After about 2 years, the trading of Chorokbaem Media has resumed, but its stock price is weak early on the 4th. The stock price has fallen over 30% in two days.
As of 10:21 a.m. on this day, Chorokbaem Media is trading at 5,550 won, down 470 won (7.81%) from the previous trading day. The day before the resumption, it plunged 25.68% at closing.
However, this is a higher level than the closing price of 5,400 won before the transaction suspension. When a stock has been suspended for trading for more than a year and then resumes, the initial price is determined by receiving bids the day before the resumption, and the initial price the previous day was 8,100 won.
Chorokbaem Media faced a crisis of expulsion following allegations of embezzlement and breach of trust against former CEO Won Yeong-sik in June 2023. After that, Q Capital Partners was selected as the preferred negotiator after City Property (now Ocean In W), the major shareholder of Chorokbaem Media, announced the sale of its 9,616,975 shares in Chorokbaem Media and management rights. Q Capital Partners acquired Chorokbaem Media by investing 180 billion won through QCP Media Holdings.
Efforts to resolve governance risks were recognized, allowing the transaction to resume on the 3rd of this month. The company announced that QCP Media Holdings, the largest shareholder, would voluntarily hold all shares for the next three years.
On the day before the resumption of trading, institutions and foreigners sold a net 1.2 billion won and 200 million won worth of shares, respectively, while other corporations sold 2 billion won worth, causing the stock price to drop significantly. Individuals, however, bought a net 3.5 billion won worth of shares.