[Asia Economy Reporter Lee Ji-eun] Former lawmaker Yoo Seung-min declared he would not run just two days before the People Power Party's leadership election candidate registration deadline. While some speculated about a 'surprise appearance,' it seems he ultimately felt burdened by the primary rules, which are conducted with '100% party member votes.' Following former lawmaker Na Kyung-won’s withdrawal, Yoo’s decision to not run increases the likelihood that the 'anti-Yoon (非尹)' faction’s party member votes will consolidate around lawmaker Ahn Cheol-soo. The stock market is already reacting.
Money Doesn’t Lie... AhnLab on the Rise
The stock price of AhnLab, known as the so-called 'Ahn Cheol-soo theme stock,' surged by over 1% around 9:30 a.m. on the 31st, immediately after Yoo’s withdrawal announcement. Compared to the day-long limit-up on the 25th when former lawmaker Na Kyung-won announced her withdrawal, the increase is not as large, but the fact that the market reversed from a two-day decline to an upward trend allows us to infer how the market views Yoo’s withdrawal.
As the saying goes, money doesn’t lie, Yoo’s withdrawal is expected to positively affect lawmaker Ahn among the current two leading candidates, Ahn and Kim Ki-hyun. Since Kim has solidified his image as a staunch 'pro-Yoon (親尹)' candidate through the Kim-Jang alliance (Kim Ki-hyun-Jang Je-won), it is highly unlikely that Yoo’s supporters will shift their votes to Kim. On the other hand, although Ahn claims to be part of the 'broad pro-Yoon faction,' there is an expectation that he will 'speak his mind' to President Yoon.
On the same day, People Power Party lawmaker Ha Tae-kyung said on BBS’s 'Jeon Young-shin’s Morning Journal,' "From the public’s perspective, although President Yoon has never directly spoken about it, various incidents clearly show that 'Yoon’s support lies with candidate Kim Ki-hyun.' This is being openly demonstrated now." He added, "However, from the perspective of party members and our supporters, when President Yoon’s approval rating drops too much, there is growing sentiment that someone should be able to speak frankly to the president." This so-called 'bitter Yoon' candidate could be Ahn, who previously unified with President Yoon.
The Meaning Behind Sharing the 'Cheetah' Article... Seemed to Contemplate Until the Last Moment
Former lawmaker Yoo attracted attention by not revealing his decision for a while even after former lawmaker Na Kyung-won decided not to run. Recently, he shared an article related to his nickname 'Cheetah' on social media, raising expectations that he might run. However, in the end, the cheetah did not run.
Kim Jae-seop, head of the Dobong-gap district committee of the People Power Party, said on CBS’s 'Park Jae-hong’s One-on-One Battle' the day before, "It seems Yoo will run," citing the cheetah article shared on Yoo’s social media as the reason. On the 28th, Yoo shared an article titled 'In an Era of Central Upheaval, the Eyes of a Cheetah That Runs Unwaveringly Are Needed.' This was his first social media post after Na’s withdrawal.
According to Kim, the nickname 'Cheetah' was not self-given but was coined by netizens in a community supporting former party leader Lee Jun-seok during Yoo’s presidential candidacy. Yoo reportedly liked the nickname so much that he gifted Lee a 'Cheetah' doll during his presidential campaign in September 2021.
Kim explained, "The cheetah nickname comes from the idea that it starts slow but gains momentum and speeds up rapidly. During the presidential election, Yoo’s approval ratings were the lowest, while President Yoon’s were the highest, but the meaning was that 'the cheetah will eventually run faster and go higher.'" Yoo’s posting of the cheetah article three days ago can be interpreted as him seriously contemplating running until the very end. Even when announcing his withdrawal on social media, he expressed, 'I thought it through thoroughly.'
However, despite careful consideration, the conclusion that 'it means nothing' likely stems from the leadership election rules, which changed to '100% party member votes.' Yoo ranked first in various polls for the next party leader suitability but recorded single-digit support in surveys limited to party supporters, showing a significant gap between party sentiment and public opinion. This is because, ahead of the 2016 general election, he clashed with President Park Geun-hye and was regarded as an 'icon of betrayal' among the party and supporters.
Former lawmaker Lee In-je, senior advisor to Kim Ki-hyun’s campaign, appeared on KBS’s 'Choi Kyung-young’s Strong Current Affairs' on the same day and said, "During the Park Geun-hye administration, conflicts between the party leader and Yoo Seung-min as floor leader exploded, and the general election, which was expected to yield 160 to 180 seats, completely collapsed within a month or two." He added, "Eventually, it led to impeachment. Because of that experience, public opinion will reflect the need to elect someone who will dedicate themselves to the president’s success this time," indirectly criticizing Yoo’s past.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
