The Korea Times
The delisting of battery maker Kumyang from the stock market is sending shockwaves through the business community in Busan, where the company is headquartered, marking a dramatic downfall for what was once one of Korea's hottest secondary battery stocks. The company filed a court injunction Thursday seeking to suspend the delisting, a day after the Korea Exchange (KRX) decided to remove it from the benchmark KOSPI following two consecutive years of disclaimer audit opinions. The legal filing temporarily puts the delisting process on hold, though market watchers said the chances of the court granting the injunction appear slim. The bourse operator's decision has rattled Busan officials, as Kumyang had long been viewed as a key player in the city's push to foster future growth industries centered on batteries. After signing an investment memorandum of understanding with Kumyang in January 2023, the Busan Metropolitan Government supported the company through administrative efforts to designate the region as a special business zone for secondary batteries and mobility industries. Following th
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