[Asia Economy Reporter Ji Yeon-jin] Seowon, a manufacturer of automotive air conditioning parts, surged to the price limit on the 18th following news of Lucid, dubbed the second Tesla, pursuing a public listing.
Seowon was trading at 7,810 KRW at around 9:40 AM, up 29.95% from the previous day. Starting the morning session with a sharp rise, Seowon had closed the previous day at 6,010 KRW, up 10.48%.
Earlier, foreign media reported that the U.S. electric vehicle company Lucid Motors is pursuing a reverse merger listing through a Special Purpose Acquisition Company (SPAC). Currently, Lucid's corporate value is estimated at about 12 billion USD (approximately 13.3 trillion KRW).
Seowon is known to have signed a contract with Lucid for header condensers in December of last year.
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