[Edaily Reporter Kim Hyung-il ] Stocks that have plummeted on the KOSDAQ market are now also experiencing a decline in trading volume. HANJOO ART(058450), Micro Digital Co., Ltd.(305090), and HYUNGJI Innovation and Creative Company Limited have seen their stock prices fall by more than 70%. Some companies have faced a string of negative developments, including criminal complaints alleging breach of trust, the rejection of their semi-annual audit opinions, and concerns regarding delisting. Some stocks have even seen their trading volume drop by more than 90%.

According to MP Doctor on the 13th, a comparison of stock price fluctuations and trading volume changes between the second quarter and the period from July 1 to October 12 showed that HANJOO ART’s stock price fell by 86.8% and its trading volume decreased by 70.4%. Micro Digital Co., Ltd. also saw its stock price and trading volume drop by 75.5% and 65.1%, respectively. HYUNGJI Innovation and Creative Company Limited saw its stock price fall by 73% and trading volume by 51.43%.

For each company, management-related allegations and financial uncertainties have come to light. HANJOO ART announced on the 7th that it had filed a criminal complaint against 10 individuals—including four former registered executives and six former registered executives affiliated with its former largest shareholder, RFTECH CO., LTD(061040) —on charges of breach of trust in the course of business. The alleged amount cited by HANJOO ART is 13.3 billion won, equivalent to 103.7% of its equity. On the same day, the company also announced a trading suspension due to the occurrence of grounds for a substantive review of its listing eligibility.

Micro Digital Co., Ltd. received a qualified audit opinion on its semi-annual financial statements on August 31. Consolidated revenue for the first half of the year was 3.66 billion won, down from the same period last year, while the company posted an operating loss of 9.23 billion won and a net loss of 12.33 billion won. Subsequently, a disclosure regarding a change in the largest shareholder was issued after the founder and CEO, Kim Kyung-nam, had his stake disposed of due to a forced sale related to a stock-backed loan.

HYUNGJI Innovation and Creative Company Limited issued a disclosure regarding concerns over being designated as a “monitored stock” and delisting due to falling below the minimum market capitalization requirement. The scale of its rights offering was also reduced from the initial approximately 13.1 billion won to approximately 4.4 billion won. While RFTECH CO., LTD is pursuing a merger with Eco Volt(097780), it faced an unexpected development: its subsidiary, Hanju Hi-Tech, filed for rehabilitation proceedings. On the 2nd, Hanju Hi-Tech filed a petition with the Suwon Rehabilitation Court to initiate rehabilitation proceedings, seek a preservation order for company assets, and obtain a comprehensive injunction. Its total assets amount to 61.7 billion won, accounting for 15.4% of RFTECH CO., LTD’s consolidated assets.

Some stocks also saw a notable decline in trading volume. PRO2000(321260)saw its trading volume drop by 98.3% and its stock price fall by 17.7%. EYESVISION CORPORATION(031310)saw its trading volume and stock price decline by 98.1% and 7.1%, respectively. Finecircuit CO.,LTD.(127980)and Openknowl Co.,Ltd.(440320)also saw trading volume drop by 97.6% and 97.5%, respectively, while their stock prices fell by 10.9% and 11.3%. For these stocks, the decline in trading volume was far greater than the drop in stock price. Since trading volume is an indicator of a stock’s trading activity, it can serve as a reference when examining shifts in investor sentiment alongside stock price trends.

Investment conditions across the KOSDAQ market as a whole are also challenging. With the burden of interest rates persisting, the trend of investors focusing on individual companies’ earnings, financial health, and growth potential—rather than relying solely on policy expectations to drive stock prices—is likely to strengthen. In particular, as market normalization policies—such as stricter delisting requirements—are implemented, investor sentiment toward companies with weak financial foundations or those that have failed to demonstrate growth potential may also weaken.

Lee Sang-jun, a researcher in the Investment Strategy Division at NH INVESTMENT & SECURITIES, stated, “The KOSDAQ is a market with a high proportion of growth stocks, but interest rates have risen significantly.” He explained that while the burden of higher interest rates weighs on growth stock investments, the fact that corporate earnings and growth potential must be sustained even after listing means that differentiation among individual stocks is likely to emerge.