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Photo: Kumyang Co., Ltd. headquarters |
[Alpha Biz= Paul Lee] Kumyang Co., Ltd. has been approved for delisting, marking a sharp reversal for a company that once neared a KRW 10 trillion market capitalization during the secondary battery investment boom.
According to the Korea Exchange on May 20, the KOSPI listing committee resolved to delist Kumyang. The exchange will announce the decision by May 26, followed by a seven-day liquidation trading period before final removal from the market.
Trading in the stock had been suspended since March last year after external auditors issued a disclaimer of opinion, citing concerns over the company’s ability to continue as a going concern.
Kumyang previously surged on investor enthusiasm after expanding into the battery sector around 2020. Its share price peaked at KRW 194,000 in July 2023, with market capitalization approaching KRW 10 trillion at the time.
However, consecutive audit disclaimers for fiscal years 2024 and 2025 triggered mandatory delisting requirements. The company had filed an objection earlier this month, but it was ultimately rejected.
The Busan Metropolitan Government is preparing emergency response measures, including financial support for suppliers and assistance programs for affected employees.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
https://www.alphabiz.co.kr/news/view/1065624225977034
This article is based on global economic content from Alphabiz, which distributes English-language news on Korean markets and companies to international audiences.
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