HLB’s transfer listing from the tech-heavy Kosdaq to the main bourse Kospi market has received the green light. 

HLB said Friday that ISS (International Shareholder Services), a global proxy advisory firm, has issued a favorable opinion on its enhanced stock market listing to investment management firms.

ISS, alongside Glass Lewis, operates as a proxy advisory firm specializing in the analysis of shareholder meeting agendas for companies listed on global stock markets, offering comprehensive voting guidelines. ISS holds significant sway over voting rights decisions, particularly among foreign shareholders who often depend on its recommendations to determine whether to cast a favorable or unfavorable vote.

HLB is actively seeking an initial public offering (IPO) on the Kospi. The company's board of directors, in a meeting held on October 17, has endorsed the proposal for the "Conditional Delisting from Kosdaq and Transfer Listing to Kospi," as confirmed by HLB officials.

The company explained that shareholders had long been requesting a move to Kospi to increase corporate value. It will also be advantageous regarding liquidity, including the influx of future fund capital, given the increased likelihood of U.S. approval of the liver cancer drug rivoceranib next year.

HLB will hold an extraordinary shareholders’ meeting on Dec. 21 to decide on the transfer listing. Shareholders will be able to vote via e-voting starting on Dec. 11. The e-voting will continue through Dec. 20, and shareholders can access Samsung Securities' “Online Shareholders' Center” and exercise their voting rights after personal authentication, HLB said.