The Financial Supervisory Service investigates Kakao's stake purchase of SM ... "We will look into the suspicion of price manipulation."
This article is translated by AI company Flitto and Alhpa Biz neural machine translation technology
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hoondork1977@alphabiz.co.kr | 2023-03-08 05:26:44
[Alpha Biz=(Chicago) Reporter Paul Lee] The Financial Supervisory Service said it has launched an investigation into Kakao's alleged manipulation of market prices.
"We are looking into whether Hive's public purchase of its stake in SM is an act that could affect the stock price," a Financial Supervisory Service official said on the 7th.
If some other corporations that collected a large amount of SM shares during the tender purchase period are classified as related parties to Kakao, controversy over the violation of the so-called "5% rule" disclosure could also arise.
The 5% rule refers to a system in which holdings must be reported within five business days if the total amount of shares held by the person and related parties exceeds 5% of the shares issued.
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