Seondo Electric, a heavy electric specialist whose stock trading resumed after four years, is hitting the upper price limit for a second straight day. After a long trading halt, the company won a decision to maintain its listing, and with the recent artificial intelligence (AI) data center boom fueling prosperity for power equipment makers, the share price is rebounding sharply.
According to the Korea Exchange (KRX) on the 30th, Seondo Electric shares were trading at 8,450 won as of 10:51 a.m., up 1,950 won (30.00%) from the previous day. The company also hit the upper price limit on the previous day, its first day back on the market.
The exchange held a corporations review committee meeting on the 27th and decided to maintain Seondo Electric's listing. Accordingly, trading in the suspended shares resumed on the 29th, four years after the halt.
Seondo Electric faced a delisting trigger in 2022 after its audit report carried a disclaimer of opinion, leading to a trading suspension in March that year. In addition, the founder's son and former CEO, a person surnamed Jeon, faced embezzlement and breach of trust allegations totaling 16.814 billion won. That amount was equivalent to 18% of shareholder equity of 93.2 billion won at the time.
Seondo Electric moved from a co-CEO system to a sole-CEO system, and after the sole-CEO system, appointed new management in an effort to overhaul the company.
On Dec. 29, 2023, the company disclosed that the delisting cause due to the insufficient audit opinion had been resolved. However, because a substantive review of listing eligibility related to the embezzlement and breach of trust allegations remained, trading was still suspended.
In May 2025, the exchange's corporations review committee granted Seondo Electric a correction period through Mar. 22, 2026. The company submitted a performance report on the 31st of last month and requested a review of whether it had implemented the improvement plan, and on the 28th it received a decision to maintain its listing, declaring a return to the securities market.
Through a disclosure on the 28th, Seondo Electric said it had promoted and implemented a management improvement plan to strengthen its financial structure, secure business viability, and enhance management transparency. The company sold Plant 1 in Ansan and carried out mergers and equity sales by subsidiary. It said that, as a result, its liability ratio and credit rating improved.
To secure business viability, it halted the substation business, SLBC, and electrical construction businesses, and focused on power distribution switchboards, protective distribution switchboards, and switchgear, while carrying out workforce and organizational restructuring.
To further enhance management transparency, in Mar. 2024 the company replaced its board of directors and reorganized the board so outside directors make up a majority. As a result, the number of outside directors increased from one to three, and the company said it secured independence by appointing three outside directors recommended by the Korea Listed Companies Association.
Seondo Electric's changes are also reflected in its results. On a consolidation basis last year, the company posted 38.1 billion won in revenue and 1.24897 billion won in operating profit. This ended five consecutive years of operating losses from 2019 to 2024.
The company added that, while continuing activities to secure business viability, it will keep working to recover damages through measures such as civil lawsuits against those involved in the embezzlement and breach of trust.