[Edaily Reporter Shin Ha-yeon ] As Seoul Mayor Oh Se-hoon was acquitted in his appeal trial on charges of violating the Political Funds Act, so-called “Oh Se-hoon-themed stocks” are surging across the board. Buying interest is flooding into affiliates of the Jinyang Group—whose shares had plummeted following the guilty verdict in the first trial last July—marking a repeat of the pattern where stock prices fluctuate in response to political events.

According to MP Doctor on the 23rd, as of 3:49 p.m. that day, Chinyang Industry(003780)was trading at 5,490 won—up 1,260 won (29.79%) from the previous trading day—and closed at the daily price limit. ChinYangChemicalCorporation(051630)also rose 542 won (29.81%) to 2,360 won, reaching the daily price limit. ChinYangPolyurethane(010640)traded at 2,665 won, up 585 won (28.13%). During the session, it even hit the daily price limit of 2,700 won. As the stock prices of these two companies soared, posts welcoming the rally—such as “I’m now President Oh Se-hoon,” “Oh Se-hoon, whom the Democratic Party fears,” and “Heading for a tenbagger”—appeared one after another in Naver’s stock discussion forums.

Trading volume also surged significantly. At the same time, Chinyang Industry’s trading volume reached 4,555,022 shares—approximately 19 times the previous day’s total volume of 237,317 shares.

On that day, the 7th Criminal Division of the Seoul High Court acquitted Mayor Oh of charges of violating the Political Funds Act in connection with allegations that he had others pay for Mr. Myung Tae-gyun’s opinion polls. Mayor Oh had been indicted on charges that, ahead of the 2021 Seoul mayoral by-election, he commissioned Mr. Myung to conduct opinion polls and had a donor cover the costs on his behalf.

Previously, the first-instance court had found him guilty of some charges related to the payment of opinion poll costs and sentenced him to a fine of 10 million won and a forfeiture of 21 million won. The acquittal in the appellate court is expected to ease the political uncertainty surrounding Mayor Oh, which is believed to have driven buying interest in related stocks.

Chinyang Industry, ChinYangChemicalCorporation, and ChinYangPolyurethane have been classified as “related stocks” in the market because Yang Jun-young, chairman of Chinyang Holdings Corporation, is an alumnus of Korea University alongside Mayor Oh.

These stocks have historically experienced sharp fluctuations in response to Mayor Oh’s political moves. Last April, when Mayor Oh announced he would not run for president, Chinyang Industry and ChinYangChemicalCorporation fell to their intraday lower price limits. Conversely, in June of this year, when Mayor Oh’s victory in the Seoul mayoral election was confirmed, ChinYangChemicalCorporation hit its intraday upper price limit.

Stock prices also fluctuated significantly on July 22, when the first-instance verdict was handed down. At that time, ChinYangChemicalCorporation closed at 1,198 won, down 29.90% from the previous trading day, while Chinyang Industry and ChinYangPolyurethane fell 12.15% and 18.47%, respectively. Share prices, which had been rising early in the session, turned sharply downward following the guilty verdict but showed the opposite trend upon news of the acquittal.

Meanwhile, political theme stocks tend to see concentrated buying pressure over a short period triggered by specific events such as elections or trials, but stock prices can quickly reverse course once expectations are dashed. Investors should exercise caution, as this ruling is not directly linked to new orders or improved earnings for these companies.