Ruling and opposition parties: “Solidigm listing withdrawal is a victory for retail investors”

[Financial News] Both ruling and opposition parties welcomed SK hynix’s decision to halt its consideration of an initial public offering (IPO) for its subsidiary Solidigm. The move was seen as a case in which backlash from individual investors prompted a company to change course. The People Power Party criticized the Lee Jae Myung administration for failing to respond to dual listings, while the Democratic Party of Korea focused on the need to address regulatory blind spots affecting overseas dual listings.
Ahn Cheol-soo, a People Power Party lawmaker, said on Facebook on the 23rd, “The withdrawal of Solidigm’s listing is the result of ordinary individual investors making their voices heard,” and added, “I hope this will also be an opportunity for SK hynix to recognize that we are now in an era when shareholders and companies should grow together.”
He then took direct aim at the government, asking, “What on earth have you done?” Ahn criticized it, saying, “While touting value-up, it remained silent for months without a clear position on dual listings,” and, “It did nothing while shareholders’ concerns boiled over and the share price was cut in half.”
He went on to say, “People are already struggling just to look at their stock balances,” and asked rhetorically, “But should they also have to monitor the stock market every single day and post denunciations?”
There were also voices in the Democratic Party calling this decision a victory for individual investors.
Kim Hyun-jung, a Democratic Party lawmaker, said on Facebook that day, “SK hynix has decided to halt its consideration of a Solidigm IPO,” adding, “I welcome the decision.”
Kim explained, “The company cited market conditions, but it was the public and investors who brought about this decision,” and, “The stock price fell by more than 10% in a single day on nothing more than rumors of a listing, and criticism poured in that a ‘five-tiered dual listing’ would mean exporting the Korea discount overseas.”
She continued, “I also raised the issue of Solidigm’s dual listing during this National Assembly audit and called for overseas listings to be addressed without exception,” emphasizing, “In the end, common sense—that the fruits of growth should belong to existing shareholders—prevailed.”
Kim also called for institutional reforms to address overseas dual listings. She said, “Because exchange reviews do not extend to overseas listings, the authorities had to wait for an authoritative interpretation again this time. I will close the gaps in the system so that we do not have to rely on a single company’s decision.”
[email protected] Kim Kyung-min Reporter