Honorary Chairman's Health Rumors Spark Hyundai Motor Group Stocks Surge: "Rumors Unfounded"

Hyundai Mobis Stock Price Rises 7.45% Centered on Corporate Governance

Amid rumors about health issues concerning Chung Mong-koo, Honorary Chairman of Hyundai Motor Group, the stock prices of some Hyundai Motor Group companies surged sharply.

On that day, Hyundai Mobis' stock price at one point during trading rose 14.45% from the previous day to 253,500 KRW, before closing at 238,000 KRW. This was an increase of 16,500 KRW compared to the previous day. Additionally, Hyundai Glovis recorded a rise of 9,400 KRW (5.23%) to 189,000 KRW. The highest price during the day was 201,000 KRW.

Chung Mong-koo, Honorary Chairman of Hyundai Motor Group

Hyundai Mobis is a key affiliate of Hyundai Motor Group and holds a position as a holding company for other companies. The investment structure of Hyundai Motor Group follows the sequence 'Hyundai Mobis → Hyundai Motor → Kia → Hyundai Mobis.' Hyundai Mobis holds a 21.64% stake in Hyundai Motor. As of the end of the first quarter of this year, Honorary Chairman Chung's stake in Hyundai Mobis was 7.19%.

Hyundai Mobis stated in an afternoon disclosure that "the above rumors are groundless."