The Korean stock market saw a surge of "emperor stocks" — shares trading above 1 million won — in 2025, with Hyosung Heavy Industries (298040.KS) and Samyang Foods (003230.KS) joining the exclusive club. However, year-end results diverged sharply: stocks backed by solid earnings and order books maintained their gains, while those plagued by acquisition financing concerns or shareholder value controversies suffered steep corrections after reaching the milestone.
According to Korea Exchange data released Wednesday, the number of stocks closing above 1 million won per share increased from one in 2024 to four in 2025.
Hyosung Heavy Industries first crossed the 1 million won threshold on July 14 with a closing price of 1,008,000 won and continued its upward trajectory, ending the year at 1,781,000 won. Samsung Biologics (207940.KS) closed at 1,695,000 won, Korea Zinc (010130.KS) at 1,316,000 won, and Samyang Foods at 1,231,000 won — all defending the million-won level.
Hyosung Heavy Industries benefited from expanded North American power infrastructure investment and increased orders for transformers and electrical equipment, which translated into improved earnings. Rising power demand driven by the proliferation of artificial intelligence data centers boosted expectations for medium- to long-term earnings visibility, supporting the stock price.
Samyang Foods, which joined the emperor stock ranks for the first time, was supported by global export expansion led by its signature Buldak spicy noodles and expectations of production capacity increases following the operation of its second Miryang factory. Securities analysts noted the rally was backed not merely by expectations but by earnings visibility.
However, some stocks that reached emperor status quickly surrendered their gains. Doosan (000150.KS) joined the ranks in early November when its share price exceeded 1 million won, but subsequently underwent a sharp correction as concerns over financing burdens and financial structure uncertainties emerged during its pursuit of SK Siltron acquisition. Doosan's stock fell to 781,000 won by year-end — a steep decline less than two months after reaching the milestone.
Taekwang Industrial (003240.KS) showed a similar pattern. The stock returned to emperor status on June 5 when shares exceeded 1,050,000 won, but fell after the company announced plans to issue exchangeable bonds using treasury shares as collateral, ending the year at just 762,000 won.
Hanwha Aerospace (012450.KS) also first reached emperor status on September 11 with a closing price of 1,005,000 won, but subsequently declined amid sector-wide stock fatigue, valuation concerns, and short-term profit-taking. Although the stock rebounded in December on renewed expectations for global defense orders, it failed to reclaim the 1 million won level.
"The increased trading unit burden as share prices surged may have contributed to weakened demand for some stocks," a financial investment industry official said. "The so-called 'curse of emperor stocks' typically stems from psychological resistance to the 1 million won price level."
Indeed, NCSOFT (036570.KS), which reached emperor status in January 2021, has seen its share price fall to the 200,000 won range amid failed new game launches. LG Household & Health Care (051900.KS), which defended the 1 million won level even during the COVID-19 period, now trades around 250,000 won due to sluggish performance in the Chinese market and domestic consumption weakness.
