1. Surplus Global’s ₩8.3B CB Issuance: What Happened?
On September 23, 2025, Surplus Global announced the issuance of ₩8.3 billion worth of convertible bonds (CBs). The conversion price is set at ₩2,602, with payment due on October 1st. This CB issuance will be conducted privately, with the primary investors being KOSDAQ venture-related private equity trusts.
2. Why Issue CBs?: Background and Objectives
Surplus Global recorded an operating loss of ₩18.3 billion in the first half of 2025, marking a shift into the red. This is a direct result of the semiconductor downturn. The CB issuance is analyzed as a move to secure operating funds and investment resources for new businesses. In particular, investments to secure new growth engines, such as the launch of the ‘Semimarket’ online platform and the Parts business, are urgent.
3. Impact on Investors: Opportunity vs. Risk
- Positive Aspects:
- Improving financial structure and expanding investment in new businesses through secured funding
- Negative Aspects:
- Potential stock dilution due to conversion of bonds
- Increase in short-term financial burden
4. Investment Strategy: How Should Investors Respond?
Investors should be wary of increased stock volatility in the short term. In the medium to long term, the success of new businesses and the recovery of the semiconductor industry will determine the stock’s direction. Before making investment decisions, a thorough review of the specific use plan for the CB funds and the growth roadmap for new businesses is essential.