Fact Summary
The Technology (043090) faces confirmed delisting from the KOSDAQ market on 2026-08-10, following the Corporate Examination Committee's resolution to delist on 2026-07-18 and the dismissal of its injunction petition to suspend that effect. During the liquidation trading period from 2026-07-30 to 08-07 (no price limit applied), the stock plunged continuously — down 82.02% on the first day and down 50.95% on the reference date, 2026-08-07 (previous close KRW 210 → KRW 103, volume 1,411,104 shares). The root cause of the delisting is fictitious revenue recognition involving business partners in 2021-2022 (approx. KRW 4.6 billion in total); on 2026-05-06 the Securities and Futures Commission (SFC) resolved to refer the accounting standards violation to prosecution (fine of KRW 289.8 million, three-year designated auditor). While the company recorded operating losses for five consecutive years, cumulative consolidated net income for Q1 2026 turned positive at KRW +340 million, though this proceeded independently of, and was unrelated to, the delisting process.
Price-Change Context Note
The reference-date closing price of KRW 103 was formed on the last trading day of the liquidation trading period ahead of delisting, a period without price limits in which liquidation-driven selling tends to concentrate. Per pykrx aggregate data, since the resumption of liquidation trading (2026-07-30), individual investor funds continued net outflows across all 7 trading days (cumulative approx. KRW -336 million), and foreign investor funds also turned to net outflows starting 2026-08-06, coinciding with the sharp decline on 2026-08-07 (secondary source; not cross-checked against official KRX figures).
Delisting Process and Background Facts
| Date | Event |
|---|---|
| End of 2023 | PNS Industry Fund became the largest shareholder via third-party allotment capital increase (10,000,000 shares, 14.47%) |
| 2024-12-02 | Announcement of free capital reduction (10:1 share consolidation; shares outstanding reduced from 74,500,000 to 7,450,000) |
| 2025-07-18 | Notice of KOSDAQ delisting warning (including additional designation as an administrative issue) |
| 2025-09-09 | Trading suspension begins due to failure to file business report |
| 2025-12-16 | Pursued joint acquisition of Execure Hitron (KOSPI, under trading suspension) |
| 2026-03-23 | Filed report of additional acquisition of an 8.59% stake (3,464,230 shares) in Nanocamtech (091970) |
| 2026-03-31 | Annual general shareholders' meeting; Park Seong-min (related party of the largest shareholder) appointed CEO |
| 2026-05-06 | Securities and Futures Commission resolved to refer accounting standards violation to prosecution (fine KRW 289.8mn) |
| 2026-07-18 | Corporate Examination Committee reviewed and resolved delisting |
| 2026-07-30 | Liquidation trading begins (-82.02% on first day) |
| 2026-08-10 (scheduled) | KOSDAQ delisting confirmed |
As of each disclosure date · Source: Ajou Economy · Seoul Economic Daily · Dealsite · TopStar News · Data Investment · KIND notice of convocation (mainly secondary sources, includes items not cross-checked against original DART filing numbers, C)
Business Overview and Diversification Trends
Established in April 1987, the company changed its name from 'Exergy21' to 'The Technology' (establishment date and name-change history per ThinkPool/FnGuide company overview, mixed A/C). It originally focused on manufacturing and selling pharmaceutical raw materials (ethanol, disinfectants, etc.), but has continuously diversified into real estate development (PM), distribution (food waste processing, luxury goods distribution), and, from 2023, computer/peripheral device manufacturing and sales, smart farm operation, and unmanned aerial vehicle-related businesses. On 2025-07-04 it withdrew from a conditional investment agreement to acquire Syswork; reports (Dealsite) cited as background that Q1 cash holdings were only about KRW 500mn against a KRW 4bn acquisition price, along with an incomplete payment plan for bonds with warrants (BW). As an alternative, an attempt was made to expand scale through absorption-merger of its wholly owned subsidiary Ainsys Inc., but the timing and structural details of the merger are unconfirmed. On 2025-12-16 it pursued joint acquisition of Execure Hitron, a KOSPI-listed company under trading suspension, and on 2026-03-23 it expanded its stake in Nanocamtech (091970) to 8.59% (3,464,230 shares).
The exact revenue share by business segment (segment information) was not available in the research materials and is marked as not available.
