Nobrand, a KOSDAQ-listed company, is strong in early trading on the 23rd. With Shinsegae Group stocks showing strength across the board, it is interpreted that some investors mistook Nobrand for a subsidiary of the Shinsegae Group.
As of 10:33 a.m. on the same day, Nobrand is trading at 8,940 won, up 1,160 won (14.91%) from the previous transaction.
Shinsegae Group Chairman Jung Yong-jin is seeing the stock price of Shinsegae Group rise consecutively on news that he met with Donald Trump, the U.S. President-elect, becoming the first South Korean businessman to do so since last month's U.S. elections.
At the same time, Shinsegae I&C rose by 25.37% and Shinsegae Food also gained 11.41%.
Consequently, the stock price of Nobrand, a specialized company in development and manufacturing (ODM), skyrocketed as the market opened. Although Nobrand is not a subsidiary of the Shinsegae Group, it seems to have caused misunderstandings among investors due to its name.
Earlier, Chairman Jung visited the Mar-a-Lago Resort in Florida, the residence of President-elect Trump, from the 16th for six days and five nights at the invitation of Trump's eldest son, Donald Trump Jr.
After entering at Incheon International Airport's Terminal 2 on the 22nd, Chairman Jung noted, "I talked with the President-elect for about 10 to 15 minutes, but I don't think I can share the specific contents."