After completing a reverse stock split and resuming trading, Sangsangin Investment & Securities(001290) fell more than 9% early on the first day of relisted trading, showing weakness.
At 9:14 a.m. on the 9th in the Korea Exchange, Sangsangin Investment & Securities was trading at 4,560 won, down 490 won (9.70%) from the reference price.
That day, Sangsangin Investment & Securities completed a relisting after finishing the reverse stock split process. By combining the par value per share from 1,000 won to 5,000 won, the total number of shares outstanding decreased by about one-fifth, from 108,337,120 to 21,667,424. The reference price was also adjusted from 1,010 won to 5,050 won.
Sangsangin Investment & Securities, which had been in the red, showed a turnaround in operating results. It maintained profitability for two consecutive quarters through the second quarter this year and posted cumulative net profit of 11.1 billion won for the first half. There was a net loss in the same period a year earlier, but this year it succeeded in achieving a surplus across all business operations.
Market attention is focused on whether Sangsangin, the largest shareholder of Sangsangin Investment & Securities, will proceed with an equity sale. On the 6th of last month, Sangsangin Investment & Securities disclosed that "nothing has been specifically finalized so far" regarding a report that Suhyup Bank is pursuing an acquisition of Sangsangin Investment & Securities, while adding that "Sangsangin is discussing an equity sale with Suhyup Bank."