KOSDAQ-listed HPSP was weak early on the 7th. The decline is seen as being affected by news that Crescendo Equity Partners (Crescendo), a private equity fund (PEF) manager, sold a large portion of its HPSP shares.
As of 9:47 a.m. that day, HPSP was trading at 34,600 won, down 4,550 won (11.62%) from the previous session.
Crescendo said that it sold part of its HPSP shares through an after-hours block transaction (block deal). The sale was 8.4 million shares, about 10% of its 83.61 million shares held.
The price was 35,350 won, reflecting a 9.7% discount to the previous day's close of 39,150 won. The total size was 300 billion won.
HPSP is a corporations that supplies high-pressure hydrogen annealing (HPA) equipment needed for front-end semiconductor processes. It counts Samsung Electronics and SK hynix among its customers. Crescendo acquired a 51% equity stake for about 10 billion won through the Presto No. 6 fund in 2017.
Crescendo plans to use the funds secured through this block deal to repay the acquisition financing carried out in May last year.