1. KDB Divests Protina Stake: What Happened?

On September 16, 2025, KDB sold 250,250 shares of Protina stock on the open market. This reduced KDB’s stake from 6.96% to 4.60%. The reason for the sale was disclosed as “simple investment.”

2. Why the Divestment? Protina’s Fundamental Analysis

Protina demonstrated positive growth in the first half of 2025. Revenue increased by 167.6% year-on-year to KRW 2.025 billion, and the company successfully expanded its business through global partnerships and entry into the US market. In July, Protina completed its KOSDAQ listing through the special technology listing system, securing funding and boosting brand awareness. However, the company continues to report operating losses (KRW -3.972 billion) and faces challenges such as dependence on specific clients, high R&D investment, and intensifying market competition.

3. Impact of KDB’s Divestment on Protina’s Stock Price

In the short term, increased stock price volatility is possible. The sale by a major shareholder can create selling pressure and potentially dampen investor sentiment. However, the stated reason for the sale, “simple investment,” could be interpreted positively. In the long term, given KDB’s remaining 4.60% stake and the fact that the sale isn’t related to deteriorating fundamentals, the negative impact on Protina’s value is expected to be limited. The divestment could even lead to increased liquidity. It’s common for early investors in special technology listing companies to sell shares for profit-taking, and this doesn’t necessarily indicate a decline in company value.

4. Investor Action Plan: What Should You Do?

  • Short-term investors: Monitor market absorption of the divested shares and stock price trends, paying close attention to short-term volatility.
  • Long-term investors: Focus on monitoring Protina’s fundamental improvement trends, including earnings announcements, new contracts, and R&D achievements.
  • All investors: Continuously observe any further changes in shareholdings and the actions of other major shareholders.

This event is just one variable in Protina’s growth story. Investors should make informed decisions based on a comprehensive assessment of the company’s fundamental improvement trends and overall market conditions.