[Market Focus] Kakao Surges on News of Founder Kim Beom-su's Acquittal in First Trial

At One Point During the Session, Shares Jump to 63,000 Won

Kakao shares surged on October 21 following news that Kim Beom-su, Chairman of the Management Reform Committee, was acquitted in his first trial.

As of 2:07 p.m. that day, Kakao stock was trading at 61,600 won on the Korea Exchange, up 4.76% from the previous trading day. The stock opened at 59,200 won and soared during the session, reaching as high as 63,000 won at one point.

Investor sentiment appears to have improved after founder Chairman Kim, who had been indicted on charges of manipulating the stock price of SM Entertainment, was found not guilty in the first trial. The 15th Criminal Division of the Seoul Southern District Court stated, "After reviewing all aspects, including purchase ratios, intervals, and order volumes, there is insufficient evidence to conclude that the trading patterns constituted price manipulation orders."

Chairman Kim was accused of manipulating the stock price of SM Entertainment in February 2023 during the acquisition process, allegedly to interfere with rival Hybe's public tender offer for SM Entertainment. Prosecutors had sought a 15-year prison sentence and a fine of 500 million won for Kim.

This content was produced with the assistance of AI translation services.