[Asia Economy Reporter Minwoo Lee] Ewha Electric, EID, and Etron are all showing strong performance. The news that Korea Chorus, in which they have invested shares, is going public appears to have acted as a positive factor.
As of 11:10 AM on the 13th, Ewha Electric's stock price rose 6.19% from the previous day to 240 KRW. At the same time, EID traded at 350 KRW, up 14.05%, and Etron traded at 660 KRW, up 20.88%. Etron is the largest shareholder holding 21.23% of Ewha Electric's shares, and Ewha Electric holds 29.08% of EID's shares. Korea Chorus, in which the Sputnik Chorus No.1 Association invested by EID and Etron holds a 15.2% stake, going public is interpreted as having a positive impact.
Korea Chorus, which is contract manufacturing Russia's COVID-19 vaccine Sputnik V, recently began searching for an underwriter aiming for a public listing next year. Kiwoom Securities was selected as the preferred negotiation partner. Since last year, GL Alpha, the parent company of Korea Chorus, has consecutively signed production contracts for 'Sputnik V' with the Russian sovereign wealth fund (RDIF).
In valuing the company, SK Bioscience, which is in charge of contract manufacturing the AstraZeneca vaccine, is expected to be a reference. At that time, SK Bioscience's contract manufacturing capacity was the basis for company valuation, rather than existing revenue sources such as flu vaccines and shingles vaccines. The company's valuation based on the IPO price (65,000 KRW) was about 5.008 trillion KRW. If Korea Chorus is also valued at 5 trillion KRW, the value of the Sputnik Chorus No.1 Association's stake is expected to reach 750 billion KRW.
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