $1.25 billion. Now it’s [contemplating life after Afghanistan](. Sponsored Content American Express Business offers a line of Cards packed with features, like 24/7 Support, Flexible Payment Options, and more to help take your business further — because with needs like yours, you need a Card built for business. Terms apply. Learn more at: [AmericanExpress.com/Businesscards](. American Express What else you need to know A lawyer for Google told a judge that employees have [no legal right to protest]( the company’s choice of clients. Meanwhile, Margaret Mitchell, who was fired from her role as co-head of Google’s Ethical AI group, will [join an AI startup](. China’s most-used online retailer posted its first quarterly net profit as a public company and said it will [donate that money](, and some future earnings, to address critical needs in agriculture and rural areas. The move from Pinduoduo is among the more radical in a slew of philanthropic endeavors unveiled this year by China’s embattled tech companies. TikTok added e-commerce in [partnership with Shopify](, the New York Times reported. A startup called SafetyWing launched a health insurance product for remote workers last year. Ten days later, a pandemic hit, and [the company was instantly transformed](. Airbnb said it will provide 20,000 Afghan refugees with temporary housing, CNN reported. “[We feel a responsibility]( to step up,” the CEO said. The founder of OnlyFans listed a number of banks he blames for the company’s retreat from porn, the Financial Times reported. They include [BNY Mellon, Metro Bank and JPMorgan](. Follow Us More from Bloomberg Dig gadgets or video games? [Sign up for Power On]( to get Apple scoops, consumer tech news and more in your inbox on Sundays. [Sign up for Game On]( to go deep inside the video game business, delivered on Fridays. Why not try both?  Like Fully Charged? | [Get unlimited access to Bloomberg.com](, where you'll find trusted, data-based journalism in 120 countries around the world and expert analysis from exclusive daily newsletters. You received this message because you are subscribed to Bloomberg's Fully Charged newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022