[시사저널e=이승용 기자] Youngpoong Paper, which had been at the lower limit due to allegations of stock price manipulation, broke out of the lower limit after 8 business days. Youngpoong Paper’s seven consecutive business days of lower price limit is the longest since the price limit was expanded by 30% in 2015.
Youngpoong Paper’s stock price returned to the state before the stock price manipulation. However, the impact of losses on receivables from financial companies such as Kiwoom Securities is expected to continue.
According to the Korea Exchange on the 4th, Youngpoong Paper’s stock price fell 74.7% from 16,650 won last week to 4,220 won this week.
Youngpoong Paper’s stock price was traded in the 6,000 won range in October last year, but has continued to rise since then, jumping to the mid-50,000 won range. Financial authorities and prosecutors have continued their investigation, believing that stock price manipulation forces were involved in Youngpoong Paper. The prosecution arrested four members of the group and executed an arrest warrant on the 17th of last month, and began a search and seizure of Youngpoong Paper on the 18th of last month.
Youngpoong Paper’s stock price hit its lowest price on the 18th of last month. The financial authorities immediately suspended trading for Youngpoong Paper and its parent company Daeyang Metal from the next day. Youngpoong Paper resumed trading on the 26th of last month, but its stock price remained at the lower limit for 6 consecutive business days until the 2nd of this month. On the 3rd, trading exploded and closed at 4,220 won, up 5.24% from the previous day.
As Youngpoong Paper’s lower price limit was lifted on the 3rd of this month, Kiwoom Securities’ loss amount appears to have been confirmed.
The Youngpoong Paper stock price manipulation gang borrowed receivables worth 494.3 billion won from Kiwoom Securities to manipulate the market price. Kiwoom Securities attempted to recover funds through reverse trading, but losses are inevitable as Youngpoong Paper continues to remain at the lower limit. Kiwoom Securities’ receivables loss due to the Youngpoong Paper incident is estimated to amount to approximately 400 billion won.
In addition, Nonghyup Bank, which lent 10 billion won to Daeyang Metal using 1.67 million shares of Youngpoong Paper stock as collateral, and Daegu Bank, which loaned 34 billion won over three times, are also expected to suffer some losses during the loan recovery process.
Meanwhile, on KOSDAQ this week, Ecopro BM maintained first place in market capitalization, followed by Ecopro, Celltrion Healthcare, POSCO DX, and L&F.
2023-11-03 21:50:00
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