[Featured Stock] Hyundai Green Food Shows High Volatility on First Day of Re-listing After Demerger... Down 11%

Hyundai Green Food, a food service company affiliated with Hyundai Department Store Group, is recording an early session drop of over 11% on the first day of its re-listing following a spin-off on the 10th.

As of 9:46 a.m. on the day, Hyundai Green Food is trading at 11,470 KRW on the KOSPI market, down 11.70% from the opening price.

After the opening price was set at about 80% higher than the valuation price of 7,250 KRW, the stock price showed high volatility, rising to a high of 14,300 KRW before falling to 11,380 KRW.

The opening price appears to have been set at a high level amid expectations of a revaluation of the company's worth following the spin-off.

Lee Kyung-eun, a researcher at KB Securities, analyzed, "Before the spin-off, the company held subsidiaries engaged in furniture business and heavy equipment manufacturing as affiliates, which meant the food service business was not properly valued," adding, "After the spin-off, a revaluation of corporate value is expected."