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China-based Wanli preparing to exit from Korean stock market

Collected: 2017.08.25

Distributed: 2017.08.29

Source: Go Direct

Chinese wall tile maker Wanli International Holdings Ltd. has embarked on the procedure to exit from the Korean secondary Kosdaq market, raising panic among retail investors who hold a combined 56 billion won ($49.6 million) in the company.

Korea Exchange on Thursday said it has begun reviewing whether to delist the company over the next 15 days upon receiving its plan on improving accounting practices and balance sheet. The result will be out on Sept. 13.

Wanli International Holdings, one of the top five wall tile makers in China, joined the country’s secondary Kosdaq market in June 2011. As a holding company, it also manages several subsidiaries. Its stock trade on the Kosdaq has been suspended due to disclaimer of opinion on its 2016 financial statement.

As of the end of the January to March period, Wanli’s 10,779 minority stockholders held 5,403 shares. Based on the market price - 1,040 won apiece - before its stock trading was suspended, the ownership of retail investors amounted to 56.2 billion won, meaning each investor would lose about 5,210,000 won on average if Wanli goes off the market.

By Kim Dae-gi

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