On the 16th, Hyungji Elite is surging more than 15% intraday. The move is seen as reflecting its plan to enter the Japanese and U.S. school uniform markets based on its original equipment manufacturing (OEM) plant established in Indonesia.
As of 9:26 a.m. that day, Hyungji Elite is trading at 1,376 won, up 186 won (15.34%) from the previous session on the Korea Exchange. Early in the session, it also traded at 1,497 won, up 304 won (25.48%).
Hyungji Elite is set to enter the Japanese market next year. To that end, it is strengthening its overseas production system, including building the AI-based PT.ELITE plant in Indonesia. Starting with Japan, it aims to expand into ASEAN, Europe, and the Americas.
News of collaboration with COSMAX is also seen as boosting investor sentiment. On the 8th, Hyungji Elite signed a strategic memorandum of understanding (MOU) with COSMAX and began cooperation on brand planning, product development, and distribution network expansion. The company plans to use data on teenagers accumulated through operating school uniform brands to make the teen beauty market a new growth engine.