5-Year Financial Trend
| Period | Revenue (KRW 100mn) | Operating Profit (KRW 100mn) | Net Income (KRW 100mn) | Debt Ratio |
|---|---|---|---|---|
| 2021 (Non-consolidated) | 64.7 | -3.9 | -36.2 | 77.5% |
| 2022 | 38.9 | -50.5 | -26.4 | 31.5% |
| 2023 | 158.9 | -108.8 | -269.7 | 49.2% |
| 2024 | 103.6 | -71.6 | -183.8 | 40.9% |
| 2025 | 125.8 | -31.9 | -143.1 | 24.6% |
| 2026 Q1 cumulative | 43.7 | -5.9 | +3.4 | 35.9% |
As of each business/quarterly report fiscal year-end · Source: DART original filings (see filing number in the master data referenced above the table, A) · Given the accounting fraud history, the return to profit in 2026 Q1 should be assessed with caution regarding reliability (whether a restated disclosure exists is unconfirmed)
Governance and Capital Structure
There are reports that the largest shareholder's stake subsequently declined slightly to 13.4-13.42% due to the exercise of conversion rights on convertible bonds, among other factors, but the precise timing and decimal figures are unconfirmed as they were not cross-checked against the original DART filings (secondary source). The foreign ownership ratio is based on flow.md research (pykrx estimate, not cross-checked against KRX).
| Category | Details |
|---|---|
| CEO | Park Seong-min (related party of the largest shareholder, appointed at the 2026-03-31 AGM) |
| Inside Director | Cheon Seung-jae (appointed 2026-03-31) |
| Auditor | Oh Hui-gap (appointed 2026-03-31) |
As of 2026-03-31 (AGM) · Source: KIND notice of convocation, Korean Wikipedia entry for 'The Technology' (C) · The full list of registered officers (including outside directors), the name of the former CEO, and the affiliate ownership tree are not available
Valuation (Factual Multiples)
As of 2026-08-07 (price) / 2026-03-31 (equity, shares outstanding) · Source: DART master data (A) · Note that with delisting confirmed, this is an accounting-based calculation that does not reflect a normal market premium
Fund Flow Trends
| Date | Foreign Net Trading Value (KRW) | Individual Net Trading Value (KRW) | Notes |
|---|---|---|---|
| 2026-07-30 | +20,231,582 | -61,254,641 | Trading resumption date |
| 2026-07-31 | +1,786,744 | -91,290,467 | Largest individual fund outflow |
| 2026-08-03 | +733,333 | -44,689,308 | |
| 2026-08-04 | +5,194,631 | -39,501,631 | |
| 2026-08-05 | +18,647 | -36,920,732 | Minimal foreign inflow |
| 2026-08-06 | -14,138,781 | -19,131,149 | Foreign flow turns to outflow |
| 2026-08-07 (reference date) | -15,757,953 | -43,184,069 | Simultaneous foreign and individual outflow |
Institutional participation was effectively absent throughout the period (KRW -90 on 2026-08-07 only, KRW 0 for the rest of the period). Foreign funds showed a modest inflow trend immediately after resumption (7/30-8/05) but turned to outflow from 8/06, continuing through the reference date (8/07); individual funds saw outflows every day across all 7 trading days since resumption (cumulative approx. KRW -336mn).
As of 2026-07-30 to 2026-08-07 · Source: pykrx aggregate estimates (not cross-checked against official KRX screens, C) · The sum of the three buckets (foreign/institutional/individual) does not reconcile with net trading balance, so residual entities such as other corporations are not identified (not available). Short-selling ratio and margin balance are not available from pykrx
Macro Environment
| Factor | Value as of Reference Date | Transmission Channel / Impact |
|---|---|---|
| U.S. policy rate | Upper bound 3.75% (held 26-07-29) | Continued high rates raise the cost and difficulty of external financing such as CBs and third-party allotment capital increases |
| U.S. 10-year Treasury yield | 4.65% (26-08-07) | Corporate bond and CB issuance rates rise in tandem, increasing the funding burden amid capital impairment |
| Philadelphia Semiconductor Index (SOX) | approx. 12,048.7pt (26-08-08) | Since trading has been suspended from 2025-09-09, the index-linked price transmission channel is severed |
As of 2026-08-07 to 08-08 · Source: CNBC · Federal Reserve · TradingEconomics · Investing.com (C) · Specific KRW/USD exchange rate figures are not available
Peer Comparison
Originating from pharmaceutical raw material manufacturing, the company has a diversified, conglomerate-like business structure spanning real estate development, distribution, computer peripherals, smart farms, and unmanned aerial vehicles, making direct comparison with a single-industry peer difficult. Revenue share by business segment and market share data are not available, and with delisting confirmed, the analytical value of a conventional peer comparison is also limited. Execure Hitron (019490, KOSPI, under trading suspension) has been mentioned together in media coverage as a similar case of KOSDAQ delisting/administrative-issue procedures, but it is not in a direct business competitive relationship.
Key Factual Cautions
Procedures following the 2026-08-10 delisting and the status of minority shareholder response are not available
Thematic Relevance
Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange · NASDAQ · DART · SEC EDGAR