[Special Stock] 'Management Dispute' FnGuide Hits Lower Limit for Second Day

Financial information company FnGuide, whose stock price surged continuously due to a management rights dispute, hit the lower limit for two consecutive days.

As of 10:48 a.m. on the 27th, FnGuide was trading at 18,900 KRW on the KOSDAQ market, down 8,050 KRW (29.87%), the maximum price limit from the previous close. This marks the second consecutive trading day of hitting the lower limit since the 26th.

At the same time, Hwacheon Machinery (-3.99%) and Hwacheon Engineering (-0.17%), both part of the Hwacheon Group involved in the management rights dispute, were also declining.

As FnGuide’s stock price overheated following a sharp rise this month, it is observed that profit-taking sell orders flooded the market. According to Kiwoom Securities, individual investors sold shares worth 5.2 billion KRW on the 26th.

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 shareholders' meeting.

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

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