[Featured Stock] DB HiTek Up 15% on Strong Demand... Impact of Gangseongbu Fund
DB HiTek is showing strong performance. This is attributed to the domestic activist fund KCGI, led by CEO Kang Sung-bu, acquiring shares of DB HiTek.
As of 9:24 AM on the 31st, DB HiTek is trading at 70,300 won, up 15.06% from the previous trading day.
Earlier, KCGI announced that it had acquired a 7.05% stake in DB HiTek through its investment purpose company, Caropy Holdings. Caropy Holdings, under KCGI, disclosed that it secured 3,128,300 shares of DB HiTek through on-market purchases on the same day. The purpose of holding the shares was disclosed as "influence on management rights."
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- Man in His 30s Dies After Assaulting Father and Falling from Yongin Apartment
- Samsung Union Member Sparks Controversy With Telegram Post: "Let's Push KOSPI Down to 5,000"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
KCGI stated, "DB HiTek's corporate value is extremely undervalued compared to its future growth potential and competitive position based on its excellent market standing," and demanded the company to conduct treasury stock cancellation and establish an independent board of directors.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
