KOSDAQ-listed Stradvision(475040) is surging more than 18% early in the session. Investor buying appears to be piling in on news that it won its first large contract since listing.
At 9:27 a.m. on the 23rd in the KOSDAQ market, Stradvision was trading at 3,695 won, up 18.62% (580 won) from the previous session.
Stradvision said in a filing, "We signed a supply contract with the global auto parts supplier "Aptiv" for multi-camera-based vision recognition software."
This contract is the first disclosed among the deals Stradvision has signed with Aptiv since its KOSDAQ listing on Jun. 6. The contract is valued at 23.712 billion won (about $16 million at the exchange rate at the time of signing). That is about 132% of last year's annual revenue (18 billion won).
Aptiv is Stradvision's largest shareholder and a global auto parts base company that posted consolidated revenue of $20.4 billion (about 29 trillion won) last year. It is a key customer of Stradvision, which has secured a top-tier supply chain in the advanced driver-assistance systems (ADAS) market. Stradvision said that with this order, it has solidified its partnership with Aptiv, its largest shareholder and core partner.