Kumyang Designated as a Non-Compliant Disclosure Corporation... Fined 2 Billion KRW with 10 Penalty Points

Kumyang Designated as a Non-Compliant Disclosure Corporation... Fined 2 Billion KRW with 10 Penalty Points: COMPANY / Reporter Kim SangJin / 2024-10-29 03:00:12

Kumyang

[Alpha Biz= Reporter Kim Sangjin] On the 28th, the Korea Exchange's KOSDAQ Market Headquarters announced the designation of Kumyang (001570) as a non-compliant disclosure corporation, imposing a penalty of 10 points and a fine of 2 billion KRW for violations of disclosure regulations.

Previously, Kumyang had announced its investment in the Mongolian mining company 'Monlaa LLC' to secure a stable supply of lithium, a core material necessary for establishing a value chain in secondary batteries. The company projected an annual revenue of 402.4 billion KRW and an operating profit of 161 billion KRW for 2024.

However, on September 27, Kumyang revised its estimates for profits from the Mongolian mine, lowering projected revenue to 6.6 billion KRW and operating profit to 1.3 billion KRW. The new operating profit forecast was reduced to one-hundredth of the original estimate.

Following controversies regarding the inflation of its performance estimates, the Korea Exchange had previously announced on October 2 its intention to designate Kumyang as a non-compliant disclosure corporation.