Biosimilar maker Celltrion is aiming to relist its stocks on the Korea Exchange, shifting from the KOSDAQ market, composed of smaller, tech-oriented firms.
The Korea Exchange said Wednesday it received an application for preliminary review of Celltrion’s relisting on the main bourse.
The relisting attempt comes after the company’s shareholders complained that the excessive short-selling of the company’s stocks in the KOSDAQ market was having a negative impact on the company’s market evaluation. Shareholders approved its plan to relist on the KOSPI market through at a general meeting on Sep. 29.
After the relisting announcement was made public, Celltrion’s share price rose 1.71 percent to 208,700 won ($190.54) around 9:00 a.m. Wednesday. It was the first rebound after a four-day losing streak. However, the company’s stock price retreated on the following day and stood at 196,600 won as of 10:00 a.m. Thursday.
Celltrion is expected to enter the KOSPI market by February.
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