Shares of semiconductor design firm FADU, which had faced allegations of a "puffed-up listing," immediately hit the upper price limit on the morning of the 3rd, the first day of trading resumption.
As of 9:23 a.m. on the 3rd, FADU was trading on KOSDAQ at 27,600 won, up 6,350 won (29.88%) from the previous trading day.
The Korea Exchange (KRX) announced the previous day, "After reviewing the possibility of delisting under Article 56, Paragraph 1 of the KOSDAQ market listing rules, we have decided to exclude FADU from a substantive review of listing eligibility."
With trading resumption, FADU said the previous day it will shift from the existing dual-CEO structure of Lee Ji-hyo and Nam I-hyeon to a sole-CEO structure under Nam I-hyeon. The move follows Lee's resignation.
Earlier, at the time of its KOSDAQ listing, FADU presented its own annual revenue estimate of 120.2 billion won, but after listing, the disclosed second- and third-quarter revenues were only 59 million won and 320 million won, respectively, sparking controversy over a "puffed-up listing."