Publishing stocks surge after Han Kang’s Nobel Prize win

On the afternoon of the 10th, Han Kang’s books are displayed at the Kyobo Bookstore Gwanghwamun branch in Jongno-gu, Seoul, following her historic achievement as the first Korean author to win the Nobel Prize in Literature. (Yonhap)

South Korean publishing companies saw their shares surge sharply on early Friday after Korean novelist Han Kang won the 2024 Nobel Prize in Literature.

Yes24 Co.’s stock price gained 29.81 percent to 6,380 won ($ 4.73) as of 9:25 a.m. on Friday, hitting the price limit. Shares of Millie’s Bookstore also rose 29.98 percent to 19,640 won to trade in the 17 percent range after hitting the upper limit.

The Swedish Academy announced Han as the winner of this year’s Nobel Prize in Literature on Thursday. Other publishing-related stocks also saw significant gains, with Hansae Yes24 Holdings Co. up 23.11 percent, YeaRimDang Publishing Co. up 20.79 percent, and Samsung Publishing Co. up 18.37 percent.

Following the announcement, orders for Han’s books flooded online sites like Kyobo Book Centre and Yes24, temporarily causing site crashes or access issues, and her works also dominated real-time bestseller rankings. The publishing industry expects the latest news to provide a much-needed boost to the struggling Korean book market.

For its part, Hugel Inc.’s stock price gained ground on early Friday after the U.S. International Trade Commission (ITC) ruled in favor of the Korean top botulinum toxin manufacturer in a botulinum toxin-related lawsuit filed by Medytox Inc.

Hugel shares were trading 6.20 percent higher than the previous session and were at 257,000 won as of 9:18 a.m., while those of Medytox went down 2.10 percent, trading at 182,200 won.

Medytox had filed a complaint in 2022 that accused Hugel, Hugel America Inc., and its partner Croma-Pharma GmbH of using Medytox‘s strains and manufacturing processes to produce botulinum toxin for U.S. export.

“The ITC’s final determination clears uncertainties regarding our company’s U.S. business, and reaffirmed our commitment to enhancing corporate trust and shareholder value,” a Hugel official said. “We will continue to pursue our growth in global markets, including the United States.”

In other market news, HLB Group stocks fell sharply in early trading on Friday after news that the U.S. Food and Drug Administration (FDA) will decide whether to approve HLB Co.’s new liver cancer drug, Rivoceranib, in 2025.

HLB shares were trading 8.46 percent lower at 74,700 won on the secondary Kosdaq market as of 9:16 a.m. from the previous day.

Other HLB group stocks also saw significant declines, with HLB Pharmaceutical Co. falling 7.07 percent, HLB Life Science Co. 6.47 percent, HLB Therapeutics Co. 6.32 percent, HLB Innovation Co. 5.69 percent, HLB Panagene Co. 6.29 percent, and HLB BioStep Co. 4.32 percent.

HLB Global shares were also down 5.93 percent on the benchmark Kospi market.

HLB had announced earlier that the FDA classified its review of the combination therapy of its Rivoceranib and Jiangsu Hengrui Pharmaceuticals Co.’s immunotherapy Camrelizumab as “Class 2.”

While a “Class 1” review will take two months from the submission date, a “Class 2” review takes up to six months, meaning that the approval decision for HLB’s liver cancer drug is likely to come next year.

The declines among HLB stocks are seen as reflecting market disappointment, as the review has already been delayed following a request from the FDA for additional information.