A hearing date has been set for Kumyang's request for an injunction to suspend the effect of the Korea Exchange (KRX)'s delisting decision, which the company filed in protest.
According to legal sources on the 4th, the Seoul Southern District Court's Civil Division 51 (Presiding Judge Kwon Seong-su) plans to hold the first hearing at 3:10 p.m. on the 24th for the case in which Kumyang sought an injunction to suspend the effect of the delisting decision against the Korea Exchange (KRX).
The Korea Exchange (KRX) convened the Listing Disclosure Committee of the main bourse on the 20th of last month and reviewed and approved Kumyang's delisting. This was because Kumyang received a "disclaimer of opinion" from its external auditor in the audit report for fiscal 2025, following fiscal 2024, which constitutes grounds for delisting.
Kumyang filed for an injunction the day after the Korea Exchange (KRX)'s delisting decision. Kumyang said, "It is to honor the earnest wish of 240,000 shareholders to maintain the listing and to receive a fair judgment."
Founded in 1978, Kumyang grew on the back of its blowing agent and fine chemicals businesses. In the 2020s, it expanded into secondary batteries. As it established itself as a "secondary battery theme stock," its market capitalization neared 10 trillion won in July 2023.
In 2023, Kumyang moved to build a secondary battery manufacturing plant in Gijang County, Busan, to produce cylindrical batteries. It also pursued investments in mines in Mongolia and the Democratic Republic of the Congo.
However, as Kumyang's financial capacity remained tight, the failure of a shareholder-allotted paid-in capital increase worth 450 billion won in 2024 flashed a red light for its business momentum. Its market capitalization also shrank to 633.3 billion won before the suspension of stock trading.