[Asia Economy Reporter Ji Yeon-jin] HL Biotech surged on the 26th following news of a free share issuance.
As of 9:45 AM on the same day, HL Biotech was trading at 72,100 KRW, up 14.58% (9,000 KRW) compared to the previous day. At the same time, HL Biotech Life Science was trading at 17,950 KRW, up 15.11% from the previous day.
On this day, HL Biotech and HL Biotech Life Science announced a 100% free share issuance. Existing shareholders will receive one free share for each share they hold.
HL Biotech's stock price had plummeted after reports that it was under investigation by financial authorities over allegations of false disclosure, with malicious rumors such as trading suspension spreading, but it rebounded starting from the 19th. This came after news that its subsidiary, HL Biotech Pharmaceutical, had completed all late-stage clinical trials of rivoceranib for advanced gastric cancer and is preparing a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA). As of 9:49 AM on the same day, HL Biotech Pharmaceutical was trading at 16,100 KRW, up 4.55% from the previous day.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
