[Special Stock] FnGuide Rises Amid Hwacheon Group Management Dispute

Financial information company FnGuide surged to the upper price limit amid a management rights dispute with Hwacheon Group.

As of 10:01 AM on the 24th, FnGuide was trading on the KOSDAQ market at 38,450 won, up 8,850 won (29.90%), the maximum allowed price increase.

FnGuide announced that on the 13th, Kim Gun-ho, the founder and second-largest shareholder and former CEO, filed a lawsuit at the Seoul Southern District Court seeking permission to convene an extraordinary general meeting of shareholders.

The extraordinary general meeting is scheduled to be held at 10:00 AM on the 31st of next month. The main agenda is the appointment of directors, with four candidates to be presented collectively, and two directors to be elected in order of the highest votes among those meeting the ordinary resolution requirements.

Earlier, on the 2nd, Kwon Hyung-woon, the third-generation representative of Hwacheon Group and CEO of Hwacheon Machinery, also filed a lawsuit seeking permission to convene an extraordinary general meeting. CEO Kwon announced plans to appoint himself and his older brother, Kwon Hyung-seok, CEO of Hwacheon Machinery and Hwacheon Engineering, as non-executive directors of FnGuide.

With the stock price overheating day after day, the Korea Exchange designated FnGuide as an investment warning stock on the 20th. If the stock price maintains the upper limit until the close on the 24th, trading of FnGuide shares will be suspended for one day on the 25th.