Intellivix Up 252% on KOSDAQ Debut as Index Falls 3.8%: No Filing Behind It

Basis: Oct. 30, 2026, 16:30 KST. Market data are closing prices; intraday figures are labeled as 1:30 p.m.

Seoul — The KOSPI and KOSDAQ (tech- and small-cap-heavy market) both fell more than 3% on Oct. 30, yet Intellivix (420610) rose 251.67% above its IPO price on its first trading day, with more than 1 trillion won in trading value. No company filing explains that rise, and the other two risers, Sangji Construction and RaonSecure, also lack a filing that accounts for the move.

Key points - The KOSPI closed at 5,730.74 (-3.48%) and the KOSDAQ at 724.38 (-3.83%). Korean Economic TV and Money Today reported that a sell-side sidecar (a temporary program-trading halt) was triggered during the session. - None of the three risers has a filing that directly explains the rise. - Trading value: Intellivix 1.2259 trillion won, Sangji Construction 43.2 billion won, RaonSecure 148.4 billion won. - Nature of the catalyst: all three are expectation-driven.

One-line summary 1. Intellivix +251.67% | First trading day, described as an AI video-analytics newcomer (Business Post, Oct. 30) 2. RaonSecure +17.18% | Security stocks rallied on a string of hacking incidents (Chosun Biz, Oct. 30); no filing 3. Sangji Construction +8.97% | Rights-offering price finalized (DART, Korea's official disclosure system, Oct. 29); report on the value of its Nonhyeon-dong site (Money Today, Oct. 29)

At a glance

Intellivix (420610) rose 252% on debut, and the company has filed nothing

Intellivix, listed on the KOSDAQ, rose because buyers piled into a newly listed AI video-analytics company on its first day, according to press reports. It closed at 31,650 won, up 251.67% from the IPO price, and Maeil Business called it a 3.5-fold gain. At 1:30 p.m. it was up 182.78% (25,450 won), so it added about 70 percentage points by the close. Market capitalization is 358.8 billion won and trading value was 1.2259 trillion won.

No company filing from the past seven days turned up, and as a first-day listing it has no earlier price to compare against. News coverage mostly reports the listing and the price move; Newswell labeled it an AI-related stock and Business Post described it as an AI video-analytics company. The closing order book showed 24,986 shares to buy against 23,107 to sell, so it did not close at the 30% daily limit. Maeil Business reported that Creates, listed the same day, fell 37%.

The catalyst is expectation tied to the listing and the AI label, not earnings or a contract. Heavy trading on a day the index fell 3.8% shows demand concentrated here, but nothing in the data says whether the price is justified. To judge whether it lasts, look at whether trading value holds at a similar level next session, and at the share of lock-up commitments from institutions and the number of freely tradable shares.

RaonSecure (042510): hacking headlines pulled money into security stocks, with no filing

RaonSecure, a KOSDAQ company, rose 17.18% to 19,510 won as a string of hacking incidents drew buyers to security stocks. Chosun Biz ran 'Hacking spreads, security stocks gain' in the morning, and Tonight News tied it to a 'spillover effect' from suspected large-scale hack at Binance. No filing appeared on DART in the past seven days. It was up 15.98% at 1:30 p.m. and 17.18% at the close, so little changed.

The stock had fallen 13.55% the day before, so the two-day change is only +1.2%. Compared with Sept. 22, the first date in our window, it is up 80.8%. Newspim reported during the session that institutions had been net buyers for seven straight days, while foreigners net sold 76,492 shares the day before. The rise comes from an industry theme, not company news.

Overheating signals are 0/4, labeled normal: RSI 58.4, +13.7% versus the 20-day average, volume 1.6 times normal. But it sits 90.7% above its 200-day average and at 90% of its 52-week range (6.9% below the high). It passes 3 of 5 fundamentals checks, and revenue fell 12.4%. Eugene Investment & Securities (Aug. 27, 2026) put the second-quarter operating loss at 700 million won. To judge whether the rise lasts, watch whether trading value holds after the hacking headlines fade and whether the quantum-resistant cryptography business shows up in numbers in the next earnings filing.

Sangji Construction (042940) rose on offering finalization and redevelopment hopes

Sangji Construction, a KOSDAQ company, rose 8.97% to 6,800 won after hitting the daily limit the day before; it is up 41.7% over two days and 38.9% over five. The company has not said why. According to DART, four rights-offering filings appeared on Oct. 29: a prospectus amendment, a registration statement with final terms, an amended rights-offering decision, and the final issue price. News reports say 2.2 million new shares will be issued at 5,000 won to raise 11 billion won, about 24% of the current market cap of 46.4 billion won. We classify the filings as a caution, since they can burden shareholders.

The closest explanation is a Money Today report that the Nonhyeon-dong site is worth up to 257.6 billion won, above the company's market cap. Jaekyung Ilbo called the previous day's limit-up a rise 'without good news'. The 6,800 won close is 36% above the 5,000 won issue price. At 1:30 p.m. it was up 16.03% (7,240 won), so the gain narrowed by the close. Foreigners net sold 41,491 shares the day before while individuals net bought 45,545.

Overheating signals are 2/4, labeled overheated: +30.7% versus the 20-day average, volume 50.2 times normal, RSI 71.9. The stock is still 51.6% below its 52-week high and 13.8% below its 200-day average. Buy orders outnumber sell orders 5.5 to 1 in the closing book (7,730 vs. 1,397 shares). It passes 1 of 6 fundamentals checks and revenue fell 20.3%. To judge whether the rise lasts, watch for selling at the issue price when the new shares list, and whether a contract or permit for the redevelopment appears in a filing.

What happened to the stocks we covered earlier

The KOSPI fell 3.48% today, which is a useful backdrop. Of six stocks we labeled 'news only', three rose and three fell.

Among 'news only' stocks, the older calls fell furthest. TNE Korea, a listing we covered yesterday, fell 23.0% in a day. The same check applies to today's debut, Intellivix.