On the 26th morning, LS shares are up more than 4%. The rise came after news that LS would withdraw the initial public offering (IPO) application of its great-grandchild company Essex Solutions, which had been at the center of a "duplicate listings" controversy.
As of 9:09 a.m. on the 26th, LS is trading on the main board at 237,500 won, up 9,500 won (4.17%) from the previous session. It jumped to as high as 246,500 won intraday, hitting a 1-year high.
Investor sentiment appears to have improved after LS said it would withdraw the listing push for Essex Solutions. Earlier, LS Group had been seeking a preliminary review from the Korea Exchange (KRX) regarding the listing of Essex Solutions.
LS said, "We listened to concerns from internal and external stakeholders, including minority shareholders and investors, about the push for a listing, and decided this to enhance shareholder protection and trust," and added, "We decided to reexamine new investment options with the financial investors (FI) who participated in the pre-IPO."
Earlier, President Lee Jae-myung, at a luncheon on the 22nd with members of the Democratic Party of Korea KOSPI 5000 special committee, reportedly singled out LS and noted, "There are still such cases," pointing to the issue of duplicate listings.