'Hong Jung-wook Theme Stock' KNN Soars 21.58% Compared to Previous Day
[Asia Economy Reporter Kim Suwan] Hong Jung-wook, chairman of Organica and former member of the National Assembly from the Grand National Party, the predecessor of the United Future Party, posted a cryptic message on his social network service (SNS) saying "It has been a pleasure," drawing attention to the background of the post. Some speculate that Chairman Hong might be running for Seoul mayor.
On the 26th, Hong posted on Instagram, "It has been a pleasure. Always stay awake, love until the moment you die, and never give up. I support your lives." Along with the message, he attached a photo of himself climbing a mountain holding a bottle of mineral water.
Netizens who saw the post left comments expressing expectations about his future moves, such as "Waiting for Hong Jung-wook as Seoul mayor," "Looks like he will participate in the Seoul mayoral primary," and "Supporting Seoul mayor."
Moreover, inside and outside the political circle, there is speculation that former lawmaker Hong, who has been actively using SNS, might be taking steps to return to politics, hinted by his 'farewell' message.
The stocks related to Hong's possible political comeback also surged sharply. KNN shares, considered a theme stock related to Hong, closed at 2,620 won, soaring 21.58% compared to the previous day. KNN holds 50% of the shares in Busan Global Village, where Hong’s sister, Hong Sung-ah, served as co-CEO until March this year, making it a stock associated with Hong.
This is not the first time rumors of Hong’s political return have surfaced. Last September, he hinted at a comeback on his Facebook, saying, "Watching the reality that starts and ends every day with political strife, I sincerely worry about who is actually raising the cattle." He added, "I am a businessman. Therefore, I use Facebook with joy to introduce my company and products and share the values of health and environment. However, when the domestic and international situation is so chaotic, it is hard to do even this with a comfortable mind."
However, in the same month, after his daughter was accused of drug smuggling, he apologized, saying, "Everything is my fault for not properly educating my child," and stopped his SNS activities.
Later, in December last year, after his daughter received a suspended sentence in the first trial, he resumed SNS activities, saying, "I spend the old year reflecting on the guilt of causing my child’s mistakes by not understanding their pain and worries, and I apologize for causing concern to everyone."
Meanwhile, Chairman Hong entered politics as a member of the 18th National Assembly from the Grand National Party (now the United Future Party). However, in December 2011, about five months before the 19th general election, he suddenly announced his retirement from politics. Afterward, he served as chairman of Herald Media but sold it in May last year and has since been solely managing Organica, which pursues eco-friendly food products.
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