[Asia Economy Reporter Park So-yeon] Suseong Innovation is showing strength.
As of 11:08 AM on the 25th, Suseong Innovation is trading at 2,755 KRW on the KOSDAQ market, up 175 KRW (6.78%) from the previous day.
The Democratic Party of Korea has finally decided to proceed with the presidential primary schedule as planned through a closed supreme council meeting. This news is interpreted as having triggered a buying spree in Suseong Innovation, resulting in its strong performance.
Suseong Innovation is known as a stock related to Lee Jae-myung. This is because Yoo Seung-chan, who concurrently serves as an inside director and CEO of Story.com, has a background as a policy advisory committee member of Gyeonggi Province and as the election planning team leader for the Democratic Party of Korea.
Established in 1982 and listed on the KOSDAQ market in 2005, Suseong Innovation primarily operates in the production of logistics machinery such as forklifts. Its performance has improved as the logistics industry has been revitalized due to social distancing measures amid COVID-19.
In the first quarter of this year, the company succeeded in turning a slight profit and is currently pursuing the acquisition of a semiconductor equipment company. Once the payment of the remaining acquisition funds and the audit are completed, the semiconductor equipment company Future Hightech will be incorporated as a subsidiary of Suseong Innovation.
Future Hightech specializes in manufacturing wafer and chip inspection equipment parts in both semiconductor front-end and back-end processes. Samsung Electronics and SK Hynix are its major clients, and it is gaining recognition for its technological capabilities as it expands overseas supply.
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