资本市场的“黑色诱惑”与总统警告：剖析股价操纵新面貌 > 消息

Intops, a KOSDAQ listed company at the center of controversy, inserted a very unusual call option clause in the process of issuing exchangeable bonds. A normal company should welcome a rise in stock prices, but Intops has established the right to forcibly collect private loans if the stock price rises above a certain level.这使得投资者无法预期股价上涨，反而导致卖空以保住利润。 In fact, the fact that it was designated as an overheated short-selling stock several times after the issuance of the bonds in question proves that this structural trick led to market disruption.

What is even more shocking is the fact that the second generation of owners strengthened their governance during this period of stock price suppression. The act of the owner's family mobilizing family companies to acquire shares while the stock price was artificially depressed is suspected of being a typical tactic to infringe on the interests of general shareholders and take over management rights through an expedient method. In a situation where the government is strongly calling for increased shareholder value, such as canceling treasury stocks to increase corporate value, this case, which showed the opposite action, has stretched the government's patience with capital market fairness to the limit.

金融当局立即开始调查此事，并遭到总统的强烈批评。 The Financial Services Commission, the Financial Supervisory Service, and the Korea Exchange are closely examining whether Intops' disclosures provided sufficient risk information to investors and whether there was any actual market manipulation after the bond issuance.此次检查不仅仅是一次简单的调查，更是对利用信息披露制度漏洞的企业的强烈警告。 In the future, the authorities are expected to focus on securing transparency in the capital market by establishing new disclosure standards and complementary measures to prevent stock price pressures.

整体市场形势也并不轻松。 The short selling balance of large stocks such as Hanmi Semiconductor and Samsung Electronics has soared to an all-time high, leading to extreme market volatility. With the instability of the Middle East situation, a surge in U.S. Treasury yields, and the short squeeze in the cryptocurrency market, the global financial environment was engulfed in fear reminiscent of ‘Black Monday’. The Korea Exchange has entered an emergency response posture to stabilize the market, including activating sidecars and strengthening the regular surveillance system for illegal short selling.

这种情况最终表明了我们资本市场应该追求的改革方向。 The ‘stock price suppression prevention law’ emphasized by President Lee Jae-myung is not simply an increase in legal regulations, but an attempt to resolve the contradiction in the current tax structure in which the lower the stock price, the lower the inheritance tax burden. The core of this reform is to break down the structure in which companies with low PBR are reluctant to boost their stock prices and encourage corporate value improvement to be directly linked to the interests of major shareholders. In order for the domestic stock market, including KOSDAQ, to achieve a true increase in value, an institutional decision to root out these unfair practices is essential.