Monami, the beloved South Korean stationery manufacturer famous for its iconic 153 ballpoint pen, recently expressed profound gratitude for an overwhelming wave of public support. This outpouring came after the company faced potential delisting from the nation’s primary stock market, a situation that triggered a significant surge in its share prices. Monami has now pledged to honor this renewed trust by delivering even higher-quality products to its loyal customers.
CEO Song Jae-hwa conveyed his sincere thanks to customers and investors in a heartfelt, handwritten letter published on Monami’s official website. He acknowledged their steadfast loyalty during what he characterized as a deeply uncertain period for the company.
“Witnessing the widespread support for Monami online has deeply moved me and instilled an even greater sense of responsibility,” Song wrote. “The unwavering trust and encouragement you have shown us, even through such challenging times, have empowered us with an irreplaceable strength.”
This surge of public and investor support emerged following South Korea’s decision this month to increase the minimum market capitalization requirement for maintaining a Kospi listing. The new threshold was raised from 20 billion won ($13.3 million) to 30 billion won.
Prior to the rally, Monami’s market capitalization stood at 25.9 billion won at Wednesday’s close, placing it below the updated requirement. Compounding its challenges, the company had also reported losses for the past three consecutive years due to persistent sluggish sales.
However, news of the potential delisting sparked a remarkable buying frenzy among retail investors. Monami’s shares dramatically rose by 24.69 percent on Thursday and an additional 25.66 percent on Friday. This powerful rally successfully elevated the company’s market capitalization to 40.5 billion won, comfortably surpassing the new 30 billion-won Kospi threshold.
Established in 1960, Monami holds a special place in South Korean culture, predominantly recognized for its ubiquitous 153 ballpoint pen, often affectionately dubbed South Korea’s “national pen.”
Monami’s experience isn’t an isolated incident; it’s not the first South Korean enterprise to benefit from a groundswell of grassroots support from retail investors. Earlier in July, retail investors initiated a voluntary stock-buying campaign for Hansung Enterprise. This campaign was driven by concerns that stricter listing regulations could similarly imperil the food manufacturer with delisting risks.
Utilizing social media platforms and online communities, users actively encouraged others to purchase Hansung Enterprise’s signature crab-flavored surimi stick, Crami. They also highlighted the company’s long-standing commitment to charitable endeavors, including consistent support for Korean War veterans. Following this powerful display of public encouragement, Hansung Enterprise released a statement expressing its gratitude to customers.
shwang9
