[On-site Video] "Really Frustrating!" Small Shareholders of Sillajen Urge Korea Exchange to Resume Trading in Front of KRX

'Resumption of Trading and Delisting' ShillaJen at a Crossroads
Korea Exchange Corporate Evaluation Committee on the 18th
ShillaJen Listing Eligibility Review, Meeting Results Announcement

[Asia Economy Reporter Han Seung-gon, PD Yoon Jin-geun] "Declare the immediate resumption of trading!" , "I really can't live like this!"

As the delisting decision of SillaJen is set for the 18th, small shareholders held a rally in front of the Korea Exchange urging the resumption of trading.

The Korea Exchange's Corporate Evaluation Committee (CEC) will decide on the resumption of trading or delisting of SillaJen on this day.

SillaJen's stock trading has been suspended since May 2020 due to embezzlement and breach of trust allegations against former management, and the Exchange designated SillaJen for a delisting suitability review in June of the same year. Subsequently, on November 30 of the same year, a one-year improvement period was granted.

Shareholders held a rally in front of the Exchange on this day, urging the decision to resume trading of SillaJen shares. The shareholder coalition issued a statement saying, "SillaJen has completed all three improvement requirements requested by the Korea Exchange," and added, "There is no reason for the CEC to hesitate in deciding to resume trading."

They continued, "SillaJen has found a new owner called M2N and secured funds amounting to 100 billion KRW through an additional capital increase," asserting, "The issues of management transparency and financial soundness required by the Exchange have been resolved." They also emphasized that operational continuity has been secured, citing the start of melanoma clinical trials with Chinese partner company Liscam.

Jung Eui-jung, head of the Korea Stock Investors Association, urged, "Suspending trading based on events that occurred before listing is a clear overreach by the Exchange and an immoral decision with procedural flaws. Declare the immediate resumption of trading." He raised his voice, saying, "SillaJen has fulfilled all three improvement requirements requested by the Exchange. Today, the CEC members should not become historical criminals and unanimously decide to resume SillaJen trading."

Lee Sung-ho, representative of the SillaJen activist shareholder group, said, "SillaJen was listed in December 2016, and the reasons for trading suspension relate to allegations from 2013 to March 2016," and questioned, "If trading is suspended for such (past) matters, what investor would be willing to invest in the Korean stock market?"

He added, "I want to ask the Korea Exchange whether investors should have foresight to invest in the past," emphasizing, "If the Korea Exchange decides to resume or delist, we plan to file a criminal complaint against Korea Exchange Chairman Sohn Byung-doo for obstruction of business related to SillaJen stock trading." He also revealed future plans, stating, "If resumption or delisting is decided, we will continue rallies against the Korea Exchange and protests targeting the political sphere."

At the scene, SillaJen shareholder Lee Ok-nam (53) said, "I became a cancer patient because of the SillaJen trading suspension," adding, "My relationship with my husband is bad. Our household is on the verge of collapse." She continued, "It is absurd to suspend trading based on facts before listing," and expressed frustration, saying, "My personal property rights are being violated without just cause like this (trading suspension), so I never want to trade stocks again."

Previously, SillaJen's stock trading was suspended in May 2020 due to the occurrence of delisting suitability review reasons following embezzlement and breach of trust allegations against former and current executives, including former CEO Moon Eun-sang.