Warning About Scam Websites for Ecopro Materials IPO Shares

Request for Personal Information Using Fake Domain

Notice on Beware of Fraudulent IPO Subscription Posted on Ecopro Materials Website. Photo by Ecopro

EcoPro has issued a warning as a fraudulent website related to the public offering of its affiliate EcoPro Materials has been launched, raising concerns about potential investor damage.

According to EcoPro on the 6th, the fake site uses a fraudulent domain to lure investors and induces them to enter personal information such as their name and phone number under the pretext of a "special public offering application."

When users access this site and enter their personal information, they receive calls on the provided phone number demanding deposit money and personal bank account details. The site falsely claims that the "special public offering" is conducted by consignment of transfer of shares from major shareholders and their special related parties.

EcoPro has reported the fraudulent activities of this site to the police cyber investigation unit and the Financial Services Commission, among other relevant authorities. EcoPro Materials announced on its website that "it does not conduct stock offerings by any method other than the subscription procedures stated in the securities registration statement submitted on the 25th of last month."

The company stated, "We do not recommend buying or selling stocks at all, and we are not considering any securities trading such as selling major shareholder shares before the submission of the securities registration statement or pre-IPO investment before listing." Furthermore, it added, "Major shareholders of EcoPro Materials include EcoPro and its special related parties, financial investors, and executives and employees. Since selling shares before listing would require paying a 22% capital gains tax, it is highly unlikely that existing shareholders would sell shares prior to listing."

EcoPro Materials is a core affiliate of the EcoPro Group that produces precursors used in cathode materials for secondary batteries. It recently submitted a securities registration statement and has entered the full-scale listing process. From the 30th of this month to the 3rd of next month, demand forecasting will be conducted to determine the public offering price, followed by a two-day general subscription period on the 8th and 9th of next month. The target listing date on the KOSPI market is mid-next month.