Celltrion, a Korean biosimilar maker and the largest company by market cap listed on the secondary Kosdaq, is likely to finish its move to the primary Kospi in February at the earliest.
The country’s bourse operator Korea Exchange said it received an application for relisting from Celltrion on Wednesday.
At 2:00 p.m., shares of Celltrion were up 1.3 percent at 202,600 won.
Celltrion had prepped to leave the Kosdaq market to protect investors from short sellers and to be evaluated more fairly for its business potential.
The plan was supported by shareholders at an extraordinary general meeting in late September.
Since then, Celltrion shares have surged to reach a market cap of over 25 trillion won ($22.9 billion).’
It ranks ninth among big name Kospi companies, standing ahead of state-run utility operator Korea Electric Power Corp. and the country’s largest banking group KB Financial Group.
Celltrion was founded in 2002 to develop and manufacture biosimilar products.
Meanwhile, Hyundai Development Company submitted an application on the same day for relisting after a company demerger.
By Shin Heon-chul and Minu Kim
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]