Daesang shares skyrocket on news of heir's partner having dinner with justice minister

Industry

Published: 29 Nov. 2023, 12:33 Updated: 29 Nov. 2023, 19:06

Daesang shares skyrocket on news of heir's partner having dinner with justice minister

"Squid Game" (2021) actor Lee Jung-jae, left, and Justice Minister Han Dong-hoon pose for a photo after eating together at a restaurant in Seocho District, southern Seoul, on Sunday. [SCREEN CAPTURE]

The news of Justice Minister Han Dong-hoon and "Squid Game" star Lee Jung-jae dining together has led to a sharp increase in the stock prices of Daesang Holdings, where Lee's partner Lim Sae-ryung serves as vice chairman.

Daesang Holdings' shares closed up by 29.97 percent from the previous trading day on Monday — close to the daily upper circuit of 30 percent — after Korean news outlets carried the image of Han and Lee together, followed by a 25.17 percent surge on Tuesday. The shares retreated by 8.59 percent to close at 10,320 won ($8) Wednesday.

The firm's preferred stocks, Daesang Holdings Pref, reached their upper limit for the third consecutive trading day on Wednesday, closing at 16,840 won.

High school graduation photo of actor Lee Jung-jae, left, and Minister of Justice Han Dong-hoon [SCREEN CAPTURE]

Han and Lee both went to Hyundai Senior High School in Gangnam District, southern Seoul and are known to be close friends.

Han, one of Korea's most popular politicians according to a recent Gallup Korea poll, is rumored to run for a parliamentary seat in the general election in April.

He recently visited Daegu on Nov. 17, Daejeon on Nov. 21 and Ulsan on Nov. 24, engaging in various public events, which some see as Han gearing up for a parliamentary campaign.

His series of actions contributed to fluctuations in the prices of certain "theme" stocks.

Daesang Holdings' Vice Chairman Lim Se-ryung, left, and actor Lee Jung-jae attend the 2023 Lacma Art Film Gala at Los Angeles County Museum of Art on Nov. 4 in California. [GETTY IMAGES]

Daesang Holdings is a company where Vice Chairman Lim Sae-ryung holds 7,389,242 shares, or 20.41 percent, making her the second-largest shareholder.

Lim married Samsung Electronics Executive Chairman Lee Jae-yong in 1998. The couple had two children but filed for divorce in 2009. Lim has been official with Lee Jung-jae since 2015.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]