[Special Stock] "DB Hits Upper Limit Following Gangseongbu Fund's Shareholder Letter"

Activist fund KCGI's CEO Kang Sung-bu sent a shareholder letter to DB HiTek, leading the stock to surge to the upper limit.

At 10:18 a.m. on the 2nd, DB traded at 2,225 won, up 27.29% from the previous trading day. The company hit the upper price limit on that day. The stock price rose sharply after news spread that CEO Kang Sung-bu had sent a shareholder letter to DB HiTek, a domestic semiconductor foundry company. At the same time, DB HiTek also rose 6.9%.

The day before, KCGI posted a press release titled "DB HiTek, Leap to a True Global Foundry Company through Governance Improvement" on its website, arguing that the departure of founder chairman Kim Joon-ki was necessary for improving corporate governance. KCGI stated, "Through a series of shareholder consultation requests, we have strong doubts about whether DB HiTek's controlling shareholders and management have the will to communicate with shareholders and enhance shareholder value," and explained, "We have judged that the controlling shareholders and management are refusing to hold meetings through shareholder consultations."

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