[Featured Stock] Suseong Rises on News of Appointing Lee Jae-myung Governor's Policy Advisory Outside Director

[Asia Economy Reporter Yoo Hyun-seok] Suseong Innovation, a manufacturer of electric forklifts and logistics machinery, is showing strong performance. This appears to be influenced by the news that Mr. Yoo Seung-chan, who served as a policy planning advisory committee member for Gyeonggi Province, will be appointed as an outside director.

As of 2:22 PM on the 21st, Suseong Innovation was trading at 2,335 KRW, up 8.10% (175 KRW) compared to the previous trading day.

Through a disclosure on the same day, Suseong Innovation announced that it will add new business objectives and appoint Mr. Yoo Seung-chan as an outside director at the June extraordinary general meeting of shareholders.

Mr. Yoo Seung-chan served as a policy advisory committee member for Gyeonggi Province from 2018 to last year during Governor Lee Jae-myung's tenure. He is known as a close associate of Lee Jae-myung, having been one of the founding members of the "National Countermeasure Committee to Protect Gyeonggi Province Governor Lee Jae-myung" when Lee was indicted on four charges including violations of the Public Official Election Act in 2019.

Mr. Yoo graduated from Kyung Hee University with a degree in Korean Literature and spent about 20 years in the media industry. He also served as the planning team leader for the Democratic Party leader election, a special professor at Kyung Hee University, and was appointed as a policy planning advisory committee member for Gyeonggi Province in 2018. Currently, he serves as an advisory committee member for the Ministry of Education's Green Smart Future School Promotion Group and CEO of Story.com Co., Ltd. Story.com is a company specializing in SNS consulting and big data research.

Mr. Yoo Seung-chan is scheduled to be appointed as an outside director at Suseong Innovation's extraordinary general meeting of shareholders on June 3. Suseong Innovation is actively pursuing new businesses, including a recent name change and the acquisition of Future High Tech, a semiconductor equipment parts company. The company is currently advancing its business in lithium batteries and unmanned guided vehicle (AGV) systems such as Amazon logistics robots.

Mr. Yoo is expected to be responsible for advising on Suseong Innovation's new business ventures and providing overall management guidance.