◆Aju Economy Top News
▷[A risky money game] Delisting-threatened Kwangmyung Electric’s new owner is a one-month-old “shell” firm with 1 million won in capital
-Kwangmyung Electric, facing a potential delisting, has seen control move from its largest shareholder, P&C Tech, to HK Holdings.
-P&C Tech transferred about 12.3 billion won worth of shares, a 23.66% stake, by swapping them for newly issued shares rather than cash. The deal left P&C Tech with a 98.4% stake in HK Holdings, effectively preserving an indirect control structure.
-HK Holdings, the new largest shareholder, has paid-in capital of 1 million won and is a one-person company incorporated less than a month ago. Its registered address matches a P&C Tech branch, raising questions about its substance.
-Market participants have questioned whether the limited-liability company structure was chosen to reduce disclosure burdens, maintain control and allow more flexible movement of funds.
-Kwangmyung Electric has faced repeated changes in control and worsening finances. Trading was suspended after it received a disclaimer of audit opinion, and it is now under delisting review.
◆Key Reports
▷Memory chips seen as the biggest beneficiary of the AI revolution [KB Securities]
-KB Securities said the agentic AI market is expected to grow from $7.5 billion in 2025 to $199.0 billion in 2034, implying 44% average annual growth.
-The firm said wider adoption of agentic AI signals a shift beyond conventional generative AI, from training-centered computing to inference-centered computing, which it expects to structurally lift demand for memory semiconductors.
-From 2026, inference servers are expected to account for more than half of AI infrastructure, driving a surge in memory demand centered on server DRAM and enterprise SSDs, it said.
-As AI evolves into a physical AI stage, including humanoids and autonomous driving, demand for high-performance, low-power memory is expected to jump on the need for real-time data processing, the report said.
-KB Securities said memory makers including Samsung Electronics and SK hynix are likely to stand out as key beneficiaries of AI industry growth.
◆Major filings after the close (20th)
▷Hyundai Engineering & Construction selected as preferred bidder for Apgujeong District 3 reconstruction project
▷POSCO Holdings decides to acquire a stake in an Indian mining company worth 160.9 billion won
▷SCM Life Science to be suspended from trading from the 23rd due to a share consolidation
▷Purit decides on new facility investment worth 35.0 billion won
▷ENCell signs a 600 million won contract to manufacture and supply advanced biopharmaceuticals
▷YAS signs a supply contract with a Chinese company for deposition equipment for mass display production
◆Fund flows (as of the 17th, excluding ETFs)
▷Domestic equity funds: -11.3 billion won
▷Overseas equity funds: -32.0 billion won
◆Key events today (21st)
▷Germany: ZEW Economic Sentiment Index
▷United States: Retail sales (March), pending home sales (March)