독립리서치-R | IRP

By R-Advisory, IRP-R A control-transfer agreement at a listed company is normally read as a transaction between two private parties. At a KOSDAQ issuer already under listing-eligibility review, it is something else. The exchange asks what will change; the answer the company files is a signed contract with a named buyer. It is the plan the company has submitted for staying listed, and everyone whose shares are frozen is inside it. On 2026-11-06, CCS Chungbuk Broadcasting (KOSDAQ: 066790) filed four disclosures on one day. The first terminated a share transfer agreement signed on 2026-02-26. Sellers Green BTS and Quantum Port had agreed to transfer 9,126,983 shares — 14.01%, counted before a capital reduction — to KX Innovation at KRW 876.5 per share, KRW 8.0bn in total, structured as a KRW 600m down payment and a KRW 7.4bn balance. The termination filing (receipt 20261106901023) states that the buyer had not performed, that the sellers had repeatedly demanded performance, and that th...

By R-Advisory, IRP-R Two exchanges have decided that one way to move corporate valuation is to publish a list. The lists ask about the same thing — whether a company's market price reflects the capital it employs — and they were updated six days apart. They are not the same instrument. The difference is in who supplies the condition for being on them. On 27 October the Tokyo Stock Exchange updated its list of companies that have disclosed "Action to Implement Management that is Conscious of Cost of Capital and Stock Price," reflecting status as of 30 September. The published file carries 2,341 companies: 2,293 marked "Disclosed" and 48 "Under consideration," 1,455 of them in the Prime Market and 886 in Standard. The document states its own purpose — it compiles companies that have disclosed information "to inform investors of who is taking action." Membership is determined by the option a company selected under "Content of Disclosure...

When a Korean listed company abandons a capital raise, the consequence is written into one column: the disclosure penalty points assigned to that company over the trailing twelve months. On 29 October 2026 the Korea Exchange designated Hyper Corporation (065650, KOSDAQ) an unfaithful disclosure company for reversing a rights offering decision. The new assessment was 5.5 points. Its existing 5.5 points from the prior year were restated at two thirds of that value, 3.6 points, under the transitional rule attached to the July amendment, taking the trailing-year total to 9.1 (Topstar News, 28 October 2026). Since 1 July 2026 the trailing-year total that triggers a KOSDAQ listing eligibility substantive review has stood at 10 points, lowered from 15 (Newspim, 29 October 2026). The column is complete. The distance between 9.1 and the trigger is 0.9 points. What the column does not hold is any party outside the company. The sequence On 13 May 2026 the company disclosed a rights offering st...

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...

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., ...

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...