Tway Holdings filed a 59.6 billion won affiliate guarantee on the day the exchange flagged its listing

The guarantee gives you the book value. If 59.62896 billion won is 63.32% of equity ^[9][10], equity is about 94.2 billion won ^[13]. The exchange's own test says the market has held the same company below 30 billion won for 30 consecutive trading days ^[2], so the shares are changing hands at less than a third of book: 30 divided by 94.2 is 31.9% ^[14].

The ground for the designation is market value, and market value is price times share count, so the cure has to come mostly from the price. Seoul Economic Daily reported that the burden of maintaining the listing after the designation appears to be weighing on that price ^[7]. The flag warns investors about delisting risk, and the warning gives them a reason to sell. The article does not give a share count ^[20].

The first session back never traded at the old price. Tway Holdings opened at 958 won, reached 995 won at best and 830 won at worst, against a previous close of 1,063 won ^[5]. The high was 6.4% below that close and the low 21.9% below it ^[16][17].

The guarantee itself is dated and contingent. It covers a foreign currency credit line for Trinity Airways and runs a little over nine months ^[9][11][18]. Either the line is serviced and the guarantee expires without a payment, or it is called, and a claim of just under twice the listing floor the company already missed (59.62896 divided by 30 is 1.99) ^[15] sits against roughly 94 billion won of book equity ^[13].

"With trading resuming after the administrative issue designation, the stock immediately fell by double digits, and whether it can recover the market capitalization requirement and the financial burden from supporting an affiliate will determine the share price trend going forward," an official in the financial investment industry said, according to Seoul Economic Daily ^[12].

I'd weight the first of those two conditions more heavily, because the market value test reprices every session while the guarantee is a contingency with a June 30 end date ^[2][11]. That view can fail in either direction. Trinity Airways draws the line and misses a payment, and 59.62896 billion won becomes a real claim on equity ^[9]. Or the market value climbs back above 30 billion won and stays there through the exchange's count ^[2].