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[Alpha Biz=(Chicago) Reporter Kim Jisun] Kum Yang, which had fallen for five consecutive trading days, rebounded on the 27th. Buying seems to have been driven by the news that it will be listed on the U.S. stock market in the form of a stock deposit certificate (DR, Depository Receipts).
According to the Korea Exchange, Kum Yang closed at 115,900 won, up 12,100 won (11.66%) from the previous trading day. At one point in the market, it soared to 124,000 won, up 19.45% from the previous trading day.
On this day, Kum Yang announced that it would issue DR in the United States.
DR is a "certificate" of Korean stocks issued in the relevant countries such as the U.S. and Europe, whose circumference and prices vary depending on exchange rates, but their values are essentially the same.
According to the disclosure, the total issuance limit of ADR (American Depository Receipts) listed on the US over-the-counter market (OTC) on the 29th is 23.22 million 12 ADR, equivalent to the Wonju conversion ratio of 0.25, which is equivalent to 5,805,003 shares of ordinary stocks distributed in Korea.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
