[Featured Stock] Hwacheon Machine Hits Upper Limit Amid 'FN Guide Management Dispute' Participation
Hwacheon Machinery, an affiliate of Hwajeon Group involved in a management rights dispute with FnGuide, saw its stock price surge sharply.
![[Featured Stock] Hwacheon Machine Hits Upper Limit Amid 'FN Guide Management Dispute' Participation](http://www.asiae.co.kr/news/img_view.htm?img=2024092410045136728_1727139891.jpg)
As of 10 a.m. on the 24th, Hwacheon Machinery's stock price rose 29.90% compared to the previous day's closing price, hitting the upper limit. While buy orders totaling 2.7 million shares are concentrated at the upper limit, there are no sell orders available.
On the 23rd, Hwacheon Machinery announced it would invest 3.6 billion KRW in FnGuide. It stated that this investment is for business diversification and that the shares will be acquired through on-market purchases.
Currently, FnGuide is embroiled in a management rights dispute between the third-generation owner of Hwacheon Group and former CEO Kim Gun-ho, the second-largest shareholder. A related extraordinary shareholders' meeting is scheduled for the 31st.
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Meanwhile, FnGuide's stock price, which is the subject of the dispute, is also hitting the upper limit from the start of trading on the same day.
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