In early trading on the 30th, WONIK hit the daily upper limit. As the share price of subsidiary WONIK HOLDINGS has surged more than 1,000% this year and emerged as a "tenbagger (10-fold rise)" stock, buying appears to have spread to WONIK, the de facto holding company.
As of 9:57 a.m. that day, WONIK was trading at 10,580 won on the Korea Exchange, up 2,440 won (29.98%) from the previous session.
The WONIK group has a control structure that runs from Chair Lee Yong-han's family → Horizon Capital → WONIK → WONIK HOLDINGS → WONIK affiliates. WONIK is an intermediate holding company that holds a 30% equity (23,170,763 shares) stake in WONIK HOLDINGS.
As of the close on the 29th, WONIK HOLDINGS' share price stood at 47,750 won, soaring more than 1,550% from the start of the year. Owning the industrial robot subsidiary WONIK Robotics stoked expectations for nurturing the robot industry, and supplying equipment to semiconductor corporations such as Samsung Electronics through Wonik IPS is seen as reflecting benefits from a rebound in the semiconductor cycle in the share price.
The market is focusing on the fact that WONIK's share-price gains are limited relative to its equity value following the sharp rise in WONIK HOLDINGS' shares. Based on the close on the 29th, the value of WONIK's stake in WONIK HOLDINGS comes to about 1.1062 trillion won by simple calculation, but WONIK's market capitalization remained at 192.5 billion won on the 30th. This is seen as fueling investor sentiment on expectations for a revaluation of its equity value.