HLB Group said on the 10th that Chair Jin Yang-gon recently bought shares of the group's listed affiliates in succession amid increased stock market volatility.
According to the company, Jin bought 71,000 shares of HLB Panagene, 38,000 shares of HLB Innovation, and 33,000 shares of HLB Therapeutics on the 4th.
The purchases were made as geopolitical tensions rose after war broke out between the United States and Iran, sending the domestic stock market plunging. On the day, the KOSPI fell 12.06% and the KOSDAQ dropped 14%, sharply increasing market volatility. Despite market jitters, the additional acquisition of affiliate equity is seen as reaffirming a commitment to responsible management.
Jin has steadily bought affiliate shares this year as well. HLB Innovation shares were bought in two rounds for a total of 160,000 shares, and HLB Panagene shares were bought in eight rounds for a total of 299,811 shares on the open market.
In particular, all three companies whose equity was purchased this time are drawing market attention as they face key events related to new drug development.
HLB Innovation plans to unveil interim clinical results for its solid tumor chimeric antigen receptor T-cell (CAR-T) therapy at the American Association for Cancer Research (AACR) next month.
HLB Therapeutics is also expected to announce in June the topline results of global phase 3 trials for a neurotrophic keratopathy (NK) treatment being developed by its subsidiary Regentree.
HLB Panagene is pursuing new drug development based on an antibody-oligonucleotide conjugate (AOC), a next-generation platform that supplements the limitations of antibody-drug conjugates (ADC), expanding its growth axis as a platform company.
An HLB Group official said, "External variables such as war are difficult to predict or control, but expectations for the technological capabilities and business performance that affiliates have accumulated are quite assessable," adding, "The equity purchases appear to have been made as part of confidence in responsible management and corporate value."