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Big Hit, whose stock price plummeted after the recent listing(157,000 -0.95%)In response, the Korea Stock Exchange examines whether the private equity fund that has been sold is being traded unfairly. The share price plummeted due to the effects of their sales, and in this process, the company plans to examine whether there was any market control or insider trading. In the stock market, there are both positive opinions that “there was great personal damage, so it is necessary to review it thoroughly” and concerns that “it is a problem that institutions related to securities are too attracted by public opinion.”
On the 29th, a Korean Stock Exchange official said, “We are intensively investigating whether there were any violations of regulations related to unfair trading by major shareholders in the process of decline shortly after Big Hit’s listing.” I thought it was necessary to examine the content. “This is the first time that an exchange has analyzed whether or not a new stock has plummeted in unfair trading. It is scheduled to close by the end of the year at the latest.
One of the suspicions the exchange will investigate is price manipulation. Big Hit hit the upper limit for a while right after the listing and then plummeted. The main reasons were the sale of Stick Investments (the first 9.7% stake) and Mainstone (7.0%), the four largest shareholders. However, there are many prospects that charges will be difficult to find in this regard. Attorney Lee Sang-min said: “Generally, stock price manipulation is done by artificially raising the price of the stock for a few days and then selling it if a person catches up to get the profit. That seems unlikely. “
However, there are voices that additional confirmation is needed for insider trading. Stick and Mainstone had sent a person into Big Hit as a registered director. This is because pre-IPO (public public offering) investors can receive a seat on the board by convention. Big Hit adhered to the ‘mysticism’ of not properly disclosing profit and loss structure and financial position during the listing process, but Stick and Mainstone were in an environment where they could access key information unlike other investors. .
Dae-Yong Baek, president of the Consumer Citizens Association (lawyer), said: “It is clear whether the major shareholders simply made a profit immediately after listing, or whether individual investors sold their shares to minimize their damage through unknown information “. If the latter is the case, you must take legal responsibility. “However, some commented:” It is a problem that institutions related to values are too attracted to public opinion because the individual who has suffered a loss took root “.
People who have suffered investment losses in Big Hit have also raised the question that “the public offering price was calculated too high.” Unlike unfair transactions, the exchange is unlikely to intervene. In the past, the public offering price was set by the financial authorities and the stock market, but now companies and securities firms are established. If this process is clearly unfair, investors can sue, but legal experts point out that it is not easy for the plaintiff to win the lawsuit.
Reporter Yang Byung-hoon [email protected]
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