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Below Par, the Price of Control Stops Tracking the Price of the Stock

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Korean share-issue filings price new shares against a reference price drawn from recent trading. The same form carries a floor underneath that reference: the par value. For almost every listed issuer the floor is inert, because the market price sits far above par and the reference price decides the issue price by itself. The floor becomes the operative number only inside a narrow band — the band where a company's own share price has fallen below its own par value. Inside that band, the question of what a new share costs stops being a market question. Noeul (376930), listed on KOSDAQ, entered that band and then issued shares inside it. On 23 October 2026 the company reported a third-party allotment of 1,100,000 common shares, taken in full by Jiguholdings, raising KRW 2.75bn. The issue price is KRW 2,500. That figure is the par value, and the filing states it was used because the reference price did not reach par. The filing also records the resulting distance in the other directi...
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When the Network Becomes Destiny: How Four Korean Guarantee Filings Show the Commitment Trap Pattern

Over two trading days — 22 and 23 October 2026 — four KOSPI-listed issuers filed the same form: a decision to guarantee another party's debt. J.S. Corporation (194370) filed on 22 October for its affiliate Yakjin Trading, a payment guarantee of KRW 15,906,000,000 to Industrial Bank of Korea, converted from USD 12,000,000 at 1,325.50 won; the filing describes it as the provision, by extension, of an existing guarantee. The other three were decided on 23 October. Hyundai Corporation (011760) guaranteed KRW 39,738,000,000 for Hyundai Corporation USA to Mizuho Bank's New York branch, converted from USD 30,000,000 at 1,324.60 won. Samyang Corporation (145990) guaranteed KRW 152,301,600,000 — JPY 18.0bn — for Samyang Corporation Japan to Mizuho Bank and its lending syndicate, replacing a bridge-loan guarantee of the same amount whose period ran 29 June to 30 October 2026. Pyung Hwa Industrial (090080) guaranteed KRW 7,947,600,000 for Pyung Hwa India Private Limited to Citibank N.A., ...
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The Clause That Ends a Trading Suspension Names an Event, Not a Date

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By R-Advisory, IRP-R On 1 October two KOSDAQ issuers reached the same procedural gate. Woojin Entec (457550) was suspended from trading at 16:49 that day, the filing stating that the suspension would run "until the date of the decision on whether the company is subject to the listing-eligibility review." Duoback (073190) was already suspended — since 20 August — and on 1 October its board called an extraordinary meeting. Fourteen days later the exchange decided Woojin Entec was not subject to the review, and trading resumed on 16 October. Duoback's path went the other way: on 2 October an amendment filing re-wrote the end of its suspension from "the date of the decision on whether it is subject to the review" to "the date of the decision on whether delisting grounds apply." Read as a measurement, the end-condition field is the interesting one. It does not hold a date. It holds the name of a decision. When that decision arrives it either releases the...
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Coverage Counted in Won Is Not Coverage Counted in Companies

Two dates sit at either end of Korea's low-PBR publication rule, and they are counted in different units. The first is 22 October 2026. A listed company that would otherwise appear on the Korea Exchange's low-PBR list can stay off it for a year by filing a corporate value-up plan that contains a separate PBR improvement plan. The second is 2 November 2026, when the Exchange posts the first list on KIND and securities firms begin showing a "low PBR" marker beside the ticker in their trading apps. Selection is by market and by industry group: a company qualifies if its PBR has sat in the bottom 25% on KOSPI, or the bottom 10% on KOSDAQ, for six consecutive half-yearly readings over three years. On 6 October the Exchange published its monthly corporate value-up status, measured at the end of September. Cumulatively, 764 listed companies have a value-up plan on file — 358 on KOSPI and 406 on KOSDAQ, a total that includes 638 high-dividend disclosures. Their combined mar...
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A Listing Rule Can Be Stopped Twice: Once Before It Removes Anyone, and Once After the Exit Has Closed

