Hantop(002680) is surging for a third straight day after news that the largest shareholder bought 2 million shares on the open market.
As of 9:30 a.m. on the 13th, Hantop on the KOSDAQ market is trading at 3,375 won, up 580 won (20.75%) from the previous trading day.
Hantop said it would buy 2 million common shares for about 3.3 billion won through open-market purchases over 30 days from the 11th to Oct. 10. The purchase price was calculated based on the closing price on Aug. 10, the day before the disclosure, of 1,654 won.
After the news broke, Hantop hit the daily upper price limit (the top of the daily price band) for two straight sessions. The share price, which was 1,654 won, more than doubled in three days to top 3,300 won.
A Hantop official said, "We determined the recent share price had fallen excessively compared with the company's intrinsic value, so the largest shareholder submitted a specific securities transaction plan in the form of an open-market purchase to boost shareholder value and corporate value," and added, "We are also reviewing additional measures to enhance shareholder value and corporate value and will disclose them once finalized."