[Special Stock] KakaoPay Plummets 3% on News of Large-Scale Lock-Up Release

[Asia Economy Reporter Lee Seon-ae] KakaoPay's stock price is down about 3%. It appears that investor sentiment has sharply contracted due to news of a large-scale lock-up release.

As of 9:51 a.m. on the 2nd, KakaoPay's stock price is trading at 109,000 won, down 3.11%. It fell to 108,000 won in early trading.

According to the Korea Securities Depository, on the 3rd, the lock-up on a total of 76,246,370 shares, combining 62,351,920 listed shares of KakaoPay and 13,894,450 shares allocated to third parties, will be lifted. This corresponds to 57.55% of KakaoPay's total issued shares.

Previously, KakaoPay announced that the six-month lock-up period on 13,894,450 shares held by Alipay would expire on the 3rd. With this lock-up release, Alipay can sell all 51,015,205 KakaoPay shares it holds, representing a 38.68% stake.