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Two markets spent 2026 raising the same kind of threshold. Both ended the year with that threshold suspended. The sequence in which the suspension arrived is the part worth reading. A continued-listing floor based on market capitalisation is a rule with an unusual property: the company does not file the variable that decides it. Revenue, equity and audit opinions arrive from the issuer. Market value arrives from everyone else. When an exchange raises that floor, it changes an outcome the issuer cannot directly produce, which is why the procedure for objecting to the rule carries more weight here than it does for a filing-based criterion. What the two markets did Nasdaq's new standard requires USD 5 million in market value of listed securities and pairs it with a substantially accelerated removal process — the traditional cure period and the automatic stay on appeal are both removed. The SEC approved it on 22 July 2026. On 4 August 2026, following a petition by the Small Public ...
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A KOSDAQ Listing Now Ends on a Number the Company Never Files

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  Every continued-listing regime has to pick a variable. The choice looks technical and is not. It decides who produces the evidence that ends a listing, and therefore how much time sits between that evidence and the exit. Korea has moved that variable decisively toward price. The minimum market capitalisation for continued KOSDAQ listing was raised from KRW 4.0bn to KRW 15bn early in 2026, then to KRW 20bn from July. A separate rule, also effective July, targets shares trading below KRW 1,000. Both are measured the same way: thirty trading days below the line brings designation as a management issue, and the company must then hold above the line for 45 consecutive trading days inside a 90-day window to avoid a delisting decision. The counts, as reported on 25 September 2026 Between 12 August and that date, 17 KOSDAQ issuers were designated on the market-capitalisation test. Eight KOSDAQ issuers, excluding SPACs, have had delisting decided this year on that test — none in the fi...
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기업리서치 이삭엔지니어링 - 기존 주력 고객 매출 확대와 자원순환 업황 개선, 원가율 정상화와 신사업 손익 입증이 다음 과제

기업리서치 이삭엔지니어링 - 기존 주력 고객 매출 확대와 자원순환 업황 개선, 원가율 정상화와 신사업 손익 입증이 다음 과제  기업리서치 - #이삭엔지니어링 #351330 ​  핵심 포인트  2025년 연결 매출 789.9억원(+15.4%),  영업손실 -71.8억원,  매출총이익률 3.4%  10% 이상 고객 3사 매출 239.4억원 → 337.1억원(+40.8%),  연결 매출의 42.7% 매출 증가분 105.4억원 중 83.7%(88.2억원)가 상품 도소매 — 원가율 상승의 첫 요인 관계기업  이삭화유리사이클  2025년 매출 53.0억원,  계열 대여·채권·보증 151.3억원(자본총계의 43.7%) 전환사채 100억원(전환가액 6,668원) 발행,  부채비율 67.0% → 124.1%  보고서 제출일 기준 수주잔고 약 451억원(2025년 매출 대비 약 0.57년분) ​  요약   이삭엔지니어링은 2006년 설립해 2021년 코스닥에 상장한 #반도체 ·철강 설비 제어 엔지니어링 기업이다.  2025년 연결 매출은 789.9억원(+15.4%)으로 회복했으나 영업손실은 -71.8억원으로 확대됐고, 매출총이익률은 2022년 16.0%에서 3.4%까지 3년 연속 하락했다. ​  매출증가분 105.4억원 중 83.7%가 저마진 상품 도소매에서 발생했고, 재료·상품 매입과 진행기준 추정 변경 손실, 재고평가손실이 원가율을 끌어올렸다.  연결 매출의 10% 이상 고객 3사 매출은 239.4억원에서 337.1억원으로 40.8% 늘었으며, 주력 고객인 #SK하이닉스 는 #M15X 가동과 용인 1기 팹 등 설비투자를 확대하고 있다. ​  자원순환 신사업은 관계기업 #이삭화유리사이클 (전처리)이 2025년 매출 53.0억원을 올렸으나, 동사의 관계기업 계열 대여·채권·보증 합계 151....
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